The Long Term Lease Agreement is a crucial document used in Singapore for establishing extended tenancy arrangements, typically exceeding three years. It provides comprehensive protection for both landlords and tenants, incorporating specific requirements under Singapore's property laws. The agreement covers essential elements including rental terms, maintenance obligations, security deposits, and termination conditions. It's particularly important for commercial properties, industrial spaces, and long-term residential lets, ensuring compliance with local regulations while providing clarity on rights and responsibilities of all parties involved.
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Key Requirements PROMPT example:
Long Term Lease Agreement
"Need a Long Term Lease Agreement for a 5,000 sqft commercial office space in Singapore's CBD area, starting from March 2025, with an initial term of 6 years and an option to renew for another 3 years."
1. Parties: Details of landlord and tenant, including registration numbers/identification
2. Background: Context of the lease arrangement and property details
3. Definitions: Key terms used throughout the agreement
4. Demise: Specific details of what is being leased
5. Term and Renewal: Duration of lease and renewal options
6. Rent and Payment Terms: Rental amount, payment schedule, and methods
7. Security Deposit: Amount and terms of security deposit
8. Maintenance and Repairs: Responsibilities for property maintenance
9. Insurance: Required insurance coverage
10. Termination: Conditions for early termination
1. Fit-out Works: Terms for tenant improvements for commercial properties requiring modifications
2. Break Clause: Early termination options for longer term leases
3. Service Charge: Additional charges for building services in commercial buildings with shared facilities
4. Assignment and Subletting: Rights to transfer or sublet, typically for commercial leases
1. Property Plan: Detailed floor plan and measurements
2. Inventory List: List of fixtures and fittings included
3. House Rules: Building regulations and guidelines
4. Fit-out Guidelines: Specifications for permitted modifications
5. Service Charge Schedule: Breakdown of additional charges
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