Our project has a lease agreement for 5-year period only as the leasing protocol of the Landlord is maximum of five years with option to renew. To satisfy the credit requirement, can a Letter of Commitment from the tenant, committing to extend/renew the lease for another 5 years after the expiration of the lease agreement be acceptable?
Further, the tenant has allocated sizeable budget for the renovation and thus will remain in the premises for at least 10 years.