The Rental Waiver is a crucial legal instrument in the Philippine real estate landscape, designed to formalize the temporary or permanent waiver of rental obligations. This document becomes particularly relevant during periods of economic hardship, force majeure events, or when strategic business decisions necessitate rental concessions. The waiver must comply with Philippine property laws, including the Civil Code of the Philippines and the Rent Control Act, while addressing specific circumstances that warrant rent relief. It typically includes detailed information about the parties involved, the property in question, the exact terms of the waiver, and any conditions that must be met. The document serves as a legally binding amendment to the existing lease agreement, providing clarity and protection for both landlords and tenants while maintaining the broader contractual relationship.
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1. Parties: Identification of the landlord/lessor and tenant/lessee, including their complete legal names, addresses, and legal capacity
2. Background: Context of the existing lease agreement, including reference to the original lease date, property details, and circumstances leading to the waiver
3. Definitions: Key terms used in the waiver agreement, including 'Rental Period', 'Waived Amount', 'Property', and other relevant terms
4. Waiver Details: Specific details of what is being waived (rent, penalties, interest), the exact amount, and the period covered by the waiver
5. Duration: The time period during which the waiver is effective, including start and end dates
6. Conditions: Any conditions that must be met for the waiver to remain valid, including tenant obligations or requirements
7. Effect on Lease Agreement: Statement clarifying that all other terms of the original lease remain in effect and unaltered by this waiver
8. Representations and Warranties: Statements from both parties confirming their authority to enter into the waiver agreement and their understanding of its implications
9. Governing Law: Specification that the waiver is governed by Philippine law and reference to relevant legislation
10. Execution: Signature blocks for all parties and witnessing requirements
1. Force Majeure: Section addressing extraordinary circumstances (like pandemic situations) and their impact on the waiver, recommended for use during uncertain times or when specifically related to COVID-19
2. Confidentiality: Terms regarding the confidentiality of the waiver agreement, recommended for commercial properties or sensitive situations
3. Tax Implications: Section addressing the tax treatment of the waived amount, recommended for commercial properties or significant rental amounts
4. Dispute Resolution: Specific procedures for resolving any disputes related to the waiver, recommended for high-value properties or complex commercial arrangements
5. Assignment: Terms regarding whether the waiver can be assigned to new tenants/owners, recommended when property transfer is anticipated
6. Notices: Communication procedures between parties regarding the waiver, recommended for complex commercial arrangements
1. Schedule A - Property Details: Detailed description of the property subject to the rental waiver, including address and property specifications
2. Schedule B - Calculation of Waived Amount: Detailed breakdown of the rental amounts being waived, including any calculations for partial periods
3. Schedule C - Original Lease Agreement: Copy or key terms of the original lease agreement being referenced
4. Appendix 1 - Supporting Documents: Any relevant supporting documentation such as proof of hardship, government declarations, or other basis for the waiver
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Commercial Office Space
Industrial
Residential Property
Shopping Centers
Hospitality
Manufacturing
Warehouse and Logistics
Education
Healthcare
Relevant Teams
Legal
Real Estate
Operations
Finance
Compliance
Risk Management
Property Management
Asset Management
Facilities Management
Business Development
Relevant Roles
Property Manager
Real Estate Manager
Legal Counsel
Facilities Manager
Commercial Lease Administrator
Asset Manager
Operations Director
Chief Financial Officer
Business Development Manager
Compliance Officer
Risk Manager
Real Estate Director
Tenant Relations Manager
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