Monday, June 6, 2022

FYI

 

Lois Potts lpotts@krigproperties.com

Tue, Mar 15, 9:10 AM


to me

Hi Henry,

 

I will call you shortly but wanted to get this over to you to start with.

 

Attached is the local leasing agreement for short term tenants. Anything over a year must be approved by corporate.

 

Below is a list of questions that will need to be answered for perm/national leases (and forms requested attached) before we send to legal to draft a new lease, an extension or renewal.

 

  • Who is guaranteeing the lease? Did they form a shell? If shell, will need the person/s or entity behind the shell with their Financials submitted. If corporate, please submit the corporate info so our legal can look it up in Dunn system.
  • Please send financials. 2 years tax returns – business or personal. P&L: - business or personal. Bank statements showing funds – where is the money coming from?
  • What security did you negotiate?
  • What is the completed language of Use?
  • Estimated delivery date or Tenant possession of space
  • Rent commencement date?
  • What did you negotiate with the tenants in terms of recapture rights?
  • What did you negotiate in terms of dark provisions?
  • Is there escalation or this is flat? If escalation, what is the set % and when does it start?
  • What did you negotiate in terms of OPEX? Is tenant paying proportionate opex or modified?
  • Did you negotiate opex expenses while in construction phase?
  • Did you ask for certified reporting?
  • Build out plans have LL consent or is Tenant allowed to build whatever it wants?
  • What is the assignment and subletting language you negotiated with him?
  • Is tenant assuming all utilities and consumables? If not, what is the LL assumed consumables.
  • What did you negotiate in terms of tenant’s maintenance responsibility vs LL responsibility?
  •  Do we have radius restrictions? If yes, what is it?
  • Did you negotiate the Violation & Settlement business terms?   
  • Is there an approval clause?
  • Who is the attorney reviewing the lease? What is the timeline for executing the lease?

 

 

Thank you,

 

Lois Potts

General Manager

Birchwood Mall

Kohan Retail Investment Group

4350 24th Ave

Fort Gratiot, MI 48059

(810) 294-8793

www.birchwoodmall.com