Editing Letter of Intent

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SECURITY DEPOSIT: Tying up cash is never a good idea for a startup. A security deposit is meant to alleviate risk concerns for the Landlord but a year’s worth of rent paid upfront can be detrimental to the longevity of a startup business. Ironic isn’t it? A letter of credit however, proves that you’re good for the rent with a balance currently in the bank and requires no cash exchange. Whether you decide on a cash security or a letter of credit, make sure to include a “burndown” clause that states a percentage of your security deposit is paid back to you each year you are still in business and paying rent on time.
 
SECURITY DEPOSIT: Tying up cash is never a good idea for a startup. A security deposit is meant to alleviate risk concerns for the Landlord but a year’s worth of rent paid upfront can be detrimental to the longevity of a startup business. Ironic isn’t it? A letter of credit however, proves that you’re good for the rent with a balance currently in the bank and requires no cash exchange. Whether you decide on a cash security or a letter of credit, make sure to include a “burndown” clause that states a percentage of your security deposit is paid back to you each year you are still in business and paying rent on time.
  
MAINTENANCE/REPAIR: A property is an asset and at the end of the day you as a Tenant should not be responsible for the Landlord’s asset above and beyond treating the place respectfully. Thus, always stipulate that the Landlord shall keep the building systems (HVAC, fire/life safety, plumbing, electrical), structure, roof, common areas, and landscaping in good maintenance and repair. Most importantly should anything go wrong with the building the Landlord should be held responsible for any repair or replacement of expensive building infrastructure i.e. HVAC systems and a generator engine set.
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MAINTENANCE/REPAIR: A property is an asset and at the end of the day you as a Tenant should not be responsible for the Landlord’s asset above and beyond treating the place respectfully. Thus, always stipulate that the Landlord shall keep the building systems (HVAC, fire/life safety, plumbing, electrical), structure, roof, common areas, and landscaping in good maintenance and repair. Most importantly should anything go wrong with the building the Landlord should be held responsible for any repair or replacement of expensive building infrastructure i.e. HVAC systems and a generator engine set. I was actually pretty flat until I started birth control in high school. My mom had never experiened cramping until she had endometriosis. Soon as she started dealing with that she took me to the doctor right away to get me pills to battle my painful periods. Yay! And as a young flat-chested teeny bopper of course I was thrilled with a side effect of new curves! Except the suckers never stopped growing!
 
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