COMMERCIAL LEASES LECTURE 3

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Presentation transcript:

COMMERCIAL LEASES LECTURE 3 Jennifer Slade COMMERCIAL LEASES LECTURE 3

Commercial Leases: Lecture 3 Today’s topics Commercial lease drafting Standard forms/precedents Examples “Lease anatomy” Code of Practice for Commercial Leases Lease of part and of whole Prescribed clauses

Commercial Leases: Lecture 3 Landlord and Tenant concerns Drafting for the landlord Control of premises Marketability/investment value Standard lease for development Exceptional tenants Confidentiality – EID’s Tenant’s amendments Flexibility, rent review, onerous provisions, marketability Draft for certainty

Commercial Leases: Lecture 3 Drafting points Defined terms and interpretation clause Use of schedules Definitions in schedules Punctuation and layout Clause numbering, e.g.: Clause 2.1.3.4 Clause 2(1)(c)(iv) Clause 2.1(c)(iv)

Commercial Leases: Lecture 3 Precedents/Standard Forms Firms’ precedents Updating Client specific Law Society Business Lease BPF – model clauses Other precedents: Lexis Nexis, Practical Law Construction of lease provisions

Commercial Leases: Lecture 3 Examples of lease drafting Gateshead lease (1964) vs Billies Cookies lease (1999) Gateshead lease – consider: term – expiry? Clause 4 Clause 5 Clause 6 Plan Easy to read? Easy to find information?

Commercial Leases: Lecture 3 Examples of lease drafting Consider Billies Cookies lease Comments/comparison? How could drafting style of Billies Cookies lease be improved?

Commercial Leases: Lecture 3 Lease Anatomy What are the principal provisions, and where would you find them? Code of Practice for Commercial Leases What is the purpose of a lease report? For assignee For purchaser of reversion

Anatomy of a Simple Commercial Lease: Date, Parties Definitions, Interpretation Demise (habendum, reddendum) TENANT’S COVENANTS - repair, alienation, user, alterations, etc Landlord’s Covenants Provisos SCHEDULES - premises, - rights, reservations - rent review - service charge

Commercial Leases: Lecture 3 Lease Anatomy What is the difference in structure between a lease of whole and a lease of part? Multi-lets Service charge Common parts Insurance

C O M U N A L R E Unit 1 w.c. Unit 2 Unit 3

Commercial Leases: Lecture 3 Lease Anatomy Land Registry Prescribed Clauses Leases Necessary from 19 June 2006 for registrable leases – if not, Land Registry rejects Prescribed clauses LR1 – LR14 Only front sheet and index can precede prescribed clauses – particulars pages must come after Note Property prescribed clause – LR4 Prescribed clause overrides any other definition See precedent in recommended text