Office Lease Agreement (OLA) Contents-based Policy Rule
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An Office Lease Agreement (OLA) Contents-based Policy Rule is a lease agreement contract contents-based policy rule for Office Lease Agreements (OLAs).
- Context:
- It functions as an Lease Agreement Legal Compliance Rule, often specific to the jurisdiction where the OLA is formed.
- It can be sensitive to changes in Lease-Related Legislation or Leasing Industry Standards.
- It can be used to ensure fairness, transparency, and clarity between landlords and tenants in a commercial office space setting.
- It might govern the content of different types of OLAs like Long-Term Office Lease, Short-Term Office Rental Contract, Full Service Office Lease, and Triple Net Office Lease.*
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- Example(s):
- OLA Grant of Lease Rule: Agreement must include language granting the lease from lessor to lessee.
- model contract language: "Lessor, in consideration of the rents to be paid and the covenants and agreements to be performed and observed by Lessee, does hereby lease to Lessee and Lessee hereby leases from Lessor the following described rentable square feet of office space located at [____]: [____] (the 'Leased Premises'), together with, as part of the parcel, all improvements located thereon."
- OLA Leased Premises Rule: Agreement must define the leased premises including location and improvements.
- model contract language: "[____] (the 'Leased Premises'), together with, as part of the parcel, all improvements located thereon."
- OLA Use of Leased Premises Rule: Agreement must specify permitted uses of the leased premises.
- model contract language: "Lessee shall use the Leased Premises only for [____] and for no other use whatsoever."
- OLA Common Areas Rule: Agreement must provide language covering use of common areas.
- model contract language: "Unless otherwise stated in this Agreement, the use and occupation by Lessee of the Leased Premises includes the use, in common with others entitled thereto, of any common areas of the property on which the Leased Premises is located as may be reasonably designated by Lessor from time to time ('Common Areas')."
- OLA Lessor's Control Over Common Areas Rule: Agreement must grant lessor control over common areas.
- model contract language: "All Common Areas shall at all times be subject to the exclusive control of Lessor, and Lessor retains the right to construct, maintain, and operate them and any improvements to them; to police them; to change the area, level, access to, location and arrangement of parking and other Common Areas from time to time."
- OLA Non-Interference Clause Rule: Agreement must limit lessor's rights to not unreasonably interfere with lessee's business.
- model contract language: "Lessor’s exercise of these rights does not unreasonably interfere with the business operations conducted by Lessee in the Leased Premises."
- OLA Rules for Use Rule: Agreement must include rules associated with using the leased property.
- model contract language: "Lessor shall, at all times, have the right to promulgate, change, or amend rules in a reasonable manner that Lessor deems advisable for safety, care, or cleanliness of the Leased Premises and Common Areas ('Rules')."
- OLA Lessor's Right to Amend Rules Rule: Agreement must allow lessor to reasonably modify rules.
- model contract language: "Lessor shall, at all times, have the right to promulgate, change, or amend rules in a reasonable manner that Lessor deems advisable for safety, care, or cleanliness of the Leased Premises and Common Areas ('Rules')."
- OLA Lessee's Compliance with Rules Rule: Agreement must require lessee compliance with rules.
- model contract language: "Lessee and Lessee’s employees, agents, licensees, and invitees will comply fully with any such Rules, and any changes to the Rules will be forwarded to Lessee in writing and shall be carried out and observed by Lessee."
- OLA Lease Term Rule: Agreement must specify the lease term length.
- model contract language: "The term of this Lease (the 'Term') shall commence on [____], (the 'Commencement Date'). The Term shall end on [____], unless sooner terminated pursuant to the provisions of this Lease."
- OLA Lease End Date Rule: Agreement must state when lease term ends.
- model contract language: "The Term shall end on [____], unless sooner terminated pursuant to the provisions of this Lease."
- OLA Rent Amount and Terms Rule: Agreement must define the rent amount and terms.
- model contract language: "Lessee promises and agrees to timely pay Lessor rent in the amount of [____] Dollars ($[____]) (including subsequent adjustments, if any) (the 'Rent'), without any abatement, deduction or setoff for any reason whatsoever, except as may be expressly provided in this Lease, for each and every month of the Term."
- OLA Rent Payment Rule: Agreement must provide rent due date and payment terms.
- model contract language: "Rent shall be due and payable on or before the Commencement Date and continuing thereafter on the first day of each successive calendar month of the Term, as prorated for any partial month."
- OLA Holding Over Rule: Agreement must detail effects of lessee occupying premises after lease expiration.
- model contract language: "In the event that Lessee, or anyone claiming under Lessee, continues occupancy of any part of the Leased Premises or Common Area after the expiration of the Term, including any renewal thereof, without any agreement in writing between the Parties, such occupancy shall not be deemed to extend or renew the Term."
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- OLA Grant of Lease Rule: Agreement must include language granting the lease from lessor to lessee.
- Counter-Example(s):
- See: Lease Agreement Model Language, Commercial Property Lease Laws, Legal Document Template, Contract Contents-based Policy Rule.