Landlords frequently run into unexpected problems &mdash; which I call "icebergs" &mdash; with their tenants, some of which were discussed in last month's Spotlight, <i>ie</i>, hazmat remediation. Here are a few more icebergs to watch out for.

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Landlords and tenants occasionally ask whether they should bother to negotiate and execute a letter of intent to lease. Many wonder whether it might be more efficient to launch right into negotiating the lease itself. The investment in negotiating a letter of intent to lease will almost always pay quick dividends for landlords and tenants. The dividends may be in the form of an early discovery of a lack of agreement on an important issue that will allow the parties either to resolve it quickly or decide to terminate further negotiations and part ways. The more details sorted out during the letter of intent phase, the greater the likelihood of a smoother and successful consummation of the lease. Finding the proper balance of detail to include at the letter of intent phase is often a function of the nature and size of the transaction and the sophistication and leverage of the parties involved. This article is intended to help landlords and tenants consider what they may want to include in their letters of intent to lease.

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Part One of this article discussed the <i>Penn Central</i> multifactor takings test. The conclusion addresses the "whole parcel" rule announced in <i>Penn Central</i> as well as the two-part takings test established by <i>Agins v. City of Tiburon</i>, 447 U.S. 255 (1980) and suggests strategies to redress loss of property values due to regulations.

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Everything in this issue, in an easy-to-follow format.

In-depth analysis of a recent key case.

Recent rulings of importance to you and your practice.

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A look at pivotal cases.

Recent rulings of interest to you and your practice, with key analysis.