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- Talk the Talk: Familiarizing Yourself with Lease Negotiation Terminology 0%
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Question 1 of 14
1. Question
An accelerated rent provision is a lease clause requiring immediate payment of all sums due for the balance of the lease term subsequent to an uncured tenant default or early lease termination event.
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Question 2 of 14
2. Question
The fee paid to a brokerage company for the services conducted by it on a real estate transaction such as an executed lease or a closed sale of real property is known as the down payment.
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Question 3 of 14
3. Question
Early access is a provision in a lease allowing the tenant access to the space prior to receiving possession from the landlord, without the payment of rent, in order to install its wiring and cabling, take measurements, install and/or store its work stations or furniture and to possibly begin a tenant’s alterations.
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Question 4 of 14
4. Question
Financial statements and records are records that outline the financial activities of a business, an individual, or entity. Such records often include income statements, balance sheets, statements of retained earnings and cash flows, generally maintained according to the generally accepted accounting principles (“GAAP”).
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Question 5 of 14
5. Question
Gray shell is a phrase commonly utilized in commercial leases relating to the condition that a particular system or item must be in at a certain time, generally as of the date a tenant takes possession of a leased space.
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Question 6 of 14
6. Question
Hard costs are 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 involve the actual physical construction of a development and could include grading, excavation of a site, the materials used, landscaping, and carpentry.
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Question 7 of 14
7. Question
HVAC maintenance is a provision contained in a lease requiring a tenant to not only repair, maintain, and replace (if necessary) the HVAC system or air conditioning unit servicing the premises, but to also maintain a service contract on such system.
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Question 8 of 14
8. Question
Interest on late payments is a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party.
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Question 9 of 14
9. Question
A latent defect is generally considered to be a defect that a reasonable tenant should have discovered when inspecting the premises prior to the execution of a lease.
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Question 10 of 14
10. Question
Material inducement refers to a representation by a party to perform or refrain from performing a certain action that causes the other party to enter into an agreement as a consequence thereof (and would not have entered but for that inducement).
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Question 11 of 14
11. Question
A performance bond is a bond that guarantees that all work provided for in a construction contract is in fact completed pursuant to the terms and specifications of said contract.
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Question 12 of 14
12. Question
Rent escalation is a decrease in the amount of rent that a tenant is required to pay to its landlord, which decrease shall occur at fixed intervals throughout the duration of a lease term.
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Question 13 of 14
13. Question
A tenant improvement allowance is the agreed upon amount, often expressed as a specified sum or amount per square foot, that a landlord is willing to (1) spend on the build-out of a tenant’s space or (2) contribute financially to a tenant for the tenant’s construction of its space.
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Question 14 of 14
14. Question
Useable square footage (“USF”) is the actual wall to wall space within the premises or a building.
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