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Form 14-1: Developer Letter of Intent to Major Oil Company for Ground Lease of Corner Service Station Pad to Be Developed Concurrent with Shopping Center

Includes (i) Allocation of On- and Off-Site Costs and Development Fees and (ii) REA Restrictions (Contains illustrative site plan showing the service station parcel and building envelope)


(9 pages)


Form addresses:

  • Site.

  • Use.

  • Continuous operations and recapture right.

  • Initial and option terms.

  • Fixed term rent.

  • Option period rent.

  • Initial "feasibility" option payment.

  • Tenant's lease execution and deposit.

  • "Preliminary Term" rent.

  • Commencement of Fixed Term.

  • Extensive alternative structures providing for allocation of improvement costs, including governmental fee caps and limited termination right to terminate if fees are subject to material increase.

  • Utilities.

  • Property taxes and common area maintenance.

  • Use controls and rights of first refusal.

  • Underground tank specifications; environmental monitoring and insurance.

  • Contingencies.

  • Liquor sales (optional).

  • Time limit.

  • Exhibit of "site" showing defined "building envelope", consistent with cost sharing arrangement.

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