"Business & Commercial Lease Agreement Checklist" - Virgin Islands

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Business & Commercial Lease Agreement Checklist is a legal document that was released by the Virgin Islands Department of Property and Procurement - a government authority operating within Virgin Islands.

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  • Released on January 2, 2020;
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BUSINESS & COMMERCIAL
Utilize this checklist as a guide to assist you with ensuring that
you completed all the necessary requirements to process your
LEASE AGREEMENT
lease. If all the requirements are not met on this checklist your
lease will be returned and that will delay the process.
CHECKLIST
Revised 1/2/2020
Will
Did you do the following……………
Yes
No
N/A
Supplement
1.
Did the Lessee sign the lease?
☐
☐
☐
☐
2.
Did the Lessee initial all pages of the lease?
☐
☐
☐
☐
3.
Is the property description in the lease consistent with the map?
☐
☐
☐
☐
4.
If the leased premises is a portion of a larger premises, is the lease premises
☐
☐
☐
☐
clearly identified on a MapGeo printout?
Is it included as an exhibit to the lease or some other mechanism to delineate the
leased premises? □ YES □ NO
5.
Is the Lessee’s signature witnessed by two individuals?
☐
☐
☐
☐
6.
Did each witness print and sign their name for all required signatories?
☐
☐
☐
☐
7.
Is the lease notarized?
☐
☐
☐
☐
8.
Has the surveyor’s map/official drawing been attached?
☐
☐
☐
☐
9.
Is there a copy of the Lessee’s current Virgin Islands business license which
☐
☐
☐
☐
authorizes the business activity in the lease?
10. Is there an appraisal report or documentation to support the rent?
☐
☐
☐
☐
11. Is the person who is authorized to sign the lease the same, per the resolution,
☐
☐
☐
☐
same as the signatory listed on the lease?
12. Are the titles for the signatory consistent throughout all documents? i.e. if
☐
☐
☐
☐
signatory’s title says President in the articles/ bylaws, it must also say president on
signature line, in the resolution and throughout the lease
13. Is the approved activity/purpose in the lease allowable on the property per the
☐
☐
☐
☐
zoning requirements?
14. Is there proof of the Government’s ownership of the lease premises attached?
☐
☐
☐
☐
15. Are drawings of any buildouts or improvements attached, if necessary?
☐
☐
☐
☐
16. Are the business plans (new business) or current financial documents (existing
☐
☐
☐
☐
business) attached?
17. Is there an alert in the justification letter/ transmittal letter of any corporate
☐
☐
☐
☐
documents that are expiring within 30 days of transmittal?
18. Is the lease organized with the required dividers?
☐
☐
☐
☐
19. If any changes were made subsequent to execution of lease, has the lessee
☐
☐
☐
☐
initialed the changes?
Corporations
20. Is there a copy of the Articles of Incorporation attached?
☐
☐
☐
☐
21. If the Corporation has a Tradename (d/b/a), is there a current copy of the
☐
☐
☐
☐
tradename registration attached?
BUSINESS & COMMERCIAL
Utilize this checklist as a guide to assist you with ensuring that
you completed all the necessary requirements to process your
LEASE AGREEMENT
lease. If all the requirements are not met on this checklist your
lease will be returned and that will delay the process.
CHECKLIST
Revised 1/2/2020
Will
Did you do the following……………
Yes
No
N/A
Supplement
1.
Did the Lessee sign the lease?
☐
☐
☐
☐
2.
Did the Lessee initial all pages of the lease?
☐
☐
☐
☐
3.
Is the property description in the lease consistent with the map?
☐
☐
☐
☐
4.
If the leased premises is a portion of a larger premises, is the lease premises
☐
☐
☐
☐
clearly identified on a MapGeo printout?
Is it included as an exhibit to the lease or some other mechanism to delineate the
leased premises? □ YES □ NO
5.
Is the Lessee’s signature witnessed by two individuals?
☐
☐
☐
☐
6.
Did each witness print and sign their name for all required signatories?
☐
☐
☐
☐
7.
Is the lease notarized?
☐
☐
☐
☐
8.
Has the surveyor’s map/official drawing been attached?
☐
☐
☐
☐
9.
Is there a copy of the Lessee’s current Virgin Islands business license which
☐
☐
☐
☐
authorizes the business activity in the lease?
10. Is there an appraisal report or documentation to support the rent?
☐
☐
☐
☐
11. Is the person who is authorized to sign the lease the same, per the resolution,
☐
☐
☐
☐
same as the signatory listed on the lease?
12. Are the titles for the signatory consistent throughout all documents? i.e. if
☐
☐
☐
☐
signatory’s title says President in the articles/ bylaws, it must also say president on
signature line, in the resolution and throughout the lease
13. Is the approved activity/purpose in the lease allowable on the property per the
☐
☐
☐
☐
zoning requirements?
14. Is there proof of the Government’s ownership of the lease premises attached?
☐
☐
☐
☐
15. Are drawings of any buildouts or improvements attached, if necessary?
☐
☐
☐
☐
16. Are the business plans (new business) or current financial documents (existing
☐
☐
☐
☐
business) attached?
17. Is there an alert in the justification letter/ transmittal letter of any corporate
☐
☐
☐
☐
documents that are expiring within 30 days of transmittal?
18. Is the lease organized with the required dividers?
☐
☐
☐
☐
19. If any changes were made subsequent to execution of lease, has the lessee
☐
☐
☐
☐
initialed the changes?
Corporations
20. Is there a copy of the Articles of Incorporation attached?
☐
☐
☐
☐
21. If the Corporation has a Tradename (d/b/a), is there a current copy of the
☐
☐
☐
☐
tradename registration attached?
Will
Did you do the following……………
Yes
No
N/A
Supplement
1.
Did the Lessee sign the lease?
☐
☐
☐
☐
2.
Did the Lessee initial all pages of the lease?
☐
☐
☐
☐
3.
Is the property description in the lease consistent with the map?
☐
☐
☐
☐
4.
If the leased premises is a portion of a larger premises, is the lease premises
☐
☐
☐
☐
clearly identified on a MapGeo printout?
Is it included as an exhibit to the lease or some other mechanism to delineate the
leased premises? □ YES □ NO
5.
Is the Lessee’s signature witnessed by two individuals?
☐
☐
☐
☐
6.
Did each witness print and sign their name for all required signatories?
☐
☐
☐
☐
7.
Is the lease notarized?
☐
☐
☐
☐
8.
Has the surveyor’s map/official drawing been attached?
☐
☐
☐
☐
9.
Is there a copy of the Lessee’s current Virgin Islands business license which
☐
☐
☐
☐
authorizes the business activity in the lease?
10. Is there an appraisal report or documentation to support the rent?
☐
☐
☐
☐
11. Is the person who is authorized to sign the lease the same, per the resolution,
☐
☐
☐
☐
same as the signatory listed on the lease?
22. Is there a current Certificate of Good Standing from the Lieutenant Governor’s
☐
☐
☐
☐
office
attached?*All Certificates of Good Standing expire on June 30
th
every year.
23. Is there a current copy of the Board Resolution on the corporation’s letterhead
☐
☐
☐
☐
attested to by the Secretary authorizing the signatory on the lease?
24. If the company is a Non-Profit, is there proof of their 501(c)(3) status attached?
☐
☐
☐
☐
*(No business license is required)*
Limited Liability Company (LLC)
25. Is there a copy of the Articles of Organization attached?
☐
☐
☐
☐
26. If the LLC has a Tradename (d/b/a), is there a current copy of the tradename
☐
☐
☐
☐
registration attached?
27. Is there a current Certificate of Existence from the Lieutenant Governor’s Office
☐
☐
☐
☐
attached?
*All Certificates of Standing expire on June 30
every year*.
th
28. Is there a current copy of the Memorandum authorizing the signatory (Corporate
☐
☐
☐
☐
Resolution or equivalent) on the company’s letterhead attested to by the Secretary
authorizing the signatory on the lease?
Partnerships (General)
29. Is there a current copy of the Memorandum authorizing the signatory (Corporate
☐
☐
☐
☐
Resolution or equivalent) on the company’s letterhead attested to by the Secretary
authorizing the signatory on the lease?
30. If using a Tradename (d/b/a), is there a current copy of the tradename registration
☐
☐
☐
☐
attached?
31. Is there a copy of the Partnership Agreement attached?
☐
☐
☐
☐
Limited Partnerships (L.P. or LP, LLP, LLLP)
32. Is there a copy of the Certificate of Limited Partnership attached?
☐
☐
☐
☐
33. If LLP or LLLP, is there a Statement of Qualification attached?
☐
☐
☐
☐
34. If the partnership has a Tradename (d/b/a), is there a current copy of the
☐
☐
☐
☐
tradename registration attached?
Will
Did you do the following……………
Yes
No
N/A
Supplement
1.
Did the Lessee sign the lease?
☐
☐
☐
☐
2.
Did the Lessee initial all pages of the lease?
☐
☐
☐
☐
3.
Is the property description in the lease consistent with the map?
☐
☐
☐
☐
4.
If the leased premises is a portion of a larger premises, is the lease premises
☐
☐
☐
☐
clearly identified on a MapGeo printout?
Is it included as an exhibit to the lease or some other mechanism to delineate the
leased premises? □ YES □ NO
5.
Is the Lessee’s signature witnessed by two individuals?
☐
☐
☐
☐
6.
Did each witness print and sign their name for all required signatories?
☐
☐
☐
☐
7.
Is the lease notarized?
☐
☐
☐
☐
8.
Has the surveyor’s map/official drawing been attached?
☐
☐
☐
☐
9.
Is there a copy of the Lessee’s current Virgin Islands business license which
☐
☐
☐
☐
authorizes the business activity in the lease?
10. Is there an appraisal report or documentation to support the rent?
☐
☐
☐
☐
11. Is the person who is authorized to sign the lease the same, per the resolution,
☐
☐
☐
☐
same as the signatory listed on the lease?
35. Is there a current Certificate of Existence from the Lieutenant Governor’s Office
☐
☐
☐
☐
attached?
*All Certificates of Good Standing expire on June 30
th
every year*.
36. Is there a current copy of the Memorandum authorizing the signatory (Corporate
☐
☐
☐
☐
Resolution or equivalent) on the company’s letterhead attested to by the Secretary
authorizing the signatory on the lease?
Sole Proprietorship
37. If using a Tradename (d/b/a), is there a current copy of the tradename registration
☐
☐
☐
☐
attached?
38. Is there a current copy of the Business License attached?
☐
☐
☐
☐
39. Did you answer no to any question? If yes, did you attach a written explanation to
☐
☐
☐
☐
this checklist?
Please Note:
**By signing, I am certifying that the required documents are attached, and the necessary information has been provided by the
Lessor.
*** By signing, I am certifying that I have reviewed this file and it complies with the Virgin Islands Property laws, the Property &
Procurement Rules and Regulations, and Policy Memoranda issued by the Commissioner.
________________________
________________
Property Specialist**
Date
______________________
________________
Deputy Commissioner of Property
Date
_______________________
_________________
Legal (In-House)***
Date
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