It is understood and agreed that this proposal shall serve merely as a general outline of terms, which terms are subject to further negotiations and inclusion in a lease executed by the parties. Neither landlord nor prospective tenant shall have any obligation resulting from the proposal made hereby, nor shall any obligation or liability be incurred by either party until and unless a lease is executed and delivered by both parties. Landlord and prospective tenant each acknowledge and agree that each party is proceeding with negotiations related to the proposed transaction at its sole cost and expense (which may involve substantial transaction costs). Until such time as a lease is executed and delivered by the parties, landlord and/or broker may concurrently discuss the premises described herein with other prospective tenants and the premises are subject to prior leasing and/or withdrawal at any time without further notice.
It is further understood that this proposal and any lease executed by the parties is subject to: (i) review and approval by landlord of prospective tenant’s financial condition; (ii) review and approval of this lease proposal by landlord; and (iii) review and approval of this proposed lease transaction by landlord’s Investment Committee, if any.