A lease of part of an office building. The lease has been drafted, so far as practicable, to comply with the RICS Professional statement: Code for Leasing Business Premises, England and Wales (1st edition, February 2020) (Lease Code 2020) (which is effective from 1 September 2020) and the RICS Professional statement on service charges in commercial property (1st edition, September 2018).

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

The lease is of the whole (or part) of one or more floors of an office building and is an internal only demise. There is optional wording to include a separate storage area in the demise. 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 office building. 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 office building. 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 office building. It also contains optional wording to enable it to be used as a renewal lease.