The Deed of Variation For Lease is a crucial document in Australian property law used when parties to an existing lease agreement wish to modify specific terms without creating an entirely new lease. It's commonly utilized when circumstances change during a lease term, such as adjusting rent payments, extending the lease period, or modifying permitted use of the property. This document must comply with state-specific property legislation and may require registration on title in certain jurisdictions. It's essential for maintaining clear records of agreed changes while preserving the integrity of the original lease agreement. The deed typically includes details of the original lease, specific variations agreed upon, and confirmation that unvaried terms remain in force, making it a vital tool for property management and lease administration in Australia.
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1. Parties: Identifies all parties to the deed, including the landlord and tenant from the original lease
2. Background: Recitals explaining the existence of the original lease, reason for variation, and parties' intention to vary specific terms
3. Definitions: Defines key terms used in the deed, including reference to definitions in the original lease
4. Interpretation: Sets out rules for interpreting the deed and its relationship with the original lease
5. Variation: Details the specific terms of the lease being varied, with clear reference to original clause numbers
6. Confirmation: Confirms that all other terms of the original lease remain unchanged and in full force
7. Costs: Specifies who bears the costs of preparing and executing the deed
8. Governing Law: Specifies that the deed is governed by Australian law
9. Execution: Formal execution blocks for all parties to sign the deed
1. Consent of Mortgagee: Required if there is a registered mortgage over the property requiring mortgagee consent to lease variations
2. Guarantee Confirmation: Required if the original lease has guarantors who need to confirm their obligations extend to the varied terms
3. Registration: Required if the deed needs to be registered on title, setting out parties' obligations regarding registration
4. GST: Required if the variation affects rent or other payments that have GST implications
5. Condition Precedent: Required if the variations are subject to certain conditions being met first
1. Schedule 1 - Original Lease Details: Summary of key details from the original lease including date, parties, and property description
2. Schedule 2 - Varied Terms: Detailed table showing original terms and their new varied versions in parallel columns
3. Appendix A - Copy of Original Lease: Attached copy of the original lease being varied
4. Appendix B - Plans or Drawings: Required if the variation involves changes to the leased area or property configuration
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