Form 14-1: Developer Letter of Intent to Major Oil Company
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)
- 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.
- Property taxes and common area maintenance.
- Use controls and rights of first refusal.
- Underground tank specifications; environmental monitoring and insurance.
- Liquor sales (optional).
- Time limit.
- Exhibit of "site" showing defined "building envelope", consistent with cost sharing arrangement.