Update to ADLS lease form

The 6th edition of the ADLS deed of lease was released today.  It contains a raft of improvements and amendments whilst maintaining the structure of the lease which is familiar to so many of us and widely accepted in the marketplace.  Whilst the current soft ratchet has been retained, the standard form now usefully contains a CPI rent review clause option which will allow this form of rent review mechanism to be easily adopted in a standardised manner.  Whilst largely familiar, the outgoings provisions have also been overhauled and updated.  Unsurprisingly the quantum of the insurance excess contained in the outgoings provisions has been increased from $500 to $2,000.  Landlord access for repairs (and importantly earthquake strengthening) has also been addressed as has the tenant’s repairs and maintenance provisions.  So whilst the substance of the form is largely the same there have been some significant improvements and amendments.  Tenants and landlords alike would be well advised to review the new form. More…