Commercial Lease Agreement
This lease is made on 7 November 2026 between:
- Marlow Property Holdings Ltd, of 40 Harbour Street, Dublin D02 XY45, Ireland ("the Landlord"); and
- Fennel & Co Bakery Ltd, of 9 Elm Terrace, Dublin D06 AB12, Ireland ("the Tenant").
The Tenant's guarantor: Ciaran Fennel, of 9 Elm Terrace, Dublin D06 AB12
1. The premises
The Landlord lets to the Tenant, and the Tenant takes, the following premises (the "Premises"):
Ground floor retail unit of about 85 square metres at 12 Market Street, Dublin D02 AB34, with the rear storeroom and the yard behind it, as shown in red on the attached plan.
The letting includes the fixtures and fittings the Landlord provides, and the right to use the shared entrances, stairs, corridors and facilities of the building in common with others. It does not include the roof, the structure, the outside walls or the space above and below the Premises. The Landlord keeps the right to run pipes, wires and cables through the Premises, and to enter them as section 12 allows.
2. Term
The lease is for 5 years, starting on 1 January 2027 (the "Term"), unless it ends earlier under this lease.
for one further term of 5 years, if the Tenant asks at least 6 months before the term ends
3. Rent
The Tenant will pay the Landlord rent of EUR 3,200 a month, monthly in advance, on the first day of each month, by bank transfer to the account the Landlord names in writing, without deducting or setting off any amount, unless the law requires it.
No rent is payable for the first 2 months. All other terms of this lease apply during that time.
How the rent changes
Taxes on rent
If rent or any other sum is unpaid for more than 14 days after it is due, the Tenant will pay interest on it from the due date until payment at the rate the law allows for late commercial payments or, if the law sets none, at 4% a year above the central bank's base rate.
4. Deposit
The Tenant pays the Landlord a deposit of EUR 9,600 when this lease is signed. The Landlord holds it as security for the Tenant's duties under this lease, and will protect or register it wherever the law requires. The Tenant may not use it to pay rent. The Landlord may take from it any sum that the Tenant owes and has not paid after being asked, and the Tenant will then top it up within 14 days. The Landlord will repay what is left, without interest unless the law requires it, within 30 days after the lease ends and the Tenant has returned the Premises under section 14.
5. Costs of the building and utilities
Costs of the building
The Tenant will pay, as they fall due, the charges for electricity, gas, water, sewage, telephone, internet, waste and any similar service used at the Premises, and any local business tax or rates on the Premises that fall on an occupier. If a service is shared, the Tenant pays a fair share, based on use or on floor area.
6. Use
The Tenant will use the Premises only for the following purpose, and for no other:
A bakery and cafe selling food and drink, for consumption on the premises and to take away.
The Tenant will not do anything on the Premises that is illegal, dangerous, a nuisance or a danger to neighbours, that makes the insurance void or more expensive, or that overloads the floors or services. The Tenant will get, and keep in force, the licences, permits and registrations that its business needs, and will obey the laws and rules that apply to the Premises and to its business there. The Landlord does not promise that the Premises are suitable for the Tenant's business or that the use is allowed by the planning or zoning rules, and the Tenant has checked this.
7. Repairs and condition
The Tenant has inspected the Premises and accepts them in their present condition, as recorded in any schedule of condition the parties have signed. During the Term, the Tenant will keep the inside of the Premises in good repair and clean and tidy, will repair damage caused by it, its staff, visitors or customers, and will replace broken glass, light fittings and its own fixtures. The Tenant is not liable for ordinary wear and tear, or for damage caused by a risk insured under section 9, unless the Tenant caused it.
The Landlord will keep in good repair the structure, the roof, the outside, the shared parts and the main services of the building, and will do so within a reasonable time after the Tenant tells it about a problem. The Tenant will tell the Landlord promptly about any damage or defect that the Landlord must repair.
8. Alterations and signs
The Tenant may not make structural changes to the Premises or to the services, or put up any sign on the outside, without the Landlord's written consent, which will not be unreasonably refused or delayed. The Tenant may make internal changes that do not affect the structure and may be undone, after telling the Landlord. The Tenant must get any permit the changes need, and carry out the work properly. At the end of the Term, the Tenant will, if the Landlord asks in writing, remove the changes and make good any damage, at its own cost.
9. Insurance
Insurance of the building
The Tenant will also insure its own goods, stock and equipment, and take out public liability insurance for its business at the Premises for at least a sum that is usual for a business of its kind, and will show the Landlord the policy and receipt when asked. If the Premises are damaged by an insured risk so that they cannot be used, the rent stops from the day of the damage until they can be used again, or for as long as the insurance pays for loss of rent. If the Premises cannot be repaired within 6 months, either party may end the lease by written notice.
10. Selling, assigning and subletting
The Tenant may not sell, assign, sublet, share, or give up the Premises, or any part of them, or pass them on in any way, without the Landlord's written consent, which will not be unreasonably refused or delayed. The Landlord may ask for reasonable information about the new occupier, and may refuse where the new occupier cannot pay the rent or will use the Premises in a way this lease does not allow. If the Tenant is a company, a change in who controls it counts as an assignment.
The Landlord may sell or transfer its interest in the Premises. It will tell the Tenant, and the new landlord will take over its duties in this lease.
11. Ending the lease early
The Tenant may end this lease early only as follows, and in no other case:
after 3 years, by giving the Landlord 6 months' notice
To use that right the Tenant must give the notice in writing, be up to date with the rent, and give the Premises back as section 14 requires. If it does, the lease ends on the date set, and neither party has any further claim against the other except for something that happened before.
12. The Landlord's access
The Landlord, and people it authorises, may enter the Premises at reasonable times and after giving at least 24 hours' notice (or without notice in an emergency) to inspect them, to carry out repairs and work on the building, to measure them or to show them to a future tenant or buyer. The Landlord will cause as little disturbance to the Tenant's business as it reasonably can.
13. Default
The Landlord may end this lease and take back the Premises, as far as the law allows, if:
- the rent or any other sum is unpaid for more than 14 days after it is due and the Tenant has been asked in writing to pay it;
- the Tenant breaches any other duty in this lease and, where the breach can be put right, does not do so within 28 days of being asked to in writing; or
- the Tenant becomes insolvent, makes an arrangement with its creditors, has a receiver or administrator appointed, or stops carrying on business at the Premises.
The Landlord will give the notice, and follow the procedure, that the law requires. The Landlord may not lock out the Tenant or take its goods except by a lawful process. Ending the lease does not cancel the Tenant's duty to pay rent due before the end, or to pay damages for any breach. The Tenant will also repay the Landlord's reasonable costs of collecting unpaid sums and of enforcing this lease.
14. Returning the Premises
On the day the lease ends, the Tenant will give the Landlord vacant possession of the Premises, clean, in the repair this lease requires, with all of the Tenant's goods, signs and rubbish removed, and with all the keys and access cards handed back. The Tenant will repair any damage caused by the removal. The Landlord may dispose of anything the Tenant leaves behind after giving 14 days' written notice, and charge the Tenant the reasonable cost. If the Tenant stays on without the Landlord's written consent, it pays double the rent for that time, as a fair estimate of the Landlord's loss, and is liable for the Landlord's other loss.
15. Compliance and hazards
The Tenant will keep to the fire, health, safety, accessibility, environmental and waste rules that apply to its use of the Premises, will keep escape routes clear, and will not store dangerous or flammable goods except in small amounts that its business needs and the law allows. The Landlord will tell the Tenant of any known hazard in the building, such as asbestos, and will keep the shared parts safe. The Tenant will let the Landlord know at once about a fire, a leak, a break-in or any damage to the Premises.
16. Liability
The Tenant is responsible for any loss or injury caused by it, its staff, visitors or customers to the Landlord, the building or other people, and will keep the Landlord free from claims arising from its use of the Premises, except where the Landlord's own act or failure to carry out its duties caused them. The Landlord is not liable for loss of the Tenant's goods or business, except where the Landlord caused it by its own negligence or breach of this lease. Neither party is liable for indirect or consequential loss.
Nothing in this lease limits liability for death or personal injury caused by negligence, for fraud, or for any other liability that the law does not allow to be limited.
17. The guarantor
If a guarantor is named above, they guarantee to the Landlord that the Tenant will pay the rent and carry out all its duties under this lease. If the Tenant fails to do so, the guarantor will do it or pay on the Landlord's first written demand, whether or not the Landlord first claims against the Tenant, and the guarantee is not affected by any time the Landlord gives or any change the parties agree. If the lease ends because the Tenant is insolvent, the guarantor will, if the Landlord asks within 6 months, take a new lease for the rest of the Term on the same terms.
18. General
- Notices under this lease must be in writing, and delivered by hand, by registered post, or by email, to the address each party last gave the other. A notice to the Tenant may also be left at the Premises.
- Neither party is responsible for a delay or failure, other than a failure to pay money, caused by events beyond its reasonable control.
- This lease is the whole agreement between the parties about the Premises. It may be changed only in writing signed by both parties. If any part of it cannot be enforced, the rest stays in effect.
- A party that does not use a right straight away has not given it up.
- The parties will register or record this lease wherever the law requires, and will share the cost equally.
- This lease may be signed in separate copies and electronically, and together they form one lease.
19. Governing law and disputes
This lease is governed by the laws of Ireland. The parties will first try to settle any dispute by discussing it in good faith. If they cannot settle it within 30 days, either party may take it to the courts of Ireland, which have jurisdiction.
Signatures
The Landlord: Marlow Property Holdings Ltd
Name and role: ______________
Signature: ______________
Date: ______________
Witness name: ______________
Witness signature: ______________
The Tenant: Fennel & Co Bakery Ltd
Name and role: ______________
Signature: ______________
Date: ______________
Witness name: ______________
Witness signature: ______________
The Guarantor, if any
Name: ______________
Signature: ______________
Date: ______________