This office lease provision states that the landlord and tenant each warrant and represent to the other party that there was no broker, finder or similar person, other than those listed, entitled to a commission, fee or other compensation, instrumental in consummating the lease. It also states that no conversations or prior negotiations were had by the landlord or tenant, respectively, or anyone acting on behalf of the landlord or the tenant, respectively, with any broker, finder or similar person, other than those listed, concerning the renting of the demised premises.
Nebraska Lease Provisions Relating to Brokers: A Comprehensive Guide In the state of Nebraska, lease provisions relating to brokers are an essential aspect of commercial real estate leasing. These provisions ensure clear communication, rights, and obligations between landlords, tenants, and brokers involved in the leasing process. In this article, we will provide a detailed description of Nebraska lease provisions relating to brokers, covering their significance and different types of provisions. Significance of Lease Provisions Relating to Brokers in Nebraska: 1. Broker Representation: Lease provisions outline the specific role of brokers in the leasing process. They define the relationship between the landlord and the broker, ensuring both parties understand the broker's responsibilities, duties, and limitations, enabling a smooth transaction. 2. Commission and Fees: Provisions related to commission and fees in Nebraska leases help establish the agreed-upon compensation for the broker's services. They outline the percentage or fixed amount of commission to be paid by the landlord upon a successful lease transaction. 3. Termination and Exclusivity: These provisions dictate the conditions under which either party can terminate their relationship with the broker. Exclusivity provisions restrict landlords from engaging multiple brokers simultaneously for a specific leasing transaction, providing a fair playing field for brokers. Types of Nebraska Lease Provisions Relating to Brokers: 1. Exclusive Brokerage Agreement: This type of provision grants an exclusive right to a broker to lease the property for a specified period. It prohibits the landlord from engaging other brokers during that time, ensuring dedicated representation and increased efforts by the broker. 2. Commission Payment Clause: This provision outlines the broker's commission structure, including the agreed percentage or fixed amount to be paid upon lease execution. It may also specify if the commission is to be paid in one lump sum or over a defined period. 3. Termination Clause: Termination clauses define the conditions under which either party can end the broker relationship. Common termination triggers include breach of contract, failure to meet deadlines, or unsatisfactory performance. Clear termination provisions help protect the interests of both the landlord and the broker. 4. Non-Interference Clause: The non-interference provision restricts landlords from directly negotiating or entering into lease agreements with potential tenants introduced by the broker. It emphasizes that the broker should remain the primary intermediary throughout the leasing process. 5. Indemnification and Liability Provisions: These provisions establish the liability of brokers for any errors, omissions, or misrepresentations made during the leasing transaction. They also outline the responsibility of the landlord to indemnify the broker against any claims arising due to the landlord's actions. 6. Confidentiality Clause: Confidentiality provisions safeguard proprietary information and property details, ensuring that brokers maintain utmost confidentiality throughout the leasing process. This provision protects sensitive data from being disclosed to unauthorized parties. In conclusion, Nebraska lease provisions relating to brokers play a crucial role in regulating the relationship between landlords, tenants, and brokers involved in commercial leasing transactions. These provisions cover essential aspects such as broker representation, commissions, termination, exclusivity, liability, and confidentiality. By incorporating these provisions into lease agreements, all parties involved can have a clear understanding of their rights and obligations, ensuring a fair and smooth leasing process.
