The Lease With Option To Buy Commercial Property agreement is a specialized legal instrument used in the Philippines when a party wishes to lease a commercial property while maintaining the right to purchase it in the future. This arrangement is particularly useful for businesses that want to test a location before committing to a purchase, or those that need time to arrange financing for eventual ownership. The document must comply with Philippine Civil Code requirements, local government regulations, and real estate laws. It typically includes comprehensive terms covering both the lease period (including rent, maintenance, and use restrictions) and the purchase option (including price determination, exercise period, and conversion process). This type of agreement provides flexibility for commercial tenants while giving property owners a committed long-term arrangement with a potential sale.
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1. Parties: Identification of the Lessor/Potential Seller and Lessee/Potential Buyer, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the agreement, including brief property description and parties' intentions regarding lease and potential purchase
3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Purchase Price', 'Lease Term', etc.
4. Property Description: Detailed description of the commercial property, including exact location, boundaries, and improvements
5. Lease Terms: Core lease provisions including duration, rental amount, payment terms, and periodic increases
6. Option to Purchase: Terms of the purchase option, including option period, purchase price, and method of exercising the option
7. Payment Terms: Detailed payment structures for both lease and purchase option, including how lease payments may be credited toward purchase
8. Use of Property: Permitted commercial uses, restrictions, and compliance with zoning laws
9. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements
10. Insurance and Taxes: Requirements for property insurance and responsibility for various taxes
11. Default and Remedies: Events of default under lease or option terms and corresponding remedies
12. Assignment and Subletting: Terms governing the transfer of lease rights or option rights
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and notarization requirements
1. Broker Representation: Include when real estate brokers are involved in the transaction
2. Environmental Matters: Include for properties with potential environmental concerns or specific requirements
3. Tenant Improvements: Include when specific modifications to the property are permitted or required
4. Property Management: Include when specific management arrangements are needed for larger commercial properties
5. Common Areas: Include for properties in commercial complexes with shared facilities
6. Parking: Include when specific parking arrangements need to be detailed
7. Signage Rights: Include when commercial signage is a significant consideration
8. Force Majeure: Include when specific provisions for unforeseen events are needed
1. Schedule A - Property Details: Detailed technical description of the property, including floor plans and boundaries
2. Schedule B - Rental Payment Schedule: Detailed breakdown of rental payments, including escalation rates
3. Schedule C - Option Price Calculation: Formula and terms for calculating the final purchase price, including credits for rent paid
4. Schedule D - Permitted Uses: Detailed list of permitted commercial activities and restrictions
5. Schedule E - Condition Report: Initial condition assessment of the property
6. Schedule F - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
7. Appendix 1 - Property Title Documents: Copies of relevant property ownership documents
8. Appendix 2 - Zoning Certificates: Relevant zoning and land use certificates
9. Appendix 3 - Environmental Certificates: Any required environmental clearances or certificates
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