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Basic Tenant Work

“Tenant’s Work (whether performed prior to or after the Lease Commencement Date) shall be (or shall have been) made and diligently completed at Tenant’s sole cost and expense, in 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…


Base Rent: Base Rent is the minimum or base amount of rent payment as set out in a lease and is often referred to as “fixed rent.” Generally stated, base…


Capitalization Rate (a.k.a. “Cap Rate”): The rate of return on a real estate investment property based upon the income that the property is expected to produce. A capitalization rate can…


Dark Shell: See “Cold Shell.” Deed in Lieu of Foreclosure: A deed by which a borrower voluntarily gives title to real property to the bank (i.e. the mortgagee) in exchange for the…


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…


Land Lease: See “Ground Lease.” Landlord Approval | Landlord Consent: A situation in which a tenant must get the permission of landlord before proceeding with its course of action. Generally, situations…


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…


Tap In Fee: For its supplemental air-conditioning system, the charge to a tenant for the right to tie into a building’s condenser water loop. Generally between $1,500 to $5,000.00 in…


Unamortized Cost: The actual cost of an asset or concession less the depreciation or amortization of such item, generally on a straight line basis (e.g., landlord’s work and/or a brokerage commission,…

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