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Rental Waiver

Rental Waiver Template for Pakistan

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Key Requirements PROMPT example:

Rental Waiver

"I need a Rental Waiver agreement for my commercial property in Lahore, providing a 50% rent reduction for 3 months starting January 2025 due to major renovation works in the building, with an option to extend if construction delays occur."

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Document background
The Rental Waiver agreement is a crucial legal instrument used in Pakistani property law when parties need to formally modify rental payment obligations without terminating the entire lease agreement. This document becomes particularly relevant during periods of financial hardship, force majeure events, or when commercial circumstances necessitate rental concessions. The waiver must comply with Pakistani property law, including the Transfer of Property Act 1882 and provincial regulations, while ensuring proper documentation of the parties' agreement to modify the original rental terms. It typically includes specific details about the extent and duration of the waiver, conditions for implementation, and confirmation that other lease terms remain unchanged. This document is essential for both commercial and residential properties, providing legal certainty and protection for all parties involved in the rental arrangement.
Suggested Sections

1. Parties: Identification of the landlord/lessor and tenant/lessee with their complete legal names, addresses, and other relevant identification details

2. Background: Reference to the original lease agreement, including its date, property details, and the context necessitating the waiver

3. Definitions: Key terms used in the waiver agreement, including references to the original lease terms and any new terms specific to the waiver

4. Waiver Details: Specific rental obligations being waived, including amount, duration, and any conditions attached to the waiver

5. Duration of Waiver: The time period for which the waiver is valid, including start and end dates if applicable

6. Continuation of Other Terms: Confirmation that all other terms of the original lease agreement remain in full force and effect

7. Representations and Warranties: Statements from both parties confirming their authority to enter into the waiver agreement and their understanding of its terms

8. Governing Law: Specification that the waiver is governed by Pakistani law and relevant provincial regulations

9. Execution: Signature blocks for all parties and witnesses as required under Pakistani law

Optional Sections

1. Conditions Precedent: Any conditions that must be met before the waiver becomes effective, used when the waiver is contingent on specific actions or events

2. Payment Terms: If the waiver involves a modified payment schedule rather than a complete waiver, include details of the new payment arrangements

3. Force Majeure: Reference to extraordinary circumstances leading to the waiver, particularly relevant if the waiver is due to unexpected events like natural disasters or pandemics

4. Reinstatement Provisions: Terms describing when and how regular rental payments will resume, used when the waiver is temporary

5. Dispute Resolution: Specific procedures for resolving any disputes related to the waiver, recommended for high-value or complex arrangements

Suggested Schedules

1. Schedule A - Original Lease Details: Copy or summary of relevant portions of the original lease agreement

2. Schedule B - Waiver Calculation: Detailed breakdown of the rental amounts being waived and any modifications to future payments

3. Schedule C - Supporting Documents: Any relevant documentation supporting the need for the waiver (e.g., force majeure evidence, financial hardship documentation)

4. Schedule D - Property Details: Description and details of the rental property subject to the waiver

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Retail

Commercial Office Space

Industrial

Hospitality

Healthcare

Education

Manufacturing

Logistics

Warehousing

Relevant Teams

Legal

Real Estate

Finance

Operations

Facilities Management

Compliance

Risk Management

Property Management

Corporate Services

Administrative Services

Relevant Roles

Property Manager

Real Estate Director

Facilities Manager

Legal Counsel

Corporate Lease Administrator

Chief Financial Officer

Operations Manager

Asset Manager

Compliance Officer

Real Estate Portfolio Manager

Property Operations Director

Leasing Manager

Contract Administrator

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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