Commercial Lease Letter of Intent — Multi-Tenant Property

COMMERCIAL LEASE LETTER OF INTENT — MULTI-TENANT PROPERTY

1. Counsel activation and legal-effect mode

Do not circulate for signature until counsel completes this section.

Select one legal-effect mode and delete the others:

☐ Mode A — Entirely nonbinding term sheet. No provision is intended to create a duty, exclusivity, access right, confidentiality obligation, cost allocation, broker obligation, or commitment to negotiate or sign.

☐ Mode B — Nonbinding lease terms with separately identified binding provisions. Only provisions listed in the Binding-Provision Schedule are intended to bind; all other terms are negotiation points only.

☐ Mode C — Binding preliminary agreement. Use only after counsel replaces this template with jurisdiction-specific language defining every obligation, open term, condition, remedy, and termination right.

Selected mode: [________________________________]

Counsel approval and date: [________________________________]

2. Parties and transaction

Date: [__/__/____]

Landlord: [legal name, entity type, jurisdiction, address]

[________________________________]

Tenant: [legal name, entity type, jurisdiction, address]

[________________________________]

Property owner, if different: [________________________________]

Proposed transaction: negotiation of a definitive commercial lease for the premises described below.

Landlord contact: [________________________________]

Tenant contact: [________________________________]

3. Property and premises

All area and property descriptions remain subject to the definitive lease and approved exhibits unless the Binding-Provision Schedule states otherwise.

4. Term, delivery, and commencement

Do not grant possession, construction access, storage, utility use, or early occupancy through a nonbinding term sheet. If early access is intended before lease execution, counsel must prepare a separate binding access agreement covering insurance, indemnity, supervision, damage, liens, safety, utilities, termination, and restoration.

5. Rent and security

Base rent

Other economic terms

6. Operating expenses, taxes, and insurance pass-throughs

Lease structure: ☐ Net ☐ Modified net / gross ☐ Full-service / gross ☐ Other: [________________]

7. Work, allowance, and construction

8. Use, operations, and compliance

9. Exclusive use, co-tenancy, and radius terms

These terms require project-specific competition, existing-lease, and remedy review.

No exclusive, co-tenancy, radius, or remedy provision is binding unless separately listed and approved in the Binding-Provision Schedule.

10. Signage, parking, and common areas

11. Options and transfer rights

12. Risk allocation and operational lease terms

The definitive lease must address the following; this LOI records only negotiated business points.

13. Due diligence and conditions

14. Brokerage

Landlord broker: [________________________________]

Tenant broker: [________________________________]

Commission agreement responsible party: [________________________________]

Required agency, dual-agency, conflict, licensing, or other disclosures: [________________________________]

No commission, indemnity, representation, or payment obligation is created by this LOI unless it is expressly listed as binding and counsel confirms the separate brokerage agreements and governing law.

15. Definitive lease process

Unless counsel selects and drafts a binding duty to negotiate, either party may stop negotiations before execution of the definitive lease, subject only to the separately listed binding provisions.

16. Binding-Provision Schedule

Complete only for Mode B or C. An item is not binding merely because it appears elsewhere in the LOI.

If a binding provision needs operative language, attach counsel's clause rather than relying on this summary row.

17. Nonbinding language for Mode A or B

Subject only to the Binding-Provision Schedule, if any:

• this LOI records proposed business terms for negotiation;
• it is not a lease and grants no possession, access, construction, signage, exclusivity, or property right;
• neither party is obligated to continue negotiations or execute a lease;
• open terms will be resolved, if at all, only in a definitive lease approved and executed by authorized representatives; and
• no statement, expenditure, draft, partial performance, broker communication, or other conduct will alter the intended effect except a written instrument counsel confirms is valid and signed by authorized parties.

Counsel must revise this language for the governing jurisdiction and the parties' actual conduct.

18. Expiration and signature

This LOI expires at [____] [time zone] on [__/__/____] unless extended in a writing approved under the selected legal-effect mode.

Landlord

Legal name: [________________________________]

By: ________________________________

Name / title: [________________________________]

Date: [__/__/____]

Tenant

Legal name: [________________________________]

By: ________________________________

Name / title: [________________________________]

Date: [__/__/____]

Counsel confirmation

Selected legal-effect mode: [________________________________]

Binding-Provision Schedule completed: ☐ Yes ☐ Not applicable

Jurisdiction-specific revisions approved by: [________________________________]

Date: [__/__/____]

Do not sign until all unused alternatives are deleted, exhibits are identified, economic terms reconcile, and the legal-effect mode is clear on the face of the final document.