VAR Form 730 (Rev. 12/11)
[Date]
[Landlord name and address]
Re: Letter of Intent to Lease for Premises located at:
Dear
:
I am pleased to present this Letter of Intent to lease the real property and any
improvements thereon located at __________________________________________,
Virginia, containing approximately __________ sq. ft., and described as unit/suite no.
_______ (the “Premises”), according to the terms and conditions described below.
1. Tenant:
(Address)
2. Guarantor:
(Address)
3. Initial Term: The term of the Lease shall commence on or about [select one]:
__________________ or upon delivery of the premises to Tenant, and
continue for a period of _________ years.
4. Rental: Base rent for the Premises shall be [select one]: $___________ per
sq. ft. or $___________ per month, plus common area maintenance (“CAM”)
charges, if applicable. Base rent shall increase by the sum of __________ percent
(____ %) per annum over the previous year’s rental. Real estate taxes and property
insurance shall be paid by ____________. Estimated pass-through charges (CAM,
taxes and insurance, if applicable) to Tenant are estimated at $_____ per sq. ft.
(See Paragraph 10 regarding maintenance).
5. Renewal Term: Tenant shall have the option to renew the Lease for ____ renewal
terms of ____ years each. Rent during any renewal term shall increase by the sum
of __________ percent (___ %) per annum over the previous year’s rental.
6. Security Deposit: $
VAR Form 730 (Rev. 12/11) Page 2
7. Tenant’s Use: .
No other use shall be permitted without Landlord’s written consent.
8. Construction Allowance (if build-out required): Landlord shall give Tenant a
construction allowance of $______________________ per sq. ft., payable
___________________________________________________________________.
9. Delivery of Premises: Landlord shall deliver the Premises to Tenant in “AS IS”
condition, but shall include the following systems and finishes:
10. Maintenance. [Check as applicable]:
___ Landlord ___ Tenant is responsible for maintenance of the interior of the
Premises.
___ Landlord ___ Tenant is responsible for maintenance of the roof and
foundation.
___ Landlord ___ Tenant is responsible for maintenance of all other exterior
features.
___ Landlord ___ Tenant is responsible for maintenance of the HVAC, electrical,
plumbing and other systems within the Premises.
11. Brokerage Commission. __________________ represented the Landlord and
shall be paid by Landlord a broker’s commission as set forth in the Listing
Agreement. _______________ represented the Tenant and shall be paid by Landlord
a broker’s commission of _______ percent (____%) per month of the gross monthly
rental.
12. Option to Purchase. Provided the Tenant is not in default, Tenant shall have the
option to purchase the Premises at any time during the initial Lease term for the
purchase price of $ .
This document is not a binding legal instrument. Its only purpose is to
allow the Landlord to review and consider the proposed offer. If Landlord is
desirous of leasing the Premises, a Lease will be prepared using the information
contained herein. It is the intention of the parties to negotiate any remaining
terms of the transaction and enter into a Lease within ten (10) days from the
execution date of this Letter of Intent. The parties are not bound until a Lease is
executed.
VAR Form 730 (Rev. 12/11) Page 3
BY SIGNING BELOW, THE PARTIES ENTER INTO THIS LETTER OF INTENT:
LANDLORD:
Name:
By:
Title:
Date:
TENANT:
Name:
By:
Title:
Date:
©. Copyrighted 2011 by the Central Virginia Regional MLS™, LLC (“CVR MLS”). This form is licensed
to the Virginia Association of Realtors® (“VAR”) for use by members of VAR and may not be otherwise
used or duplicated without the written consent of CVR MLS. Seek legal advice if you do not
understand any provision of this form.
