A Letter of Intent to Extend Lease is commonly used when a tenant wishes to secure their continued occupation of a property beyond the current lease term, or when a landlord wishes to retain a valuable tenant. This document, governed by English and Welsh law, typically precedes formal lease extension negotiations and helps establish clear communication between parties. It includes crucial information such as current lease details, proposed extension terms, timeline for negotiation, and any conditional requirements. While not typically legally binding, it serves as an important stepping stone in the lease extension process and helps prevent misunderstandings between parties.
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1. Current Lease Reference: Details of the existing lease including date, parties, and property details
2. Expression of Intent: Clear statement of intention to extend the lease and acknowledgment of the current lease terms
3. Proposed Terms: Key terms of the proposed extension including duration and any modifications to existing terms
4. Timeline: Proposed timeline for negotiation and completion of the lease extension
5. Contact Information: Details for further communication and next steps
1. Conditional Terms: Any conditions that must be met before proceeding with the lease extension
2. Proposed Rent Review: Details of any rent adjustments or review mechanisms for the extended term
3. Property Improvements: Proposed modifications or improvements to the property during or before the extended term
1. Current Lease Copy: Copy of the existing lease agreement referenced in the letter
2. Property Plans: Current floor plans or property drawings if relevant to the extension
3. Proposed Terms Schedule: Detailed schedule of proposed changes or new terms for the extended lease period
Relevant legal definitions
Property
Current Lease
Extension Period
Commencement Date
Proposed Terms
Existing Rent
Proposed Rent
Landlord
Tenant
Premises
Term
Extension Date
Business Day
Party
Parties
Lease Extension
Existing Term
Current Use
Property Manager
Permitted Use
Binding Terms
Non-Binding Terms
Extension Completion Date
Negotiation Period
Professional Advisers
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
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