The Premises clause (or sometimes set of clauses) contain the official lease grant and the description of the extent of the grant. Additionally, the clause also usually contains a disclaimer of warranty (in the form of possession as acceptance of premises in "as is" condition) and the details of grant of use of any common areas. The clauses may also contain additional terms specific to the premises being leased, such as parking.
The clause examples are fairly divergent in their organization but fairly common in their basic language. However, the language varies significantly within each clause element from deal to deal to account for specifics of the premises being leased. For example, some clauses will contain specific information about parking regulations or specific agreements about how the rights and liabilities of the common areas will be handled or how their condition will be maintained.
1.1 Lease of Premises. Landlord leases the Premises to Tenant and Tenant leases the Premises from Landlord for the Term, on and subject to the covenants, terms, and conditions of this Lease.
1.2 Acceptance. Except as otherwise specifically set forth in this Lease, Tenant acknowledges and agrees that
(i) neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Premises, the Building or the Project or with respect to the suitability of any of the foregoing for the conduct of Tenant s business or the Permitted Use,
(ii) Landlord has no obligation and has made no promises to alter, remodel, improve, renovate, repair or decorate the Premises, the Building, the Project or any part thereof, and
(iii) Tenant shall accept the Premises, the Building and the Project in their AS IS condition as of the Lease Commencement Date.
1.3 Common Areas. Tenant and the Tenant Entities will be entitled to the non-exclusive use of the common areas of the Building as they exist from time to time during the Term, including the parking facilities, subject to Landlord's rules and regulations regarding such use.
1.4 Parking. During the term of this Lease, Tenant shall have the non-exclusive use in common with Landlord, other tenants of the Building, their guests and invitees, of the non-reserved common automobile parking areas, driveways, and footways, subject to rules and regulations for the use thereof as prescribed from time to time by Landlord. Landlord reserves the right to designate parking areas within the Building or in reasonable proximity thereto, for Tenant and Tenant's agents and employees.
"Somewhere near the beginning of your lease, often right after the Parties clause, you'll see a clause that identifies the space that you'll be occupying. This clause is often titled 'Premises.'' If you're leasing an entire building, the clause should simply give the street address (and should describe any outbuildings or lots that come with it). If you're leasing less than an entire building, you and the landlord need to describe the space more precisely. In particular, if you will have access to storage rooms, conference rooms, parking, kitchen facilities, and the like, you should spell this out."
"Often parties to a lease will be inclined to overlook 'as-is' language as standard boilerplate terms and focus on the more dynamic provisions of the lease, such as use provisions. Gym-N-I illustrates how an 'as-is' provision can cost or save a party to a commercial lease thousands of dollars.
As standard practice, landlords should be sure that their leases contain detailed 'as-is' provisions which expressly disclaim all warranties, express or implied. This should be an exhaustive list with each type of applicable warranty listed plainly in the provision.
Conversely, tenants should be aware of these provisions in their leases. If landlord's lease form contains and 'as-is' provision, and landlord is unwilling to remove such provision from the lease, tenant must be sure to conduct a detailed inspection of the premises. Hiring a licensed inspector is a wise investment to ensure that the premises meets current code requirements, as well as the requirements of tenant's business.
Finally, it is important to note from Gym-N-I that 'as-is' provisions appear to only protect landlords for the condition of the premises as of a specific point in time (generally the lease commencement date or effective date). The Court does not appear to protect a landlord from it's obligations to maintain and repair the premises. Therefore, both parties should keep records of the premises' condition as of the determinative date."