Commercial Property Leases (Recession Planning)

Extract 4 only

Finds the clause commonly entitled "Conditions to Assignment" or "Conditions to Consent", which contains the requirements that should be met before the landlord grants their consent to the assignment of the lease.  

Without prejudice to the right of the Landlord to impose further reasonable conditions upon a grant of consent, the Landlord may impose any one or more of the following conditions upon the assignment of this Lease (which are specified for the purposes of section 19(1A) of the 1927 Act): (a) if required by the Landlord, acting reasonably, the Tenant (and, if the previous assignment of this Lease was in breach of this clause 3.13, the assignor under that assignment) enters into an AGA in the form set out in Schedule 7 (with such amendments and additions as the Landlord may reasonably require); (b) that, so far as the law allows, any guarantor of the assigning Tenant gives the Landlord a guarantee (in such form as the Landlord reasonably requires) that the assigning Tenant will comply with its obligations in the AGA; (c) (if the Landlord reasonably requires) one or more guarantors reasonably acceptable to the Landlord enter into a guarantee and indemnity of the tenant covenants of this Lease in the form set out in Schedule 6 (with such amendments and additions as the Landlord may reasonably require); (d) that any rent deposit guarantee or other security arrangements which the Landlord reasonably requires as a condition of giving consent to the assignment are completed and documented.

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Extract 4 only

Finds the portion of clause commonly entitled "Alienation" or "Assignment" which governs when the landlord may reasonably refuse to grant consent to assign part or the whole of the lease. 

Without prejudice to the right of the Landlord to refuse consent on any other reasonable grounds, the Landlord may withhold consent to any assignment of this Lease in any of the following circumstances (which are specified for the purposes of section 19(1A) of the 1927 Act): in the Landlord's reasonable opinion the proposed assignee (when assessed together with any proposed guarantor) is not of sufficient standing to enable it to comply with the tenant covenants in this Lease; (a) any rent or other sums due under this Lease are in arrears; (b) (C) there is a material outstanding breach of any of the Tenant's covenants under this Lease; the proposed assignee is a Group Company; (d) the proposed assignee (or any proposed guarantor) is a corporation registered in, or an individual whose usual place of abode is in a jurisdiction in which a court order obtained in England and Wales (e) Page LONLIVE\33070094.811 will not be enforced without any consideration of the merits of the case.

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Extract 4 only

Finds the clause commonly entitled "Assignment of Part" which governs whether the tenant can or cannot assign part of the lease to another party. 

Alienation 3.19.1 Not to assign hold in trust nor (except pursuant to this clause 3.19) charge part with or share possession or part with or share occupation of any part or parts of the Premises.

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Extract 4 only

Finds the clause commonly entitled "Assignment of Whole" which governs whether the tenant can or cannot assign certain rights and obligations to the whole of the lease to another party. 

The Tenant shall not assign the whole of this Lease without the consent of the Landlord, such consent not to be unreasonably withheld or delayed.

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Finds the rights of the tenant and/or landlord to determine the lease before the end of the lease's term, and procedure to follow. Trained on English commercial property leases.

The Tenant may terminate this Lease on any Break Date by serving written notice on the Landlord not less than three months before the relevant Break Date and then this Lease will end on the relevant Break Date, but without prejudice to any rights or remedies that may have accrued, if 7.1.1 the Tenant has paid all the sums due to the Landlord under this Lease on or before the Break Date; and 7.1.2 the Tenant delivers vacant possession of the Premises to the Landlord on or before the Break Date.

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Extract 4 only

Finds the specific date relating to when the tenant and/or landlord can exercise a break option from within the "break option date" definition.

2015-06-24 *

Tenant may terminate this Lease on 24 June 2015 (the Break Date)

Position 1 in the Break option date chain

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Finds the date when the tenant and/or landlord can exercise a break option. Trained on English commercial property leases.

The Tenant may terminate this Lease on the second anniversary of the Term Commencement Date (Termination Date)

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Position 2 in the Break option date chain

Extract 4 only

Finds the specific period of time for which the lease is initially granted.

10 years

3.1 The Landlord with full title guarantee lets the Property to the Tenant for a term of 10 years commencing on and including the Term Commencement Date (subject to a Tenant’s right to break in accordance with clause 30)

Position 1 in the Contractual term chain

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Finds the time period for which a lease is initially granted. Trained on English commercial property leases.

Contractual Term: a term of years beginning on and including 1st April 2019 and ending on and including 1st April 2144.

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Position 2 in the Contractual term chain

Extract 4 only

Finds the specific date of a Commercial Property Leases execution from within the clause or statement that defines the execution date of the lease.

2021-01-11 *

THIS LEASE is dated 11 January 2021

Position 1 in the Date of agreement chain

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Finds the lease's date on the agreement date line. Trained on English commercial property leases. Not trained on the date in Land Registry prescribed clauses or particulars. 

This lease is dated 30th April 2018.

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Position 2 in the Date of agreement chain

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Finds a landlord's right to re-enter and re-possess the premise, with the effect of terminating the lease. Trained on English commercial property leases.

6.1 For Re-entry If and whenever: 6.1.1 the whole or any part of the rents reserved by this Lease shall be in arrear or unpaid for 21 days after becoming payable (whether formally demanded or not); or 6.1.2 there shall be any breach, non-performance or non-observance of any of the tenant's covenants, conditions or agreements contained in this Lease; or 6.1.3 in relation to the Tenant or a guarantor which is a company or a partnership (including a limited partnership and a limited liability partnership) or if more than one company and/or partnership then any one of them : 6.1.3.1 a winding-up order is made, or a winding-up resolution passed; or 6.1.3.2 liquidation is entered into whether compulsory or voluntary (other than a solvent members' voluntary liquidation for the purposes of reconstruction or amalgamation not involving a realisation of assets); or 6.1.3.3 a petition is presented or a meeting convened for the purposes of its winding-up; or....

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Finds the whole clause pertaining to the governing law of the agreement.

This lease and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

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Position 1 in the Governing law chain

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Finds the specific name of the governing law of the agreement.

England and Wales *

The validity, construction and performance of this Lease and any non-contractual obligations arising out of or in connection with it (and any claim, dispute or matter arising under or in connection with this Lease or such obligations, or the enforceability of, or the legal relationships established by this Lease or such obligations) shall be governed by and construed in accordance with the law of England and Wales.

Position 2 in the Governing law chain

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Finds the right of a tenant to share occupation of the premises with third parties in the same corporate structure. Trained on English commercial property leases.

The Tenant may share occupation of the Property with any company that is a member of the same group (within the meaning of section 42 of the LTA 1954) as the Tenant for as long as that company remains within that group and provided that no relationship of landlord and tenant is established by that arrangement

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Finds any type of indemnity given by one party to another, including the type of loss and protocols for enforcing.

As soon as the Tenant becomes aware of any defect in the Property, it shall give the Landlord notice of it. The Tenant shall indemnify the Landlord against any liability under the Defective Premises Act 1972 in relation to the Property by reason of any failure of the Tenant to comply with any of the tenant covenants in this lease.

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Extract 4 only

Finds the rental amount that the tenant must pay to the landlord from within the initial rent definition or the clause commonly entitled "Rent" or "Initial Rent".

375000 £ *

Annual Rent £375,000 a year (subject to review in accordance with Schedule 3);

Position 1 in the Initial Rent chain

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Finds the amount the tenant must pay as an initial rent. Trained on English commercial property leases.

Annual Rent: rent at an initial rate of £13,500.00 per annum and then as revised pursuant to this lease and any interim rent determined under the LTA 1954.

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Position 2 in the Initial Rent chain

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Finds provisions that obligate a party to obtain insurance, and the types of insurance to obtain.

8. Insurance 8.1 The Tenant shall insure the Property against loss or damage by the Insured Risks for the sum which the Landlord or the Trustees reasonably consider to be its full 10 reinstatement cost and such insurance to include public liability insurance for any anticipated use of the Property by the public. 8.2 The Tenant shall: (a) As soon as reasonably practicable, to inform the Landlord or the Trustees if any matter occurs that any insurer or underwriter may treat as material in deciding whether or on what terms to insure or to continue to insure the Property and shall give the Landlord or the Trustees notice of that matter; (b) not do or omit anything as a result of which any policy of insurance of the Property or any neighbouring property of the Landlord may become void or voidable or otherwise prejudiced, or the payment of any policy money may be withheld, nor (unless the Tenant has previously notified the Landlord and has paid any increased or additional premium) anything as a result of which any increased or additional insurance premium may become payable;...

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Finds provisions on how general notices should be served upon a party and permissible forms of communication.

33. Notices, consents and approvals 33.1 A notice given under or in connection with this lease shall be: (a) in writing unless this lease expressly states otherwise and for the purposes of this clause an e-mail is not in writing; or (b) given by hand or by pre-paid first-class post or other next working day delivery service at the party's registered office address (if the party is a company) or (in any other case) at the party's principal place of business. 33.2 If a notice is given in accordance with clause 33.1, it shall be deemed to have been received: (a) if delivered by hand, at the time the notice is left at the proper address; or (b) if sent by pre-paid first-class post or other next working day delivery service, on the second working day after posting....

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Extract 4 only

Name: WILTSHIRE COUNCIL of | Definition: (Landlord) | Number: | Address: Bythesea Road, Trowbridge, Wiltshire, BA14 8JN

Name: KALVISTA PHARMACEUTICALS LIMITED | Definition: (Tenant)| Number: 07543947 | Address: Building 227, Tetricus Science Park, Porton Down, Salisbury, Wiltshire SP4 0JQ 

Parties (1) WILTSHIRE COUNCIL of Bythesea Road, Trowbridge, Wiltshire, BA14 8JN (Landlord). (2) KALVISTA PHARMACEUTICALS LIMITED incorporated and registered in England and Wales with company number 07543947 whose registered office is at Building 227, Tetricus Science Park, Porton Down, Salisbury, Wiltshire SP4 0JQ (Tenant).

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Finds a full description of the property, including address and parts that are, or are not, included. Trained on English commercial property leases.

"the Premises" means the part of the Building known as part second floor offices Redwood House 854 Salsbury Way and shown edged red on the plan marked “A” annexed (“Plan ‘A’”) including:- 1.16.1 the inner half severed medially of any non load-bearing wall which . surrounds it 1.16.2 the entirety of all non load-bearing walls and columns wholly within it 1.16.3 the floor and ceiling finishes (but not any other part) of the floor slabs _and ceiling slabs which divide them from any adjoining part of the Building 1.16.4 the internal plaster surfaces and finishes of all load-bearing walls and columns but not any other part of such walls and columns 1.16.5 all internal window frames window glass window furniture doors door frames and door furniture 1.16.6 all Landlord's fixtures and fittings plant machinery apparatus and equipment now or at any time installed in the future 1.16.7 all additions alterations and improvements made from time to time 1.16.8 the Conduits exclusively serving and within it and any reference in this Lease to "the Premises" shall include any part of the Premises

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Finds provisions on tenant's obligations to pay principal rent, amounts, and periodic instalments. Trained on English commercial property leases.

Subject to clauses 5.2 to 5.4 below, the Tenant shall pay the Annual Rent and any VAT in respect of it by four equal instalments in advance on or before the Rent Payment Dates. The payments shall be made by banker’s standing order or by any other method that the Landlord requires at any time by giving notice to the Tenant. 5.2 The first instalment of the Annual Rent and any VAT in respect of it shall be made on the date of this lease and shall be a full quarter’s rent (notwithstanding that there may be less than a full quarter remaining until the next Rent Payment Date). 8 No Annual Rent shall be payable during the Rent Free Period. 5.3 5.4 On December 12th 2012, the Tenant shall pay to the Landlord the proportion of the Annual Rent, calculated on a daily basis, payable in respect of the period from December 12th 2012 to the day before the next Rent Payment Date.

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Extract 4 only

Finds the specific date for when rent reviews will occur, from within the definition of "rent review date" or similar definitions.

2017-03-12 *

Review Date: 12th of March 2017 and every fifth anniversary of that date.

Position 1 in the Rent Review chain

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Finds the dates or trigger for when the rent amount will be reviewed. Trained on English commercial property leases.

Review Date: 12th of March 2017 and every fifth anniversary of that date.

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Position 2 in the Rent Review chain

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Finds the provisions on whether the tenant can charge the whole or part of their interest in the lease. Trained on English commercial property leases.

3.12 Alienation Unless expressly permitted to do so by this Lease, not to assign, underlet, charge, part with or share possession or occupation of this Lease or the whole or part of the Premises nor hold this Lease on trust for any person.

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Extract 4 only

Finds the portion of the clause commonly entitled “Alienation” or "Prohibition of Other Dealings", which deals with if the tenant can assign certain rights and obligations to another party, or whether the tenant may sublet a part or the whole of the leased premises to another party.

Not to assign underlet or part with the possession of the Property or any part of it save as expressly permitted by this Lease

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Extract 4 only

Finds the clause commonly entitled "Conditions for Underletting" or "Terms of a Permitted Sublease",  which governs the requirements that a tenant must comply with to legally sublet the premises.

12.2 Underletting Conditions The Underletting Conditions are: (a) prior to the grant of any underlease, the undertenant must covenant with the Landlord (by deed and in a form the Landlord (acting reasonably) requires), that during the term of the underlease, or until release under the LT(C)A 1995, it will comply with the tenant's obligations in the underlease; and (b) in addition: (i) the underlease must reserve the passing rent for the Property (or the Permitted Part, as the case may be), let on the terms of the underlease (but without payment of any premium); (ii) neither party may pay a premium for the grant of the underlease; and (iii) no greater financial or other inducements may be given to the undertenant than are then usual in the market;...

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Extract 4 only

Finds the clause commonly entitled "Sublet of Part" or "Underlease of Part" which governs whether the tenant can or cannot sublet part of the premises to another party.

17.2 The Tenant shall not underlet part only of the Property.

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Extract 4 only

Finds the clause commonly entitled "Sublet of Whole" or "Underlease of Whole" which governs whether the tenant can or cannot sublet all of the premises to another party.

17.1 The Tenant shall not underlet the whole of the Property except in accordance with this clause nor without the consent of the Landlord, such consent not to be unreasonably withheld or delayed.

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Extract 4 only

Finds the specific date for the start of the lease term from within definition of 'term commencement date'.

2021-11-18 *

"Term Commencement Date" means 18 November 2021;

Position 1 in the Term commencement chain

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Finds the date when the term of the lease will begin. Trained on English commercial property leases.

"Term Commencement means 12 November 2014

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Position 2 in the Term commencement chain

Extract 4 only

Finds the date on which the lease will terminate, from within the term or termination clause of the agreement.

2026-01-11 *

Contractual Term: a term of five years beginning on the date of this lease and expiring on and including 11 January 2026.

Extract 4 only

Finds the date on which the term of the lease will end. Trained on English commercial property leases.

"Termination Date" means the date of expiration or sooner determination of the Term

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