Commercial Leases · glossary
Linnet's share of the premium Fellgate pays to insure the whole site: a tenth, because the first floor is 400 of the site's 4,000 square metres. The premium is £12,000, so the insurance rent is £1,200 a year, paid within 14 days of Fellgate's demand. Definition: Insurance Rent · Chapter 5 · see Rent suspension, Service charge
Explained in Chapter 5, Service Charge and Insurance, of Commercial Leases.
Linnet will pay £60,000 a year for the first floor. The lease calls this sum the Annual Rent, and this chapter calls it “the rent”. Linnet also pays a share of the cost of insuring the building, the insurance rent, and a share of its running costs, the service charge (Chapter 5). The lease calls the three payments, with any VAT and late-payment interest on them, the Rents.Read Chapter 3, Rent, Rent-Free and VAT →
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the Insurance Proportion of the premium the Landlord pays to insure the Building under clause 7;Read the definition in the document →
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