Long Term Lease Agreement Template for Malaysia

The Long Term Lease Agreement is a crucial document in Malaysian property law, typically used for leases exceeding three years. It's essential for businesses and individuals seeking to establish long-term occupancy rights while complying with Malaysian legal requirements, particularly under the National Land Code 1965. This document is commonly used in commercial, industrial, and sometimes residential contexts, providing comprehensive coverage of lease terms, maintenance obligations, rental provisions, and dispute resolution mechanisms. The agreement must be properly stamped and registered according to Malaysian law to be legally enforceable, making it a vital tool for property owners and tenants in establishing clear, long-term property rights and responsibilities.

1. Parties: Identification of the lessor and lessee with complete details including registration/identification numbers

2. Background: Brief context of the lease arrangement and property background

3. Definitions: Definitions of key terms used throughout the agreement

4. Demise: The formal grant of lease and its basic terms including duration and purpose

5. Rent and Payment Terms: Detailed provisions for rent amount, payment schedule, and review mechanisms

6. Security Deposit: Terms regarding security deposit amount, maintenance, and return conditions

7. Tenant's Covenants: Core obligations of the tenant including maintenance, permitted use, and compliance with regulations

8. Landlord's Covenants: Core obligations of the landlord including quiet enjoyment and structural maintenance

9. Insurance: Requirements for building, content, and public liability insurance

10. Utilities and Outgoings: Responsibilities for utility payments and other ongoing charges

11. Assignment and Subletting: Conditions under which the tenant may or may not transfer rights

12. Termination: Circumstances and procedures for early termination

13. Default and Remedies: Consequences of breach and available remedies

14. Notices: Process for serving formal notices between parties

15. Governing Law: Confirmation of Malaysian law application and jurisdiction