Commercial Lease Agreement - Northern Ireland

A commercial lease agreement is a written lease under which a landlord grants a tenant the right to occupy a property for a fixed term, at a rent, for business use. This template is for a whole-building lease on full repairing and insuring terms, meaning the tenant takes on responsibility for repairing the property, and reimburses the landlord's insurance premium rather than arranging its own buildings insurance. It is drafted for a Property in Northern Ireland. The parties to the lease are the landlord (the party granting the lease) and the tenant (the party taking it). The template covers the grant of the lease, the term, rent and rent review, repair and insurance, permitted use, alterations, and - where included - provisions on assigning or underletting the lease and ending it early. It does not cover the landlord's or tenant's wider corporate or financing arrangements, or a sale of the property itself. The lease runs for the term the parties set, subject to any early-ending (break) provision the parties include and to the tenant's statutory right to apply for a new tenancy under the Business Tenancies (Northern Ireland) Order 1996 - a right that, unlike the position in England and Wales, the parties cannot contract out of.