Sample Business Contracts


Agreement on the Details of the Arrangement of Encumbrances in the Site Agreement [Annex] - University of Iceland, Islensk erfoagreining ehf. and the City of Reykjavik

Lease Forms

  • Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
  • When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
  • Tenants of residential property should prepare a sublease agreement if they are seeking to sublease a room or the entire apartment or house to a third party. All parties should review the original lease agreement to see if there are any restrictions on subletting or assigning the premises.
  • Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
  • When renting an office space, tenants should understand the amount of the rent and duration of the lease. Other important terms include whether the space can be subleased, which parties are responsible for maintenance, and whether any furniture and furnishings will be provided. 

           ANNEX TO THE AGREEMENT ON THE DETAILS OF THE ARRANGEMENT OF
                       ENCUMBRANCES IN THE SITE AGREEMENT

On 15 February 2000 the University of Iceland (UI), Islensk erfoagreining ehf.
(IE) and the City of Reykjavik entered into an Agreement on the allocation of a
site to IE. The aim of the Agreement is to promote co-operation and encourage
the development of vigorous scientific and industrial activities in the field of
health science and biotechnological research in the University campus area. UI
and IE entered into an Agreement on 21 December 2001 on the execution of
encumbrances in the Site Agreement.

IE and UI agree to make the following amendments to their Agreement from 21
December 2001:

1.    The following paragraph in item 1 of the agreement: "In the event that the
      price offered to the holder of the right of first refusal is the
      depreciated replacement value of installations on the site and the public
      valuation of the site, UI shall pay the purchasing price within 15 days
      from the date that the University accepted the offer to exercise its right
      of first refusal" shall be replaced by the following: "In the event that
      the price offered to the holder of the right to first refusal is the
      depreciated replacement value of installations and the restated purchasing
      price of the site rights, UI shall pay the purchasing price within 15 days
      from the date that the University accepted the offer to exercise its right
      of first refusal."

2.    With reference to item 9 of the above Agreement from 15 February, the UI
      waives its right of first refusal to the property Sturlugata 8, Reykjavik
      in respect of the sale of the property from IE to Sturlugata 8 ehf. and
      also in respect of any potential sale of the property from Sturlugata 8
      ehf. back to IE.

In witness of the above the parties attach their signatures to this annex in the
presence of witnesses.

                            Reykjavik, 4 January 2002


For the University of                For Islensk erfoagreining ehf.
Iceland                              Tomas Sigurosson [sign.]
Pall Skulason [sign.]

Witnesses                            For Sturlugata 8 ehf.
[signature]                          Tomas Sigurosson [sign.]

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