A Lease Purchase Agreement is a specialized legal instrument used in Malaysian property transactions where the traditional buy-sell or lease arrangement doesn't meet the parties' needs. This document is particularly useful when a potential buyer wishes to occupy a property immediately but needs time to arrange financing or when a seller prefers a gradual sale arrangement. The agreement complies with Malaysian property and contract law, incorporating elements from the National Land Code 1965, Contracts Act 1950, and relevant property regulations. It includes comprehensive terms covering the lease period, purchase option mechanics, maintenance responsibilities, payment structures, and default remedies. This type of agreement is commonly used in both commercial and residential property transactions, providing flexibility while ensuring legal protection for all parties involved.
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1. Parties: Identification of the lessor/seller and lessee/purchaser with full legal names and addresses
2. Background: Context of the agreement, including property overview and transaction structure
3. Definitions: Key terms used throughout the agreement including Property, Lease Period, Purchase Option, etc.
4. Lease Terms: Duration of lease, renewal options, and basic lease conditions
5. Rental Payments: Amount, frequency, and method of lease payments
6. Purchase Option: Terms and conditions of the purchase option, including purchase price calculation
7. Exercise of Purchase Option: Process and requirements for exercising the purchase option
8. Property Maintenance and Repairs: Responsibilities for maintenance, repairs, and improvements
9. Insurance and Taxes: Requirements for property insurance and responsibility for property taxes
10. Default and Remedies: Events of default and available remedies for both parties
11. Assignment and Subletting: Restrictions and conditions on assignment or subletting
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
13. Notices: Method and addresses for formal communications between parties
14. General Provisions: Standard boilerplate provisions including entire agreement, amendments, etc.
1. Property Use Restrictions: Specific restrictions on property use, recommended for commercial properties
2. Environmental Compliance: Environmental obligations and compliance requirements, necessary for industrial properties
3. Early Purchase Option: Terms for early exercise of purchase option, if allowed
4. Property Management: Additional terms for property management if applicable to complex properties
5. Utilities and Services: Detailed provisions about utilities responsibility, relevant for properties with shared services
6. Renovation and Alterations: Specific terms for allowing modifications to the property, important for commercial leases
7. Security Deposit Terms: Detailed terms regarding security deposit if required
8. Force Majeure: Provisions for unforeseen circumstances affecting the agreement
1. Schedule 1 - Property Description: Detailed description of the property including legal description, boundaries, and included fixtures
2. Schedule 2 - Payment Schedule: Detailed breakdown of lease payments and purchase price calculations
3. Schedule 3 - Condition Report: Initial condition of the property with photographs and descriptions
4. Schedule 4 - Permitted Use: Detailed description of allowed property uses and restrictions
5. Schedule 5 - Special Conditions: Any special terms or conditions specific to this agreement
6. Appendix A - Property Title Documents: Copies of relevant property title documents
7. Appendix B - Insurance Requirements: Detailed insurance requirements and specifications
8. Appendix C - Form of Purchase Option Notice: Template for exercising the purchase option
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