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Long Term Lease Agreement
"I need a Long Term Lease Agreement for a retail space in Auckland CBD, starting March 2025, with provisions for significant tenant fit-out works and an option for two 5-year renewals."
1. Parties: Identification of the landlord/lessor and tenant/lessee with full legal names and addresses
2. Background: Context of the lease arrangement and brief description of the property
3. Definitions and Interpretation: Definitions of key terms used throughout the lease and rules for interpreting the agreement
4. Grant of Lease: Formal granting of the lease, specifying the property and term
5. Term and Renewal: Duration of the lease, commencement date, and renewal provisions
6. Rent and Operating Expenses: Rent amount, payment terms, operating expenses, and review mechanisms
7. Outgoings and Utilities: Responsibility for rates, utilities, and other property-related expenses
8. Use of Premises: Permitted use of the property and any restrictions
9. Maintenance and Repairs: Responsibilities for maintaining and repairing the property
10. Insurance: Insurance requirements for both parties
11. Default and Remedies: Consequences of default and available remedies
12. Assignment and Subletting: Conditions for transferring or subletting the lease
13. Access and Quiet Enjoyment: Landlord's access rights and tenant's right to quiet enjoyment
14. General Provisions: Standard legal provisions including notices, governing law, and dispute resolution
15. Execution: Signature blocks and execution details
1. Guarantees: Required when there are personal or corporate guarantees for the lease obligations
2. Fitout Provisions: Included when the tenant will be conducting initial fitout works
3. Break Clause: Optional early termination provisions if agreed between parties
4. Environmental Obligations: Required for properties with specific environmental requirements or concerns
5. Seismic Provisions: Important for buildings requiring seismic strengthening or in earthquake-prone areas
6. Car Parking: Included when car parking spaces are part of the lease
7. Building Management: Required for multi-tenanted buildings with shared facilities
8. Development Provisions: Included when future development of the property is contemplated
9. Trading Hours: Required for retail premises in shopping centers or malls
10. Signage Rights: Important for commercial premises requiring external signage
1. Schedule 1 - Premises Details: Detailed description of the premises including area and plan
2. Schedule 2 - Rent and Review Dates: Detailed rent calculation, review dates and mechanisms
3. Schedule 3 - Operating Expenses: Breakdown of operating expenses and allocation method
4. Schedule 4 - Maintenance Schedule: Detailed maintenance responsibilities of each party
5. Schedule 5 - Building Rules: Rules and regulations for building use and access
6. Appendix A - Property Plans: Floor plans and site plans of the leased premises
7. Appendix B - Condition Report: Initial condition report of the premises
8. Appendix C - Fitout Specifications: Specifications for any approved tenant fitout
9. Appendix D - Insurance Requirements: Detailed insurance requirements and minimum coverage
10. Appendix E - Guarantees: Forms of any required guarantees
Authors
Commercial Real Estate
Retail
Industrial
Office Space
Hospitality
Healthcare
Education
Manufacturing
Logistics
Agriculture
Legal
Property Management
Operations
Finance
Risk and Compliance
Corporate Services
Facilities Management
Real Estate
Asset Management
Commercial
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Commercial Lawyer
Property Lawyer
Chief Financial Officer
Asset Manager
Operations Manager
Business Development Manager
Risk Manager
Compliance Officer
Corporate Services Manager
Leasing Executive
Property Portfolio Manager
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