Wakefields Lease Agreement

In principle, there is no absolute right to assign or sublet – this is only allowed with the prior written consent of the owner. As a general rule, this consent cannot be unreasonably withheld. However, the landlord may impose reasonable conditions for their consent – for example.B. subject to the review and approval of the proposed assignment/sublease, the requirement of appropriate safeguards, etc. There are a number of different reasons why a tenant wants an assignment or sublease – for example, when selling a business. What many people don`t realize, however, is that the responsibility of the original tenant doesn`t necessarily end when they transfer the lease to a new tenant (and become a “thank you”). What are the expenses to be paid under the lease agreement? Tenants generally prefer “gross leases,” that is, leases where rent includes expenses. While landlords try to recoup all tenants` expenses and generally prefer “net leases” – where a contribution to expenses is added to the rent. How long should this be tolerated in the event of an emergency preventing access to the premises (e.g. B, the “red zoning” of the building after an earthquake) before either party can terminate the lease? One month, 6 months, etc.? The standard period of “non-access” provided for in the lease documentation is 9 months. Can your business maintain rent payments for so long without access to the premises? Explore your options. If you are beginning to consider relief under your lease, you should contact your legal and risk management advisors to determine if your lease contains provisions that may delay or excuse performance and/or payment, such as force majeure, service interruption or denial of access.

In addition, sub-tenants and licensees – whether with coworking companies or otherwise – have particular concerns: what guarantees from the main lease are included in their contracts? Is there a recognition agreement so that if the tenant is in default, he still has the right to occupy the space? Wakefields rents with a dedicated team of commercial real estate experts just a phone call away. Contact us today on 04 970 3600 or send us an e-mail at info@wakefieldslaw.com premises are an integral part of most companies. Guaranteeing the use of your rented premises and understanding your rental rights and obligations is good risk management. Invest time, effort and money to get a legal review of the lease before you commit to it! What commercial use is permitted under the lease agreement? Is it broad enough to allow you to take over your existing business and any expansion of your business? If it is very specific to your business, it could limit your ability to assign or sublet the premises in the future. Does the term suit your needs? For example, if your business is growing rapidly and can expand beyond the premises, it may be better to have a short-term lease. B i.e. 2 years with several renewal rights for similar terms as a long-term lease. In addition to acting as trusted real estate advisors, we hope that you and your families, friends and colleagues feel good and do well.

As we go through this period of uncertainty together, know that at Cushman & Wakefield, we are unwavering and ready to help you in any way we can. We will take up this challenge together. What is the minimum insurance coverage in the rental agreement? As a rule, the obligation to provide insurance rests with the owner. However, many homeowners (especially in earthquake-prone areas and very old buildings) only commit to very simple insurance coverage. This typically exposes tenants to a high risk of business continuity. What is the late payment interest rate indicated in the lease agreement? This is the rate charged in case of non-payment of rent. .