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Letter of Intent - Metropolis

This letter of intent outlines the terms for leasing a retail space known as Shop No. UG-070 located at MGF Metropolis Mall in Gurgaon, Haryana, India. The key terms are as follows: The space is 765.19 square feet on the upper ground floor. The initial lease term is 9 years with a monthly rent of Rs. 250 per square foot. There will be a 15% rent escalation every 3 years. A refundable security deposit of 5 months rent is required. The lessee will have 45 days of rent-free fit out time and rent will commence after that period. Possession of the space and execution of the lease deed will occur simultaneously.

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Girish Sharma
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571 views2 pages

Letter of Intent - Metropolis

This letter of intent outlines the terms for leasing a retail space known as Shop No. UG-070 located at MGF Metropolis Mall in Gurgaon, Haryana, India. The key terms are as follows: The space is 765.19 square feet on the upper ground floor. The initial lease term is 9 years with a monthly rent of Rs. 250 per square foot. There will be a 15% rent escalation every 3 years. A refundable security deposit of 5 months rent is required. The lessee will have 45 days of rent-free fit out time and rent will commence after that period. Possession of the space and execution of the lease deed will occur simultaneously.

Uploaded by

Girish Sharma
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
  • Terms and Conditions: Details various terms regarding rent, tax charges, utilities, and other financial obligations related to the lease.
  • Introductory Statement: Initiates the letter of intent with confirmation details about the lease, including premises details and parties involved.
  • Signatures: Concludes the letter with signature lines for the parties, affirming their acceptance of the terms.
  • Agreements: Lists conditions under which the lease will become valid, including possession, jurisdiction, and deposit details.

Letter of Intent We hereby confirm our intent to lease Shop No.UG-070, admeasuring 765.19 sq. feet.

appx super built up area on the UPPER GROUND Floor at MGF METROPOLIS MALL, M.G.ROAD, GURGAON, HARYANA, on the following terms and conditions: Without prejudice and subject to Final Agreement Lessee Lessor Shop no. Floor Area Rent (Per sq. ft.) Rent Escalation Service Tax (pertaining to Rent and CAM) Interest Free Refundable Security Deposit Remittance of Rental Tenure of Lease Lock-in-Period Common Area Maintenance Refundable Maintenance Security Deposit Notice Period : : : : : : : Ms. Mannu Jain, Ms. Manisha Jain & Ms. Meetika Duggal Himalaya Opticals UG -070 UPPER GROUND FLOOR 765.19 Sq.feet Super Built-up Area Rs. 250/- per Sq.feet Per Month on Super Built-up Area There shall be an escalation of 15% on the last rent paid after every 36 months To be borne by the Lessee. Lessee will pay interest free refundable security deposit equivalent to (05) Four months rent. Rent shall be paid by the lessee on or before 7th day of each Calendar Month 9 years (3+3+3 yrs) Initial (24) Twenty Four months during which either of the parties cannot terminate the agreement As per the maintenance contract applicable to all the occupants in the mall to be borne by the Lessee To be borne by the Lessee Lessee can give 3 months notice after the expiry of initial Lockin-Period. The Lessee is entitled to a rent-free fit out period of 45 days The possession shall be handed over to the Lessee, Simultaneously on execution of Lease Deed. On Expiry of Rent free Fit-out Period.

: : : : : : : :

Fit out Period

Rent Commencement

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Nature of Agreement

Lease agreement shall be executed by both the parties within 15 days from the date of signing of this LOI. Possession for Fit-out shall be handed over by the lessor on Execution of Lease Deed The Lease agreement will be subject to the exclusive jurisdiction of the competent courts in DELHI. To be borne by the Lessor To be borne equally by the Lessee. At the signing of this LOI At the time of Signing of Lease Agreement One Month Two Month

Possession Jurisdiction Property/Municipal Related Taxes Stamp Duty for Registration of Lease Deed Security Deposit Schedule

: : : : :

Enclosed is the security deposit amount of Rs. ________/- vide Cheque no. ________ dated ___________ drawn on ______________________________________________. Both the parties confirm their agreement to the above

Thanking you Yours truly, Agreed and Accepted

___________________________ Himalaya Opticals LESSEE

______________________________________ Mannu Jain, Manisha Jain & Meetika Duggal LESSOR(S)

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