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Jennifer Slade
Commercial lease draftingStandard forms/precedentsExamples“Lease anatomy”Code of Practice for Commercial
LeasesLease of part and of wholePrescribed clauses
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
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)
Firms’ precedents Updating Client specific
Law Society Business Lease BPF – model clauses Other precedents: Lexis Nexis, Practical
Law
Construction of lease provisions
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?
Consider Billies Cookies lease
Comments/comparison?
How could drafting style of Billies Cookies lease be improved?
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
What is the difference in structure between a lease of whole and a lease of part? Multi-lets Service charge Common parts Insurance
Unit 1
Unit 2
Unit 3
w.c.
COMMUNAL
AREA
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