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Basic Lease Agreement
"I need a Basic Lease Agreement for a commercial warehouse property in Riyadh, starting from March 1, 2025, with specific provisions for 24/7 access and heavy machinery usage, compliant with Saudi industrial zone regulations."
1. Parties: Identification of landlord and tenant with full legal names, addresses, and official identification numbers as required by Saudi law
2. Background: Brief context of the lease arrangement and property description
3. Definitions: Key terms used throughout the agreement including Property, Term, Rent, Security Deposit, and other relevant definitions
4. Lease Grant: Core terms of the lease including the property description and permitted use
5. Term: Duration of the lease, commencement date, and end date
6. Rent and Payment Terms: Rent amount, payment schedule, method of payment, and late payment consequences
7. Security Deposit: Amount, payment terms, conditions for return, and permitted deductions
8. Obligations of the Landlord: Landlord's responsibilities including maintenance, repairs, and property access
9. Obligations of the Tenant: Tenant's duties including proper use, maintenance, and compliance with regulations
10. Utilities and Services: Responsibility for utility connections, payments, and related services
11. Maintenance and Repairs: Distribution of maintenance responsibilities and repair procedures
12. Insurance: Required insurance coverage for both parties
13. Default and Remedies: Events of default and corresponding remedies available to either party
14. Termination: Grounds for termination and notice requirements
15. Governing Law: Confirmation of Saudi law application and Sharia compliance
16. Dispute Resolution: Process for resolving disputes through Saudi courts or committees
17. Notices: Methods and addresses for official communications between parties
18. Execution: Signature requirements and execution formalities
1. Furniture and Fixtures: Detailed section for furnished properties listing all items included in the lease
2. Subletting and Assignment: Include when subletting or assignment rights are to be granted to the tenant
3. Alterations and Improvements: Required for commercial properties or when significant modifications are anticipated
4. Building Rules: Necessary for properties in managed buildings or compounds
5. Property Management: Include when a property management company is involved
6. Break Clause: Optional early termination provisions if agreed between parties
7. Force Majeure: Specific provisions for unforeseen circumstances affecting the lease
8. Common Areas: Required for properties in shared buildings or compounds
9. Parking: Include when specific parking arrangements are part of the lease
1. Property Description Schedule: Detailed description of the leased property including floor plans and boundaries
2. Inventory Schedule: List of furniture, appliances, and fixtures for furnished properties
3. Service Charges Schedule: Breakdown of service charges and payment responsibilities
4. Maintenance Schedule: Detailed breakdown of maintenance responsibilities between parties
5. Building Rules Schedule: Rules and regulations for the building or compound
6. Condition Report: Initial condition of the property with photographs
7. Utility Readings Schedule: Initial utility meter readings at handover
Authors
Real Estate
Residential Property
Commercial Property
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Warehousing
Real Estate
Legal
Facilities Management
Operations
Finance
Compliance
Risk Management
Corporate Services
Administration
Property Management
Real Estate Manager
Property Manager
Facilities Manager
Legal Counsel
Contract Administrator
Real Estate Agent
Leasing Manager
Asset Manager
Operations Manager
Compliance Officer
Risk Manager
Business Development Manager
Finance Manager
Corporate Services Manager
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