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Lease And Purchase Agreement
"I need a Lease and Purchase Agreement for a commercial warehouse property in Auckland, with a 3-year lease term starting March 1, 2025, and an option to purchase at market value plus 5% any time after the first 18 months of the lease."
1. Parties: Identification of the lessor/vendor and lessee/purchaser, including full legal names and addresses
2. Background: Context of the agreement, including property details and intent of the parties to enter into a lease with option to purchase
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation
4. Lease Terms: Core lease provisions including term, rent, reviews, and maintenance obligations
5. Purchase Option: Terms and conditions of the purchase option, including price determination and exercise period
6. Property Condition and Maintenance: Requirements for maintaining the property during the lease and condition requirements for purchase
7. Payment Terms: Details of lease payments and purchase price payment structure
8. Insurance and Risk: Insurance requirements during lease period and risk allocation
9. Default and Remedies: Consequences of default under either lease or purchase provisions
10. Assignment and Subletting: Restrictions and conditions for assignment or subletting
11. Warranties and Representations: Warranties given by both parties regarding the property and their capacity
12. Settlement and Possession: Process for settlement of the purchase and transfer of possession
13. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution
1. GST Provisions: Required if either party is GST-registered or if the property is commercial
2. Body Corporate: Required for unit title properties, including body corporate rules and obligations
3. Resource Management: Required if there are specific resource consent or zoning considerations
4. Guarantees: Required if personal or corporate guarantees are being provided
5. Fit-out Provisions: Required for commercial properties requiring specific fit-out works
6. Environmental Matters: Required if there are known environmental issues or compliance requirements
7. Development Rights: Required if the lessee/purchaser has rights to develop the property
8. First Right of Refusal: Optional clause giving lessee first right to purchase if not exercising the option
1. Property Description: Detailed legal description of the property including title references
2. Lease Payment Schedule: Schedule of rent payments, including review dates and mechanisms
3. Purchase Price Calculation: Formula or method for determining final purchase price
4. Condition Report: Detailed report on property condition at lease commencement
5. Maintenance Schedule: Schedule of required maintenance and responsibilities
6. Permitted Use: Detailed description of permitted uses of the property
7. Special Conditions: Any special conditions agreed between the parties
8. Required Consents: List of required consents and approvals for lease and purchase
Authors
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Agriculture
Hospitality
Healthcare
Education
Professional Services
Legal
Finance
Real Estate
Operations
Facilities Management
Risk and Compliance
Property Management
Business Development
Corporate Services
Asset Management
Property Manager
Real Estate Agent
Commercial Lawyer
Property Lawyer
Chief Financial Officer
Facilities Manager
Business Development Manager
Operations Director
Legal Counsel
Risk Manager
Commercial Director
Asset Manager
Property Developer
Lease Administrator
Corporate Real Estate Manager
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