here is part of the proposal:
STORE SIZE & LOCATION:The demised premises will consist of approximately 2,000 square feet.Said premises to be located in the Shopping Center as shown on the attached site plan.
LEASE COMMENCEMENT:Upon mutual lease execution and Landlord’s delivery of the demised premises.
TERM:The Term of the lease shall consist of a period of ten (10) years commencing one hundred twenty (120) days from the date Landlord notifies Tenant that the premises are ready for possession or upon opening for business, whichever date shall first occur.
RENTAL: Tenant shall pay Rental during the first year of the primary lease term an amount equal to $31.00 per square foot on a triple net basis.Tenant’s annual rent shall escalate at the rate of three percent (3%) per year.Said Rental will be payable in equal monthly installments.
OPTION TO RENEW:Tenant shall have one (1) five (5) year option to renew this lease.The Rental in the first year of the option period will be three percent (3%) greater than the rent in year ten (10) of the primary lease term.Annual Rental shall escalate at the rate of three percent (3%) per year.
PROPOSED USE:A first-class frozen soft-serve yogurt operation similar to other Frozen Yogurt locations and for no other purpose (to be further defined in lease).
ADDITIONAL CHARGES:
REAL ESTATE TAXES:Tenant shall be required to pay its pro rata share of real estate taxes and assessments on the land and improvements on the shopping center site, estimated to be $1.25 psf.
INSURANCE:Tenant shall be required to pay for its pro rata share of fire and extended coverage insurance on the building, estimated to be $0.29psf.
COMMON AREA MAINTENANCE:Tenant shall be required to pay for it’s pro rata share of Common Area Maintenance costs, estimated to be $2.44 psf.
LIABILITY INSURANCE: Tenant shall provide liability insurance in keeping with the requirements of the Landlord and/or Landlord's mortgagee.
STORE FINISHES:Landlord will deliver the demised premises to the Tenant with RTU’s in good and working order but otherwise in “As-Is” condition.
All improvements will be at Tenant’s sole cost and expense.
SIGNAGE:Tenant may use its logo and colors for said Signage on the fascia of the said premises as long as it is subject to the Landlord’s sign criteria and governmental agencies governing the project.
SECURITY DEPOSIT:A Security Deposit equal to $2,500 is due upon execution of this Letter of Intent. Should Tenant elect to terminate lease negotiations, all of the Security Deposit shall be forfeited. The remainder of said deposit equal to last two (2) month’s rent and Additional Charges shall be due upon execution of the Lease.
RENTAL DEPOSIT:First Month Rental Deposit and Additional Charges due at Lease execution.
COMMISSION:Landlord shall pay all real estate commissions and will hold Tenant harmless from the payment of same. Landlord and Tenant recognize that name represents the Landlord and that no other broker is involved in this transaction.
