Underlease of part

This document is a draft underlease of part of office premises. It is based on the Property PSL lease of part and underlease of whole.

It is drafted on the assumption that the head-tenant has taken a lease of the whole of a building and is sub-letting surplus space within the building. Hence, it obliges the under-tenant to contribute a "Tenant's Proportion" of head-lease costs such as insurance, and costs shared with adjacent owners (and possibly, also, service charge, if the building is a unit on an estate where a service charge is payable).