LETTER OF INTENT - MULTI-TENANT LEASE (TEXAS)

1. PARTIES / PREMISES

• Landlord: [NAME]
• Tenant: [NAME]
• Premises: Suite [NUMBER], approx. [SF] rentable; Building: [BUILDING NAME/ADDRESS]; Parking: [ALLOCATION/CHARGES]

2. TERM / COMMENCEMENT

• Term: [X] years; Commencement: [DATE/CONDITION]; Rent Commencement: [DATE/CONDITION]; Fixturing period: [DAYS] if applicable.

2A. DELIVERY / ABATEMENT

• Delivery condition and outside delivery date: [DETAILS].
• Abatement for late delivery beyond outside date: [X] days of Base Rent per day of delay after [GRACE]; termination right after [CURE WINDOW].
• Fixturing/free rent period: [DAYS] after delivery.

3. RENT / CAM

• Base Rent: $[AMOUNT]/SF [per month/per year]; escalations [X]% annually.
• CAM/OpEx/Taxes/Insurance: Estimated at $[AMOUNT]/SF for Year 1, subject to annual reconciliation; caps on controllables: [YES/NO TERMS].
• Texas tax items: Define base year and escalation method; address real property tax increases, special assessments, and allocation of tax protest rights and costs.

4. TI / LANDLORD WORK

• TI Allowance: $[AMOUNT]/SF; Delivery condition: [SHELL/BUILT-OUT]; Plans/approval timeline.
• Landlord Work: [SCOPE/DELIVERY]; Delay remedies for late delivery: [RENT ABATEMENT/TERMINATION OPTION].
• Code compliance: Allocate responsibility for code compliance, life safety systems, and certificate of occupancy updates.

5. USE / EXCLUSIVES / CO-TENANCY

• Permitted Use: [DESCRIBE].
• Exclusive Use: [DETAILS/"NONE"].
• Co-tenancy (if retail): Opening conditions and remedies: [ABATEMENT/TERMINATION/REDUCED RENT].
• Radius/Go-Dark (retail, if applicable): Radius restriction of [MILES]; go-dark permitted? [ ] Yes with notice/recapture [ ] No.

6. OPTIONS

• Renewals: [X] x [Y]-year options at [FMV / preset escalations].
• ROFR/ROFO/Expansion: [DETAILS/"NONE"].

7. SIGNAGE

• Suite entry signage; directory; building/monument (if available); approvals as required.

8. PARKING / COMMON AREAS

• Parking spaces: [COUNT/UNRESERVED/RESERVED]; charges (if any).
• Common area use rules; loading/dock rights (if applicable).

9. ASSIGNMENT/SUBLETTING

• Landlord consent not unreasonably withheld; permitted transfers to affiliates/majority owners if financial covenants satisfied.

10. INSURANCE/INDEMNITY

• Standard lease insurance; mutual indemnities; waiver of subrogation.

11. BROKERS

• Brokers: [NAMES]; each party indemnifies the other for additional brokers.

12. BINDING TERMS

• Binding only for: exclusivity through [DATE]; confidentiality; broker indemnities; governing law/venue; expenses.
• All other terms non-binding until a definitive lease is executed.

13. TIMELINE

• Draft lease: [DATE]; Comments: [DATE]; Target execution: [DATE]; Delivery: [DATE].

14. FMV RENEWAL MECHANICS (IF FMV)

• FMV determined by: [ ] Agreement of parties [ ] Brokers [ ] Appraisal baseball arbitration; exclude tenant-specific value and submarket anomalies.

15. GOVERNING LAW / VENUE

• Governing law: Texas; venue: [COUNTY], Texas.

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ACCEPTED AND AGREED (non-binding except as stated):

LANDLORD: ______________________ TENANT: ______________________
By: ______________________________ By: ___________________________
Name/Title: ______________________ Name/Title: ___________________
Date: ____________________________ Date: _________________________
[// GUIDANCE: Address retail-specific items (go-dark, radius restrictions) and office/building rules as needed. Confirm allocation of property tax protest rights and audit rights for CAM. Coordinate SNDA/estoppel obligations in the lease.]