What is a Letter of Intent?
A Letter of Intent is an informal method of stating that a Prospective Tenant or Buyer is interested in leasing or buying the unit/floor. It is neither binding, nor a legal document in the contractual sense, but demonstrates a prospect's good faith interest.
What is a Right of First Refusal?
A right usually given by a Seller to a Buyer or Lessee, which gives the Buyer/Lessee the first chance to Buy/Lease the property, should the owner decide to sell/lease. The Seller must have a valid offer (in writing) which the Buyer/Lessee can match or refuse to match.
What are Tenant Improvements?
Tenant Improvements are also known as "Tenant Build-Out", which are improvements such as walls, additional plumbing, built-ins, structural changes and so forth, that meet the needs of the Tenant. These improvements can be paid for by the Tenant, the Lessor, or both parties.
What is Security Deposit?
A security deposit is money given to the Lessor to provide some protection for damage to the rented unit or for some other failure of a tenant. The LESSOR shall keep the Security Deposit during the Lease Period and shall be returned to LESSEE, without interest and within sixty (60) days after the expiration of the term or termination of this lease, as the case maybe, and after LESSEE shall have completely and satisfactorily vacated and delivered the Leased Premises to LESSOR together with proof of payments for all utilities, less whatever amounts LESSEE may owe LESSOR or which LESSOR may apply against the security deposit.
What is Condominium Dues?
Condominium dues refer to the fees or assessments for common area maintenance such as maintenance and repair of common areas in the building, janitorial services, pest control services, security services, water, airconditioning and electrical charges (common area only), elevator and power generator maintenance