The Letter of Intent for Lease Space is a crucial preliminary document in Philippine real estate transactions, used when a potential tenant wishes to formally express interest in leasing a property while establishing basic terms for negotiation. This document type is particularly relevant in the Philippine market where commercial and residential lease arrangements often require structured negotiations. While not typically legally binding as a whole, it may contain certain binding provisions such as confidentiality or exclusivity clauses. The LOI helps parties establish clear expectations regarding key terms like rental rates, lease duration, and space requirements before investing time and resources in detailed lease negotiations. It should align with Philippine Civil Code requirements and local property regulations, while considering market practices in different regions of the Philippines.
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1. Date and Parties: Full legal names and addresses of both the prospective lessor and lessee
2. Subject Property: Detailed description of the space to be leased, including exact location, floor area, and unit number if applicable
3. Proposed Terms: Key lease terms including proposed rental rate, lease duration, and intended use of the space
4. Timeline: Expected dates for lease commencement, due diligence period, and final lease agreement execution
5. Financial Terms: Proposed rental rate, security deposit, advance rent requirements, and other financial obligations
6. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific terms (such as confidentiality)
7. Expiration of Offer: Deadline for acceptance of the LOI and timeline for moving forward with the lease agreement
1. Due Diligence Period: Include when the lessee requires time to investigate the property condition, title, permits, etc.
2. Exclusivity Period: Include when requiring the lessor not to negotiate with other potential tenants during negotiations
3. Conditions Precedent: Include when there are specific conditions that must be met before proceeding with the final lease
4. Broker Representation: Include when real estate brokers are involved in the transaction
5. Confidentiality Clause: Include when dealing with sensitive commercial terms or high-profile parties
6. Improvements and Alterations: Include when specific renovations or modifications to the space are anticipated
7. Utilities and Services: Include when specific arrangements for utilities and services need to be highlighted
1. Floor Plan: Layout drawing or sketch of the proposed lease space
2. Photos: Current photographs of the space if available
3. Preliminary Terms Sheet: Detailed breakdown of proposed commercial terms in table format
4. Property Documents: Copies of relevant certificates, permits, or property documents
Relevant legal definitions
Premises
Proposed Lease Term
Commencement Date
Base Rent
Common Areas
Security Deposit
Permitted Use
Due Diligence Period
Lessor
Lessee
Building
Letter of Intent
Lease Agreement
Effective Date
Business Day
Confidential Information
Exclusivity Period
Advance Rent
Property
Broker
Force Majeure
VAT
Utilities
Operating Expenses
Improvements
Proposed Lease Term
Commencement Date
Base Rent
Common Areas
Security Deposit
Permitted Use
Due Diligence Period
Lessor
Lessee
Building
Letter of Intent
Lease Agreement
Effective Date
Business Day
Confidential Information
Exclusivity Period
Advance Rent
Property
Broker
Force Majeure
VAT
Utilities
Operating Expenses
Improvements
Clauses
Parties Identification
Property Description
Lease Term
Rental Rate
Security Deposit
Non-Binding Nature
Confidentiality
Exclusivity
Due Diligence
Timeline
Good Faith
Costs and Expenses
Governing Law
Expiration
Broker Representation
Property Access
Conditions Precedent
Termination
Notices
Binding Provisions
Assignment
Entire Understanding
Authority
Counterparts
Property Description
Lease Term
Rental Rate
Security Deposit
Non-Binding Nature
Confidentiality
Exclusivity
Due Diligence
Timeline
Good Faith
Costs and Expenses
Governing Law
Expiration
Broker Representation
Property Access
Conditions Precedent
Termination
Notices
Binding Provisions
Assignment
Entire Understanding
Authority
Counterparts
Relevant Industries
Real Estate
Retail
Office Space
Commercial Property
Industrial
Hospitality
Healthcare
Education
Banking & Financial Services
Technology
Manufacturing
Logistics & Warehousing
Food & Beverage
Professional Services
Relevant Teams
Legal
Real Estate
Operations
Finance
Procurement
Administration
Risk Management
Facilities Management
Business Development
Corporate Affairs
Relevant Roles
Real Estate Manager
Property Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Business Development Manager
Operations Director
Chief Financial Officer
Commercial Director
Procurement Manager
Real Estate Agent
Leasing Manager
Branch Manager
Expansion Manager
Store Operations Manager
Administrative Manager
Company Secretary
Risk Manager
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