The Long Term Lease Agreement is a crucial legal instrument used in Australian property transactions where parties intend to establish a tenancy relationship extending beyond three years. It is commonly used for commercial, retail, industrial, and significant residential properties. The document must comply with relevant Australian federal and state legislation, including the Property Law Act, Real Property Act, and state-specific retail leasing laws where applicable. This agreement is particularly important as it requires registration on the property title in most Australian jurisdictions when the term exceeds three years. It includes comprehensive provisions covering financial obligations, maintenance responsibilities, insurance requirements, and compliance with local regulations. The document serves as the primary reference point for the ongoing relationship between property owners and tenants, providing clarity and legal certainty for all parties involved.
Long Term Lease Agreement Template for Australia
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Key Requirements PROMPT example:
Long Term Lease Agreement
"I need a Long Term Lease Agreement for a retail shopping center space in Melbourne, with specific provisions for extended trading hours during holiday seasons and percentage rent based on turnover, commencing March 2025."
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1. Parties: Identification and details of the lessor and lessee, including ACN/ABN for companies
2. Background: Context of the lease agreement and brief description of the property and intended use
3. Definitions and Interpretation: Comprehensive list of defined terms and interpretation clauses
4. Grant of Lease: Formal grant of lease and description of the premises
5. Term and Option Periods: Duration of lease, commencement date, and any option periods
6. Rent and Outgoings: Rent amount, payment terms, outgoings, and review mechanisms
7. Security Deposit/Bank Guarantee: Details of security required and conditions for return
8. Permitted Use: Specified authorized uses of the premises
9. Maintenance and Repairs: Responsibilities for maintenance, repairs, and replacements
10. Insurance Requirements: Required insurance types, coverage amounts, and obligations
11. Assignment and Subletting: Conditions and procedures for assignment or subletting
12. Lessor's Covenants: Obligations and warranties of the lessor
13. Lessee's Covenants: Obligations and warranties of the lessee
14. Default and Termination: Events of default, consequences, and termination procedures
15. Costs and Stamp Duty: Responsibility for legal costs, registration fees, and stamp duty
16. Notices: Process and requirements for giving notices under the lease
17. GST: GST treatment of rental and other payments
18. Governing Law: Jurisdiction and applicable law
19. Execution: Execution clauses and signing requirements
1. Fitout Works: Include when initial fitout works are required, detailing approval process and specifications
2. Environmental Matters: Include for properties with environmental sensitivities or compliance requirements
3. Trading Hours: Include for retail or commercial premises with specific operating hours
4. Sales Reporting: Include for retail leases where turnover rent applies
5. Signage Rights: Include when specific signage rights are granted
6. Car Parking: Include when car parking spaces are part of the lease
7. Building Management: Include for premises in larger buildings with shared facilities
8. Market Rent Review: Include when market rent reviews are part of the rent review mechanism
9. Mortgagee Consent: Include when required by lessor's financier
10. Operating Expenses: Include detailed provisions for commercial buildings with significant shared services
1. Schedule 1 - Premises Plan: Detailed plan showing the leased premises and common areas
2. Schedule 2 - Reference Schedule: Key commercial terms and variable items referenced in the lease
3. Schedule 3 - Special Conditions: Any special or additional conditions specific to this lease
4. Schedule 4 - Fitout Guidelines: Specifications and requirements for premises fitout
5. Schedule 5 - Rules and Regulations: Building rules and regulations for multi-tenanted properties
6. Schedule 6 - Condition Report: Detailed report on condition of premises at commencement
7. Schedule 7 - Outgoings Schedule: Detailed list of outgoings and allocation method
8. Appendix A - Guarantee and Indemnity: Form of guarantee if required from directors or parent company
9. Appendix B - Environmental Management Plan: Environmental requirements and compliance procedures
10. Appendix C - Insurance Requirements: Detailed insurance specifications and requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Commercial Property
Industrial
Healthcare
Education
Hospitality
Professional Services
Manufacturing
Logistics
Agriculture
Technology
Financial Services
Relevant Teams
Legal
Property Management
Operations
Finance
Compliance
Risk Management
Facilities Management
Business Development
Real Estate
Administration
Relevant Roles
Property Manager
Facilities Manager
Legal Counsel
Real Estate Agent
Commercial Director
Operations Manager
Chief Financial Officer
Asset Manager
Compliance Officer
Business Development Manager
Leasing Executive
Property Valuer
Risk Manager
General Counsel
Company Secretary
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