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A lease and release is a form of conveyance of real property involving the lease of land by its owner to a tenant, followed by a release (relinquishment) of the landlord's interest in the property to the tenant.
The difference between the two is slight and mostly a matter of style: an LOI is typically written in letter form and focuses on the parties' intentions; a term sheet skips most of the formalities and lists deal terms in bullet-point or similar format. There is an implication that an LOI only refers to the final form.
However, most releases are much more detailed in the recitation of what is being released and the extent of the release (where it is valid, when it become valid if there are conditions on its validity, the amount of consideration if it is substantial) and they are either copied and modified as necessary from various form books or drafting manuals used by lawyers or are preprinted forms that ...
Merger and acquisition agreements, [1] joint venture agreements, real property lease agreements and several other categories of agreements often make use of a letter of intent. The capitalized form Letter of Intent may be used in legal writing, but only when referring to a specific document under discussion.
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