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Long Term Lease Agreement Template for New Zealand

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Key Requirements PROMPT example:

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."

Document background
The Long Term Lease Agreement is a crucial document used in New Zealand property transactions where parties intend to establish a substantial and enduring tenancy relationship. It is particularly relevant for commercial, industrial, or significant residential properties where the lease term extends beyond three years. The agreement must comply with New Zealand property law requirements, particularly the Property Law Act 2007, and requires registration on the property's title if the term (including renewals) exceeds 20 years. This document comprehensively addresses all aspects of the leasing relationship, including rent calculations, maintenance responsibilities, permitted use, insurance requirements, and assignment rights. It provides security and clarity for both landlords and tenants in long-term property commitments, making it essential for significant property investments and business operations.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions














































Clauses









































Relevant Industries

Commercial Real Estate

Retail

Industrial

Office Space

Hospitality

Healthcare

Education

Manufacturing

Logistics

Agriculture

Relevant Teams

Legal

Property Management

Operations

Finance

Risk and Compliance

Corporate Services

Facilities Management

Real Estate

Asset Management

Commercial

Relevant Roles

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

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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