Long Term Agricultural Land Lease Page 2
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22NOTES REGARDING THIS LEASE
1.
The Society of Chartered Surveyors Ireland stresses that this lease does not purport to be, and
should not be interpreted or construed as, anything other than a draft lease for discussion
purposes to assist the parties in reaching agreement in accordance with the particular
requirements of each individual case.
2.
It is suggested that each member of the Society of Chartered Surveyors Ireland should place the
draft on to a word processor for modifications as required.
3.
Lessors and Lessees are advised not to execute this document without consulting their solicitor
in advance.
4.
A map should always be attached to the lease in accordance with the First Schedule to the
lease, with permanent pasturage and any rights of way clearly delineated.
5.
This draft lease provides for reviews of rent on an upward or downward basis, in accordance
with market conditions at review stage, every two years. The Society believes that two-year
rent reviews are more acceptable to the market than five-year reviews because, prior to longer
term leases coming into popular use, rent would have varied annually in line with market
movements. The Rent Review clause herein otherwise mirrors the current standard Law
Society Rent Review Clause providing for independent determination, where required, by an
Expert Valuer.
6.
Clause 2(17) deals with alienation, i.e. the right to assign the lease, and should be particularly
noted.
7.
The Lessor retains responsibility for fire and special perils insurance under Clause 4(A). The
Lessee’s interest should be noted on the policy document.
8.
Provision has also been made requiring the Lessee to be responsible for Public Liability
Insurance and to indemnify the Lessor against any such risks. (Clause 2 (15)).
9.
In the event of the Death of the Lessor or a member of the Lessor’s family during the term of
this Lease the Lessor’s personal representatives or the Lessor might wish to sell the Land the
subject of this Lease and the Society is of the opinion that the value of the land would be
reduced by being leased. To avoid this, a break option as follows may be inserted in the Fifth
Schedule.
“In the event of the death of the Lessor or of a member of the Lessor’s immediate family during
the term of this lease the then Lessor shall have the right to terminate this agreement on giving
six clear calendar months written notice to the Lessee.
Should such notice be served by the Lessor on the Lessee the lease will terminate at the
expiration of the six-month period specified in the notice.
The Lessee shall not be entitled to compensation for any loss arising from such early
termination of the lease and the terms of the lease will remain in force during the notice period
save that the Lessee shall not be obliged to sow a crop during the notice period which would
not be capable of being harvested prior to the termination date set forth in the notice.”
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