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Master Lease With Option To Purchase
"I need a Master Lease With Option To Purchase for a commercial warehouse property in Manchester, with a 5-year initial lease term starting March 2025 and an option to purchase at £2.5M exercisable after year 3."
1. 1. Parties: Identification of lessor and lessee with full legal names and addresses
2. 2. Background: Context of the agreement and brief description of the property
3. 3. Definitions: Key terms used throughout the agreement including defined terms from relevant legislation
4. 4. Demise: Formal grant of the lease and description of the property
5. 5. Term and Rent: Duration of lease and rent payment terms
6. 6. Option to Purchase: Terms and conditions of purchase option, including price and exercise period
7. 7. Tenant Covenants: Obligations of the tenant including maintenance, use, and insurance
8. 8. Landlord Covenants: Obligations of the landlord including quiet enjoyment and insurance
9. 9. Assignment and Underletting: Provisions governing the transfer of lease or subletting of property
10. 10. Termination: Events of default and termination procedures
1. Service Charge Provisions: Required for multi-let properties or where services are provided by landlord
2. Break Clause: Early termination provisions for either or both parties
3. Rent Review: Mechanism for adjusting rent during term, typically for longer leases
4. Green Lease Provisions: Environmental performance and sustainability obligations
5. VAT Elections: Provisions relating to VAT treatment of the property and rent
1. Schedule 1: Property Description: Detailed description of the property including plans and boundaries
2. Schedule 2: Rights Granted: Specific rights granted to tenant (e.g., parking, access, utilities)
3. Schedule 3: Rights Reserved: Rights retained by landlord and access requirements
4. Schedule 4: Service Charge: Detailed service charge calculation and included services if applicable
5. Schedule 5: Purchase Option Details: Detailed mechanism for exercising purchase option including valuation methods
6. Schedule 6: Condition Schedule: Schedule of condition at lease commencement
7. Schedule 7: Guarantee Provisions: Form of guarantee if required from third party guarantor
Authors
Break Date
Commencement Date
Common Parts
Completion
Contractual Term
Deed
Default Interest Rate
Demised Premises
Exercise Notice
Exercise Period
Insurance Rent
Interest Rate
Landlord
Lease
Option
Option Notice
Option Period
Option Price
Outgoings
Permitted Use
Planning Acts
Premium
Property
Purchase Price
Rent
Rent Commencement Date
Rent Payment Days
Service Charge
Service Media
Services
Tenant
Term
Title Matters
VAT
Working Day
Term and Possession
Rent and Payment
Option to Purchase
Insurance
Repairs and Maintenance
Alterations and Improvements
Assignment and Subletting
Use Restrictions
Utilities and Services
Quiet Enjoyment
Landlord's Covenants
Tenant's Covenants
Service Charge
Default and Remedies
Break Rights
Planning and Compliance
Environmental Matters
VAT
Notices
Registration
Deposit
Guarantees
Alienation
Indemnities
Force Majeure
Dispute Resolution
Governing Law
Severability
Entire Agreement
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