Every lease has a „departure date,“ but many people, including accountants, don`t understand what that date actually is or how to find it. When exactly does a lease start? Is this the execution date? The date of moving in? The opening date of the company on the site? Which one is correct? The start date of the lease is usually the beginning of the duration of the lease agreement for all purposes, whether the tenant has actually taken possession of the surface, but as long as an advantageous occupation is possible. In other words, it is when the duration of the lease and the benefits of the lease officially begin. However, the tenant will want to prevent a lease start date from arriving before the tenant is ready to open. Therefore, the tenant often insists on a „floating“ date, giving the tenant time to expand their space. The tenant wishes that the start date of the lease be linked by: (1) Delivery of the premises, (2) Completion of all work by the lessor, (3) Approval of the plans by the lessor, (4) Obtaining a fully executed rental contract and (5) obtaining the necessary authorizations for the beginning and completion of his work. In addition, tenants often want the date to be subject to delays in case of force majeure. Despite the withdrawal, Ms. Di Rossi, mirvac`s national leasing manager, requested to meet with Mr. Hedley on August 7, 2015.
During the negotiations, it was decided that Yum Cha Restaurant would be located in Shop 116A rather than in Shop MM5. Gadens only issued the lease of the premises and not of the shop 116A. On September 7, 2015, Raymond Lee & Co Gadens indicated that his client would only continue if a lease was concluded for the Yum Cha restaurant (Shop 116A). The tenant also indicated other conditions (including rental work). Between 18 September and 21 September 2015, the tenant (Ms Ng) entered into the lease of the premises and the tenant gave the lessor a bank guarantee of $US 165,000. The rental documents executed for the premises were given to the owner on October 2, 2015. The lease agreement for the premises should be invoiced in trust. Mr. Hedley was informed that the remission would take place on October 3, 2015 and would begin negotiations on November 28, 2015. On October 8, 2015, the tenant`s claims were denied. On October 13, 2015, the tenant indicated that he still intended to rent the premises and the MM5 shop.
At that time, Shop MM5 was rented to a third party. There were no other premises available and if no other postulate was found before July 1, 2016, the tenant claimed compensation of USD 350,000.00 (plus GST). On 15 October 2015, Mirvac paid the tenant one third of the equipment contribution. Mr. V. had the landlord pay $US 300,000 and this was accepted by the tenant. Gadens published on 19 October 2015 a new postponement decision with the opening date of 14 December 2015. Other replacement sites have been published by Gadens (modifications of the rental and restaurant spaces Yum Cha). These were signed and returned to Gadens on 30 October 2015. The duration of the rental is one hundred and twenty (120) months starting one hundred and fifty (150) days after the date on which the tenant opens in the premises demised (the start date“). .