REAL ESTATE LEASE NEGOTIATION MEETING MINUTES
Meeting Details
Date: October 20, 2053
Time: 10:00 AM - 12:00 PM
Location: Conference Room B, Downtown Office
Attendees:
[Your Name] – Real Estate Agent
Jane Smith – Property Owner
Emily Johnson – Potential Tenant
Michael Lee – Legal Advisor
Objective
The primary goal of this meeting was to negotiate the terms and conditions of the lease agreement for the commercial property located at 123 Market Street. The intent was to establish a mutually beneficial agreement that satisfies all parties' needs and aligns with their objectives.
Agenda
Welcome and Introductions
Review of Property Details
Discussion on Lease Terms
Negotiation of Rent and Payment Terms
Agreement on Maintenance Responsibilities
Clarification of Legal Considerations
Conclusion and Next Steps
Discussion Points
Review of Property Details
The meeting commenced with an introduction to the key features of the property presented by John Doe, the real estate agent. Highlights of the property included:
Total Area: 3000 sq. ft.
Location: Prime position in the heart of the downtown area, ensuring high visibility and accessibility.
Condition: Recently renovated with modern amenities designed to meet the needs of businesses today.
Discussion on Lease Terms
The following core lease terms were discussed, with some key points amended during the negotiations:
Item | Proposed Terms | Negotiated Changes |
|---|
Lease Duration | 5 years | Amended to 3 years with a 2-year renewal option |
Rent Amount | $5000 per month | Adjusted to $4500 per month |
Security Deposit | 2 months' rent | Reduced to 1.5 months' rent |
Negotiation of Rent and Payment Terms
The parties discussed rent payment terms in detail, resulting in the following agreements:
Rent payments to be made monthly in advance.
A late payment fee of 5% will be applicable if the payment is delayed by more than 5 days.
Annual rent increases will be capped at 3% to protect both parties from extreme fluctuations.
Agreement on Maintenance Responsibilities
Maintenance duties were allocated as follows:
Landlord: Responsible for structural repairs and HVAC system maintenance.
Tenant: Responsible for day-to-day maintenance, cleaning, and upkeep of the property.
Clarification of Legal Considerations
Michael Lee, the legal advisor, clarified important legal considerations for the lease, including:
Compliance with local building codes and safety regulations.
Necessary insurance coverage for both the landlord and tenant to mitigate any liabilities.
Terms for termination and renewal of the lease, ensuring protection for both parties in the event of unforeseen circumstances.
Conclusion and Next Steps
The meeting concluded with a review of the agreed-upon terms and a clear plan for the next steps. The following actions were outlined:
Michael Lee to draft a revised lease agreement incorporating the negotiated terms and deliver it by October 25, 2053.
Both parties to review the draft and provide feedback by October 27, 2053.
A final meeting is scheduled for October 30, 2053, where the agreement will be signed.
The meeting was adjourned at 12:00 PM, with all parties in agreement on the next steps.
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