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.
Allegheny Pennsylvania Lease Provisions Relating to Brokers are essential clauses included in lease agreements to regulate the involvement of real estate brokers in the leasing process. These provisions define the obligations, rights, and compensation of both landlords and brokers in Allegheny County, Pennsylvania. Here are some key provisions and their types: 1. Brokerage Services Agreement: This provision establishes a formal agreement between the landlord and the broker, specifying the scope of services, duration, and compensation structure. It outlines the broker's responsibilities, such as property marketing, tenant screening, negotiations, and lease preparation. 2. Exclusive Representation: This provision grants the broker exclusive rights to represent the landlord in leasing dealings for a specific property or properties. It prohibits the landlord from engaging with other brokers or seeking tenants independently during the agreement's term. 3. Commission Structure: This provision details how the broker will be compensated for their services. It may include a percentage of the lease value, a flat fee, or a combination of both. The provision also specifies when and how the commission will be paid (e.g., upon lease signing or rent commencement). 4. Co-Brokerage Agreement: This provision applies when two brokers are involved in the leasing process. It outlines the roles, responsibilities, and commission sharing arrangement between the cooperating brokers. This provision ensures fair and transparent compensation distribution. 5. Termination and Non-Circumvention: This provision establishes the conditions under which the brokerage agreement can be terminated, such as breach of contract, non-performance, or completion of services. Additionally, it may include a non-circumvention clause to prevent the landlord from bypassing the broker and directly entering into agreements or negotiations with tenants found by the broker. 6. Holdover and Renewal: This provision addresses the broker's rights and compensation when a tenant renews or remains in the property beyond the initial lease term (holdover). It may include provisions that ensure the broker is entitled to commissions during renewal or extension negotiations. 7. Indemnification and Liability: This provision clarifies the responsibilities and liabilities of brokers and landlords concerning inaccuracies, omissions, or misrepresentation in marketing materials, lease agreements, or other relevant documents. It may require the broker to indemnify the landlord for any damages resulting from their actions. Having comprehensive Allegheny Pennsylvania Lease Provisions Relating to Brokers is crucial to maintain a fair and transparent leasing process, protect the interests of landlords, and ensure that brokers are compensated equitably for their services. It is advisable to consult legal professionals experienced in Pennsylvania real estate law to draft or review such provisions for a lease agreement.Allegheny Pennsylvania Lease Provisions Relating to Brokers are essential clauses included in lease agreements to regulate the involvement of real estate brokers in the leasing process. These provisions define the obligations, rights, and compensation of both landlords and brokers in Allegheny County, Pennsylvania. Here are some key provisions and their types: 1. Brokerage Services Agreement: This provision establishes a formal agreement between the landlord and the broker, specifying the scope of services, duration, and compensation structure. It outlines the broker's responsibilities, such as property marketing, tenant screening, negotiations, and lease preparation. 2. Exclusive Representation: This provision grants the broker exclusive rights to represent the landlord in leasing dealings for a specific property or properties. It prohibits the landlord from engaging with other brokers or seeking tenants independently during the agreement's term. 3. Commission Structure: This provision details how the broker will be compensated for their services. It may include a percentage of the lease value, a flat fee, or a combination of both. The provision also specifies when and how the commission will be paid (e.g., upon lease signing or rent commencement). 4. Co-Brokerage Agreement: This provision applies when two brokers are involved in the leasing process. It outlines the roles, responsibilities, and commission sharing arrangement between the cooperating brokers. This provision ensures fair and transparent compensation distribution. 5. Termination and Non-Circumvention: This provision establishes the conditions under which the brokerage agreement can be terminated, such as breach of contract, non-performance, or completion of services. Additionally, it may include a non-circumvention clause to prevent the landlord from bypassing the broker and directly entering into agreements or negotiations with tenants found by the broker. 6. Holdover and Renewal: This provision addresses the broker's rights and compensation when a tenant renews or remains in the property beyond the initial lease term (holdover). It may include provisions that ensure the broker is entitled to commissions during renewal or extension negotiations. 7. Indemnification and Liability: This provision clarifies the responsibilities and liabilities of brokers and landlords concerning inaccuracies, omissions, or misrepresentation in marketing materials, lease agreements, or other relevant documents. It may require the broker to indemnify the landlord for any damages resulting from their actions. Having comprehensive Allegheny Pennsylvania Lease Provisions Relating to Brokers is crucial to maintain a fair and transparent leasing process, protect the interests of landlords, and ensure that brokers are compensated equitably for their services. It is advisable to consult legal professionals experienced in Pennsylvania real estate law to draft or review such provisions for a lease agreement.
