The Commercial Lease With Option To Purchase is a sophisticated legal instrument used in Malaysian property transactions where parties wish to combine a commercial tenancy with a future purchase opportunity. This document is particularly useful for businesses seeking to test a location before committing to purchase, or for those requiring time to arrange financing for a property acquisition. It must comply with Malaysian property law, including the National Land Code 1965 and relevant state-specific regulations. The agreement typically includes detailed provisions for both the lease period (including rent, maintenance, and use restrictions) and the purchase option (including price determination, exercise period, and completion requirements). It's commonly used in commercial property developments, industrial estates, and retail locations throughout Malaysia.
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1. Parties: Identification of the landlord and tenant, including registration numbers for companies
2. Background: Context of the agreement, including brief property description and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Demise: Formal grant of lease and description of the leased premises
5. Term and Possession: Duration of lease, commencement date, and possession details
6. Rent and Payment Terms: Rent amount, payment schedule, and method of payment
7. Security Deposit: Amount, payment terms, and conditions for return of security deposit
8. Use of Premises: Permitted use of the property and any restrictions
9. Maintenance and Repairs: Responsibilities of both parties regarding property maintenance
10. Insurance: Required insurance coverage for both parties
11. Option to Purchase: Terms and conditions of the purchase option, including price and exercise period
12. Exercise of Option: Procedure for exercising the purchase option
13. Completion of Purchase: Process and requirements for completing the property purchase
14. Assignment and Subletting: Restrictions and conditions on assignment or subletting
15. Termination: Grounds and procedures for termination of the lease
16. Governing Law: Specification of Malaysian law as governing law
17. Execution: Formal execution clause and signing requirements
1. Break Clause: Early termination options - include when parties want flexibility to end lease early
2. Renovation and Alterations: Terms for premises modification - include for properties requiring substantial modifications
3. Service Charge: Building service charges - include for properties in managed buildings/complexes
4. Green Lease Provisions: Environmental sustainability requirements - include for green buildings or when parties have sustainability goals
5. Force Majeure: Provisions for unforeseen circumstances - include when specific risks need addressing
6. Guarantee: Guarantor provisions - include when tenant requires additional security
7. Planning Permissions: Special use permissions - include when property requires specific permits
8. Option Extension: Provisions for extending option period - include when flexibility in purchase timing is needed
1. Property Description: Detailed description of property including boundaries and floor plans
2. Rent Review Mechanism: Detailed procedure for periodic rent reviews
3. Condition Report: Initial condition of premises with photographs
4. Fixtures and Fittings: Inventory of included fixtures and fittings
5. Building Rules: Specific rules and regulations for property use
6. Service Charge Details: Breakdown of service charge calculations and included services
7. Purchase Price Calculation: Formula or method for determining final purchase price
8. Required Insurances: Detailed insurance requirements and minimum coverage
9. Form of Option Notice: Template for exercising the purchase option
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