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LEASE AGREEMENT 853: DETAILED LETTER OF INTENT FOR LEASE OF ENTIRE OFFICE BUILDING TO SINGLE TENANT WITH MODEST IMPROVEMENTS TO EXISTING PREMISES BY LANDLORD $49.95

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Lease Agreements
LA853

Product Overview

This letter of intent is for the lease of an entire office building to a single tenant, and is pro-tenant in tone. It is designed to be presented to the office landlord by the tenant's broker.   It contemplates that the landlord will deliver the premises to the tenant following the completion of modest tenant improvements to the building, which are detailed on an exhibit to the letter of intent.  Apart from such specified improvements, the premises are to be delivered in as-is condition.  Following acceptance by the landlord, it will serve as the basis for drafting the office lease.

Numerous other terms and conditions designed to be incorporated into the lease are included in this letter of intent.  They include a rental during the initial term subject to annual rent bumps, and several renewal options at prevailing fair market rentals.  The precise method of calculation of market rent is covered by a detailed exhibit to the letter of intent.  Additional issues included in the letter of intent are brokerage commissions, parking, antenna and rooftop equipment, signage, landlord default, subsequent improvements, and moving expenses, among others.

Number of Single Spaced Pages:  16

 

Quick Look

Date: ______________________

COMMERCIAL PROPERTY LANDLORD, INC.
11666 Office Complex Street, Suite 1500
Anytown, ST 12345

Re: Letter of Intent for Office Space Lease


Gentlemen:


ABC Brokerage Company (“Tenant’s Broker”), as exclusive agent for ___________________ (“Tenant”), has been authorized to submit the following Letter of Intent outlining the basic lease provisions upon which Tenant would be willing to enter into a definitive lease agreement for the proposed premises, described as the entire building located at _____________ Drive, Anytown, ST, ______ (the "Building").
Subject to our mutual agreement on all relevant lease provisions, including the matters set forth below, Tenant intends to enter into a written lease agreement with the landlord, COMMERCIAL PROPERTY LANDLORD, INC., (the "Landlord"), for all of the rentable space in the Building. Tenant shall, upon acceptance of this Letter of Intent, enter immediately into good faith negotiations with the goal of finalizing and executing a written lease agreement at the earliest possible opportunity.

Before entering into formal lease negotiations, Landlord and Tenant hereby agree to the following basic terms and conditions:

1. THE PREMISES

The premises to be leased by Tenant shall consist of the entire Building comprising approximately ___________ rentable square feet of contiguous office and storage space (the "Premises"). The method of measurement of rentable area for the Premises and the Building shall be calculated according to the Building Owners and Managers Association International (“BOMA”) Standards for the measurement of commercial office space as specified in Standard Method for Measuring Floor Area in Office Buildings, ANSI/BOMA Z65.1-1996.

2. LEASE COMMENCEMENT DATE

The lease term for the Premises shall commence on or about the later of a.) _____________, or b.) fifteen (15) days following the completion of the Improvements by Landlord as provided in paragraph 7 hereof, such fifteen (15) day period being the same fifteen (15) day period specified in paragraph 3 below.

3. RENT COMMENCEMENT DATE

The Rent Commencement Date shall be the same date as the Lease Commencement Date. Notwithstanding the foregoing, Tenant will have the right to access the Premises during the fifteen (15) day period which immediately precedes the Lease Commencement Date (following the completion of all Improvements by Landlord as specified in paragraph 7 hereof) for the sole purpose of installing telecommunications equipment, specialty equipment, and related Tenant personality without incurring the obligation to pay rent or other consideration.

4. LEASE TERM

The Lease Term shall be for a period of ______ (__) years from the Lease Commencement Date (the "Lease Term").

5. BASE RENT FOR THE PREMISES

The Base Rent for the Premises delivered in its existing "as is" condition except for Improvements to be constructed by Landlord pursuant to paragraph 7 below shall be at the initial annual rate of ______________________ ($_______) per each rentable square foot of space leased on a Triple Net basis (hereafter referred to as the "Base Rent" or the "Monthly Base Rent").

6. BASE RENTAL RATE ESCALATIONS

Commencing on the first day of the second (2nd) lease year and continuing on each anniversary thereof, the triple net portion of the Base Rent only will be increased by _______ percent (___%).

7. CONDITION OF PREMISES

Landlord shall deliver the Premises to Tenant in its existing "as is" physical condition, except for the improvements (“Improvements”) listed in Exhibit A, which shall be constructed by Landlord at its sole cost and expense.

8. RENEWAL OPTIONS FOR PREMISES

Tenant shall have the right to renew the lease for the Premises for _____ (__) additional _____ (__) year renewal terms (the "Renewal Options"), at a rental rate equal to the then Fair Market Rental Rate as determined by Landlord, calculated as provided in Exhibit B, attached hereto and incorporated herein. Tenant will provide written notice to Landlord of its intent to exercise each such Renewal Option, not less than nine (9) months prior to the scheduled expiration of the Lease Term, or prior Renewal Option, as the case may be. Such Renewal Options will apply to the entire Premises only.

9. REAL ESTATE TAXES & OPERATING EXPENSES

Tenant shall pay all real estate taxes, insurance, landscaping services, snow removal, common area charges, building repairs and maintenance and management charges for the Building. Landlord estimates said costs to be approximately $_______ per square foot. Landlord will continue to maintain the building exterior, roof and down spouts. Tenant shall be responsible for the direct payment of janitorial services, trash removal and all utility bills to the utility company providing such service to the Building (e.g., electricity and gas).

10. LANDLORD'S OBLIGATION TO PAY FEES TO BROKERS

Landlord shall pay brokerage commissions to ABC Brokerage Company as the representative of Tenant in the amount of ________ percent (___%) of the aggregate lease value exclusive of all scheduled lease escalators per paragraph 6 above. Such commissions shall be paid in accordance with a separate agreement between ABC Brokerage Company and Landlord. Tenant hereby represents that it has dealt with no brokers or agents in connection with this Letter of Intent other than ____________ Company and the ABC Brokerage Company. Tenant acknowledges that Landlord has made no allowance or provision for the payment of brokerage commissions or fees to anyone other than ____________ Company and The ABC Brokerage Company, and Tenant agrees to indemnify and hold harmless Landlord from any claims for a commission or fee arising from this Letter of Intent from any other broker.

(continued)

End of Excerpt

 

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