Real Estate Law is one of the first areas of law to develop in Old England. It has been growing more precise, and consequently, more complex ever since. Add to this the fact that real estate is expensive and you have an area of business that is nearly impossible to navigate without an attorney. Consider the following.
We submit the following Letter of Intent on behalf of our client, Lightstone Long Term Investments, LLC, a Nevada Corporation qualified to do business in Utah. This Letter of Intent will outline the terms and conditions proposed by Lightstone with respect to the lease of commercial property at 11075 South State Street, Sandy, Utah.
Tenant: We Will We Will Rock You Masonry, LLC, a Utah LLC
Premises: 11075 South State Street, Disneyland, Utah
Price: Square footage TBD (approx. 6,000 sq. ft.)
USE: $1.55 per square foot plus CAM per month
Rent Escalations: None
Term: Four months
Renewal Options: None
Date: July 1, 2020
Guarantee: The Tenant shall personally guarantee the Lease. Tenant shall provide letter of credit equal to $45,000 in favor of the Landlord.
Premises: As is.
Utilities: Tenant will be responsible for direct cost of all utilities metered to Premises
1st Month‛s Rent: At Lease execution, Tenant shall pay to Landlord a security deposit equal to one month‛s gross rent. Tenant shall additionally pay to Landlord the first month‛s rent and one months’ estimated common area maintenance charges, all in the form of a Cashier‛s Check (upon Lease execution - subject to Landlord‛s review of financials.)
Expenses: Tenant shall be responsible for its pro-rata share of Landlord‛s actual and reasonable operating expenses for insurance and common area maintenance.
Maintenance: This is a NNN lease. The Tenant will be responsible for electrical, any and all maintenance necessary for the interior of the premises. Landlord will maintain roof structure and all common areas.
Signage/Awnings: Exterior signage space available on the fascia of the premises at Tenant‛s cost, per approved criteria established by the Landlord.
Disabilities Act: Please be advised that an Owner or Tenant or real property may be subject to the American With Disabilities Act (the ADA), a Federal law codified at 42 USC Section 1201 et seq. Among other requirements of the ADA that could apply to your property, Title III of the ADA requires Owners and Tenants of "public accommodations" to remove barriers to access by disabled persons and provide auxiliary aids and services for hearing, vision or speech impaired persons as of January 26, 1992. The regulations under Title III of the ADA are codified at 28 CFR Part 36. We recommend that you and your attorney review the ADA and the regulations, and, if appropriate, your proposed Lease or Purchase Agreement to determine if this law would apply to you, and the nature of the requirements. These are legal issues. You are responsible for conducting your own independent investigation of these issues.
Confidentiality: The Parties will maintain all Confidential Information in confidence and will not disclose such information to any other party without written consent. "Confidential Information" includes the terms of this letter, the Lease and any and all information whether in oral, or written or other form, which is communicated by the Tenant to the Landlord relating to Tenant‛s proposed development of the Premises, including, but not limited to architectural plans, specifications, site plans and drawings (regardless of whether such information as labeled confidential). Confidential Information may be released to the parties‛ employees, partners, consultants and lenders who have a reasonable need for such Confidential Information, provided that such individuals agree to maintain the confidential nature of the information. This provision will be binding upon execution of this letter even if the parties do not enter into a Lease Agreement or the Lease is terminated.
Brokers: Landlord discloses that it will use Sue of Prudential as their broker.
Contingency: A. The review and approval of Tenant‛s Financials &
B. This Proposal will remain valid until May 12, 2006.
Landlord and Tenant acknowledge that this Letter of Intent is not a Lease, but that it is intended as the basis for the preparation of a Lease. The Lease shall be subject to Landlord and Tenant‛s approval and only a fully executed Lease shall constitute a Lease for the Premises. Broker makes no warranty or representation to Landlord or Tenant that acceptance of this Letter of Intent will guarantee the execution of a Lease of the premises.