The Letter of Intent to Renew Lease is a crucial document in Singapore's property market that initiates the lease renewal process. It is typically used when an existing tenant wishes to continue occupying a property beyond the current lease term. This document helps establish clear communication between parties and outlines key terms for negotiation. While not legally binding, it demonstrates serious intent and typically includes proposed renewal terms, timeline, and any desired modifications to the existing agreement. Under Singapore law, this document serves as a precursor to the formal lease renewal agreement.
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1. Current Lease Reference: Details of the existing lease agreement including dates and parties
2. Property Details: Clear identification of the leased premises including address and any relevant property identifiers
3. Intent Declaration: Formal statement expressing intention to renew the lease
4. Proposed Terms: Outline of key terms for renewal including proposed duration and rental amount
5. Timeline: Proposed timeline for negotiation and execution of renewal
1. Conditions Precedent: Any conditions that must be met before renewal can proceed
2. Proposed Modifications: Any proposed changes to existing lease terms
3. Due Diligence Period: Timeframe for property inspection or review (typically for commercial properties)
4. Confidentiality Clause: Provisions regarding confidentiality of negotiations and terms
5. Good Faith Declaration: Statement of intent to negotiate in good faith
1. Schedule A - Current Lease Agreement: Copy of existing lease agreement for reference
2. Schedule B - Property Floor Plan: Current layout and floor plan of the premises
3. Schedule C - Building Inspection Report: Recent inspection report of the property (if applicable)
4. Schedule D - Proposed New Terms: Detailed list of proposed modifications to existing lease terms
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