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.
Oregon Lease Provisions Relating to Brokers are essential clauses included in lease agreements that outline the rights, responsibilities, and obligations of brokers involved in the leasing process in the state of Oregon. These provisions protect both landlords and tenants and help ensure a smooth leasing experience. Here, we will discuss the different types of Oregon Lease Provisions Relating to Brokers: 1. Broker Representation: This provision clarifies the role and authority of the broker representing either the landlord or the tenant. It states whether the broker is acting as an exclusive agent or is involved in a dual agency transaction, where the broker represents both the landlord and the tenant. 2. Broker Compensation: This provision outlines the broker's compensation and fee structure. It specifies the amount or percentage of the lease value that the broker is entitled to receive for their services. This provision also addresses how and when the broker's fees will be paid, typically upon the signing of the lease agreement. 3. Broker Duties and Responsibilities: This provision details the specific responsibilities the broker has towards their clients. It emphasizes the duty of the broker to act in good faith, provide accurate information, and disclose any potential conflicts of interest. It also covers the broker's obligation to negotiate lease terms that align with their client's best interests. 4. Indemnification: This provision provides protection for the broker against any claims or losses resulting from actions taken during lease negotiations or agreement execution. It states that the landlord or tenant will indemnify and hold harmless the broker from any liability arising from the lease transaction. 5. Termination and Renewal: This provision discusses the circumstances under which the broker's representation can be terminated by either the landlord or the tenant. It may detail notice periods, conditions for termination, and how renewal options should be handled. Additionally, it may address any commission entitlements in case of a lease renewal. 6. Disclosures and Compliance: This provision ensures that brokers comply with all applicable laws, rules, and regulations relating to leasing transactions in Oregon. It obligates brokers to disclose all material facts about the property and the rental terms to their clients, preventing any misrepresentation or nondisclosure. 7. Dispute Resolution: This provision outlines the preferred method for resolving any disputes that may arise between the broker and their client. It may include language that requires mediation or arbitration, rather than litigation, to resolve disagreements, promoting an efficient and cost-effective resolution process. By incorporating these Oregon Lease Provisions Relating to Brokers into lease agreements, landlords, tenants, and brokers can establish clear expectations, minimize potential conflicts, and ensure a fair and legally compliant leasing experience in the state of Oregon.
