Real Estate

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LEASES                              K015

 

PURPOSE

To set forth the procedure for the lease of real property, the renewal of such leases, and to function as liaison to University departments.

 

POLICY

The University of Miami Real Estate Office is responsible for the processing and negotiating of all leases for real property, within the guidelines established by the Board of Trustees.  All leases must be approved by the Vice President for Real Estate, or his/her designee.

 

DEFINITION OF TERMS:

Real Property:           Land, including all permanent structures and improvements.

Lease:                        An agreement that does not convey ownership, but does convey                                      possession and use for a period of time.

Terms:                        The time for which something lasts and the provisions offered for acceptance.

Lessor:                       The owner or landlord

Lessee:                      The tenant.

 

PROCEDURES:

  1. Department may locate suitable space.  Assistance in locating space will be provided by the Real Estate Office upon request.

    2.  

  2. The Real Estate Director and/or his designee and the General Counsel’s Office will examine all leases and recommend additions or deletions as necessary.  In addition, the Office of Risk Management will examine all leases for insurance purposes. 

    3.  

  3. The Department Head shall contact the Real Estate Office requesting the space.  The Real Estate Office shall send a Form Letter containing the terms of the lease to the Department Head for approval and for the approval of the appropriate Vice President.  Funding approval must also be obtained, identifying the account number to be charged.

    4.  

  4. Leases must have initialed approval of the appropriate Vice President and/or Dean or Department Chairman.  If the lease term exceeds 10 years or requires rent payments of more than $500,000 per year, as set forth in the Policies and Procedures for the Master Planning and Construction Committee, the lease agreement requires the recommendation of the Master Planning & Construction Committee and the approval of the Executive Committee for the Board of Trustees.

    5.  

  5. Copies of the fully executed lease will be distributed to Purchasing (to create a purchase order for rental payments), Director of Risk Management (Insurance),
    and Physical Plant (utilities), as appropriate.


  6. At least sixty (60) days prior to expiration of the lease, or as required by an option to renew in the individual leases, Real Estate Office contacts Department Head, or, if involving a lease for the School of Medicine, contacts the Vice Provost and Deputy Dean to determine their intention to either renew the lease or vacate the premises.


Content Last Modified on February  2002