Sample Business Contracts

Iceland-Kopavogur-Hlidarsmari 19 Lease - Fridar sf. and Islensk Erfdagreining ehf.

Free Customizable Lease Forms

  • Commercial Lease. Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
  • Commercial Sublease. When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
  • Sublease Agreement. Tenants of residential property should prepare a sublease agreement if they are seeking to sublease a room or the entire apartment or house to a third party. All parties should review the original lease agreement to see if there are any restrictions on subletting or assigning the premises.
  • Triple Net Lease. Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
  • Office Space Lease. When renting an office space, tenants should understand the amount of the rent and duration of the lease. Other important terms include whether the space can be subleased, which parties are responsible for maintenance, and whether any furniture and furnishings will be provided.

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FRIDAR SF., REG. NO. 66.01.99-2929, domiciled at Efstasund 58, Reykjavik, as a
Lessor, and ISLENSK ERFDAGREINING EHF., REG. NO. 691295-3549, domiciled at
Lynghals 1, Reykjavik, as a Lessee, enter into the following


1.   The Lessor leases to the lessee approximately 395 square meters of office
     space at Hlidarsmari 19 in Kopavogur, especially marked as storey No: 02-01
     in that building, including a share in the common area.

2.   Tenancy begins as of such time as the lessor delivers the storey, cf.
     description, see attached document Nos. 1 and 2. The tenancy shall,
     however, be considered to begin no later than 2 months after the design
     drawings for electrical installations and the interior of the house are on
     hand and have been approved by respective parties. Tenancy is 5 years.
     After that time the agreement may be terminated with at least 6 months'
     notice by either party. The Lessee may sublet the premises with the consent
     of the Lessor. Following the term of tenancy this lease agreement shall be
     extended without a fixed term.

3.   The rent is determined at ISK 950 pr. square meter, per month. The rent
     will be adjusted based on the consumer price index every 3 months,
     calculating as the base price index the month the lessee leases the
     premises. Monthly rent is calculated from the first day of each month to
     the first day of the following month and shall be paid in advance, one
     month at a time. The final due date of payment shall be calculated 15 days
     later. Penalty interest is calculated as of the 16th day, if rent has not
     been paid by the final due date, at the posted penalty interest rate
     current at any time.

     Electricity and heating is not included in the rent, considering the
     proposed use of the place by the lessee. The lessee shall pay all
     electrical and heating costs of the property defined above, No. 02-01, on
     the same conditions as above regarding payment of rent with respect to due
     dates and final payment dates. The Lessee shall pay a maintenance fee every
     month, as decided at each time, based on the proportion between the storey
     and the entire building, i.e. 10.99%. The maintenance fee covers the
     expense of operating the common area.

4.   The Lessee undertakes to treat the leased property with care and
     cleanliness. The Lessee shall pay full compensation for any damage that he
     may cause with careless treatment of the leased property. In addition, he
     shall attend to all indoor maintenance in the leased premises at his own
     cost, as of the time that the Lease takes effect and the Lessor has
     fulfilled his obligations in relation to the delivery of the storey, cf.
     the attached documents Nos. 1 and 2. The Lessor shall attend to and pay the
     cost of all ordinary outdoor maintenance and pay all public levies on the

<PAGE>   3

5.   In the event that the Lessee moves from the premises, he shall return it in
     good order in every respect other than normal wear. When the tenancy period
     has ended or on termination of the tenancy, all fixed appurtenances shall
     become the property of the Lessor, whereas all unfixed facilities which the
     Lessee uses in the office are his property which he may remove when the
     tenancy period has ended. During the tenancy, the Lessee may make changes
     to the office at his own cost and in consultation with the Lessor, whose
     property such changes shall become as provided for above.

6.   In the event of material default on the part of the Lessee, the Lessor may
     require that the Lessee vacate the leased property.

7.   This Lease shall be subject to the provisions of the Leasehold Act No.
     36/1994 in so far as no agreement to the contrary has been made, as
     applicable. This Lease is made in two identical copies one to be held by
     each of the parties to this Lease.

8.   Any dispute arising out of this Lease shall be brought before the District
     Court of Reykjavik.

9.   In witness whereof, the Lessor and Lessee attach their signatures below in
     the presence of witnesses.

                          Reykjavik, 18 February 1999.

For the Lessor,                                   For the Lessee,

ssorvarour Gunnarsson [sign.]                     Hannes Smarason [sign.]

Witnesses to the correct date,
the legal competence of the
parties to manage  their financial affairs,
and their signatures.

Unreadable [sign.] 300863-4859
Unreadable [sign.] 200564-2279