Legal Question in Business Law in Texas
I am in negotiations for a retail lease. Two weeks ago, via email, the following offer was sent:
"We have decided the best deal we can offer you is the first two years at $37/sf/yr and three years at $40/sf/yr, with month 1-4 of the term at a reduced rate of $1,000/mo ($20/sf/yr).
After you have given some time to consider, please let me know if you would like to proceed."
We then talked by phone and discussed other elements of the contract not rent related and letf it with the documents to be drafted.
In the meantime, they have changed personnel with which I will be dealing. The information was forwarded to her and stated that she would be drafting the documents. Instead, on Friday, I received the following email:
"I have been reviewing the terms, and I would need to wait to do this agreement until closer to the date of opening.
I have not begun marketing, and your rent amounts are significantly below our current interior amounts. I will not be able to honor them at this time as we have a while to market this and potentially can do much better for the inside facing positions.
If you are willing to go to the first two years at $42/sf/yr and three years at $50/sf/yr, with month 1-3 of the term at a reduced rate of $1,300/mo ($26/sf/yr), then I would feel comfortable moving forward"
I would like to know what my options are at this stage. The goal is to secure the lease with the original offer as discussed. I wll need to draft an email in response to her to convey this sentiment and persuade her to move forward with the original offer.
I am a current 10 year tenent with this company. They are building a new building, in which I would like to move. .
1 Answer from Attorneys
The best advice is for you to get an attorney involved as soon as possible. It sounds like they are playing hardball with you and it's not right. After an attorney reviews all correspondence, a proper response and demand can be made. Consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
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