16231 Lecture Notes - Lecture 6: Early Access, Lease, Other Space
Document Summary
Lecture 6 commercial & retail leases + lease management. Stipulates legal entity of landlord and tenant. Can be suite / level / building detail: term. Will outline commencement and expiry date of lease and in turn length: options. Lease will outline timing of exercise of option: break clauses: gives the tenant or landlord the right to break the lease. Details terms of any available break clauses whether favouring landlord or tenant: rent. Can be set amount or rate per square meter: reviews. Stipulates when and how the rent is to be reviewed during the term of the lease: outgoings. Can split the outgoings whereby tenant is responsible for some. Tenant usually responsible for the proportion of total outgoings (defined as a percentage): usage. Stipulates what the tenant can use the premises for & landlord can control. Outlines any insurances required by the tenant. Glass and tenants property: assignment & subletting.
