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5 Year Commercial Lease Agreement
"I need a 5 Year Commercial Lease Agreement for a retail unit in Manchester city centre, with a break clause after 3 years and quarterly rent reviews, starting from March 2025."
1. Parties: Details of landlord and tenant, including registered addresses and company registration numbers where applicable
2. Background: Context of the lease arrangement and brief description of the property
3. Definitions: Key terms used throughout the lease including Property, Term, Permitted Use, Rent, etc.
4. Demise: Formal grant of the lease, description of the property and term of lease
5. Rent: Rent amount, payment dates, method of payment and rent review provisions
6. Tenant Covenants: Tenant's obligations including repair, decoration, alterations, use restrictions, and compliance with laws
7. Landlord Covenants: Landlord's obligations including quiet enjoyment, insurance, and structural repairs
8. Insurance: Insurance obligations, requirements and procedure for reinstatement
9. Termination Provisions: Circumstances and procedures for lease termination, including forfeiture
1. Break Clause: Optional early termination provisions, including notice periods and conditions for exercise
2. Service Charge: Provisions for shared services and recovery of costs in multi-let buildings
3. Alterations: Specific provisions regarding permitted and prohibited modifications to the property
4. 1954 Act Exclusion: Provisions excluding security of tenure under the Landlord and Tenant Act 1954
1. Schedule 1 - Property Description: Detailed description of the leased premises including boundaries and measurements
2. Schedule 2 - Rights Granted: Specific rights granted to the tenant (e.g., access, parking, utilities)
3. Schedule 3 - Rights Reserved: Rights reserved for the landlord (e.g., access for inspection, development rights)
4. Schedule 4 - Service Charge: Detailed service charge provisions, calculations and excluded costs
5. Schedule 5 - Rent Review: Detailed rent review provisions including assumptions and disregards
6. Appendix 1 - Plans: Property plans, drawings and floor layouts
7. Appendix 2 - Condition Report: Schedule of condition documenting the state of the property at lease commencement
Authors
Authorised Use
Building
Common Parts
Conduits
Contractual Term
Default Interest Rate
Environmental Laws
Insurance Rent
Insured Risks
Interest
Landlord
Landlord's Fixtures
Lease
Permitted Use
Planning Acts
Premises
Property
Quarter Days
Rent
Rent Commencement Date
Rent Payment Days
Rent Review Date
Reserved Rights
Service Charge
Service Media
Services
Surveyor
Tenant
Tenant's Fixtures
Term
Term Commencement Date
Use Class
VAT
Working Day
Term
Rent
Rent Review
Service Charge
Insurance
Repair and Decoration
Alterations
Use Restrictions
Assignment and Underletting
Quiet Enjoyment
Landlord's Covenants
Tenant's Covenants
Break Rights
Forfeiture
Security of Tenure
Utilities and Outgoings
Access Rights
Yielding Up
Planning and Compliance
Environmental Matters
VAT
Notices
Registration
Costs
Governing Law
Dispute Resolution
Third Party Rights
Entire Agreement
Severance
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