Rising Tides Property Trust wishes to mandate various brokers to attend to the sourcing of suitable tenants for, and letting of, vacant premises within the portfolio.

The terms of the leasing mandate are set out below and, by being available to all brokers before a lease is concluded, is deemed accepted by the broker involved with the lease:

1. This leasing mandate replaces the terms and conditions of any previous verbal and/or written mandate and shall only apply to the vacant premises at the properties set out in our Vacancy Schedule.
2. Your mandate is not exclusive and you are not the sole agent under any circumstances.
3. You are not permitted to erect any broker and/or marketing boards on or outside the properties without prior written consent by the landlord. We subscribe to the guidelines set out by SAPOA and the municipality.
4. This mandate to secure tenants shall not prohibit or prevent Rising Tides Property Trust from sourcing tenants using their own resources.
5. Upon introduction of a prospective tenant by you, the prospective tenant will be required to complete and sign an Application to Lease and return it to the managing agents together with FICA documentation. After screening, the managing agent will provide you with an offer to lease to submit to the prospective tenant. This Offer To Lease (“OTL”) forms the basis of the lease agreement (“AOL”) which is compiled via our managing agents, JHI.
6. It is expected that brokers themselves are actively involved in each deal, from inception & first appointment to final signature of the lease agreement. Rising Tides Property Trust staff members will not meet prospective tenants on behalf of a broker.
7. All offers to lease signed by the prospective tenant, must be submitted in writing and will include an expiry date.
8. The managing agent and/or the landlord shall screen all written offers to lease by prospective tenants, and shall not necessarily accept any one offer received for vacant premises at the properties. An OTL signed by the tenant is not an obligation by the landlord to let the stated premises to the tenant.
9. Until the Agreement Of Lease is signed by both tenant and landlord, it is not a binding contract.
10. We reserve the right to suspend acceptance of a prospective tenant pending a reference from any previous landlord/s.
11. Commission is payable based on gross rental only and once the following criteria have been met:

• After the lease agreement (including annexures) has been signed by both parties.
• After all suspensive conditions (if any) concerning the lease have been met. Such conditions include the payment of the deposit or the acceptance of a bank guarantee, lease fees and the first month’s rental.
• On receipt of an original tax invoice detailing the commission calculation breakdown.
• Once the tenant has physically taken ownership of the keys and taken occupation of the premises by utilising the shop or office for their business.

12. It shall be calculated on the following basis:

• 5% on the first two (2) years’ gross rental.
• 2,5% on the next three (3) years’ gross rental.
• 1,5% on the next three (3) years’ gross rental.
• 1% on gross rental for the balance.
• Gross rental shall include basic rental, parking rental and municipal rates.
• Commission on short-term leases shall be calculated based on the above rates. No minimum commission shall apply.
• All calculations shall exclude VAT payable by the tenant.

13. No commission shall be payable in the case of:

• Any additional space taken by the tenant at the particular property after conclusion of the signed lease.
• Any renewal or exercising of any option to renew on the expiry of the original lease agreement.
• The conclusion of a new lease agreement with an existing occupant of leased premises on the expiry of the original lease.
• Any additional monies payable by the tenant (utilities, amortisations, etc).
• Any sale of the leased premises or property by the landlord to the tenant.
• Unknown rental such as turnover rental and unknown future escalated rental.

14. If more than one Property Broker introduces the same prospective tenant, the Property Broker who first secures a valid written offer from the tenant will qualify as the ‘effective cause’. Any dispute is to be resolved between the brokers involved.
15. This mandate may be terminated with immediate effect by written notice.
16. Any variation to these conditions must be agreed in writing and signed between the landlord and the broker.
17. No broker is to quote tenant installation contributions offered by the landlord. This contribution will be determined once the prospective tenant, via the broker, has submitted their fit out requirements whereafter the landlord will consider terms agreed and contribution based on these terms. We encourage tenants to co-invest in their office or shop, along with the landlord. The landlord contribution will only be towards fixtures and fittings that are deemed beneficial to the landlord and the tenant.