9. TERM OF THE LEASE ~ OPTION TO RENEW
- The Lease will state the term of the lease, that is, the length of the lease in years and/or months – from the commencement date.
- To protect the Tenant’s investment in its business, one or more options to extend the lease must be included in the Lease document.
- Where the Lease does not contain any option to extend the term, the Tenant must vacate the property by the end date of the lease.
- Where the Lease does contain an option to extend the term, the Tenant must record the date for the exercise of the option to ensure that the necessary action is taken when required.
10. INSURANCE
- The Tenant must arrange various insurance policies and should provide a copy of the Lease document to its insurer or insurance broker to determine the most suitable insurance.
- The Landlord may want to approve the insurer, and will require a certificate of currency of insurance.
11. USE OF PREMISES
- The Tenant must only use the premises for the permitted use stated in the Lease.
- The use of the premises should be expressed in the broadest possible terms for your circumstances.
- Landlords can terminate a Lease and remove the Tenant where the use of the premises is outside the scope of use defined in the Lease document.
12. LAWFULNESS OF USE
- Obtain a copy of the certificate of classification to check that the certificate is appropriate to the class of building.
- Before signing the Lease, the Tenant should make its own enquiries that the permitted use is permissible, and that all approvals and consents of relevant authorities have been obtained.