99 Year Lease
Over time all of the leases on the Parks will be the same. As existing leases expire, any leases to be issued will be the new Form of Lease. All new tenants will receive the new Form of Lease.
Yes. The term of the lease is reset and in so doing the lessee has a better collateral. In addition there will be flexibility in the user clause.
Yes. The rent review should be accepted as to not do so amounts to a financial breach of the leasehold covenant.
For factory shell tenants who have not converted to the long lease, e TecK will still assume the responsibility for repairs to the structure of the buildings. With respect to the common parts, e TecK still retains responsibility.
If a tenant wishes to expand his existing facility (which must be have been built by the tenant and not e TecK) ,the tenant is required to submit building plans to eTecK for review and the tenant is then responsible for obtaining all of the approvals from the relevant regulatory authorities.
Ending a Tenancy
When a property is sublet, the Tenant on record seeks the Landlord’s written consent to allow another entity to take up occupation of a part of the property for a stipulated period of time. In this regard, the Tenant on record continues to have responsibility for abiding by all of the terms and conditions of the existing Lease Agreement. When a property is assigned, the residual balance of the Lease is transferred to another entity, and the new entity must abide by the terms and conditions of the subsisting Lease Agreement.
A written request must be submitted by the Tenant on record requesting the Landlord’s permission to assign the property. Before the consent can be granted, the Property Officer for the Industrial park will undertake a site visit to inspect the premises for any material breaches. In addition, all rent must be fully paid up before any consideration can be given to the assignment. Once all breaches that are capable of being remedied, have been remedied, the Landlord will request from the Tenant on record, the company documents for the proposed assignee as well as the intended use of the property. Once these documents meet our requirement, the request is forward to the Legal Department for the preparation of the Consent document which is released on payment of an administrative fee of TT$1,000.00 plus VAT.
It is to be noted that the transaction is not complete with the receipt of the Consent Document, the Landlord will not be able to change its records until a registered Memorandum of Transfer is received, until such time the original Tenant is responsible for honouring all of the terms and conditions of the existing lease.
No. The prior written consent of the Landlord is required before a property can be advertised for sale. In accordance with the standard form of lease, the Tenant is not to affix or erect on the leased premises any sign, notice or advertisement without the consent of the Landlord. The only permittable signs that do not require the Landlord’s permission to erect are those which advise the business operations of the Tenant.
Entering a Tenant's Property
Once the Landlord has provided the Tenant with reasonable notice, and in accordance with the rights and liberties reserved to the Landlord in accordance with the Lease, the Tenant cannot deny the Landlord the right of entry upon the leased premises.
The Landlord can enter unto the premises in order to inspect the premises, however the Tenant should be given prior notice save and except in emergency situations.
Park Management Company
|Fees will be applicable in this instance.|
Rent Reviews can be contested. The procedure to contest a Rent Review is clearly outlined in the Fifth Schedule of the Tenant’s lease.
No. Annual rents must be remitted via one lump sum payment on an annual basis except the lease agreement specifies otherwise.
Additional rent is applicable to land site Tenants who have neither constructed nor are in beneficial occupation of their property within two (2) years from the commencement of the term of their lease. This rent continues to apply until such time as the Tenant is in beneficial occupation of the leasehold premises.
Rents are reviewed in light of the fact that the rent that is agreed between the landlord and the tenant at the start of the term of the lease and which represents the open market value will not hold for the duration of the lease which can be of 30, 25 or 5 year durations.
The landlord’s responsibility is to issue to the tenant the Notice of Rent Review and the Rent Review letters as well as prepare a Brief to the Valuer in instances of disagreement with the revised rent.
In the case of Tenants in built accommodation rent is due and payable on the first day of every month, any time thereafter it is late. In the case of land site Tenants, rent is due and payable on the anniversary date of the lease, any time thereafter it is late.
The tenant’s responsibility is to review and sign off on the valuation brief, and advise the landlord on his choice of an Independent Valuation Surveyor to deliberate on the revised rent. The tenant is also responsible for remitting to the landlord half the cost of the services of this Valuer.
The Valuation Surveyor takes into account the location of the property and prevailing market conditions. In instances of e TecK’s factory shells and other buildings built by the tenant, the valuation surveyor does not take into account any improvements to the property made by the tenant. In instances of e TecK buildings, a typical factory shell will be valued.
Repairs and Maintenance
You cannot withhold rent if the roof of the building is not being repaired. The tenant should issue written correspondence to the landlord and the landlord will effect repairs in the shortest possible timeframe as the repairing covenant and the payment of rent are two (2) separate covenants within the lease.
If you are in possession of a registered Memorandum of Lease, you can visit the relevant District Revenue Office, submit the Return of Ownership Form and apply for a Certificate of Assessment. This Certificate shows the Annual Taxable Value (ATV) of the building.
The Tenant is required to forward to the Landlord, formal written communication indicating the desire to have the lease renewed. On receipt of the request for renewal, a site visit to the premises is conducted by a Property Officer who inspects the premises for any incidences of material breaches, if any breach exists; the Tenant is given a timeframe within which to remedy it. Failure to remedy any material breach or financial breach, such as outstanding rents, will result in non-renewal of your lease.
The property must be used for the purpose as stated in the lease agreement. If another purpose is required, a formal written communication must be issued to the Landlord who will review the request in order to ensure that the requested use is in compliance with light manufacturing and in no way creates a nuisance to other Tenants and users of the Industrial Park.