If you’re a business owner looking for a space to rent, you’ll likely encounter a Letter of Intent (LOI) during the leasing process. The LOI outlines the terms and conditions of the lease, and it’s a crucial step before signing a final lease agreement. In this article, we’ll provide you with 7 examples of Sample LOI for Commercial Lease to help you get started.
Example 1: LOI for Retail Space Lease
Greeting,
We are interested in leasing the retail space located at [Address] for a minimum of [Number of years] years with an option to renew. We anticipate having approximately [Number of people] employees and will require [Number of parking spaces] parking spaces. Our intended use for the space is [Retail business use].
We would like to propose a rent of $[Amount] per month, and we are willing to commit to a lease agreement subject to the following terms and conditions:
- [Term 1]
- [Term 2]
- [Term 3]
Complimentary Close,
[Your Name]
Example 2: LOI for Office Space Lease
Dear [Landlord Name],
We are interested in leasing the office space located at [Address] for a minimum of [Number of years] years with an option to renew. We anticipate having approximately [Number of people] employees and will require [Number of parking spaces] parking spaces. Our intended use for the space is [Office business use].
We would like to propose a rent of $[Amount] per month, and we are willing to commit to a lease agreement subject to the following terms and conditions:
- [Term 1]
- [Term 2]
- [Term 3]
Sincerely,
[Your Name]
Example 3: LOI for Restaurant Lease
Hello,
We are interested in leasing the restaurant space located at [Address] for a minimum of [Number of years] years with an option to renew. We anticipate having approximately [Number of people] employees and will require [Number of parking spaces] parking spaces. Our intended use for the space is [Restaurant business use].
We would like to propose a rent of $[Amount] per month, and we are willing to commit to a lease agreement subject to the following terms and conditions:
- [Term 1]
- [Term 2]
- [Term 3]
Best regards,
[Your Name]
Example 4: LOI for Warehouse Lease
Dear [Landlord Name],
We are interested in leasing the warehouse space located at [Address] for a minimum of [Number of years] years with an option to renew. We anticipate having approximately [Number of people] employees and will require [Number of parking spaces] parking spaces. Our intended use for the space is [Warehouse business use].
We would like to propose a rent of $[Amount] per month, and we are willing to commit to a lease agreement subject to the following terms and conditions:
- [Term 1]
- [Term 2]
- [Term 3]
Cordially,
[Your Name]
Example 5: LOI for Medical Space Lease
Dear [Landlord Name],
We are interested in leasing the medical space located at [Address] for a minimum of [Number of years] years with an option to renew. We anticipate having approximately [Number of people] employees and will require [Number of parking spaces] parking spaces. Our intended use for the space is [Medical business use].
We would like to propose a rent of $[Amount] per month, and we are willing to commit to a lease agreement subject to the following terms and conditions:
- [Term 1]
- [Term 2]
- [Term 3]
Respectfully,
[Your Name]
Example 6: LOI for Industrial Space Lease
Hi there,
We are interested in leasing the industrial space located at [Address] for a minimum of [Number of years] years with an option to renew. We anticipate having approximately [Number of people] employees and will require [Number of parking spaces] parking spaces. Our intended use for the space is [Industrial business use].
We would like to propose a rent of $[Amount] per month, and we are willing to commit to a lease agreement subject to the following terms and conditions:
- [Term 1]
- [Term 2]
- [Term 3]
Kind regards,
[Your Name]
Example 7: LOI for Mixed-Use Space Lease
Dear [Landlord Name],
We are interested in leasing the mixed-use space located at [Address] for a minimum of [Number of years] years with an option to renew. We anticipate having approximately [Number of people] employees and will require [Number of parking spaces] parking spaces. Our intended use for the space is [Mixed-Use business use].
We would like to propose a rent of $[Amount] per month, and we are willing to commit to a lease agreement subject to the following terms and conditions:
- [Term 1]
- [Term 2]
- [Term 3]
Yours truly,
[Your Name]
Tips for Creating a Sample LOI for Commercial Lease
If you’re creating a Sample LOI for Commercial Lease, the following tips can help you:
- Clearly state your intentions for the space
- Include the proposed lease term and rental rate
- Specify any special conditions or requirements
- Address contingencies, such as security deposits or lease renewal options
- Be professional and concise
Frequently Asked Questions
Q: What is an LOI for a commercial lease?
An LOI for a commercial lease is a document that outlines the terms and conditions of a lease agreement between a landlord and tenant. It’s a crucial step in the leasing process that helps both parties understand and agree on the terms of the lease before signing a final agreement.
Q: Do I need an LOI for a commercial lease?
While an LOI is not legally binding, it’s a helpful tool to ensure that both parties are on the same page before signing a final lease agreement. It can also help identify any potential issues or conflicts before entering into a binding lease.
Q: What should be included in an LOI for a commercial lease?
At minimum, an LOI should include the proposed lease term, rental rate, and any special conditions or requirements. It may also include contingencies such as security deposits or lease renewal options.
Q: Who should draft the LOI for a commercial lease?
The landlord or tenant can draft the LOI for a commercial lease. However, it’s recommended to have an attorney review the document before signing to ensure that both parties are protected.
Q: Is an LOI for a commercial lease legally binding?
An LOI is not legally binding, but it can be used as evidence in court to show the intent of the parties in the event of a dispute. It’s important to have a final lease agreement that is legally binding and enforceable.
Q: Can I negotiate the terms of an LOI for a commercial lease?
Yes, the terms of an LOI for a commercial lease are negotiable. Both parties should be open to discuss and negotiate the terms to come to an agreement that is mutually beneficial.
Q: How long does it take to create an LOI for a commercial lease?
The time it takes to create an LOI for a commercial lease depends on the complexity of the lease terms and the negotiation process between the landlord and tenant. It can take anywhere from a few days to weeks to come to an agreement.
Conclusion
Creating a Sample LOI for Commercial Lease can be a daunting task, but it’s an essential step in the leasing process. By using our examples and tips, you can draft a comprehensive LOI that protects both parties and lays the foundation for a successful lease agreement. Don’t forget to seek legal advice before signing a final agreement to ensure that your interests are protected.