The Letter Of Intent For Renewal Of Contract Of Lease is a crucial document in Philippine real estate practice, typically used when an existing lease agreement is approaching its expiration date and the parties wish to continue their landlord-tenant relationship. This document serves as a formal communication tool to initiate renewal negotiations and is particularly important in commercial leasing contexts. While not legally binding in terms of the final lease terms, it demonstrates good faith and commitment to the renewal process. The document should align with Philippine legal requirements, including provisions from the Civil Code of the Philippines and the Rental Control Act. It's commonly used 3-6 months before the current lease expires and helps establish clear communication between parties regarding proposed terms, potential modifications, and timeline for finalizing the renewal agreement.
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1. Letter Date and Address Block: Current date and complete contact details of both parties, including registered business addresses
2. Subject Line: Clear indication that this is a Letter of Intent for Lease Renewal, including reference to the original lease agreement
3. Opening Statement: Formal introduction expressing the intent to renew the existing lease agreement
4. Reference to Current Lease: Details of the current lease including property address, current term, and expiration date
5. Proposed Renewal Terms: Key terms for the renewal including proposed duration, rental rate, and any significant changes
6. Timeline and Process: Proposed timeline for negotiation and execution of the renewal agreement
7. Closing Statement: Expression of commitment to negotiate in good faith and timeline for response
8. Signature Block: Space for signatures of authorized representatives from both parties
1. Conditional Requirements: Any specific conditions that must be met before renewal (e.g., property improvements, updated documentation)
2. Proposed Modifications: Detailed list of proposed changes to the existing lease terms, if significant modifications are being suggested
3. Current Compliance Statement: Statement confirming compliance with current lease terms and obligations
4. Financial Terms Update: Detailed breakdown of proposed financial changes including security deposit adjustments, if applicable
5. Property Improvement Plans: Overview of any proposed renovations or improvements to be made during the renewal term
1. Current Lease Summary: Brief summary of key terms from the existing lease agreement
2. Proposed Changes Schedule: Detailed list comparing current terms with proposed new terms
3. Property Condition Report: Current condition assessment of the property (if relevant to renewal terms)
4. Financial Terms Schedule: Detailed breakdown of proposed rental rates, payment schedules, and other financial terms
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