Editing Letter of Intent

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COMMENCEMENT DATE: Commencement Date is also known as your move-in date. This can be a moving target depending on how much improvement work is needed for the space to be move-in ready. If you think you can’t commit to a specific date, include a buffer move-in date of 120 days following the delivery of the space.
 
COMMENCEMENT DATE: Commencement Date is also known as your move-in date. This can be a moving target depending on how much improvement work is needed for the space to be move-in ready. If you think you can’t commit to a specific date, include a buffer move-in date of 120 days following the delivery of the space.
 
 
BASE RENT: The Base Rent can be tricky. There are three different versions of base rent structures. Full Service, Industrial Gross and Triple Net. Full Service is the complete rental amount including property taxes, insurance, maintenance, janitorial and utility costs. A Full Service lease means no surprise additional costs. Industrial Gross typically means the tenant pays for their own utilities and janitorial, i.e. similar to an apartment lease where you pay for what you use. Triple Net means none of the full service costs are included. In a Triple Net (“N.N.N”) lease you will want to define the net costs associated with property taxes, insurance, maintenance, utilities and janitorial services. In San Francisco no matter a Full Service, Industrial Gross or Triple Net structure, your base rent will increase 3% annually. The 3% annual increase is accounting for the rate of inflation.
 
BASE RENT: The Base Rent can be tricky. There are three different versions of base rent structures. Full Service, Industrial Gross and Triple Net. Full Service is the complete rental amount including property taxes, insurance, maintenance, janitorial and utility costs. A Full Service lease means no surprise additional costs. Industrial Gross typically means the tenant pays for their own utilities and janitorial, i.e. similar to an apartment lease where you pay for what you use. Triple Net means none of the full service costs are included. In a Triple Net (“N.N.N”) lease you will want to define the net costs associated with property taxes, insurance, maintenance, utilities and janitorial services. In San Francisco no matter a Full Service, Industrial Gross or Triple Net structure, your base rent will increase 3% annually. The 3% annual increase is accounting for the rate of inflation.
  

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