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Sale And Leaseback Agreement

Sale And Leaseback Agreement Template for New Zealand

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Key Requirements PROMPT example:

Sale And Leaseback Agreement

"I need a Sale and Leaseback Agreement for our manufacturing facility in Auckland, where we're selling the property to a commercial real estate investment trust for NZD 5.5 million and leasing it back for 15 years starting March 2025, with an option to extend for two additional 5-year terms."

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Document background
The Sale And Leaseback Agreement is a strategic financial and property management tool commonly used in New Zealand's commercial property sector. This document is particularly useful for businesses seeking to release capital tied up in property assets while maintaining operational continuity. It combines two distinct but interconnected transactions: the sale of property and the immediate leaseback to the original owner. Typically used by companies looking to improve their balance sheet, fund expansion, or restructure their property portfolio, this agreement must comply with New Zealand property law, tax regulations, and commercial lease requirements. The document addresses crucial elements including sale terms, lease conditions, maintenance obligations, rent reviews, and various commercial protections for both parties. It's essential for businesses operating in New Zealand to ensure the agreement aligns with local legal requirements, including the Property Law Act 2007 and relevant tax legislation.
Suggested Sections

1. Parties: Identification of the Vendor/Lessor and Purchaser/Lessee, including full legal names and addresses

2. Background: Context of the transaction, including property details and purpose of the sale and leaseback arrangement

3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Lease Commencement Date, etc.

4. Sale Agreement: Terms and conditions of the property sale, including purchase price and payment terms

5. Property Details: Detailed description of the property, including legal description and any inclusions/exclusions

6. Sale Completion: Process and requirements for completing the sale, including settlement procedures

7. Lease Terms: Core lease provisions including term, rent, rent reviews, and permitted use

8. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements

9. Insurance: Insurance requirements for both parties during the lease term

10. Default and Remedies: Consequences of default by either party and available remedies

11. Assignment and Subletting: Conditions under which the lease may be assigned or the property sublet

12. Termination: Circumstances and procedures for terminating the agreement

13. General Provisions: Standard clauses including governing law, notices, and dispute resolution

Optional Sections

1. GST Provisions: Required if either party is GST-registered, detailing GST treatment of the transaction

2. Mortgagee Consent: Required if the property is subject to any mortgage or charge

3. Development Rights: Include if either party retains rights to develop the property during the lease term

4. Environmental Matters: Required if the property has known environmental issues or specific compliance requirements

5. First Right of Refusal: Optional clause giving the lessee first right to purchase if the lessor decides to sell

6. Break Clause: Optional provision allowing early termination under specific circumstances

7. Overseas Investment Provisions: Required if any party is an overseas person under the Overseas Investment Act

8. Seismic Performance: Required for commercial buildings in New Zealand, particularly post-earthquake zones

Suggested Schedules

1. Property Schedule: Detailed property description, including title references and plans

2. Lease Terms Schedule: Specific lease terms including rent, payment dates, and review mechanisms

3. Condition Report: Detailed report on the property's condition at the time of sale

4. Maintenance Schedule: Detailed breakdown of maintenance responsibilities between parties

5. Permitted Use Schedule: Detailed description of permitted activities and use restrictions

6. Outgoings Schedule: List of outgoings and responsibility for payment

7. Special Conditions: Any special conditions specific to the transaction

8. Required Consents: List of required consents and approvals

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































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Relevant Industries

Commercial Real Estate

Industrial Manufacturing

Retail

Hospitality

Healthcare

Education

Logistics and Warehousing

Agriculture

Office Commercial

Banking and Finance

Relevant Teams

Legal

Finance

Real Estate

Operations

Facilities Management

Risk and Compliance

Tax

Treasury

Business Development

Property Management

Relevant Roles

Chief Financial Officer

Property Manager

Real Estate Director

Commercial Lawyer

Finance Director

Corporate Treasurer

Business Development Manager

Facilities Manager

Operations Director

Risk Manager

Investment Manager

Asset Manager

Tax Manager

Legal Counsel

Property Developer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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