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Long Term Tenancy Agreement
"I need a Long Term Tenancy Agreement for a commercial office space in Makati City, Philippines, starting March 1, 2025, with a 5-year term and option to renew for another 3 years, including provisions for annual rent escalation and fit-out works."
1. Parties: Identification and details of the Landlord and Tenant, including complete addresses and tax identification numbers as required by Philippine law
2. Background: Context of the agreement and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Demise: Formal grant of lease and description of the property being leased
5. Term: Duration of the lease, including start and end dates, and any option periods
6. Rent and Security Deposit: Rental amount, payment terms, security deposit requirements, and annual escalation provisions in compliance with RA 9653
7. Utilities and Outgoings: Responsibility for payment of utilities, maintenance fees, and other charges
8. Use of Premises: Permitted use of the property and any restrictions
9. Maintenance and Repairs: Responsibilities of both parties regarding property maintenance and repairs
10. Landlord's Covenants: Obligations and warranties of the landlord
11. Tenant's Covenants: Obligations and warranties of the tenant
12. Insurance: Required insurance coverage for both parties
13. Assignment and Subletting: Provisions regarding the tenant's right to assign or sublet the property
14. Default and Remedies: Events of default and available remedies for both parties
15. Termination: Grounds and procedures for early termination
16. Notices: Process for sending formal notices between parties
17. Governing Law: Specification of Philippine law as governing law and jurisdiction
18. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Fit-out Works: Include when tenant is permitted to make improvements or modifications to the property
2. Break Clause: Include when parties agree to early termination rights after a specific period
3. Force Majeure: Include specific provisions for natural disasters or other unforeseen circumstances, particularly relevant given Philippines' geographic location
4. Option to Renew: Include when tenant is granted right to extend the lease term
5. VAT and Withholding Tax: Include detailed tax provisions when either party is VAT-registered or subject to specific tax requirements
6. Property Management: Include when property is part of a managed building or complex
7. Parking: Include when parking spaces are part of the lease
8. Common Areas: Include for properties in multi-tenant buildings or complexes
1. Schedule 1 - Property Description: Detailed description of the property including floor plans and measurements
2. Schedule 2 - Inventory: List of furniture, fixtures, and equipment included in the lease
3. Schedule 3 - House Rules: Building or property rules and regulations
4. Schedule 4 - Rent Payment Schedule: Detailed breakdown of rent payments including escalation rates
5. Schedule 5 - Fit-out Guidelines: Technical specifications and requirements for any permitted modifications
6. Schedule 6 - Handover and Return Condition: Specifications for property condition at start and end of lease
7. Schedule 7 - Utility Meters: Initial meter readings and meter numbers for utilities
8. Appendix A - Required Permits: List of permits and licenses required for property use
9. Appendix B - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
Authors
Real Estate
Commercial Property
Residential Property
Retail
Manufacturing
Industrial
Office Space
Healthcare
Education
Hospitality
Logistics
Banking and Finance
Technology
Professional Services
Legal
Real Estate
Facilities Management
Operations
Finance
Compliance
Administration
Property Management
Asset Management
Risk Management
Corporate Services
Business Development
Real Estate Manager
Property Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Operations Director
Chief Financial Officer
Business Development Manager
Real Estate Broker
Leasing Manager
Contract Administrator
Compliance Officer
Real Estate Director
Asset Manager
General Counsel
Office Manager
Location Manager
Finance Director
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