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Commercial Lease Agreement With Option To Purchase

Commercial Lease Agreement With Option To Purchase Template for Ireland

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Key Requirements PROMPT example:

Commercial Lease Agreement With Option To Purchase

"I need a Commercial Lease Agreement with Option to Purchase for a retail space in Dublin city center, with a 5-year lease term starting March 2025, and an option to purchase that can be exercised after the third year at a pre-agreed price of €2.5 million."

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Document background
The Commercial Lease Agreement With Option To Purchase is a sophisticated legal instrument used in Ireland when a property owner wishes to lease a commercial property while giving the tenant the future right to purchase it. This arrangement is particularly useful for businesses that want to test a location before committing to a purchase, or those that need time to arrange financing for an eventual purchase. The document combines comprehensive lease provisions compliant with Irish commercial property law with detailed terms for a future purchase option. It includes essential elements such as rent calculations, maintenance responsibilities, service charges, and specific conditions for exercising the purchase option. This type of agreement is commonly used in commercial real estate transactions where both parties want to maintain flexibility while ensuring their long-term interests are protected under Irish law.
Suggested Sections

1. Parties: Identification of the Landlord/Seller and Tenant/Buyer with full legal names and addresses

2. Background: Context of the agreement, including property details and intention to grant both lease and purchase option

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Demise: Formal grant of the lease, specifying the property and term

5. Term and Commencement: Duration of lease and start date

6. Rent and Payment Terms: Rent amount, payment schedule, review provisions

7. Service Charges and Outgoings: Additional charges, utilities, and maintenance costs

8. Use and Occupation: Permitted use of premises and occupation terms

9. Repairs and Maintenance: Responsibilities for repairs and maintenance

10. Insurance: Insurance requirements for both parties

11. Option to Purchase: Terms and conditions of the purchase option

12. Exercise of Option: Process and requirements for exercising the purchase option

13. Purchase Price and Payment: Purchase price determination and payment terms if option exercised

14. Assignment and Subletting: Rights and restrictions regarding assignment and subletting

15. Landlord's Covenants: Obligations and warranties of the landlord

16. Tenant's Covenants: Obligations and warranties of the tenant

17. Termination: Grounds and process for termination of lease

18. Notices: Requirements for serving notices under the agreement

19. Governing Law and Jurisdiction: Specification of Irish law as governing law and jurisdiction

Optional Sections

1. Break Clause: Optional provision allowing early termination under specified conditions

2. Rent-Free Period: Terms of any initial rent-free period if applicable

3. Alterations and Improvements: Rights and restrictions regarding property modifications

4. Environmental Matters: Environmental obligations and warranties if relevant to property type

5. Security Deposit: Terms regarding security deposit if required

6. Guarantees: Terms of any guarantees required from either party

7. Planning Permissions: Specific clauses regarding planning permissions if relevant to property use

8. VAT Elections: VAT-related provisions if applicable to the property

9. Service Level Requirements: Specific service levels for managed properties

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including plans and measurements

2. Schedule 2 - Rent Review Provisions: Detailed mechanisms for rent reviews

3. Schedule 3 - Service Charge Provisions: Detailed breakdown of service charge calculations and items covered

4. Schedule 4 - Condition Schedule: Schedule documenting the condition of the property at lease commencement

5. Schedule 5 - Permitted Alterations: List of alterations permitted without landlord's consent

6. Schedule 6 - Option Terms: Detailed terms and conditions of the purchase option

7. Appendix A - Plans: Property plans and drawings

8. Appendix B - Inventory: Inventory of any included fixtures, fittings, or equipment

9. Appendix C - Planning Documents: Copies of relevant planning permissions and certificates

10. Appendix D - Energy Performance Certificate: Current energy performance certificate for the property

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Basic Rent
Building
Business Day
Commencement Date
Common Areas
Completion Date
Deed of Transfer
Demised Premises
Environmental Laws
Exercise Notice
Exercise Period
Expiry Date
Insurance Rent
Interest Rate
Landlord's Fixtures
Lease Period
Lease Term
Option Notice
Option Period
Option to Purchase
Permitted Use
Planning Acts
Planning Permission
Property
Purchase Option Price
Purchase Price
Quarterly Day
Rent
Rent Commencement Date
Rent Payment Date
Rent Review Date
Schedule of Condition
Service Charge
Service Media
Services
Structural Parts
Superior Landlord
Surveyor
Tenant's Fixtures
Term
Title Documents
VAT
Working Day
Clauses
Demise
Term
Rent
Rent Review
Service Charges
Insurance
Repair and Maintenance
Alterations
Use and Occupation
Assignment and Subletting
Option to Purchase
Purchase Price
Exercise of Option
Property Transfer
Utilities and Services
Access Rights
Quiet Enjoyment
Landlord Covenants
Tenant Covenants
Default and Remedies
Force Majeure
Property Management
Environmental Compliance
Health and Safety
Planning and Zoning
VAT and Taxation
Security Deposit
Guarantees
Indemnification
Termination
Break Rights
Dispute Resolution
Notices
Entire Agreement
Severability
Governing Law
Registration
Relevant Industries

Commercial Real Estate

Retail

Manufacturing

Hospitality

Healthcare

Professional Services

Technology

Warehousing and Logistics

Education

Financial Services

Relevant Teams

Legal

Finance

Operations

Facilities Management

Real Estate

Risk and Compliance

Business Development

Property Management

Corporate Strategy

Administration

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Facilities Manager

Property Manager

Commercial Director

Operations Manager

Legal Counsel

Business Development Manager

Finance Manager

Property Surveyor

Risk Manager

Compliance Officer

Real Estate Investment Manager

Industries
Landlord and Tenant (Amendment) Act 1980: Fundamental legislation governing commercial tenancies in Ireland, including rights and obligations of both landlords and tenants, and provisions for lease renewals
Land and Conveyancing Law Reform Act 2009: Governs property transactions and establishes modern framework for land law and conveyancing, crucial for the purchase option portion of the agreement
Registration of Title Act 1964: Regulates the registration of property titles and interests in land, essential for both leasehold registration and eventual purchase
Stamp Duties Consolidation Act 1999: Covers stamp duty requirements for both commercial leases and property purchases, affecting cost implications of the agreement
Taxes Consolidation Act 1997: Contains provisions relevant to taxation of commercial property transactions, including VAT implications on commercial property leases and sales
Planning and Development Act 2000: Relevant for ensuring the commercial property has proper planning permission and usage rights for intended purpose
Civil Law (Miscellaneous Provisions) Act 2011: Contains various provisions affecting commercial property relationships and contract law
Registration of Deeds and Title Act 2006: Governs the registration of deeds and title documents, crucial for both lease and purchase aspects
Commercial Tenancies Act 2019: Recent legislation affecting commercial tenant rights and obligations in Ireland
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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