X. Rent Increase: Upon a lease renewal, the Base Rent shall:
☐ - Increase by ______________________ Percent (___%).
☐ - Increase by ______________________ Dollars ($______________________).
☐ - Increase as calculated by multiplying the Base Rent by the annual change in the Consumer
Price Index (CPI) published by the Bureau of Labor Statistics in the most recent publication to the
option period start date.
☐ - Not increase.
XI. Subletting: The Lessee may not sublet the Premises without first obtaining the prior written
consent of the Lessor.
XII. Late Rent: If the Lessee fails to pay the total rent payment for more than ___ days after it is due,
the following penalty may be charged:
☐ - A late fee of ______________________ Dollars ($______________________) per day until the
overdue amount is paid.
☐ - An interest rate of ______________________ Percent (___%) per annum on a daily basis until
the overdue amount is paid.
XIII. Binding Effect: This Letter of Intent shall be considered: (Initial and Check)
_____ - ☐ Binding – Therefore, the parties acknowledge that remedies at law will be inadequate for
any breach of this Letter of Intent and consequently agree that this Letter of Intent shall be
enforceable by specific performance. The remedy of specific performance shall be cumulative of all
of the rights at law or in equity of the parties under this Letter of Intent.
_____ - ☐ Non-Binding – Therefore, the parties acknowledge that this Letter of Intent is not
enforceable by any Party. The terms outlined herein are solely for the purposes of reaching a later
agreement in the future, of which the Lessee and Lessor are not bound.
XIV. Additional Provisions: ________________________________________________________
________________________________________________________________________________
_______________________________________________________________________________.
XV. Governing Law: This Letter of Intent shall be governed under the laws of the State of
___________________.
LESSEE
Lessee’s Signature ______________________ Date ______________________
Print Name ______________________
LESSOR
Lessor’s Signature ______________________ Date ______________________
Print Name ______________________