Reference no: EM133531235

2. Locate a commercial lease that you can examine.

(a) Answer the following questions:

• What is the name of the landlord?

• What is the name of the tenant?

• What is the description of the premises rented?

• What date did the lease start?

• What is the duration of the lease or term?

• Can the lease be renewed, and if so, how?

• How much notice is required for renewal?

• Can the lease be registered? Explain why or why not.

• What rent is charged?

• What payments are set out, in terms of taxes, utilities, etc.?

• Who pays for repairs and improvements?

• Are there any special covenants, conditions, exceptions, or reservations?

• What type of tenancy is this?

• Is this a gross or net lease? In your answer, briefly explain the difference.

• Is there a required security deposit, and if so, how much is it and how much will be returned to the lessee?

• May the lease be assigned or sublet? Explain the difference.

• What are the landlord's obligations under the lease, both those set out and those implied?

• What are the tenant's obligations under the lease, both those set out and those implied?

• How may this lease be terminated?

• What is the concept of interesse termini? Explain whether it is applicable.

• What remedies are set out for breach of the lease?

(b) From the perspective of a prospective tenant, discuss the advantages and disadvantages in this lease. Would you advise a prospective tenant to lease this property? State the reasons for your advice.