A lease of the whole of a retail building on an estate.

The lease contains prescribed clauses and optional provisions if there is a tenant's guarantor.

The tenant repairs the demise. The lease can be used as a full repairing and insuring lease (FRI lease). Alternatively, the tenant's repair obligation can be qualified by reference to a schedule of condition.

The landlord insures the estate. The lease contains optional provisions to deal with uninsured risks.

The landlord retains responsibility for the repair and maintenance of its retained parts of the estate. The landlord recovers its costs through a service charge. The lease contains optional provisions if the tenant's service charge payments are to be subject to a service charge cap (subject to review at the start of each service charge year in line with the Retail Prices Index (RPI)).

The lease contains optional provisions for an upwards only open market rent review and for an optional cap and collar on the reviewed rent.

The lease also contains optional wording for a break clause.

The lease can be used as a headlease or as an underlease where the landlord has a leasehold interest in the whole estate. It also contains optional wording to enable it to be used as a renewal lease.