Purchase And Lease Agreement

Purchase And Lease Agreement Template for India

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Key Requirements PROMPT example:

"Need a Purchase and Lease Agreement for our manufacturing facility in Mumbai, where we're selling the property to a real estate investment firm for INR 50 crore and leasing it back for 15 years starting March 2025, with an option to extend for two additional 5-year terms."

Document background

The Purchase And Lease Agreement is a sophisticated legal document used in Indian business transactions where an entity wishes to sell its property while retaining occupancy rights through a lease arrangement. This type of agreement is particularly valuable for companies looking to free up capital while maintaining operational continuity, or for sale-leaseback arrangements in commercial real estate. The document must comply with various Indian legislations including the Transfer of Property Act, Registration Act, and state-specific property laws. It combines elements of both sale and lease agreements, covering crucial aspects such as property transfer, purchase price, lease terms, maintenance obligations, and termination conditions. This agreement is commonly used in corporate restructuring, real estate investment, and commercial property transactions where immediate leaseback is desired.

Suggested Sections

1. Parties: Details of the seller/lessor and buyer/lessee, including names, addresses, and registration details if companies

2. Background: Context of the transaction, including property ownership history and intention to sell and lease back

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

4. Sale Terms: Terms and conditions of the property sale, including purchase price and payment terms

5. Property Details: Detailed description of the property being sold and leased

6. Purchase Price and Payment: Breakdown of purchase price, payment schedule, and mode of payment

7. Lease Terms: Essential terms of the lease including duration, rent, and renewal options

8. Rent and Security Deposit: Details of rent amount, payment schedule, security deposit, and annual increments

9. Maintenance and Repairs: Responsibilities of parties regarding property maintenance and repairs

10. Insurance: Insurance requirements for both parties during the lease period

11. Representations and Warranties: Declarations and guarantees by both parties regarding the property and transaction

12. Covenants: Ongoing obligations of both parties during the lease period

13. Default and Remedies: Consequences and remedies in case of default by either party

14. Termination: Conditions and process for termination of the agreement

15. Notices: Process and addresses for serving notices between parties

16. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes

17. Miscellaneous: Standard boilerplate provisions including force majeure, severability, and entire agreement

Optional Sections

1. Financing Arrangements: Include when purchase is subject to external financing or specific payment structures

2. Property Management: Include when specific property management arrangements are required during lease period

3. Fit-out Works: Include when lessee is permitted to carry out modifications or improvements

4. Environmental Compliance: Include for industrial properties or when environmental concerns are relevant

5. Sub-letting Rights: Include when sub-letting is to be permitted under specific conditions

6. Purchase Option: Include if lessee is given option to purchase property during/after lease term

7. Third Party Rights: Include when there are existing third-party rights affecting the property

8. Service Level Agreements: Include when specific services are to be provided as part of the lease

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of property including boundaries, measurements, and title details

2. Schedule 2 - Payment Schedule: Detailed breakdown of purchase price payments and timelines

3. Schedule 3 - Rent Schedule: Rent payment schedule including escalation details

4. Schedule 4 - Title Documents: List of title documents and encumbrances

5. Schedule 5 - Handover Inventory: Inventory of items included in the property handover

6. Schedule 6 - Maintenance Schedule: Details of maintenance responsibilities and schedules

7. Schedule 7 - Permitted Uses: Specified permitted uses of the property during lease period

8. Appendix A - Floor Plans: Detailed floor plans and property layouts

9. Appendix B - Photographs: Current photographs of the property condition

10. Appendix C - Compliance Certificates: Copies of relevant compliance certificates and permits

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property

Industrial Manufacturing

Retail

Hospitality

Healthcare

Education

Logistics and Warehousing

Banking and Financial Services

Information Technology

Relevant Teams

Legal

Finance

Real Estate

Operations

Facilities Management

Risk and Compliance

Treasury

Corporate Development

Property Management

Asset Management

Relevant Roles

Chief Financial Officer

Real Estate Manager

Property Manager

Legal Counsel

Corporate Lawyer

Facilities Manager

Asset Manager

Investment Manager

Operations Director

Finance Director

Company Secretary

Commercial Director

Risk Manager

Property Acquisition Manager

Treasury Manager

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