The Option To Lease Agreement is commonly used in Philippine business and real estate transactions where parties wish to secure future leasing rights while finalizing business plans or conducting due diligence. This document is particularly valuable in competitive real estate markets or when businesses need time to arrange financing or complete internal approvals before committing to a lease. The agreement must comply with Philippine Civil Code requirements and typically includes detailed terms about the option period, consideration, exercise process, and the proposed lease terms. It provides protection for both the property owner, who receives compensation for keeping the property available, and the potential lessee, who gains exclusive rights to lease the property under pre-agreed terms. The document is especially relevant in commercial real estate transactions and requires careful consideration of both property and contract law aspects under Philippine jurisdiction.
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1. Parties: Identification of the Property Owner/Lessor and Option Holder/Potential Lessee
2. Background: Context of the agreement, including brief description of the property and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Clear statement granting the option to lease the property
5. Option Period: Duration for which the option can be exercised
6. Option Fee: Amount payable for the option and whether it's applicable to future rent
7. Exercise of Option: Process and requirements for exercising the option
8. Proposed Lease Terms: Key terms of the lease that will come into effect upon exercise of the option
9. Property Description: Detailed description of the property subject to the option
10. Representations and Warranties: Statements of fact and promises by both parties
11. Termination: Circumstances under which the option agreement can be terminated
12. Governing Law: Specification of Philippine law as governing law
13. Execution: Signature blocks and execution requirements
1. Due Diligence: Rights and process for conducting property inspections and investigations, used when the option holder requires a due diligence period
2. Property Maintenance: Obligations regarding property maintenance during the option period, relevant for longer option periods
3. Assignment: Rights to assign the option, included when assignment might be contemplated
4. Broker Provisions: Terms relating to real estate brokers, included when brokers are involved
5. Purchase Option: Additional right to purchase the property, included when a future purchase might be contemplated
6. Exclusivity: Prohibition on owner offering the property to others, used in competitive markets
7. Force Majeure: Provisions for unexpected events, particularly relevant post-COVID
1. Property Details: Detailed description of the property including boundaries, certificates of title, and tax declarations
2. Proposed Lease Agreement: Full form of lease agreement to be executed upon exercise of option
3. Property Plans: Floor plans, site maps, or architectural drawings of the property
4. Existing Encumbrances: List of any existing liens, encumbrances, or restrictions on the property
5. Form of Option Exercise Notice: Template notice for exercising the option
6. Due Diligence Requirements: Detailed list of documents and information to be provided for due diligence
7. Permitted Use: Detailed description of allowed uses of the property under the proposed lease
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