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The Lease Agreement is a legal document that outlines the terms and conditions of a lease between the lessor and the lessee. It is important as it establishes the rights and responsibilities of both parties and ensures that there is a clear understanding of the agreement.
The document begins with a brief introduction, stating that it is a lease renewal entered into on the current date. It identifies the lessor and the lessee, providing their names and principal places of business. The original agreement is mentioned, indicating that this renewal is an extension of the previous lease agreement.
The first section of the document focuses on the premises. It states that the lessor agrees to lease a specific address, referred to as the 'premises,' along with any furniture, fixtures, fittings, and equipment included. The condition of the premises is mentioned, emphasizing that it should be clean and tenantable for the lessee.
The second section deals with the term of the lease. It specifies the duration of the lease, starting from the commencement date and ending on the end date. This section provides clarity on the length of the lease agreement.
The third section discusses the rent. It states that the rent is payable in a specific currency on a periodic basis. It also mentions that the rent includes furniture, electrical appliances, and other items and fees listed in the schedule. This section ensures that both parties are aware of the financial obligations.
The fourth section addresses the deposit. It states the amount of the deposit and mentions that it should be paid within one business day after the signature of the renewal. This section highlights the importance of the deposit as a form of security for the lessor.
The fifth section focuses on the occupants of the premises. It identifies the principal occupants and acknowledges that other terms and conditions remain the same as the original agreement. This section ensures that both parties are aware of who will be residing in the leased property.
The document concludes with the signatures of both parties and a schedule. The schedule lists the fixtures, fittings, and equipment included in the lease. It also mentions the availability of storage and parking spaces. The responsibilities of the lessee regarding storage and parking are outlined, emphasizing that any personal property stored on the premises is at the lessee's own risk. The section also prohibits the storage of hazardous materials.
Overall, the Lease Agreement is a comprehensive document that covers various aspects of the lease, including the premises, term, rent, deposit, occupants, and additional renovations if agreed upon.
1. Enter the current date and the names and principal places of business of both the lessor and the lessee in the lease renewal agreement. This ensures that both parties are clearly identified.
2. Specify the address of the premises that will be leased, along with any furniture, fixtures, fittings, and equipment included. Ensure that the premises are in a clean and tenantable condition for the lessee.
3. Clearly state the duration of the lease, starting from the commencement date and ending on the end date. This provides clarity on the length of the lease agreement.
4. Specify the amount of rent payable in the agreed currency on a periodic basis. Include any additional items and fees that are included in the rent, as listed in the schedule.
5. Mention the amount of the deposit and ensure that it is paid within one business day after the signature of the renewal. This serves as a form of security for the lessor.
6. Identify the principal occupants of the premises to establish who will be residing in the leased property.
7. Ensure that all other terms and conditions remain the same as the original agreement, unless otherwise agreed upon.
8. Both parties should sign the lease renewal agreement to indicate their acceptance and agreement to the terms.
9. Include a schedule that lists the fixtures, fittings, and equipment included in the lease. Specify any storage and parking spaces available and outline the lessee's responsibilities regarding storage and parking.
10. Prohibit the storage of hazardous materials on the premises to ensure the safety of both parties.
11. If there are any additional renovations agreed upon, clearly state them in the agreement to avoid any misunderstandings.
12. Keep a copy of the signed lease renewal agreement for future reference and legal purposes.