The Commercial Lease Letter of Intent is a crucial preliminary document in Philippine commercial real estate transactions, typically used before entering into a formal lease agreement. It serves as a structured way to initiate lease negotiations and document the primary terms that both parties intend to include in the final lease. While predominantly non-binding under Philippine law, certain provisions such as confidentiality or exclusivity periods may be explicitly made binding. The document typically includes essential terms like property details, proposed rental rates, lease duration, and intended use, aligning with requirements under the Civil Code of the Philippines and local commercial practice. This document is particularly important in the Philippine context where formal documentation of preliminary agreements is valued in business transactions and serves as a roadmap for lawyers drafting the final lease agreement.
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1. Letter Header: Date, recipient details, and subject line identifying the specific property
2. Introduction: Opening paragraph identifying the parties and expressing interest in leasing the specific commercial property
3. Property Details: Clear identification and description of the commercial space to be leased
4. Commercial Terms: Key lease terms including proposed rental rate, lease duration, and commencement date
5. Payment Terms: Details of rent payment structure, security deposit, advance rent requirements
6. Intended Use: Specified purpose for which the commercial space will be used
7. Timeline: Proposed schedule for negotiation, documentation, and occupation
8. Non-Binding Statement: Clear statement that the LOI is non-binding except for specifically identified binding provisions
9. Closing: Signature blocks and formal letter closing
1. Due Diligence Period: Proposed timeline and terms for conducting property inspection and verification, included when buyer requires specific investigation period
2. Exclusivity Period: Terms requesting exclusive negotiation rights for a specified period, included when requester wants to prevent landlord from entertaining other offers
3. Confidentiality Clause: Terms regarding confidential treatment of negotiations and information, included for sensitive commercial transactions
4. Broker Representation: Declaration of any broker involvement and commission arrangements, included when real estate brokers are involved
5. Condition Precedents: Specific conditions that must be met before proceeding with the lease, included when there are particular requirements for lease commencement
1. Floor Plan: Basic layout or floor plan of the commercial space being considered
2. Preliminary Terms Sheet: Summary of key commercial terms in table format
3. Proposed Improvements: List of any tenant improvements or modifications being requested
4. Property Photos: Current photographs of the commercial space, if available
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