A Letter Of Intent For Lease Space In Mall is commonly used in the South African commercial property sector as a preliminary step before entering into a formal lease agreement. This document is typically initiated when a prospective tenant has identified suitable retail space and both parties wish to document their initial understanding before proceeding with detailed lease negotiations. The letter outlines key commercial terms including proposed rental rates, lease duration, and space specifications, while usually maintaining a non-binding nature except for specific provisions like confidentiality and exclusivity. Under South African law, while not legally required, this document has become standard practice in commercial property transactions, particularly for significant retail spaces in shopping centers. It serves to streamline the subsequent lease negotiation process and provides a clear framework for both parties to proceed with due diligence and detailed discussions.
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1. Introduction and Parties: Opening paragraph identifying the sender and recipient, including full legal names and addresses of both parties
2. Purpose Statement: Clear statement that this is a Letter of Intent regarding potential lease of retail space, highlighting its non-binding nature
3. Property Description: Detailed description of the proposed lease space, including location within mall, floor area, and unit number
4. Commercial Terms: Key commercial terms including proposed rental rate, lease duration, estimated commencement date, and any rent-free periods
5. Permitted Use: Intended use of the premises and type of business to be conducted
6. Timeline: Proposed timeline for negotiations, due diligence, and target date for formal lease execution
7. Due Diligence: Overview of the due diligence process and requirements from both parties
8. Binding Provisions: Specific provisions that are intended to be binding (typically confidentiality, exclusivity period, and governing law)
9. Closing and Signatures: Formal closing of the letter, including space for signatures and dates
1. Exclusivity Period: Optional section specifying a period during which the landlord agrees not to negotiate with other potential tenants - include when dealing with high-value or anchor tenants
2. Initial Design Concepts: Optional section for cases where specific fit-out requirements or designs need to be preliminarily agreed upon
3. Lease Incentives: Optional section detailing any proposed incentives such as fit-out contributions or rent-free periods - include for premium spaces or anchor tenants
4. Trading Hours: Optional section specifying expected trading hours if these differ from standard mall hours or require specific mention
5. Green Building Requirements: Optional section for malls with specific environmental or sustainability requirements
6. Co-tenancy Requirements: Optional section specifying any requirements regarding other tenants or vacancy rates - typically for anchor tenants
1. Floor Plan: Preliminary floor plan or sketch of the proposed lease space
2. Financial Terms Schedule: Detailed breakdown of proposed financial terms including base rent, escalations, and estimated operating costs
3. Photographs: Current photographs of the space or relevant areas of the mall
4. Timeline Schedule: Detailed timeline of key dates and milestones from LOI to lease execution
5. Technical Requirements: Basic technical specifications of the space including utilities, HVAC, and other relevant systems
Relevant legal definitions
Premises
Landlord
Tenant
Commencement Date
Lease Term
Base Rent
Operating Costs
Permitted Use
Trading Hours
Common Areas
Mall
Gross Lettable Area
Binding Provisions
Due Diligence Period
Exclusivity Period
Lease Agreement
Letter of Intent
Business Day
Confidential Information
Security Deposit
Fit-out Period
Occupation Date
VAT
Operating License
Trading Certificate
Landlord
Tenant
Commencement Date
Lease Term
Base Rent
Operating Costs
Permitted Use
Trading Hours
Common Areas
Mall
Gross Lettable Area
Binding Provisions
Due Diligence Period
Exclusivity Period
Lease Agreement
Letter of Intent
Business Day
Confidential Information
Security Deposit
Fit-out Period
Occupation Date
VAT
Operating License
Trading Certificate
Clauses
Non-Binding Nature
Confidentiality
Exclusivity
Premises Description
Commercial Terms
Permitted Use
Timeline
Due Diligence
Operating Costs
Insurance Requirements
Utilities
Trading Hours
Fit-out Requirements
Signage Rights
Property Access
Binding Provisions
Governing Law
Good Faith Negotiations
Termination Rights
Costs and Expenses
Assignment
Notices
Duration
Deposit Requirements
Break Clause
Confidentiality
Exclusivity
Premises Description
Commercial Terms
Permitted Use
Timeline
Due Diligence
Operating Costs
Insurance Requirements
Utilities
Trading Hours
Fit-out Requirements
Signage Rights
Property Access
Binding Provisions
Governing Law
Good Faith Negotiations
Termination Rights
Costs and Expenses
Assignment
Notices
Duration
Deposit Requirements
Break Clause
Relevant Industries
Retail
Commercial Real Estate
Shopping Centers
Property Development
Property Management
Retail Property Investment
Commercial Property Leasing
Food and Beverage
Fashion and Apparel
Entertainment and Leisure
Financial Services
Consumer Services
Relevant Teams
Legal
Real Estate
Property Management
Business Development
Finance
Operations
Facilities Management
Commercial
Risk Management
Store Development
Relevant Roles
Property Manager
Commercial Property Lawyer
Real Estate Development Manager
Retail Operations Director
Leasing Manager
Chief Financial Officer
Business Development Manager
Store Development Manager
Legal Counsel
Facilities Manager
Real Estate Portfolio Manager
Retail Expansion Manager
Commercial Director
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