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.
Minnesota Lease Provisions Relating to Brokers refer to clauses and conditions included in rental or lease agreements in the state of Minnesota that pertain to the role and rights of real estate brokers or agents involved in the leasing process. These provisions outline the specific responsibilities, obligations, and limitations of brokers, ensuring clarity and legal compliance in lease transactions. Keywords: Minnesota, lease provisions, brokers, real estate, rental agreements, responsibilities, obligations, limitations, legal compliance, lease transactions. Types of Minnesota Lease Provisions Relating to Brokers: 1. Brokerage Representation: This provision clarifies the broker's role and establishes their relationship with the landlord or tenant, whether they are acting as the designated agent for the landlord, tenant, or both parties. 2. Compensation and Fees: This provision outlines the compensation structure for brokers involved in the lease transaction. It includes information on the base fee or commission percentage, payment terms, and any additional fees that may be charged. 3. Broker's Duty of Care: This provision defines the broker's duty to exercise reasonable care, skill, and diligence in performing their real estate services. It sets expectations for the broker's professional conduct and commitment to acting in the best interest of their client. 4. Property Disclosure: This provision requires the broker to disclose any known material facts about the property to the tenant, which may influence their decision to lease. It ensures transparency and protects tenants from potential hidden issues. 5. Confidentiality and Non-Disclosure: This provision safeguards confidential information shared between the broker and their clients during the leasing process. It prohibits brokers from disclosing sensitive information without the consent of the parties involved. 6. Compliance with Laws and Regulations: This provision mandates that brokers must adhere to all relevant federal, state, and local laws and regulations governing lease transactions. It ensures compliance and helps prevent legal disputes. 7. Indemnification: This provision outlines the broker's and the client's responsibilities in indemnifying and holding each other harmless from any claims, damages, or liabilities arising from the lease transaction or the broker's actions. 8. Termination: This provision specifies the conditions and procedures for terminating the broker-client relationship. It may include notice periods, termination fees, and obligations after termination. 9. Dispute Resolution: This provision establishes the mechanism for resolving disputes that may arise between the parties, such as mediation, arbitration, or litigation. It provides a framework to handle conflicts should they occur. 10. Governing Law: This provision identifies the governing law of the lease agreement, typically referring to Minnesota state law, which provides the legal framework for interpreting and enforcing the terms and conditions of the lease. These Minnesota Lease Provisions Relating to Brokers ensure transparency, protect the rights of landlords and tenants, and provide a clear understanding of the broker's role, responsibilities, and limitations in lease transactions within the state of Minnesota.Minnesota Lease Provisions Relating to Brokers refer to clauses and conditions included in rental or lease agreements in the state of Minnesota that pertain to the role and rights of real estate brokers or agents involved in the leasing process. These provisions outline the specific responsibilities, obligations, and limitations of brokers, ensuring clarity and legal compliance in lease transactions. Keywords: Minnesota, lease provisions, brokers, real estate, rental agreements, responsibilities, obligations, limitations, legal compliance, lease transactions. Types of Minnesota Lease Provisions Relating to Brokers: 1. Brokerage Representation: This provision clarifies the broker's role and establishes their relationship with the landlord or tenant, whether they are acting as the designated agent for the landlord, tenant, or both parties. 2. Compensation and Fees: This provision outlines the compensation structure for brokers involved in the lease transaction. It includes information on the base fee or commission percentage, payment terms, and any additional fees that may be charged. 3. Broker's Duty of Care: This provision defines the broker's duty to exercise reasonable care, skill, and diligence in performing their real estate services. It sets expectations for the broker's professional conduct and commitment to acting in the best interest of their client. 4. Property Disclosure: This provision requires the broker to disclose any known material facts about the property to the tenant, which may influence their decision to lease. It ensures transparency and protects tenants from potential hidden issues. 5. Confidentiality and Non-Disclosure: This provision safeguards confidential information shared between the broker and their clients during the leasing process. It prohibits brokers from disclosing sensitive information without the consent of the parties involved. 6. Compliance with Laws and Regulations: This provision mandates that brokers must adhere to all relevant federal, state, and local laws and regulations governing lease transactions. It ensures compliance and helps prevent legal disputes. 7. Indemnification: This provision outlines the broker's and the client's responsibilities in indemnifying and holding each other harmless from any claims, damages, or liabilities arising from the lease transaction or the broker's actions. 8. Termination: This provision specifies the conditions and procedures for terminating the broker-client relationship. It may include notice periods, termination fees, and obligations after termination. 9. Dispute Resolution: This provision establishes the mechanism for resolving disputes that may arise between the parties, such as mediation, arbitration, or litigation. It provides a framework to handle conflicts should they occur. 10. Governing Law: This provision identifies the governing law of the lease agreement, typically referring to Minnesota state law, which provides the legal framework for interpreting and enforcing the terms and conditions of the lease. These Minnesota Lease Provisions Relating to Brokers ensure transparency, protect the rights of landlords and tenants, and provide a clear understanding of the broker's role, responsibilities, and limitations in lease transactions within the state of Minnesota.
