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This seminar provides a basic overview of leasehold letters of intent focusing on commonly-included provisions as well as oft-overlooked issues. In this context, Ted Woodward of Seyfath Shaw LLP along with Jeff Pandolfo of The Shopping Center Group explain how to maximize the process of negotiating a letter of intent in an effort to streamline lease negotiations and reduce legal fees. This presentation includes a review of the specific language of various letters of intent while explores the impact of such letters on the final lease documents. Finally, Mr. Woodward and Mr. Pandolfo explore the important but challenging area of dealing with work letters and other common lease exhibits at the letter of intent stage.
I. Answer, what is the purpose of a letter of intent?
II. Learn which parties should be involved in drafting and reviewing letters of intent (i.e. brokers, attorneys or both?)
III. Review the mandatory leasehold provisions that should be included in almost all letters of intent
IV. Identify and review provisions that are often not included in letters of intent but can simplify the lease negotiation process
V. Detail work letters and other common lease exhibits and discuss the inclusion of such documents at the letter of intent stage of negotiations
VI. Explain how, done correctly, a well drafted LOI can reduce cycle-time and decrease legal spending
Theodore E. Woodward is a senior associate in the Real Estate department of Seyfarth Shaw LLP. Mr. Woodward routinely represents clients in all facets of transactions involving the leasing, acquisition, disposition, financing and development of commercial real estate, including multi-family, retail, office and industrial assets.
Mr. Woodward has extensive experience representing commercial real estate developers and owners of multi-family and retail projects, including apartment developers and Big Box retailers, with respect to the acquisition, financing, development, operation and, ultimately, sale of properties across the United States. In addition, Mr. Woodward regularly provides counsel to both Landlords and Tenants regarding office, industrial and retail leasing matters, including the structure of transactions and the negotiation of leases, and assists clients with ongoing landlord/tenant and other operational matters. Mr. Woodward’s real estate practice is enhanced by his experience assisting both creditors and borrowers in distressed real estate and loan work-out transactions.
Further, Mr. Woodward frequently speaks on real estate matters. Recently, Mr. Woodward was a presenter on the topic of “Stress-Free Construction: Work Letter’s That Really Work,” and led a roundtable discussion on “Leasehold Title Insurance” at the October, 2014 International Council of Shopping Centers Law Conference
Prior to joining Seyfarth, Mr. Woodward served as a law clerk for the Hon. J. Owen Forrester, Northern District of Georgia.
Jeff Pandolfo grew up in White Plains, New York. As Director of Leasing for The Shopping Center Group, he is responsible for the growth and oversight of the Northeast project leasing division, as well as listing activities in the urban division, SCG retail, for the 5 boroughs of New York. Prior to joining the company, Jeff was director of leasing for L&M Development. There he was a key member of the team leasing and managing the company’s portfolio. Prior to L&M, Jeff was vice president of commercial leasing at Extell Development Company. Leveraging his extensive experience working with landlords and developers, Jeff implements a strategic approach while being able to anticipate and understand challenges specific to each property. Jeff attended Yale University and is an active ICSC, REBNY and YMWREA member.
It was good to get the perspective of both an attorney and a broker.
Good job, thanks!
Instructors were methodical in reviewing each step of the LOI.
Good basics on what the LOI should and should not do.
Excellent partner presentation. Both speakers were knowledgeable and complimented each other well.
Excellent program. Comments on transparency very insightful.
Pretty basic, but well organized.
Nice to have a Broker's POV. These two worked well together.
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