Lease Clauses
As an industrial tenant or landlord, it's important to be aware of the following lease clauses:
Rent: The lease should clearly state the rent amount, the frequency of payment, and any late fees or penalties.
Lease Term: The lease should specify the length of the lease term and any renewal options.
Use Clause: The lease should clearly state the permitted use of the space, including any restrictions or limitations on use.
Maintenance and Repairs: The lease should specify the responsibility for maintenance and repairs of the property, including who is responsible for repairs and maintenance of any common areas.
Alterations: The lease should outline the process for making alterations or improvements to the property and who is responsible for the costs.
Insurance: The lease should specify the insurance requirements for the tenant and landlord, including liability insurance, property insurance, and any additional coverage required.
Default: The lease should outline the consequences of default by the tenant, including any penalties or eviction procedures.
Assignment and Subletting: The lease should specify whether the tenant is allowed to assign or sublet the space and under what conditions.
Termination: The lease should outline the circumstances under which either party may terminate the lease, including any notice requirements and penalties.
Indemnification: The lease should specify who is responsible for any damages or injuries that occur on the property and the process for making a claim.
It's important to review these clauses carefully and negotiate any terms that may not be in your best interest. It's also a good idea to consult with an experienced property broker to ensure that the lease protects your interests.
Get in touch
property@curriegroup.co.za
010 824 7275
15 May 2023
Author Johanvdw