Landlords are often persuaded to add, to their letters of intent, estimates with numeric figures (as distinguished from just verbal descriptions) as to the size of the premises, CAM, CAM ratios, fund contributions, construction completion dates, the costs of the contemplated tenant improvements, etc. Landlords are often willing to provide such figures because (a) those amounts are clearly labeled as being only “estimates”; (b) the letter of intent usually states that it is not binding; and (c) any resulting lease would almost certainly contain an integration clause (i.e. a clause purporting to negate any such estimates as are not specifically repeated in that lease) and, probably, a no-reliance clause (i.e. a clause to the effect that the tenant is relying upon its own investigation, not upon any representation or warranty not specifically set forth in the lease).
However, in the recent case of Thrifty Payless, Inc. v. The Americana at Brand, LLC (1), the Court allowed a tenant to sue the landlord – for fraud, negligent misrepresentation, mutual mistake, and reformation and rescission – in such a case. (2)