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…
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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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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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Quiet Enjoyment: A covenant by a landlord promising that the tenant will be able to enjoy the premises it has leased peacefully, subject to the tenant paying its rent and/or not…
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Partial Lien Waiver: A document executed by a contractor or subcontractor notifying not only the party making payment to the contractor or subcontractor but also to the property owner, bank,…
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Occupancy Rate: The percentage of space in a building that is occupied in relation to all leasable space in such building. Operating Expense Escalation (Clause) | Operating Cost Escalation |…
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Net Absorption: The change in occupied space between the current measurement period and a prior measurement period. Net Effective Rent: The amount a landlord effectively receives from a tenant after…
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Master Lease | Over Lease: The primary lease that all other leases (e.g. a sublease) are subordinate to. Material Inducement: Based on a representation by the tenant to perform or…
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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…
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Key Money: The sum of money paid to (1) an existing tenant by a person or entity in consideration of and in exchange for an assignment of a lease or (2)…
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