Agreements for Lease
Useful for: Business, Local Government, Government, Non Govt Organisations
In Brief
- Where the parties are not ready to enter into a lease for some reason (such as that the premises are under construction or the Landlord must carry out works to make the premises ready for occupation by the tenant), an Agreement for Lease may be desirable (or essential) to protect the interests of both parties.
- An agreement for lease is a legally binding promise by the landlord that it will grant the lease and the tenant that it will take the lease, subject to certain obligations of one or both parties being satisfied.
- If all the conditions of the agreement for lease are not satisfied, then the obligation of one or both parties to enter into the lease will not be triggered.
- If an agreement for lease is breached, then either or both parties may be able to sue for damages or enforce the obligation to enter into the lease.
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