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General Lease Agreement - Double-Net


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Introduction
Description
Use
Table of Contents

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Introduction

For many businesses, it makes more sense to rent the premises required for the operation of their activities than to purchase a building. There are many reasons for such choice. At the strategic level, business are placing an increasingly large premium on mobility and flexibility when establishing their needs for physical space. For this reason, they prefer not to commit to a purchase which detracts from said strategic objectives. On the financial level, leasing space is usually less financially cumbersome than purchasing space, which makes this option much more attractive for a business which carefully manages its cash. Finally, the legal process of purchasing a property is often much more complex and difficult than simply renting space, which only increase the attractiveness of leasing the required space.

This document establishes the main components of the financial, legal and physical framework of the general lease.

Description

The General Lease Agreement is the legal instrument by which the owner of a commercial building, called the lessor, undertakes toward another person, called the LESSEE, to provide the peaceful enjoyment of rental space located in its building for a period of time, either set or variable, for a consideration called rent.

Use

The following document was designed to serve as a model for a general commercial lease. It can be used for any scenario involving commercial space, but is not suitable for large surfaces, such as shopping malls and office buildings.

The selection of provisions contained in this document are not necessarily adapted to a specific scenario. It is important to review each of them to assess their relevance and adapt them as needed.

Table of Contents

0.00 INTERPRETATION
0.01 Definitions
0.01.01 Activities
0.01.02 Breach
0.01.03 Building
0.01.04 Change in Control
0.01.05 Common Areas
0.01.06 Confidential Information
0.01.07 Encumber or Encumbrance
0.01.08 Event of Default
0.01.09 Financial Year
0.01.10 Force Majeure
0.01.11 Fundamental Provisions
0.01.12 Hazardous Material
0.01.13 Immovable
0.01.14 Initial Term
0.01.15 Intellectual Property
0.01.16 Land
0.01.17 Land Taxes
0.01.18 Law
0.01.19 Lease
0.01.20 Leased Premises
0.01.21 Leasehold Improvements
0.01.22 Legal Representatives
0.01.23 LESSEE’s Property
0.01.24 Operating Expenses
0.01.25 PARTY
0.01.26 Person
0.01.27 Prime Rate
0.01.28 Proportionate Share
0.01.29 Regular Business Hours
0.01.30 Related Person
0.01.31 Rent
0.01.32 Subsidiary
0.01.33 Term
0.01.34 Total Rentable Floor Area
0.02 Precedence
0.03 Jurisdiction
0.03.01 Governing Law
0.03.02 Non-Compliance
a) Severability
b) Substitute Provision
0.04 Miscellaneous
0.04.01 Cumulative Rights
0.04.02 Time and Dates
a) Time of the Essence
b) Computation of Time
c) Delays
0.04.03 Financial References
0.04.04 Cross-References
0.04.05 Gender and Number
0.04.06 Headings
0.04.07 Presumptions
0.04.08 Knowledge
0.04.09 Approval
0.04.10 Accounting Standards
1.00 PURPOSE
1.01 Lease
1.02 Conditions
1.02.01 Required by LESSOR
1.02.02 Required by LESSEE
1.02.03 Choice
2.00 CONSIDERATION
2.01 Base Rent
2.01.01 Initial Term
2.01.02 Renewal
2.01.03 Transfer
2.02 Additional Rent
2.02.01 Calculation
2.02.02 Adjustment
3.00 TERMS OF PAYMENT
3.01 Base Rent
3.01.01 Deposit
3.01.02 Monthly Payments
3.02 Additional Rent
3.02.01 Estimate
3.02.02 Adjustment
3.02.03 Procedure for Annual Report
3.03 Arrears
3.04 Place of Payment
3.05 Allocation
3.06 Waiver of Compensation
3.07 Postdated Cheques
3.08 Disbursements
4.00 SECURITY
4.01 Movable Hypothec With Delivery
4.02 Movable Hypothec Without Delivery
4.03 Suretyship
4.03.01 Undertaking
4.03.02 Solidarily
4.03.03 Waiver
4.03.04 Presumption
4.03.05 Scope
4.03.06 Jurisdiction
4.04 Irrevocable Letter of Credit
5.00 MUTUAL REPRESENTATIONS AND WARRANTIES
5.01 Status
5.02 Authority
5.03 Binding Agreement
5.04 Canadian Resident
5.05 Commission
5.06 Insurance
5.07 Nominee
5.08 Fundamental Provisions
5.09 Disclosure
5.10 Legal Proceedings
5.11 Declaration of Intent
5.12 Other Promises, Representations or Declarations
5.13 Repair of the Leased Premises
6.00 REPRESENTATIONS AND WARRANTIES OF LESSOR
6.01 Status
6.02 Authority
6.03 Binding Agreement
6.04 Canadian Resident
6.05 Commission
6.06 Insurance
6.07 Nominee
6.08 Fundamental Provisions
6.09 Disclosure
6.10 Legal Proceedings
6.11 Knowledge
6.12 Operating Expenses
6.13 Delivery
6.14 Income
6.15 Environment
7.00 REPRESENTATIONS AND WARRANTIES OF LESSEE
7.01 Status
7.02 Authority
7.03 Binding Agreement
7.04 Canadian Resident
7.05 Commission
7.06 Insurance
7.07 Nominee
7.08 Fundamental Provisions
7.09 Disclosure
7.10 Legal Proceedings
7.11 Condition of Leased Premises
8.00 MUTUAL DUTIES AND OBLIGATIONS
8.01 Confidential Information
8.01.01 Undertaking
8.01.02 End of Lease
8.02 Indemnification
8.02.01 “Loss”
8.02.02 Scope
8.02.03 Procedure
8.02.04 Deductible
8.02.05 Limitation on Claims
9.00 DUTIES AND OBLIGATIONS OF LESSOR
9.01 Delivery and Complementary Work
9.02 Condition of Leased Premises
9.02.01 Physical Condition
9.02.02 Exclusion
9.03 Maintenance and Repair
9.04 Warranty Against Eviction
9.04.01 LESSOR
9.04.02 Third Party
9.04.03 Default
9.05 Disturbance of Enjoyment of Property
9.05.01 Co-Tenant
9.05.02 Third Parties
9.05.03 Liability
9.06 Health and Safety
9.07 Quiet Enjoyment
9.07.01 Warranty by LESSOR
9.07.02 Warranty by Hypothecary Creditor
9.08 Insurance
9.09 Services
9.10 Exclusivity
9.11 Right of First Refusal Agreement
9.11.01 Undertaking
9.11.02 Warranties
a) Asserting Right of First Refusal
b) Price of Immovable
9.11.03 Procedure
9.11.04 Reply
9.11.05 Closing
9.12 Sale of Immovable
9.12.01 Undertaking
9.12.02 Procedure
9.12.03 Closing
10.00 DUTIES AND OBLIGATIONS OF LESSEE
10.01 Notice and Acceptance
10.02 Activities
10.03 Insurance
10.03.01 Acknowledgement
10.03.02 Insured Risks
10.03.03 Insurance Policies
10.03.04 Increased Risks
10.03.05 Copies of Insurance Policies
10.03.06 Default
10.04 Use of Leased Premises
10.05 Continuous Occupancy
10.06 Taxes
10.06.01 Liability
10.06.02 Proof of Payment
10.07 Heating
10.07.01 Maintenance of the System
10.07.02 Maintaining Adequate Temperature
10.08 Minor Maintenance Repairs
10.09 Major Repairs
10.10 Fire Prevention
10.11 Environment
10.12 Compliance
10.13 Alterations, Additions and Improvements
10.13.01 Prior Consent Required
10.13.02 Supervision
10.13.03 Liability and Expenses
10.13.04 Insurance
10.13.05 Removal
10.13.06 Taxes on Improvements
10.13.07 Legal Hypothecs and Encumbrances
a) Prohibition
b) Payment of Alterations, Additions or Repairs
c) Act or Omission
10.13.08 Complementary Work
10.14 Visiting of the Premises
10.15 Waiver of LESSOR's Liability
10.15.01 Release
10.15.02 Work and Case of Emergency
10.15.03 Interruption of Services
10.16 Deterioration
10.17 Abandonment
10.18 Excess Load
10.18.01 Prohibition
10.18.02 Repairs
10.19 Delivery of Leased Premises
10.20 Alternative Execution
10.20.01 Default by LESSEE
10.20.02 Payment by LESSOR
10.20.03 Reimbursement
10.21 Certificate of Occupancy
10.21.01 Obtaining
10.21.02 Default
10.21.03 Modifications
10.22 Electricity Consumption
10.23 Fees for Preparing Lease
a) Scope
b) No Revision or Negotiation
c) Reasonable Fees
10.24 Fitting the Premises
11.00 SPECIAL PROVISIONS
11.01 Transfer of Lease
11.01.01 Prior Consent
a) Operations of the Transfer
b) Related Transactions
c) Default
11.01.02 Notice of Transfer
a) Prohibition
b) Information
c) Reply
d) Termination
11.01.03 Reasonable Grounds
11.01.04 Non-Liability of LESSOR
11.01.05 Procedure
a) Payment
b) Documentation
c) Signature
d) No Release or Discharge
11.01.06 Rent
a) Collection by LESSOR
b) Remittance of Supplemental Rent
c) Advanced Payment
11.01.07 Effect
11.01.08 Bankruptcy of Assignee
11.02 Encumbrance and Transfer by LESSOR
11.02.01 Sale or Financing
11.02.02 Subordination
11.02.03 Declaration by LESSEE
11.02.04 Execution of Deeds or Certificates
11.02.05 Assignment by LESSOR
11.03 Publication
11.04 Force Majeure
11.04.01 No Default
11.04.02 Duty
11.04.03 Rights of Other PARTY
11.05 Personal Information
11.05.01 LESSOR’s Rights
11.05.02 Obtaining
11.05.03 Communicating
11.05.04 Acknowledgement
11.05.05 Storing
11.05.06 Consulting
11.06 Further Assurances
11.07 Other Remedies
11.07.01 Election
11.07.02 No Limitations
11.08 Prescriptive Period
11.09 Pre-Incorporation Agreement
12.00 GENERAL PROVISIONS
12.01 Notice
12.02 Dispute Resolution
12.02.01 Good Faith Negotiations
12.02.02 Mediation
12.02.03 Arbitration
a) Notice
b) Reply
c) Appointment of a Third Arbitrator
d) Subcontracts
e) Confidentiality
f) Hearing
g) Ruling
h) Costs
i) Supplementary Rules
12.03 Election
12.04 Counterparts
12.05 Amendment
12.06 Non-Waiver of Rights
12.07 Electronic Transmission
12.08 Language
13.00 TERMINATION
13.01 Termination
13.01.01 Without Notice
13.01.02 With Notice
13.02 Damage or Destruction of Leased Premises
13.02.01 Partial Destruction
13.02.02 Substantial Destruction
13.02.03 Reconstruction
14.00 EFFECTIVE DATE
15.00 DURATION
15.01 Initial Term
16.00 SCOPE


SCHEDULE A – EXCERPT OF A RESOLUTION OF LESSOR
SCHEDULE B – EXCERPT OF A RESOLUTION OF LESSEE
SCHEDULE 0.01.20 – LEASED PREMISES
SCHEDULE 4.02 – MOVABLE HYPOTHEC WITHOUT DELIVERY
SCHEDULE 4.03 – SURETYSHIP
SCHEDULE 4.04 – IRREVOCABLE LETTER OF CREDIT
SCHEDULE 9.01 – COMPLEMENTARY WORK BY LESSOR
SCHEDULE 10.13.08 – COMPLEMENTARY WORK BY LESSEE
SCHEDULE 11.02.03 – DECLARATION BY LESSEE
SCHEDULE 11.03 – PUBLICATION

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