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Preliminary Lease Agreement
"I need a Preliminary Lease Agreement for a commercial warehouse property in Manila, Philippines, with special provisions for environmental compliance and a 60-day due diligence period before converting to a formal lease."
1. Parties: Identification of the Lessor and Lessee with complete details including addresses and tax identification numbers
2. Background: Context of the preliminary lease arrangement and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including exact location, measurements, and current condition
5. Term and Commencement: Duration of the preliminary lease and conditions for commencement
6. Rental Amount and Payment Terms: Specified rental amount, payment schedule, and method of payment
7. Security Deposit and Advance Rent: Details of required security deposit and advance rent payments
8. Conditions Precedent: Conditions that must be met before the formal lease agreement is executed
9. Due Diligence: Rights and obligations regarding property inspection and verification
10. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
11. Termination: Circumstances under which the preliminary lease can be terminated
12. Governing Law: Specification of Philippine law as governing law
13. Execution: Signature blocks and execution formalities
1. Fit-out Period: Terms for any renovation or modification period, used when the property requires tenant improvements
2. Broker Involvement: Details of any broker or agent involvement and associated fees, included when a broker facilitated the transaction
3. Option to Lease: Terms for converting the preliminary lease into a formal lease, included when there's a specific option period
4. Environmental Compliance: Environmental requirements and certificates, necessary for industrial or commercial properties
5. Parking Rights: Details of parking arrangements, included for commercial buildings or properties with parking facilities
6. Common Areas: Rights and obligations regarding common areas, included for properties in multi-tenant buildings
7. Construction/Renovation Clause: Details of any pending construction or renovation work, included when property is under development
1. Schedule A - Property Details: Detailed technical description of the property including floor plans and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of all payments including security deposit, advance rent, and other fees
3. Schedule C - Property Photos: Current photographs documenting the condition of the property
4. Schedule D - Due Diligence Requirements: List of documents and verifications required for due diligence
5. Schedule E - Building Rules: Applicable building rules and regulations if property is in a managed building
6. Appendix 1 - Required Permits: List of permits and certificates required before formal lease execution
7. Appendix 2 - Form of Formal Lease: Draft or template of the intended formal lease agreement
Authors
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Office Space
Hospitality
Healthcare
Education
Manufacturing
Logistics
Technology
Legal
Real Estate
Facilities Management
Operations
Finance
Procurement
Risk Management
Corporate Affairs
Business Development
Administration
Real Estate Manager
Property Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Real Estate Broker
Business Development Manager
Operations Director
Chief Financial Officer
Real Estate Director
Leasing Manager
Asset Manager
Commercial Director
Procurement Manager
Company Secretary
Risk Manager
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