Relationship between "Agreement for Lease" and the actual "Lease"
I've previously signed both an AFL and associated Lease (separate documents obviously) with a prospective tenant (it's for an advertising hoarding they wish to control, which is on a gable end wall of my house).
Both documents were prepared by, and are in the control of, the prospective tenant.
The AFL has a target future date, or long stop date (several months away) by which time the prospective tenant (a Limited Company) either need to serve me with a completion notice (i.e. commit to the lease), or else walk away. In summary, the prospective tenant has the option but not an obligation, whereas I'm prevented from offering it to anyone else until either the AFL option expires (long stop date) or is terminated by the prospective tenant.
Within the Definitions of the AFL, it describes the "Lease" as "means the lease in the form of the draft annexed to this agreement". The particulars of the said lease include the agreed term, agreed annual amount payable and dates for payment and future reviews. It was a good deal hence I was happy to sign it and wait for the completion date to happen anytime between now and the long stop date.
The prospective tenant is now trying to move the goalposts and are proposing to reduce both the annual rent and the term. Any move downwards is unacceptable to me as I signed both the AFL and Lease purely on the basis of the stated terms therein.
Am I correct in thinking that my only option to get out of this altogether is to refuse to agree to any amendments and wait for their longstop date to expire?
No answer is reliable without seeing the documents in full, but what the agreement for lease 'buys' is exactly that - that you do not offer it elsewhere.
You do not have to agree, but consider perhaps whether current circumstances have devalued the space for advertisers.