• May 16, 2017

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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 refrain from performing a certain action, the landlord is induced to enter (and would not have entered but for that inducement) into a lease agreement as a consequence thereof. 

Material Interruption Abatement: Language that provides the tenant some type of damages, usually in the form of a rent abatement, in the event there is an interruption that materially hinders or prevents the tenant from operating its business in the space beyond a pre-established amount of days. 

Measurement: The amount of usable and/or rentable square footage of a space. There are a plethora of standards to employ in measuring space (e.g., Building Owners and Managers Association (BOMA) standards), but generally stated, they should take into account such concepts as usable area, floor rentable area, building common area, gross rentable area, pro rata common area of a building, and load factors.

Memorandum Confirming Term: A document signed by both tenant and landlord setting forth the commencement date, expiration date and rent commencement date, along with the base rent schedule in most instances. In addition, it generally includes that all space and improvements have been completed and furnished in accordance with the provisions of the lease, and that tenant has accepted and is in full and complete possession of the premises. 

Meter Installation: Installation of a meter in landlord’s building that monitors tenant’s use of fuel, electricity and water. The landlord will then charge the tenant according to tenant’s use. In many instances, the landlord will tack on administrative fees for measuring meter which more often than not is a means for the landlord to acquire a profit from administering the meter.

Mixed Use (Building/Property): Real estate used for residential and commercial uses (as opposed to just one of the uses).

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