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TopicHeat, Air Conditioning & Electricity Clause Pointers
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“As-Is” Condition

Introduction: In order to protect itself, a landlord will generally include an “as-is” provision within its lease stating that tenant has inspected the premises and accepts them as they are…

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“As-Is” Condition

Pro-Landlord Language: “Tenant represents that the Demised Premises and all electrical, heating, ventilating, air conditioning (if any), plumbing and other systems affecting the same have been inspected by Tenant and…

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A

Abatement: The reduction or elimination of a portion of rent during the lease term. Commonly referred to as “free rent,” “rent abatement” or a “rent concession.” An abatement may be…

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G

Generally Accepted Accounting Principles (GAAP): The common set of standards, rules, procedures, and principles accepted by professionals in the accounting industry. This framework has been adopted by most publicly traded…

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H

Hard Costs: The readily quantifiable costs of a construction project that become part of the improvements made such as land, a building, inventory, systems, equipment, or machines. These hard costs contrast…

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R

Real Estate Tax (Escalations): Provision in lease agreements where tenant agrees to pay its pro-rata share of any increase in real estate taxes on the leased property over and above a…

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S

Sale-Leaseback: A real estate sales transaction in which the owner of a property sells the property to a buyer, and after the closing of title to the property, the seller…

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