Why is it important to accurately define the premises in the lease document?
It is essential to define the premises accurately in the lease document including:
- Its physical configuration;
- Its exact size in square metres and the method of measurement used to define the premises, e.g. is it to the inside or exterior walls? This can have a significant effect on the rental charged;
- What carparks are available for use by the Tenant and what is the value on an annual basis attaching to these carparks.
- The condition of the premises at the lease commencement date.
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