The Lease With Option To Buy Commercial Property agreement is a strategic legal instrument used in New Zealand when a business tenant wishes to lease a commercial property while securing the right to purchase it in the future. This arrangement is particularly valuable for businesses that want to test a location or build up capital before committing to a purchase, or for those seeking to lock in a future purchase price in a rising market. The document addresses both immediate occupancy needs through standard commercial lease provisions and future ownership aspirations through detailed option terms, all while ensuring compliance with New Zealand property law, commercial law, and tax regulations. It includes comprehensive provisions for property maintenance, permitted use, rent reviews, option exercise procedures, and purchase completion requirements, making it suitable for various commercial property types from retail spaces to industrial facilities.
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1. Parties: Identification of the lessor/vendor and lessee/purchaser, including full legal names, addresses, and company details if applicable
2. Background: Context of the agreement, including property details and the parties' intention to enter into both a lease and purchase option arrangement
3. Definitions and Interpretation: Defined terms used throughout the agreement and rules for interpreting the document
4. Lease Terms: Core lease provisions including term, rent, rent reviews, outgoings, and permitted use
5. Property Maintenance and Operations: Responsibilities for maintenance, repairs, insurance, and building operations
6. Option to Purchase: Terms of the purchase option, including price/pricing mechanism, exercise period, and exercise process
7. Exercise of Option: Procedure for exercising the purchase option, including notice requirements and timing
8. Purchase Terms: Conditions of sale that will apply if the option is exercised, including settlement process
9. Default and Remedies: Consequences of default under either the lease or option provisions
10. Assignment and Subletting: Rights and restrictions regarding assignment of the lease and/or option rights
11. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution
1. Guarantees: Required when there are personal or corporate guarantors for either the lease or option obligations
2. Alterations and Improvements: Include when the lessee is permitted to make significant modifications to the property
3. Environmental Matters: Required for properties with potential environmental issues or specific compliance requirements
4. Seismic Requirements: Include for buildings requiring specific seismic compliance or upgrading
5. Development Rights: Include when the lessee has rights to develop or substantially modify the property during the lease
6. Option Extension: Include when there are provisions for extending the option period
7. Multiple Tenancies: Required when the property has other tenants or future tenancy rights
8. Resource Consent Conditions: Include when specific resource consents affect the property use or development
1. Property Description: Detailed legal description of the property, including title references and area
2. Lease Terms Schedule: Detailed commercial terms including rent, review dates, outgoings, and key dates
3. Option Price Calculation: Formula or mechanism for determining the purchase price if not fixed
4. Condition Report: Detailed description of the property's condition at lease commencement
5. Permitted Use Details: Specific details of allowed commercial activities and any restrictions
6. Outgoings Schedule: Detailed breakdown of operating expenses and their allocation
7. Building Rules and Regulations: Specific rules governing the use and operation of the building
8. Plans and Drawings: Property plans, floor plans, and any relevant architectural drawings
Relevant legal definitions
Clauses
Relevant Industries
Retail
Commercial Office Space
Industrial and Manufacturing
Hospitality
Healthcare
Professional Services
Warehouse and Distribution
Technology and Innovation Hubs
Education
Entertainment and Recreation
Relevant Teams
Legal
Finance
Operations
Real Estate
Facilities Management
Risk and Compliance
Business Development
Property Management
Asset Management
Corporate Services
Relevant Roles
Property Manager
Commercial Lawyer
Real Estate Director
Facilities Manager
Chief Financial Officer
Business Development Manager
Operations Director
Legal Counsel
Risk Manager
Asset Manager
Procurement Manager
Commercial Director
Property Investment Manager
Lease Administrator
Corporate Real Estate Manager
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