Without Prejudice
LETTER OF INTENT
Private and Confidential
Dear Sir/Madam,
Re: Letter of Intent for execution of contractual documentation to grant on Lease Deed at “__CITY___” situated at “_____PROPERTY ADDRESS___”, New Delhi, Delhi 110001.
The Owners/Lessor of the aforesaid land has set up upon the land a “__Warehouse/Retail__” for “___COMMERCIAL/STORAGE___” purpose. The municipal authorities have approved all plans and specifications for the aforesaid property and all the requisite approvals for construction have been received and is keen to give on Lease the part of property. The broad commercial terms and conditions pertaining to this Binding Letter of Intent are set out in the following table:
S.NO. | ITEM | DESCRIPTION |
1. | The Lessor | M/s. Real Estate Marketplace Pvt. Ltd. |
2. | Address of the Lessor | “ADDRESS” |
3. | Address of Premises | “PROPERTY ADRESS” |
4. | The Lessee | _____________ |
5. | Category | Warehouse/Retail/Commercial |
6. | Name of Lessee | _______________ |
7. | Lease Tenure | Nine (09) years |
8. | Floor and Unit No. (as per Annexure “A”) | _________ |
9. | Total Area | ______ sq.ft (per floor _______ per sq.ft.) |
10. | Monthly Rent (excluding GST) | _____________
|
11. | Lock-in Period | Six (06) Months |
12. | Rent Free Period | Forty Five (45) days from Lease Commencement Date |
13. | Any Additional Charges | No |
14. | Interest Free Refundable Security Deposit on Lease Rent (IFRSD) | Equivalent to Two (02) months Monthly Rent to be paid at the time of signing of agreement. |
15. | Escalation | 15% at the end of every three year on the last paid Lease Monthly Rent. |
16. | Rent Commencement Date | ____________________ |
17. | Notice for Termination | Notice period of three (02) months after lock in period for the Lessee. |
18. | Car Parking | ____________________ |
19. | Stamp Duty & Registration (Mandatory) | To be borne equally by both the parties (Lessor and Lessee) in 50:50 ratio. Note: If required after one year. |
20. | Compliance | The Lessor shall provide all documents for due diligence of property |
21. | Jurisdiction | Delhi/Gurgaon Courts Only |
The above Terms and Conditions are accepted and agreed by The Lessor and the Lessee and the parties intend to enter into a legally binding Lease Agreement satisfactory to both parties. This letter of intent is subject to the execution of the formal Lease Agreement. Once the Lease Agreement is executed, the Lease Agreement will supersede this LOI.
Lessor: _____________. |
Lessee: ____________. |
Signature: ___________________________ | Signature: ___________________________ |
Name: ____________ | Name:______________________________ |
Designation: Director | Designation: _________________________ |
Date: __________________ | Date: _________________ |
