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Long Term Lease Agreement
"I need a Long Term Lease Agreement for a commercial property in Ontario, Canada, where we plan to operate a tech startup incubator space with shared facilities and subletting rights to startups, commencing March 1, 2025."
1. Parties: Identification and details of the landlord and tenant, including full legal names, addresses, and registration details if companies
2. Background: Context of the lease arrangement and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Demised Premises: Detailed description of the leased property, including boundaries, common areas, and included fixtures
5. Term and Renewal: Length of the lease, commencement date, expiry date, and renewal options
6. Rent and Additional Rent: Base rent amount, payment schedule, rent review mechanisms, and additional rent components
7. Security Deposit: Amount, terms, and conditions for the security deposit
8. Use of Premises: Permitted uses of the property and any restrictions
9. Maintenance and Repairs: Responsibilities of both parties regarding property maintenance and repairs
10. Utilities and Services: Responsibility for utilities, services, and related costs
11. Insurance: Required insurance coverage for both parties
12. Assignment and Subletting: Terms and conditions for assigning or subletting the premises
13. Default and Remedies: Events of default and available remedies for both parties
14. Termination: Conditions and procedures for lease termination
15. Notices: Process and requirements for formal communications between parties
16. Governing Law: Specification of applicable Canadian jurisdiction
17. Execution: Signature blocks and witness requirements
1. Environmental Matters: Required when the property has specific environmental concerns or requirements
2. Operating Costs: Used in net leases to detail the calculation and payment of operating costs
3. Tenant Improvements: Include when specific improvements or modifications are permitted or required
4. Parking: Required when parking spaces are included in the lease
5. Signage Rights: Include when the tenant has rights to install exterior or interior signage
6. Property Management: Used when specific property management arrangements need to be detailed
7. Force Majeure: Include to address unforeseen circumstances affecting lease obligations
8. Option to Purchase: Include when tenant is given the option to purchase the property
9. Exclusive Use: Used in commercial contexts where tenant is granted exclusive rights for certain business activities
10. Green Building Requirements: Include when property must maintain specific environmental certifications
1. Schedule A - Floor Plan: Detailed floor plan and measurements of the leased premises
2. Schedule B - Legal Description: Legal description of the property as registered
3. Schedule C - Base Rent Schedule: Detailed breakdown of rent payments throughout the term
4. Schedule D - Operating Costs: Detailed list of included operating costs and calculation methods
5. Schedule E - Rules and Regulations: Building or property rules and regulations
6. Schedule F - Tenant Improvement Specifications: Detailed specifications for any permitted or required tenant improvements
7. Schedule G - Service Level Standards: Standards for building services and maintenance
8. Schedule H - Environmental Requirements: Specific environmental obligations and standards
9. Appendix 1 - Condition Report: Initial condition report of the premises
10. Appendix 2 - Insurance Requirements: Detailed insurance requirements for both parties
Authors
Commercial Real Estate
Retail
Industrial
Manufacturing
Healthcare
Professional Services
Hospitality
Warehousing and Distribution
Technology
Education
Financial Services
Entertainment and Recreation
Legal
Real Estate
Finance
Operations
Facilities Management
Risk Management
Compliance
Corporate Services
Business Development
Property Management
Real Estate Manager
Property Manager
Facilities Director
Chief Financial Officer
Legal Counsel
Operations Manager
Asset Manager
Leasing Manager
Risk Manager
Corporate Services Director
Business Development Manager
Real Estate Director
Compliance Officer
Finance Manager
General Counsel
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