If the lessee fails to make the complete rent payment within 3 days of the due date, the following penalty may be imposed: A fifteen dollar ($15) per day late fee until the outstanding amount is paid. XIII. Binding Effect: This Letter of Intent is not legally binding. A commercial lease letter of intent is a document that describes the leasing terms for a business property and delivers the material in a condensed style that should be evaluated prior to the completion of a formal agreement.