Sample Business Contracts

Iceland-Kopavogur-Hlioarsmari 15 Lease - Veigur ehf and Islensk Erfoagreining hf.

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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                            PROPERTY LEASING CONTRACT

We the undersigned parties, Veigur ehf, State Reg. No. 480396-2199,
Langageroi 26, 108 Reykjavik, Iceland, hereinafter referred to as
"Lessor", and Islensk erfoagreining hf., State Reg. No. 691295-3549,
Lynghals 9, Reykjavik, Iceland, hereinafter referred to as "Lessee",
hereby enter into the following property leasing contract.


      1.1   The leased property consists of office premises on the 2nd floor of
            Hlioarsmari 15, Kopavogur, Iceland, property lot registered no.
            02-01 [by the Valuation Office of Iceland], size 385 m(2) together
            with balcony, owned by the Lessor. The Lessee has inspected and
            approved the property. The property shall be delivered prepared for
            interior furnishing work and painting. The expense incurred by
            completion of common property and site shall be the responsibility
            of the Lessor.


      2.1   The lease period shall commence on 1 August 2000 and end on 1 August
            2005. The Lessor may not terminate the Contract during this time.
            Subsequent to 1 August 2005, both parties may terminate the Contract
            with six months' notice. Should neither party choose to terminate
            the Contract at this time, it shall be automatically extended for an
            unspecified period of time. The lessee shall take delivery of the
            property for interior furnishing upon signature of this Contract.


      3.1   The Leased Property consists of office premises in a new building,
            built by Faghus ehf. the Lessee shall furnish the property at his
            own expense. The Lessee is aware of the condition of the Leased
            Property and approved it, and it is his intention to furnish it at
            his own expense. The Lessee may alter or improve the Leased
            Property; however, the Lessee shall obtain the prior consent of the
            Lessor if he intends to make large-scale alterations of the
            property. At the end of the lease period all improvements made by
            the Lessee shall become the property of the Lessor.


      4.1   The monthly rent shall be ISK 900 per square metre, i.e. 900 x 385
            m(2) = ISK 346,500.00. Value Added Tax shall be added to the rent,
            the total amount of which will then amount to ISK 431,392.00. Rent
            shall be paid monthly, one month in advance, due on the first day of
            every month, directly to the Lessor or into Veigur ehf.'s bank
            account no. 513-26-597.

      4.2   The rent shall be adjusted based on increases in the building cost
            index. The base index shall be the index of August 2000.

      4.3   The Lessee shall pay a proportional amount of the expense incurred
            by cleaning of common property, but in all other respects the
            division of operating expenses shall be in accordance with the
            Property Rental Act No. 36/1994.
<PAGE>   3

      5.1   The Lessee shall not sub-lease any part of the Leased Property to a
            third party without the consent of the Lessor.


      6.1   This Property Lease Contract shall be governed by the Property
            Rental Act No. 36/1994. To the extent that rights and obligations of
            the Parties to this Contract are not provided for herein, such
            rights and obligations shall be subject to the said Property Rental
            Act; among other things this shall apply to provisions on notice of

      6.2   This Property Leasing Contract is made in two identical copies, one
            copy to be held by each of the parties thereto.

In confirmation of the above, this Property Leasing Contract is signed by the
Lessor and Lessee in the presence of two witnesses.

                                                   Reykjavik, April 2000

Representing Islensk erfoagreining hf.             Representing Veigur ehf.
Elin Poroardottir (by power of attorney) [sign.]   Hildur Hermoosdottir [sign.]

Witnesses to the correct signatures, date and financial competence of the

Jafet Olafsson [sign.] 290451-4699
G. Markusd. [sign.] 050758-6139
<PAGE>   4
                                               Reykjavik, 1 March 2000

The undersigned hereby grants to Elin Poroardottir, Id. No. 060763-4969, power
of attorney for Islensk erfoagreining ehf. to sign a property leasing contract
on Hlioarsmari 15, Kopavogur, Iceland.

Kari Stefansson [sign.]
Islensk erfoagreining