• May 15, 2017

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Improvements: Any permanent structure or work, such as planting trees or building a wall, that has the effect of increasing the value of the property itself.

Indemnity | Indemnification: A contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party. Therefore, in the context of a commercial lease, one party may have the obligation to indemnify the landlord for any damage that results to the premises during the term of the lease. 

Industrial Clean: In addition to the basic requirements of “broom clean” condition, generally stated, it is the comprehensive cleaning (and in most cases disinfecting) of any and all surfaces contained in a space. Also see “Broom Clean.”

Industrial and Commercial Abatement Program (ICAP): A New York City program that provides property tax abatements for up to 25 years for those building or conducting physical improvements, modernizations, or expansions on commercial buildings.

Interest On Late Payment: Interest charged on a payment made after the date in which the original rent payment was due under a particular contract (e.g., a lease).

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