The Commercial Lease Letter of Intent is a crucial preliminary document used in Nigerian commercial real estate transactions to establish the fundamental terms of a proposed lease arrangement between a landlord and tenant. This document is typically employed before drafting the full lease agreement, when parties have reached a general understanding but need to document their intentions and key commercial terms. While primarily non-binding, it serves as a roadmap for lease negotiations and may contain certain binding provisions such as confidentiality and exclusivity. The document must consider Nigerian legal requirements, particularly the Land Use Act and state-specific property laws. It's essential in complex commercial lease transactions where parties need to establish clear expectations and demonstrate commitment before incurring the expense of full lease documentation and due diligence.
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1. Date and Address Block: Standard business letter format with current date and recipient's full address
2. Subject Line: Clear identification of the document as a Letter of Intent for Commercial Lease of the specific property
3. Introduction: Identification of the parties (prospective landlord and tenant) and their current addresses
4. Property Description: Detailed description of the commercial property, including exact location, size, and any relevant registration details
5. Commercial Terms: Key lease terms including proposed rent, duration, commencement date, and payment terms
6. Use Clause: Intended use of the premises and any specific business activities to be conducted
7. Timeline: Proposed timeline for lease negotiation, documentation, and completion
8. Conditions Precedent: Essential conditions that must be met before proceeding with the lease, including governmental approvals
9. Non-Binding Statement: Clear statement regarding which provisions are non-binding vs. binding (if any)
10. Exclusivity Period: Period during which the landlord agrees not to negotiate with other potential tenants
11. Closing: Signature blocks for both parties and date of execution
1. Due Diligence: Terms regarding the tenant's right to conduct property investigations and inspections, used when the property requires significant verification of condition or title
2. Broker Representation: Declaration of any real estate brokers involved and commission arrangements, included when brokers are part of the transaction
3. Tenant Improvements: Preliminary terms regarding any modifications or improvements to be made to the property, included when significant renovations are anticipated
4. Security Deposit: Preliminary terms regarding security deposit requirements, included when this is a material term for negotiation
5. Confidentiality: Terms regarding confidentiality of negotiations and information exchange, used in sensitive commercial transactions
6. Break Option: Preliminary terms regarding early termination rights, included when this is a key negotiation point
7. Force Majeure: Preliminary agreement on force majeure events, included when specific risks need to be addressed upfront
1. Floor Plan: Preliminary floor plan or layout of the commercial space
2. Property Photos: Current photographs of the property and key features
3. Preliminary Rent Schedule: Detailed breakdown of proposed rent payments, including any escalation clauses
4. Timeline Schedule: Detailed timeline for lease negotiation, documentation, and completion milestones
5. Property Documents: List of required property documents to be provided, including title documents and regulatory approvals
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