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LETTER OF INTENT — COMMERCIAL LEASE
LETTER OF INTENT — COMMERCIAL LEASE
Date:
TO:
Name: ________________
Address: ________________, ________, ____ _____
Name: ________________
Address: ________________, ________, ____ _____
FROM:
Name: ________________
Contact: ________________
Address: ________________, ________, ____ _____
Name: ________________
Contact: ________________
Address: ________________, ________, ____ _____
Re: Proposed Lease of ________________
Dear ________________,
This Letter of Intent ("LOI") sets forth the principal terms under which ________________ ("Tenant") proposes to lease commercial space at the above-referenced property from ________________ ("Landlord"). This LOI is intended to serve as a basis for negotiation and the preparation of a definitive lease agreement. Except as expressly provided herein, this LOI is non-binding on both parties.
This Letter of Intent ("LOI") sets forth the principal terms under which ________________ ("Tenant") proposes to lease commercial space at the above-referenced property from ________________ ("Landlord"). This LOI is intended to serve as a basis for negotiation and the preparation of a definitive lease agreement. Except as expressly provided herein, this LOI is non-binding on both parties.
1. PREMISES
1.1 Property. The premises subject to this LOI are located at: ________________, ________, ____ _____1.2 Property Type. _____
1.3 Proposed Square Footage. Approximately _____ square feet of _____ space.
1.4 Permitted Use. The premises shall be used for the operation of ________________ and for no other purpose without Landlord's prior written consent.
2. LEASE TERM AND RENT
2.1 Lease Term. The initial lease term shall be _____, commencing ________________.2.2 Base Monthly Rent. Tenant shall pay base monthly rent of $_________ ($_________ per annum; $___ per square foot per annum).
2.3 Rent Structure.
2.4 Annual Rent Escalation.
3. SECURITY DEPOSIT
3.1 Tenant shall provide a security deposit of $_________ upon execution of the definitive lease agreement. The security deposit shall be held by Landlord and returned to Tenant, less any amounts owed, within 30 days of lease termination and vacancy, in accordance with applicable state law.4. ADDITIONAL TERMS
4.1 Signage. Signage rights to be determined in the definitive lease agreement.4.2 Parking.
4.3 Exclusive Use. No exclusive use restriction is proposed.
5. NON-BINDING NATURE
5.1 Except for the Governing Law section, which is expressly intended to be legally binding, this LOI is a statement of intent only and does not constitute a binding agreement or commitment by either party to execute a lease.5.2 No binding obligation to execute a lease shall arise unless and until a definitive lease agreement is negotiated, executed, and delivered by both parties.
5.3 Either party may terminate negotiations at any time and for any reason without liability to the other party, subject to the binding provisions referenced above.
6. GOVERNING LAW (BINDING)
6.1 This Section is legally binding on both parties.6.2 This LOI and any disputes arising out of or relating to this LOI shall be governed by and construed in accordance with the laws of the State of ________________, without regard to its conflict of laws provisions.
7. EXPIRATION
7.1 This LOI shall expire automatically if not executed by both parties on or before ____________. Upon expiration, this LOI and all obligations hereunder shall terminate, except for the binding provisions which shall survive in accordance with their terms.SIGNATURES
IN WITNESS WHEREOF, the undersigned have executed this Letter of Intent as of the date first written above.TENANT:
Signature: ___________________
Date: ___________________
Printed Name: [Tenant Contact]
[Business Name]
________________, ________, ____ _____
Signature: ___________________
Date: ___________________
Printed Name: [Tenant Contact]
[Business Name]
________________, ________, ____ _____
LANDLORD:
Signature: ___________________
Date: ___________________
Printed Name: [Landlord]
________________, ________, ____ _____
Signature: ___________________
Date: ___________________
Printed Name: [Landlord]
________________, ________, ____ _____
Frequently Asked Questions
LETTER OF INTENT — COMMERCIAL LEASE