The Commercial Lease to Own Agreement is a specialized legal instrument used in New Zealand when a business wants to secure commercial property through an initial leasing arrangement while working towards ownership. This hybrid document is particularly useful for businesses that want to occupy a property immediately but need time to arrange financing or build equity for a purchase. It provides a structured pathway to property ownership while offering immediate occupancy rights. The agreement must comply with New Zealand's property and commercial law framework, including the Property Law Act 2007 and related legislation. It typically includes detailed provisions for rent payments, purchase price calculations, maintenance responsibilities, and the conditions under which the purchase option can be exercised. This type of agreement is commonly used in commercial property transactions where the tenant has a long-term interest in the property but prefers or requires a graduated approach to ownership.
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1. Parties: Identification of the lessor/vendor and lessee/purchaser, including full legal names and addresses
2. Background: Context of the agreement, including property details and intention to transfer ownership
3. Definitions and Interpretation: Defined terms used throughout the agreement and rules for interpretation
4. Lease Terms: Duration of lease period, rent amounts, payment schedules, and review mechanisms
5. Purchase Option Terms: Conditions for exercising purchase option, purchase price calculation, and timing requirements
6. Rent Credit Towards Purchase: Specification of how rental payments contribute to the purchase price
7. Property Use and Maintenance: Permitted use, maintenance responsibilities, and property care obligations
8. Insurance and Risk: Insurance requirements, risk allocation, and liability provisions
9. Default and Remedies: Events of default, consequences, and remedies available to either party
10. Property Transfer Provisions: Process and requirements for final property transfer upon exercise of purchase option
11. Costs and Outgoings: Allocation of expenses, taxes, and other costs during lease and purchase phases
12. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Guarantees: Required when there are personal or corporate guarantors for the lessee's obligations
2. Alterations and Improvements: Included when the lessee is permitted to make property modifications
3. Assignment and Subletting: Required when transfer of rights or subletting is to be permitted
4. Body Corporate Provisions: Included for properties subject to body corporate rules
5. Resource Consent Conditions: Required when specific land use conditions apply
6. Seismic Rating Provisions: Included for buildings requiring specific seismic performance standards
7. Environmental Matters: Required when environmental issues or responsibilities need addressing
1. Property Description Schedule: Detailed legal description of the property including title references
2. Payment Schedule: Detailed breakdown of rent payments, purchase price calculations, and credit arrangements
3. Condition Report: Initial property condition assessment and photographs
4. Maintenance Schedule: Detailed maintenance responsibilities and standards
5. Permitted Use Details: Specific terms and conditions of permitted property use
6. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
7. Fitout Specifications: Details of any agreed tenant improvements or modifications
8. Due Diligence Checklist: List of required investigations and confirmations before purchase option exercise
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