Common Contracts
1 similar Lease Agreement contracts
Proposed Lease RMYS Agreement to Key TermsLease Agreement • August 23rd, 2016
Term Description Term 21 Years. Negotiations for a further new lease are to be aligned with negotiations for the existing seabed lease with State Government (which expires 28 February 2035). Rent The Rent at commencement will be $40,000 per annum. Market rent for ground rental was valued at $40,000. Ground rent is proposed to reflect the extensive tenure and investment of the Tenant on the site which has resulted in the existing buildings. Annual Rent Reviews The Rent will be varied by the movement in CPI on each anniversary of the lease commencement. Outgoings RMYS will be responsible for all municipal and government taxes, rates, levies and charges. RMYS will also be responsible for all utility costs. RMYS will keep insured on a replacement or reinstatement basis all buildings and improvements on the leased Land as well as maintain a public liability policy of insurance for not less than $20 million. Community Benefits RMYS will report annually on community benefits conducted in the
