A Letter of Intent to Renew Commercial Lease is commonly used when a commercial tenant wishes to formally communicate their intention to renew their existing lease agreement. This document, governed by English and Welsh law, typically precedes the formal lease renewal process and helps establish the groundwork for negotiations. While not legally binding, it outlines proposed terms, timelines, and any variations from the existing lease. It's particularly important in contexts where the Landlord and Tenant Act 1954 applies, helping both parties clarify their positions before entering into formal lease renewal negotiations.
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1. Current Lease Reference: Details of existing lease including date, parties, and property description
2. Expression of Intent: Clear statement of intention to renew the lease
3. Proposed Terms: Key commercial terms for renewal (rent, duration, start date)
4. Timeline: Proposed timeline for negotiation and completion
5. Non-Binding Nature: Statement that this is subject to contract and not legally binding
1. Proposed Changes: Any material changes from current lease terms, used when modifications are anticipated
2. Conditions Precedent: Any conditions that must be met before proceeding, used when specific requirements exist
3. Break Options: Proposed break clause terms, if applicable to the renewal
1. Current Lease: Copy of existing lease agreement
2. Floor Plans: If any changes to demised premises are proposed
3. Schedule of Condition: If relevant to the renewal terms
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