HomeMy WebLinkAboutJones parking lot lease proposalAugust 9. 2020
Dear Jones Family,
We are excited to present this Letter of Intent (“LOI”) on behalf of Sanctuary of Praise (Tenant”) to lease raw land south of 3102 Park Ave N, Renton WA 98056.
Below please find a summary of the terms and conditions under which TBD is prepared to enter into a lease agreement:
1. LANDLORD:
Jones Family
2. TENANT:
Sanctuary of Praise
3. PREMISES:
The lot south of 3102 Park Ave N, Renton WA 98056
4. USE:
Parking Lot
5. LEASE TERM:
5 years
6. LEASE COMMENCEMENT:
TBD
7. RENT COMMENCEMENT:
TBD
8. RENT:
$650.00/month with 3% annual increases occurring in the 13th month.
9. OPTION TO EXTEND:
Two (1) options to extend the Term for three (3) years at market rate with 6 months written notice to the Landlord.
10. LEASE BASIS:
TBD
11. TENANT IMPROVEMENT ALLOWANCE:
None
12. TENANT IMPROVEMENTS:
Tenant to modify the Premises for a parking lot. Tenant to level and apply crushed gravel in accordance with the city of Renton. Tenant to maintain the lot free of weeds and debris.
Tenant to provide a locked and gated entrance to be accessed only by its congregants when needed.
13. RENT ABATEMENT:
None
14. PARKING:
TBD
15. CONSIDERATION:
Upon Lease execution the Tenant shall pay 1st month’s prepaid rent and a security deposit equal to last month’s rent.
16. SIGNAGE:
N/A
17. REPRESENTATION/FEE:
There is no fee to be paid by the Landlord
18. FINANCIAL INFORMATION:
N/A
This Letter of Intent is merely an invitation to negotiate a lease agreement subject to the above terms, conditions and business points. This proposal is non–binding to either party
until such time that a fully executed lease agreement is executed between the parties.
Sincerely,
ACKNOWLEDGEMENT:
TENANT LANDLORD
By: __________________Date_______ By: _____________________Date_________
Its: _____________________________ Its: __________________________________