I am looking for a letter of intent template to use. Does anyone have something that could get me started?
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answered 2012-01-11 14:45:57 -0500
I typically use RFPs and proposals when negotiating but here is a basic LOI that was sent to me on a sublease in which I represented the Sublessor.
May 26, 2010
RE: Letter of Intent for ____
Please consider the following as a non-binding Letter of Intent outlining the basic terms and conditions upon which ___(hereinafter “Tenant") is willing (subject to the final execution of a mutually acceptable lease amendment document) to sublease space at _____ from ____ (hereafter “Landlord”).
PREMISES: Approximately ___ rentable square feet on the 1st floor measured in accordance with B.O.M.A. standards.
BASE RENTAL RATE: ___ per rentable square foot. This shall be a gross lease with all operating expenses including CAM, Taxes, Insurance and Utilities within the Base Rental Rate.
ESCALATIONS: The Base Rental Rate shall escalate at 3% per annum beginning on the first anniversary of the Rent Commencement.
TERM: ___ months
RIGHT TO USE: Please provide a creative solution for the subtenant to have the ability to make coffee and utilize a break area or conference area. Tenant shall have access to the area designated on the attached plan as 9-1N740 as the conference room and the small adjacent space to the conference room designated on the plan as 9-1N730 as the space for their break room. We estimate these 2 spaces to be approximately 650 square feet but will provide separate measurement to give you more of an exact figure. The conference room has a table and chairs that are available for use during the lease term. The room designated as a break room is just a empty space that was used to store printing equipment and has tile floor and regular sheetrock walls (no sink) that is available “as-is”.
FREE RENT: Half of the first five (5) months of rent shall be abated from lease commencement.
SECURITY DEPOSIT: Tenant shall provide two (2) month’s rent upfront and two (2) additional months security deposit to be applied to months nine (9) and twelve (12). Subject to financial review
EXPANSION OPTION: N/A
ACCESS: Landlord shall provide Tenant with security cards allowing the Tenant’s employees 24 hour, 7 days a week access to the building.
PARKING: Tenant shall be granted free parking throughout the term of the lease, for employees and clients at a ratio of four (4) per thousand. During the term of the lease landlord commits to no parking costs on premises.
FURNITURE: Tenant shall have the right to use and purchase all furniture currently occupying the space, identified as _ cubes, _ desks, file cabinets, and reception area furniture. To be detailed on a separate document labeled Exhibit A.
RIGHT TO SUBLEASE OR ASSIGN: Tenant shall have the right to assign or sublease the Premises with sublandlord’s consent to another tenant which shall not be unreasonably withheld, delayed or conditioned.
COMMISSION Subandlord shall pay Wildmor Realty Inc. a commission AGREEMENT: to be detailed in a separate document labeled commission agreement.
It is expressly understood and agreed that nothing contained in this Letter of Intent shall be construed as an offer or agreement to lease the Premises, nor shall any agreement to lease the Premises at the subject property be binding upon either party until such time as a duly authorized representative of each party executes and delivers a mutually acceptable lease agreement. Until an agreement is executed and delivered, neither Tenant nor you shall have any rights, obligations, or liabilities against the other. It does, however, signify our intent to proceed with the negotiation of a lease document.
Please indicate your concurrence with these terms by signing the facsimile copy of this letter and returning it via facsimile to me at _ no later than _. If you should have any questions, or if we may be of any assistance, please contact Sarah at ___. Thank you for your cooperation, and we look forward to receiving your response.
Agreed to and accepted this _ day of _, 2012
Asked: 2012-01-09 12:28:56 -0500
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Last updated: Jan 11 '12