GENERIC LETTER OF INTENT (For a Lease)
This letter confirms your and our mutual intentions with respect to the potential rental of the property described herein. This document, in and of itself, does not represent an enforceable legal contract.
- Terms. The principal terms of the proposed transaction would be substantially as follows:
(a) Description of Premises to Be Leased. Approximately _____ square feet of space in the second floor known as _________________ in a building known as ________________________, located at __________________, ________________
(b) Lease Term. A period of ______ (__) year (s) beginning on the Commencement Date of ___________________ or the date Tenant secures a certificate of occupancy from ________________, whichever shall occur later. The Lease shall terminate on _________________ or _____ (__) years after the Commencement Date, whichever occurs later. If Tenant shall be unable to secure a certificate of occupancy within thirty (30) days, Landlord or Tenant may cancel this Lease without penalty.
(c) Rent and Escalations. Tenant shall pay a security deposit of one month to Landlord, and one (1) month’s advance rent of ____________________________ and final payment of rent, ________________________________ upon Tenant’s execution of this Lease. Thereafter, Tenant’s obligation to pay rent shall commence on the Commencement Date and shall be paid according to the following schedule: ______ __________________ will allow Tenant to occupy __________________, less first month ____________________ payment.
Lease Term Monthly Installments Fixed Annual Rental
Year 1 $XXX $XXX
Year 2 $XXX $XXX
Year 3 $XXX $XXX
(d) Other Expenses and Financial Obligations.
d1. Tenant to be responsible for any/all repairs of the HVAC equipment internal and external. The equipment will be certified as operational within in 2 weeks of executing a Lease. If there are any issues with the equipment up until certification, it will be repair at the owner’s expense.
d2. Tenant to be responsible for any/all repairs to the lighting within the leased space. All lighting will be functional and the tenant can execute a document verifying that all lighting is operational.
d3. Tenant to be responsible for any/all repairs of the bathroom facilities, plumbing in direct relationship to the bathroom or kitchenette within the unit, plumbing fixtures, hot water heater.
d4. Cost for snow removal to be split equally between tenants.
- Intended Use of Premises. Tenant covenants to use the Demised Premises as office space for ________________________________and for no other purpose or use which consent may be withheld by the Landlord at the landlord’s discretion.
- Insurance. Tenant shall keep in force at its own expense comprehensive general public liability insurance in companies acceptable to Landlord and naming Landlord and Agent as additional insures, with minimal limits of $1,000,000.00 on account of personal injuries to or death of one person and $1,000,000.00 on account of personal injuries to or death of more than one person as a result of any one occurrence, a $1,000,000.00 on account of damage to property. Tenant will furnish evidences of such policy or policies of insurance to Landlord upon the execution thereof.
- Signage. Tenant shall obtain their own signage to match the signage and be installed on the signage located on the front of the building. No other signage allowed on exterior of building.
Company that provides signage; ___________________________
- Tenant Improvements and Financial Responsibility of Improvements. No build-out will be performed by the Landlord for the Tenant. Any build-out improvements will be done by Tenant and shall become part of the lease hold improvements of the building; unless Tenant is notified by Landlord that all improvements shall be removed and the Leased space shall be returned to the original condition in which the Tenant received leased space at the commencement of the Lease. (All improvements to be removed at end of Lease)
- No Binding Obligation. THIS LETTER OF INTENT DOES NOT CONSTITUTE OR CREATE, AND SHALL NOT BE DEEMED TO CONSTITUTE OR CREATE, ANY LEGALLY BINDING OR ENFORCEABLE OBLIGATION ON THE PART OF EITHER PARTY TO THIS LETTER OF INTENT. NO SUCH OBLIGATION SHALL BE CREATED, EXCEPT BY THE EXECUTION AND DELIVERY OF THE LEASE AGREEMENT CONTAINING SUCH TERMS AND CONDITIONS OF THE PROPOSED TRANSACTION AS SHALL BE AGREED UPON BY THE PARTIES, AND THEN ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF SUCH A LEASE AGREEMENT.
If the foregoing terms and conditions are acceptable to you, please so indicate by initialing each page and signing the enclosed copy of this letter and returning it to the attention of the undersigned.
ACCEPTED AND AGREED