What does it mean to give up the lease priority commitment?

The letter of commitment to give up the lease priority refers to the written document that the lessor (commercial lease) agrees to give up the lease priority it enjoys under certain circumstances. Lease priority means that after the lease contract expires, the original lessor has the priority to choose to renew the house without interference from other potential lessees. It voluntarily gave up the right to continue renting the property and agreed to provide opportunities to other potential tenants. The waiver of the lease priority commitment will specify the scope, conditions and related responsibilities of the waiver. A letter of commitment is a written document in which an individual or organization declares its commitment to perform a specific action, responsibility or obligation. This is a legally binding document, which clarifies the agreements and commitments between the parties. Commitment letters are widely used in many occasions and fields, including commercial contracts, employment contracts, school commitment letters and affidavits.