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90-minute live streaming program
  • January 23
  • 1:00 - 2:30 pm EST

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Letters of Intent:Defining Terms for Efficient Lease Negotiations

January 23

Learn what to include and exclude in a letter of intent to avoid pitfalls down the road.

Before committing to any real estate transaction, the 'deal terms' need to be put in writing so that the parties can engage their respective team members to understand and model the design, construction, financial and operational assumptions and key business terms associated with the transaction. The initial document where these concepts are identified is the 'letter of intent'. While for the most part non-binding, the letter of intent serves as the moral compass for the deal.

How to get to the letter of intent stage in a transaction, what to put in the letter of intent and how to avoid being caught in a 'binding' contract as a result of what is stated in a letter of intent are important concepts to understand in any lease transaction. A well drafted letter of intent informs the lawyers in drafting the underlying lease and minimizes disputes and late arising 'deal breaker' issues that may add significant expense to or derail a transaction.

This topic will provide legal advice on how principals and representatives for landlords and tenants should structure a letter of intent and how to use the document to promote efficient lease negotiations in office and retail lease transactions. The presenters will also discuss issues unique to brokers in the letter of intent stage of real estate transactions.

Learning Objectives

- You will be able to identify any broker disclosure and agency issues.

- You will be able to recognize the structure of a letter of intent.

- You will be able to discuss legal frameworks and issues.

- You will be able to review why you would use a letter of intent.

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Agenda

Why Use a Letter of Intent?
  • Allows Parties to Confirm Terms, Even If the Agreement Is Not Binding
  • Sets Moral Compass of the Transaction
  • Provides for Certain Binding Terms
  • Triggers Internal Reporting and Modeling and Engagement of Outside Counsel
  • Conformity and Predictability in Repeat Transactions
Before Getting to the Letter of Intent
  • Request for Proposals
  • Test Fits
  • Market Due Diligence
  • Multiple Offers
Legal Framework and Issues
  • Published Cases Relating to Exchanging a Letter of Intent
  • Implied Duty of Good Faith
  • Risks of Providing Estimates of Operating Expenses and Other Benchmarks
Structure of a Letter of Intent
  • Key Business Terms
  • Using the Qualifier 'to Be Further Negotiated in the Lease Documentation'
  • Sample Letter of Intent 'Non-Binding' Language
  • Avoidance of Marketing Language
  • Termination of Negotiations
  • Parallel Tracking Design and Construction and Binding Side Agreements
Broker Disclosure and Agency Issues
  • Broker Disclosure Obligations to Clients
  • Statutory Disclosures Relating to Agency and Dual Agency
  • Letter of Intent Not a Substitute for Engagement Agreement
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IA CLE 1.5
     
  • Letters of Intent:Defining Terms for Efficient Lease Negotiations is accredited under the regulations of the Iowa Supreme Court Commission on Continuing Legal Education. It is planned that this program will provide up to a maximum of 1.5 hours of credit toward the mandatory continuing legal education requirements under the Iowa rule.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • KS CLE 1.5
     
  • This course has been approved by the Kansas Continuing Legal Education Commission for a maximum of 1.5 CLE credit hours.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MN CLE 1.5
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.5 hours of credit.
     
  • MO CLE 1.8
     
  • This program has been approved by the Missouri Bar for 1.8 hours of CLE.
     
  • MS CLE 1.5
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • ND CLE 1.5
     
  • This program has been reviewed by the North Dakota Commission for Continuing Legal Education and approved for 1.5 hours of CLE credit.
     
  • NE CLE 1.5
     
  • Lorman Business Center, Inc. is an accredited CLE sponsor in the State of Nebraska and certifies that this activity has been approved for 1.5 hours of CLE credit in the State of Nebraska.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • TX MCLE 1.5
     
  • This program has been approved for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 1.5 credit hours. Lorman Education Services is an accredited sponsor, approved by the State Bar of Texas, Committee on MCLE. This program has been approved by the Texas State Bar College for 1.5 hours of CLE credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: basic knowledge of real estate law. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.8 hours of continuing professional education.
     

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for attorneys, presidents, vice presidents, building owners and managers, real estate professionals, landlords, developers, lenders, and accountants.

Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Margaret R. Duskin, LEED GA

Margaret R. Duskin, LEED GA

Cushman & Wakefield of California, Inc.

  • Executive director with Cushman & Wakefield
  • Recognized as a market leader in office leasing
  • Specializes in complex lease structures, major project marketing, advanced and complex negotiation, and corporate strategic planning. Her insightful and expert client communication, marketing, financial analysis, and negotiation skills result in positive solutions for her clients
  • Served twice as a judge for the San Francisco Business Times Real Estate Deals of the Year
  • Graduate of the University of San Francisco and is an alumna of the Stanford University Advanced Management College
  • Can be contacted at 415-773-3538 or [email protected]
Manuel Fishman, Esq.

Manuel Fishman, Esq.

Buchalter Nemer

  • Shareholder with Buchalter Nemer
  • Focuses practice on representing real estate developers and owners in the acquisition, sale and financing of commercial properties
  • Active leasing practice representing owners of several major office buildings in San Francisco, including the Transamerica Pyramid, as well as tenants in lease and sublease transactions
  • Serves as chair of the Building Owners and Managers Association (BOMA) of San Francisco’s Government Affairs and Policy Advisory Committee (GAPAC)
  • Recognized as a 2016 Best Lawyer in America™ in Real Estate Law, an honor he has received since 2007
  • Recognized as a Northern California Super Lawyer from 2012 to 2015 and as one of Bay Area magazine’s “Top Lawyers in the Bay Area”
  • Frequent lecturer on office and shopping center leasing matters and writes frequently for industry newsletters
  • J.D. degree, magna cum laude, Santa Clara University School of Law; B.A. degree, State University of New York at Purchase
  • Can be contacted at 415-227-3504 or [email protected]
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Product ID: 401416
Published 2017, 2018
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