Sample Business Contracts

Iceland-Reykjavik-Sturlugata No. 8 Lease - Islensk Erfoagreining ehf., University of Iceland and the City of Reykjavik

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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Address Coding Guide 1.633.501
Unique Property Reference 189552
D-188, D-1727

                       THE MAYOR OF THE CITY OF REYKJAVIK

MAKES KNOWN: Pursuant to a decision of the Municipal Executive Board on 3
October 2000


is the lessee of the site Sturlugata No. 8, described in Article 1 below with
the following conditions:

1.    The area covered by the site STURLUGATA NO. 8, in the City of Reykjavik is
      18,271 M(2). Its shape and situation is shown in the attached plan of the
      Survey Department dated 21 December 2001, which is an integral part of
      this Agreement. Regarding the site, implementations and activities
      thereon, as well as the right of first refusal/purchase right of the
      University of Iceland, the Agreement between the University of Iceland,
      Islensk erfoagreining ehf. and the City of Reykjavik, dated 15 February,
      shall apply. Furthermore, the land use plan, approved by the Municipal
      Executive Board on 1 August 2000, shall apply to the site as well as
      general allocation terms issued by the Reykjavik Chief Municipal Engineer
      in November 1999, as applicable. The City of Reykjavik will use 50% of the
      selling price of the building rights of the site, excluding the basement,
      in support of the University of Iceland. Utilities charges for sewer
      systems shall be paid on demand.

      The site is subject to the following encumbrances:

      1.1   The University of Iceland holds the unconditional right of first
            refusal to the facilities on the site. In the event that the
            University of Iceland is invited to exercise its right of first
            refusal at a price that the institution does not accept, it may
            redeem the buildings at assessment value, i.e. the value of the real
            estate excluding furniture and internal fixtures and other chattels.
            The price and payment terms shall be decided by two court-appointed
            assessors and shall be based on the replacement value of the
            buildings, taking into account their condition. The parties agree
            that the site is part of the University campus. Through its
            allocation to Islensk erfoagreining ehf. the University of Iceland
            is establishing closer links to Icelandic industry, especially
            growth industries involved in the creation of knowledge and high
            technology. In the event that Islensk erfoagreining ceases operation
            on the site, the purchase option of the University of Iceland shall
            become active pursuant to item four of the Agreement dated 15
            February 2000.

      1.2   Encumbrances involve 1 parking space per 50 m(2) floor space in the
            buildings pursuant to terms and parking spaces for the handicapped.
            Their arrangement is shown in the attached plan.

      1.3   Encumbrance involving a substation owned by Reykjavik Energy,
            installation of underground cable to the substation as well as
            accessibility to the substation.

      In addition there are general encumbrances regarding all kinds of cables
      or pipes of the Municipal Treasury or its agencies that may be needed The
      Siteholder is under obligation to comply with the terms of the Reykjavik
      Chief Municipal Engineer regarding facilities on the site, utilities,
      cables and finishing work on the site.

2.    The site is leased for scientific and professional activities in the field
      of health science and biotechnology research, and the use of the
      facilities on the site is restricted to high-technology, research
      activities and university-level teaching.

3.    The Siteholder under obligation to complete all finishing work on the site
      in accordance with the zoning plan. In the event that such finishing work
      has not been completed within
      two years, as of the signing of the site lease, the Reykjavik Chief
      Municipal Engineer may have the relevant finishing work carried out at the
      expense of the Siteholder.

4.    The site is leased for 50 years, starting 1 December 2001.

5.    The Siteholder shall pay all public taxes and levies that are imposed, or
      may be imposed, on the leased site. Property taxes, the site rent, public
      levies, taxes, interest and penalty interest are subject to attachment.

6.    Annual rent of the site is decided in accordance with a regulation on rent
      for industrial sites in Reykjavik.

7.    Collection and due dates of the rent are governed by the rules on property
      tax collection in Reykjavik as current at any time. The same rules shall
      apply to interest and penalty interest. Property taxes, the site rent,
      public levies, taxes, interest and penalty interest are secured by a lien
      on the buildings and installations.

      The Siteholder and his mortgagees are under the obligation to comply in
      the event that legislation is amended to the effect that property taxes,
      site rent, public levies, taxes, interest and penalty interest shall take
      priority over mortgages on the property.

8.    In the event that the Mayor, at the close of the lease term, decides that
      the buildings, situated at that time on the site, shall be removed, the
      Mayor shall pay the Siteholder the actual worth of the building in
      accordance with the appraisal of two court-appointed persons.

9.    The University of Iceland shall have limited use of lecture rooms, meeting
      facilities, teaching facilities and student facilities in the buildings of
      Islensk erfoagreining ehf. insofar as the activities of the company
      permit. Islensk erfoagreining ehf. may assign construction rights or
      facilities on the site to a third party on the terms and with the duties
      and obligations inherent in the Agreement of 15 February 2000. Thus,
      Islensk erfoagreining ehf. may e.g. contract with a financing company to
      construct, own or operate buildings on the site, on the condition that
      this does not in any way adversely affect or curtail the rights of the
      University of Iceland or its interests. Islensk erfoagreining ehf. may
      redeem the construction rights or buildings on the site from a third party
      without activating the right of first refusal of the University of Iceland
      pursuant to Section 4. The Siteholder may sell or pledge the lease rights
      to the site as a whole, including buildings and facilities constructed on
      it, with the restrictions described above.

The Siteholder shall pay the cost of registration and stamping of the Lease
Agreement. Three copies are made of this Lease Agreement of which one is
intended for registration.

The Mayor of Reykjavik, 21 December 2001

In confirmation of our agreement to the above
For Islensk erfoagreining ehf.
Tomas Sigurosson [sign.]

            Real estate assessment of the site              ISK 115,087,000.-
                      Annual rent 1%                        ISK 1,150,870.-

Witnessed by:
Sturlugata 8

Guorun E Andradottir [sign.]
Id. No. 200958-6759

Regina H. Siguroardottir [sign.]
Id. No. 090678-3379