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What should any LESSEE/ TENANT consider, before availing an INDUSTRIAL PROPERTY on a LONG-TERM-LEASE?
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- Whether the Lessee/ Tenant intends to sign a Letter of Intent (or) Term Sheet (or) Memorandum of Understanding;
- Whether the Letter of Intent (or) Term Sheet (or) Memorandum of Understanding shall capture a brief understanding or detailed understanding between the Lessee/ Tenant and the Owner/ Developer?
- Whether the Letter of Intent (or) Term Sheet (or) Memorandum of Understanding shall be of a binding (or) non-binding nature?
- Whether the Lessee/ Tenant is availing a Built-to-Suit (BTS) Property (or) a Bare Shell Property (or) a Warm Shell Property?
- What shall be the tenure/ term/ period of the lease transaction?
- What shall be the basis on which the Lock-in-Period of the Lease needs to be decided?
- What shall be the various stages, basis which the Lessee/ Tenant needs to shell out the Security Deposit to the Owner/ Developer?
- What types of Deeds/ Documents need to be signed between the Lessee/ Tenant and the Owner/ Developer?
- What Deeds/ Documents need to be Registered/ Lodged before the Registration Authority?
- Deriving the best methodology in drafting Deeds/ Documents, so as to save on Government Taxes/ Duties?
- Deriving the best methodology in drafting Deeds/ Documents, so as to save on Transfer Premiums payable to any Industrial Development Corporations?
- Understanding the deliverables by the Owner/ Developer, thereby enabling the Lessee/ Tenant to secure itself against any breach by the Owner/ Developer?
- What sort of authorities are engaged in giving permissions, sanctions, certifications, revisions, etc. with respect to the property at hand?
- Whether the Owner/ Developer is an Individual/ Proprietary Concern/ Partnership Firm/ Company, thereby enabling the Lessee/ Tenant to negotiate certain legal riders, in case of a dispute scenario?
- What shall be the mechanism to resolve disputes, that may arise in future?
- What shall be the exit mechanism, whether there exists any dispute or not?
This being a mere tip of the iceberg, the various laws applicable and the disputes that most probably arise in such long-term contractual relationships, especially leasehold transactions, are matters of grave concern, since the stakes involved by the Lessee/ Tenant as well as the Owner/ Developer are critical in nature, be it their immovable properties, their moveable assets, their equipment and machinery, their businesses as a going-concern, their employees, their clients and customers, and a lot more that a layman or a business owner could ever perceive.
Hope this episode adds value to your decision making process, do share your feedback with me on nalwala.hussain@cnsjuris.com or call me at +91 98504 88884
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