All Forum Posts by: Truc Nguyen

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.

the think is: I have working with that guy, the H & R Retail emp, about renting the place. the place used to be owned by blockbuster. Since it has more than 3000 sf, he agree to split it by twos; however, he does not give me the end cap even though i specifically asking for that but asked me to take the one inside. I agree his solution because it is a little cheaper

My personal finance has been checked by him and the proposal has also been send by him in the last two week. Going back a little, at the beginning , I ask the guy for showing me inside the building, his excuse at the time is that he want to see my finance fist. when even thing go through and last Tuesday, he send me his proposal. A day later i called and asked him again for viewing inside the building. His excuse this time is that he is busy this week and will be able to show me the place next week.

Since the proposal has been send out, he refer me to make first counter offer so he prove with the property owner that I am serious on renting the place. I own business before, but this is kind of new to me. My worry is that if I give him the quote and sign the paper, if the quote is good and the building require a lot of money to fix, i will get stuck for 10 years

my future landlord rep ask me for first counter officer, if the quote is 31 per sf, what number should i start? I am thinking of $25 dollar. do you think that it is a good number?

I want to rent a place to open our family own business. When contact to landlord for viewing inside of the building, landlord rep offer counter first then he will show me the place

His point is that he want to show building owner that I really want to rent the place

However, I do not want to give him my quote then later that I found out the inside building is very bad. If it is the case, there is no back door for me

what is your opinion, do you ever been add by landlord that you have to do at least one counter first before he/she shows you rented place?