Sun11192017

Last updateTue, 24 Feb 2015 5pm

FRI LEASES: Modern tenant requests

26 October 2017  

Barbara Webb considers the increasing inclusion of non-standard provisions in institutional leases, reflecting corporate policies. How should the parties to the lease respond?

The institutional full repairing and insuring (FRI) lease is comprised of a more or less standard set of clauses. A feature of the FRI lease, and the investment market that it underpins, is a reluctance on the part of landlords to accept substantive alterations from the norm. Deviations from this rule generally arise only where there is a need to reflect either a particular position on the ground, eg a right is required to use a shared car park, or a commercial term agreed between the parties, eg a right of first refusal prior to assignment.