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TXR 2122 — Commercial Letter of Intent to Lease

A non-binding letter of intent summarizing the general terms of a proposed commercial lease between a landlord and tenant: the parties and their contact details, the leased premises and its size, the term and commencement date, a base monthly rent schedule (up to six periods, with optional monthly / annual rates per rentable square foot), additional rent (expense reimbursement of taxes, insurance, CAM, structural and other items payable as a full pro rata share or above a base year or expense stop; percentage rent on gross sales above a natural or stated breakpoint; parking charges by space type), the landlord's projected operating expenses, renewal options, security deposit, the tenant's use, tenant improvements (completed by the landlord by a date and up to a cost cap, or by the tenant with a landlord reimbursement cap), the brokers and their fees (by separate commission agreement, or a percentage of base rents and expense reimbursements or another amount per broker, payable half at lease execution and half at commencement or as stated), and special provisions. It states that neither party is bound until a definitive lease (TXR 2101 or another agreed form) is signed, asks the tenant to return it with a commercial lease application (TXR 2120), and lapses at 5:00 p.m. on the stated date unless the receiving party signs and returns it. Landlord and Tenant each sign on page 3 (up to two signatories per side with printed name, title and date).

Source: TXR
Form Number: 2122
Category: Other
Revised: July 8, 2022

Used For

COMMERCIAL_LEASING

Form Outline

The TXR 2122 form is organized into the following sections:

  1. LANDLORD and TENANT
    Each party's name (two lines on the paper), address, phone, e-mail, mobile and fax or other contact.
  2. LEASED PREMISES, LEASED PREMISES SIZE and TERM
    The space (three lines), its size, and the proposed term ("___ ☐ days ☐ months ☐ years, commencing on: ___", with a second line).
  3. BASE MONTHLY RENT
    The proposed rent schedule: up to six rows of Dates (From / To), an optional rate per rentable square foot ($ monthly rate / rsf / month and $ annual rate / rsf / year), and the Base Monthly Rent $.
  4. ADDITIONAL RENT
    (1) Expense Reimbursement of ☐ taxes ☐ insurance ☐ CAM ☐ structural and ☐ ___, payable as ☐ full pro rata share, ☐ pro rata share in excess of base year of ___, or ☐ pro rata share in excess of expense stop of $___ per year; (2) Percentage Rent: ___% of Tenant's gross sales in excess of ☐ Base Rent (natural break) or ☐ ___; (3) Parking $___ for the following parking spaces: ☐ ___ Common parking area spaces, ☐ ___ Restricted parking area spaces, ☐ ___ Reserved parking spaces.
  5. EXPENSE REIMBURSEMENTS
    Landlord's total projected expenses for the operation of the Property at the time the lease commences (not considering any base year or expense stop), as a $ monthly rate / rsf / month and a $ annual rate / rsf / year.
  6. RENEWAL OPTIONS, SECURITY DEPOSIT, TENANT'S USE and TENANT IMPROVEMENTS
    Renewal options (four lines), the security deposit, the tenant's use (three lines), and the tenant improvements (three lines) with who completes them: ☐ Landlord on or before a date, with Landlord's cost limited to $___; or ☐ Tenant, with Landlord reimbursing up to a stated amount.
  7. BROKERS
    Identifies the broker representing each party (two lines each) and how Landlord will pay fees: by separate written commission agreement, or as follows — for each broker a total cash fee of ___% of all base monthly rents and expense reimbursements, or another amount — payable one-half at lease execution and the remainder on the date the lease commences, or as stated. The Landlord's broker block is the seller side; the Tenant's broker block is the buyer side.
  8. SPECIAL PROVISIONS
    Any other proposed terms (exclusivity, signage, early termination, co-tenancy…). Seven lines on the paper.
  9. NON-BINDING and EXPIRATION
    The letter is not a legally binding lease; neither party is bound until a definitive lease is signed and delivered. If acceptable, the receiving party signs and returns it with the Commercial Lease Application (TXR 2120) or other application form, and Landlord then drafts the lease on the Commercial Lease (TXR 2101) or another agreed form. The delivering party asks for the signed copy by 5:00 p.m. on the stated date.
  10. SIGNATURES (page 3)
    Landlord and Tenant each have two signatory blocks: the party name (two lines), a "By:" line for the person or entity signing on the party's behalf, the signature line and the Date beside the title (placed as e-sign tabs), printed name, and title.

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