The Lease & License Agreement serves as a crucial legal instrument in Malaysian property transactions, providing a comprehensive framework for property leasing arrangements. This document is essential when establishing a formal lease relationship between property owners and occupants, whether for commercial, residential, or industrial purposes. It incorporates key provisions required under Malaysian law, including those stipulated by the National Land Code 1965 and Contracts Act 1950. The agreement covers essential elements such as rental terms, security deposits, maintenance obligations, and permitted use conditions, while also addressing specific requirements of Malaysian property law and local market practices. This document type is particularly important as it combines both lease and licensing aspects, making it suitable for various property arrangements where both occupation rights and specific usage permissions are required.
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1. Parties: Identification of the lessor/licensor and lessee/licensee with full legal names and details
2. Background: Context of the agreement, including brief description of the property and purpose of the lease
3. Definitions: Defined terms used throughout the agreement for clarity and consistency
4. Grant of Lease: Core terms of the lease including property description, duration, and permitted use
5. Rent and Payment Terms: Rental amount, payment schedule, security deposit, and other financial obligations
6. Maintenance and Repairs: Responsibilities of parties regarding property maintenance and repairs
7. Insurance and Liability: Insurance requirements and allocation of risks between parties
8. Utilities and Services: Responsibilities for utility payments and service charges
9. Covenants and Obligations: Specific obligations of both lessor and lessee
10. Default and Termination: Events of default, consequences, and termination procedures
11. Assignment and Subletting: Rules regarding transfer of lease rights to third parties
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
13. Notices: Method and addresses for formal communications between parties
1. Fit-Out Works: Include when tenant will perform renovation or modification works
2. Option to Renew: Include when offering tenant the option to extend the lease term
3. Break Clause: Include when early termination options are needed
4. Environmental Obligations: Include for properties with specific environmental requirements
5. Operating Hours: Include for commercial properties with specific operating restrictions
6. Signage Rights: Include for commercial properties where tenant signage is relevant
7. Common Areas: Include for properties within larger complexes or buildings
8. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
1. Property Description: Detailed description of premises including floor plans and boundaries
2. Rent Schedule: Detailed breakdown of rent payments, escalations, and review periods
3. Inventory List: List of fixtures, fittings, and equipment included in the lease
4. Building Rules: Specific rules and regulations for property use and management
5. Service Charges: Breakdown of service charges and calculation methodology
6. Fit-Out Guidelines: Technical specifications and requirements for any permitted modifications
7. Handover Condition: Documentation of property condition at commencement of lease
8. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Commercial Office
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Technology
Banking and Financial Services
Food and Beverage
Entertainment
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Risk and Compliance
Property Management
Asset Management
Business Development
Administration
Relevant Roles
Legal Counsel
Property Manager
Facilities Manager
Real Estate Director
Commercial Director
Operations Manager
Asset Manager
Leasing Manager
Contract Administrator
Risk Manager
Compliance Officer
Chief Financial Officer
Business Development Manager
Property Development Manager
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