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Lease Option Agreement Contract
"I need a Lease Option Agreement Contract for a commercial warehouse in Manila, Philippines, with a 2-year lease term starting March 1, 2025, and an option to purchase the property for 15 million pesos exercisable during the final 6 months of the lease term."
1. Parties: Identifies and defines the Lessor/Option Grantor and Lessee/Option Holder with complete legal names and addresses
2. Background: Establishes the context of the agreement, including property ownership and parties' intentions regarding lease and purchase option
3. Definitions: Defines key terms used throughout the agreement including Property, Option Period, Option Price, and Lease Term
4. Property Description: Detailed description of the leased property including exact location, boundaries, and included fixtures/fittings
5. Lease Terms: Specifies rent amount, payment terms, duration, utilities, maintenance responsibilities, and other standard lease provisions
6. Option Terms: Details of the purchase option including option price, option period, exercise procedure, and consideration paid for the option
7. Exercise of Option: Procedure for exercising the option, including notice requirements and completion timeframe
8. Purchase Price and Payment: Specifies the agreed purchase price if option is exercised and how payments will be structured
9. Representations and Warranties: Legal statements by both parties regarding their authority, property condition, and other material facts
10. Default and Remedies: Consequences of default under either the lease or option terms and available remedies
11. General Provisions: Standard contract clauses including governing law, notices, amendments, and severability
12. Execution: Signature blocks and notarization requirements as per Philippine law
1. Property Management: Include when specific property management arrangements are needed, especially for commercial properties
2. Assignment and Subletting: Include when parties want to specifically address the ability to transfer rights under the agreement
3. Insurance Requirements: Include when specific insurance coverage requirements need to be detailed
4. Environmental Matters: Include for commercial properties or when environmental concerns need to be addressed
5. Broker Provisions: Include when real estate brokers are involved in the transaction
6. Option Extension Terms: Include when parties want to allow for possible extension of the option period
7. Financing Contingencies: Include when the option exercise is contingent on the lessee obtaining financing
1. Schedule A - Property Description: Detailed technical description of the property including lot number, boundaries, and technical specifications
2. Schedule B - Property Plan/Floor Plan: Physical layout and plans of the property
3. Schedule C - Inventory of Fixtures and Fittings: Detailed list of items included in the lease and potential sale
4. Schedule D - Option Exercise Form: Template form for exercising the purchase option
5. Schedule E - Rent Payment Schedule: Detailed breakdown of rent payments and due dates
6. Schedule F - Property Condition Report: Documentation of property condition at lease commencement
7. Appendix 1 - Required Documents: List of documents required for option exercise and property transfer
8. Appendix 2 - Property Title Documents: Copies of relevant property ownership documents
Authors
Real Estate
Residential Property
Commercial Property
Retail
Industrial
Agriculture
Hospitality
Office Space
Manufacturing
Warehousing
Mixed-Use Development
Legal
Real Estate
Operations
Finance
Compliance
Risk Management
Facilities Management
Business Development
Property Management
Asset Management
Corporate Services
Administration
Real Estate Manager
Property Manager
Legal Counsel
Contract Administrator
Business Development Manager
Facilities Manager
Corporate Real Estate Director
Asset Manager
Chief Financial Officer
Operations Manager
Real Estate Broker
Compliance Officer
Risk Manager
Property Developer
Leasing Manager
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