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The Letter of Intent to Lease Commercial Space is a crucial preliminary document in Indian commercial real estate transactions, serving as a stepping stone between initial negotiations and the final lease agreement. It is typically used when a business entity has identified suitable commercial premises and wishes to formally express their interest while negotiating key terms. The document, while primarily non-binding, outlines essential aspects such as property details, proposed rental terms, timeline, and basic obligations of both parties. In the Indian legal context, it must align with the Transfer of Property Act, 1882, the Indian Contract Act, 1872, and relevant state-specific regulations. This document is particularly important in establishing good faith negotiations and providing a framework for the subsequent formal lease agreement.

1. Date and Parties: Identification of the prospective landlord and tenant, including full legal names, addresses, and any registration details for companies

2. Property Description: Detailed description of the commercial space including address, floor, area, and any included facilities or amenities

3. Purpose Statement: Clear statement that this is a non-binding Letter of Intent to lease the specified commercial space

4. Commercial Terms: Key financial terms including proposed rent, security deposit, maintenance charges, and any escalation clauses

5. Lease Duration: Proposed term of the lease and any renewal options

6. Timeline: Expected dates for lease execution, fit-out period, and commencement of tenancy

7. Due Diligence: Statement regarding any pending property inspections or due diligence requirements

8. Basic Responsibilities: High-level outline of key responsibilities of landlord and tenant

9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific provisions

10. Signature Block: Space for signatures of both parties