HomeMy WebLinkAboutBack-Up DocumentLaw Enforcement & Technology Federal Credit Union
("LETFCU")
Term Sheet
August 29, 2022
Property: 400 NW 2nd Avenue
Miami, Florida 33101
Area/Square feet: Third floor — Office (1,016 square feet)
Type of Agreement: Revocable License Agreement ("RLA")
Effective Date: As of the date of execution
Initial Term: 5 years
Renewal Date: October 1, 2022 (Rent Commencement Date)
Renewal Term: Five (5) one-year renewal periods by official request.
Security Deposit: $3,725.34 (two months of monthly use fee)
Monthly Use Fee: Year 1 $1,862.67 ($22.00 per square foot)
Escalation Rent:
Year 1 (2022-2023) $22.00 per square foot
Year 2 (2023-2024) $23.00 per square foot
Year 3 (2024-2025) $24.00 per square foot
Year 4 (2025-2026) $25.00 per square foot
Year 5 (2026-2027) $26.00 per square foot
Percentage Rent: N/A
PILOT Fees: $70.00 Monthly
Utilities*:
Year 1 (2022-2023) $70.00
Year 2 (2023-2024) $72.10
Year 3 (2024-2025) $74.26
Year 4 (2025-2026) $76.49
Year 5 (2026-2027) $78.78
*Increases at a rate of 3% each year. This is on the rent commencement date
anniversary.
Licensee pays for their own janitorial services.
(Cleaning of LETFCU offices and garbage pickup in their area.)
*Electricity included in monthly use fee.