5300 Westview Drive, Suite 302
Frederick, Maryland 21703
Office: 301-698-9696 / Fax: 301-698-9571
Tenant Info
RE: Property Address
NON-BINDING LETTER OF INTENT
On behalf of (Tenant) I am pleased to submit this non-binding Letter of Intent for the proposed lease of the real property
described herein. This letter is intended to provide a general understanding of the basic terms and conditions of a proposed
lease. Upon signature of this letter by both the Landlord and the Tenant, a Lease Agreement will be prepared by Landlord
consistent with the terms set forth herein and satisfactory to legal counsel for both parties which, when executed, shall
serve as a binding agreement.
Landlord: XXXX
Tenant: XXXXXXXX
Lease Area/Premises: Property Information
2,500+/- SF of usable space
Commencement: September 1, 2018
Expiration: August 31, 2021
Rent Commencement: September 1, 2018
Initial Rent: $8.00/NNN per SF, plus pass through expenses
Rent Escalation: At the end of the first year of the lease, the Rent shall increase by Three Percent (3.0%)
annually. The first escalation shall occur on September 1, 2018 with subsequent
escalations effective on September 1 each year thereafter.
Gross Lease: Tenant shall not be responsible for any operating expenses, property taxes, casualty
insurance or similar pass through charges. Tenant shall be responsible for the cost of
janitorial service within the Premises and all utilities serving the Premises including electric,
natural gas, telephone, cable TV, and internet service.
Security Deposit: Tenant shall provide Landlord with a security deposit equal to one (1) month of base Initial
Rent to equal TWO THOUSAND ONE HUNDRED SEVENTY-TWO DOLLARS AND FIFTY
CENTS ($2,172.50) to be held as a security deposit during the term of the lease.
Property Inspections: Within twenty-one days of full execution of a Lease, Tenant shall have the right but not the
obligation to cause the roof, door, window, HVAC, electrical and plumbing systems at
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Landlord’s sole expense (“Inspections”). All Inspections shall be performed by reputable
contractors licensed by the State of Maryland (as applicable) chosen by the Tenant and
approved by the Landlord, such approval not to be unreasonably withheld. The results of
each inspection shall be provided to Tenant and Landlord in written form. Landlord shall
cause the all maintenance, repair and/or replacement recommended in the report resulting
from each Inspection to be performed no later than August 1, 2018.
Tenant Improvements: Landlord shall replace damaged and stained ceiling tiles within the suite. All other
improvements will be sole responsibility of Tenant with Landlord approval.
Lease Renewal: Tenant shall have the option to renew the Lease for one (1) periods of three (3) years each.
In order to exercise each such option, the Tenant shall provide written notice to Landlord of
Tenant’s election to renew the lease no later than ninety (90) days prior the then current
Lease expiration date.
Maintenance: Landlord shall be responsible for maintaining the building structure including the roof, all
common areas (covered walkway, parking lot and other paved areas), water and sewer lines
not within the Premises, electrical service to and including the existing electrical meter, and
the HVAC system including the exterior to the roof penetrations. Tenant shall be responsible
for maintenance of the Premises including the doors, windows, HVAC ductwork, the
electrical system after the meter, and all water and sewer lines between the roof, floor and
walls of the premises. Tenant shall be responsible for a bi-annual inspection of the HVAC
system and all recommended maintenance and repair but not for replacement of the
system.
By executing this Letter, the parties agree to make good faith efforts to achieve a ratified Lease in a timely
manner. Nevertheless, neither party shall be under any binding obligation until such time as a Lease is fully
executed by the appropriate parties within each organization which has authority to enter into a binding
agreement.
The undersigned warrant each to the other that persons signing below are duly authorized to bind their
respective legal entities.
Sincerely,
Earl M. Mackintosh, III
Agreed to by:
TENANT LANDLORD:
By: By:
