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.
Utah Lease Provisions Relating to Brokers are crucial in commercial leasing agreements within the state. These provisions govern the rights and responsibilities of brokers involved in lease transactions, ensuring fair and transparent dealings between landlords, tenants, and real estate professionals. Understanding these provisions is essential for all parties involved in lease negotiations. Here are some key Utah Lease Provisions Relating to Brokers: 1. Brokerage Compensation: This provision outlines the commission or fee structure agreed upon between the broker and the landlord or tenant. It specifies the amount or percentage of the lease value that the broker is entitled to upon a successful lease transaction. 2. Exclusive Representation: This provision grants exclusive rights to a broker to represent either the landlord or the tenant in leasing negotiations. It prohibits the tenant or the landlord from engaging with other brokers for the duration of the exclusive agreement. 3. Broker's Duties: This provision defines the specific obligations and responsibilities of the broker during lease negotiations. It typically includes tasks such as property assessment, market analysis, sourcing potential tenants or rental properties, and facilitating lease documentation. 4. Disclosure of Agency Relationships: This provision requires brokers to disclose their agency relationship with either the landlord or the tenant. It ensures transparency by informing the other party of the broker's loyalty and any potential conflicts of interest. 5. Tenant Brokerage Agreement: This provision is specific to tenants, outlining the terms and conditions under which the broker will work on their behalf. It includes the scope of representation, broker's fiduciary duty, and any additional charges or fees payable by the tenant. 6. Landlord Brokerage Agreement: Similar to the tenant brokerage agreement, this provision governs the broker's scope of representation for the landlord. It defines the services expected from the broker, the duration of the agreement, and any fees or commissions payable. 7. Broker's Lien: This provision addresses the right of the broker to place a lien on the lease, ensuring they receive their agreed-upon compensation even if the landlord or tenant defaults on their payment obligation. 8. Termination of Brokerage Agreement: This provision outlines the circumstances and procedures for terminating a brokerage agreement. It ensures that both parties understand the conditions under which they can end their relationship and any potential fees or obligations associated with the termination. In conclusion, Utah Lease Provisions Relating to Brokers are crucial components of commercial leasing agreements. These provisions safeguard the rights of all parties involved while facilitating fair and transparent negotiations. It is advisable for landlords, tenants, and brokers to thoroughly understand and include these provisions in their lease agreements to ensure a smooth leasing process.
