Business Law

Real Estate News: Expectation Must Be Spelled Out in Lease

by Philip A. Toomey | Partner

Most lease transactions are preceded by a letter of intent (LOI).  While LOI’s are a great starting point, normally they are nothing more than non-enforceable statements of what “might” happen in the future. Under most circumstances, a LOI may not counter or add language to a later executed written lease. Many a tenant has discovered reasonable, material and significant expectations, clearly written in the LOI but not in the…

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