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Form #1197

Lease agreement -Razing of old and construction of new building form

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A lease agreement dealing with issues of razing old construction

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Razing of old and construction of new building.

Lessees agree that building now standing on premises shall not be removed or torn down, nor shall any alterations be made therein which will diminish the value thereof without the consent in writing of lessors, except as herein provided.

Lessees at any time during the term of this lease, when they shall not be in default in performance and observance of any of agreements herein contained to be kept and performed by lessees, may remove from premises the building now standing thereon, or any building or buildings hereafter built on premises for the purpose of replacing the building so removed with another building upon the following conditions:

(a). Lessees before commencing to tear down or remove any building at any time situated on premises, and before commencing to do any work in connection with the construction of a new building thereon, and before letting any contract in connection therewith, shall deposit with trustee constituted under the _________ article of this lease in either cash or securities satisfactory to lessors an amount equal to at least one-half of the estimated cost of the building which lessees propose to construct upon premises, the amount so deposited to be held by trustee upon the terms and conditions herein specified; and lessees agree that at least 30 days before making deposit they will furnish to lessors one complete set of the plans and specifications covering the construction of the proposed new building, together with a sworn statement of some reputable architect of good standing and who is to have charge of the construction of the proposed new building, showing the estimated total aggregate cost of such building.

(b). Lessees further agree that within two years from the date of commencing to tear down or remove as stated the building at any time situated on premises, they will construct and complete, ready for occupancy upon premises, a building of first-class modern fireproof construction which shall conform in all respects to the laws and ordinances in force in city of _________ at the date of the construction thereof, and shall conform substantially to the plans and specifications to be furnished as stated, and which shall cover substantially the whole area of premises, except reasonable space for light and air; the portion of the building on _________ of premises to be not less than _________ stories in height and the foundations and supporting members of the entire building shall be constructed of sufficient strength and in a manner so that a building not less than _________ stories in height, covering entire premises, can be constructed thereon and supported thereby.

Lessees further agree to construct a new building on safe, solid and durable foundations and pay all costs, expenses and liabilities in any way connected with or growing out of the construction of the new building so that the premises and the building situated thereon shall be kept at all times free from the liens of mechanics and materialmen.

New building may be built and constructed in such a manner as to be joined to or used in conjunction or connection with any adjoining building or buildings or so as to be a part of the same and constitute with such adjoining building or buildings one entire building; provided, however, that there shall be constructed along the dividing lines of premises foundations and supporting columns or other structural members which shall be of sufficient strength and shall be so placed as to be adequate to support dividing walls of proper strength and of dimension in compliance with the ordinances of the city of _________ along the boundary lines of premises to the end that by the construction of the dividing walls the portion of the building upon premises may be completely enclosed and the building upon premises may be converted into a separate building standing wholly upon premises.

If the new building to be erected by lessees upon the premises shall be constructed as a part of an adjoining building and shall not be equipped with stairways, freight and passenger elevators and adequate heating and power plants suitable and adequate for its use as a separate building, then the framework of buildings shall be so planned and constructed as to leave adequate and suitable openings for the suitable construction and operation by lessors of all elevators and stairways that might reasonably be required for the use and operation of the building upon premises as a separate and distinct building, and there shall be adequate provision made in the building for the future installation and operation of heating and power plants, including stacks, adequate for the operation of the building on premises as a separate and distinct building.



 
Contributed by
Asian Investment Advisers
 
Name of Firm Asian Investment Advisers
Total Forms Contributed 61
 

See All Asian Investment Advisers's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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