Ms Rosemary Higgins Case Study - Law Assignment Help

Assignment Task :

Re: Proposed lease from Junction Road Shopping Centre Pty Ltd ACN 010 055 844

We thank both you and your wife Ms Rosemary Higgins for attending our office on the 14th of August 2020. On that day, you have handed to us a drafted disclosure statement that you received from the lessor’s solicitors. We can confirm that the lessor's disclosure statement has been correctly signed and dated.

We do acknowledge that both you and Ms Higgin are the rightful owner of Sweat Shop Pty Ltd, and have carefully chosen this site in the centre as it is near the centre’s gymnasium. It is clear to us that Sweat Shop Pty Ltd is the Lessee, contemplating on taking on a lease of Shop 10, Junction Road Shopping Centre, Manly West for the sale of sports equipment and clothing and so on. The lessor of property 10, Junction Road Shopping Centre, Manly West is Junction Road Shopping Centre Pty Ltd.  A five (5 years) lease of Shop 10, Junction Road Shopping Centre, Manly West is what Sweat Shop is seeking, at an initial cost for rent of $50,100.00 per year. However, Junction Road Shopping Centre Pty Ltd, has agreed to give Sweat Shop a rent concession so that it only pays ½ the usual rents for the first 6 months. 

Mr Arnold, you would also like to know how the rental increases are to be calculated, and an explanation as to how turnover rent will be calculated by 5% base rent. Both of you needs to know when the property rent will increase and will address the permitted use of your lease at the property. It will be in both of your interest to wants to know the assignment provisions that will be available, as well as the tenant guarantee of the lease. The two main paramount clauses of the lease that both were interested to know about is the exclusivity use of clause 9.12 and item 14, being the only specialty sports store in the Centre. As well as in clause 19, knowing that any relocation must be visible from the gym. Finally, this letter will mention the lease detailing the mortgage to National Australia Bank (NAB). Please, do keep in mind, there is a mortgage and that dealing number is ‘L879035’.

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