Documents
Document which outlines the terms and conditions of a rental agreement between a landlord and a tenant.
What is a Lease?
This is the additional rent charged to a tenant to maintain the common areas
What is CAM (Common Area Maintenance) fees?
Tenant pays for everything (rent, taxes, insurance, Operating expenses).
What is a Triple Net Lease?
Premises Square Footage divided by Center Square footage.
What is Tenant's Proportionate Share?
An agreement of the Landlord to not allow any other tenants within the center to user their respective premises for a specific use.
What is a prohibited use?
Document which memorializes, among other items, certain dates, square footage, and proportionate share.
What is a Certificate Confirming Lease Commencement Date?
What are examples of Controllable CAM Expenses
Tenant pays increases over a Base Year for certain expenses
What is a Modified Gross Lease?
The annual summary and supporting documentation of Landlord's operating expenses, minus Tenant's estimated payments.
What is an annual Reconciliation?
The time for which a tenant has to resolve or remedy a default, whether it's monetary or by fixing an item required by the Lease (non-monetary default)
What is the Cure period?
Written document that address the negotiated lease terms agreed to between landlord and tenant before creating the lease document.
What is a letter of intent (LOI)?
Utilities, Snow Removal, Insurance, Real Property Tax
What are examples of Non-Controllable expenses
Tenant pays Base Rent only. Landlord pays for all operating expenses
What is a Gross Lease
Money made available to a tenant to build our their space.
What is a tenant improvement allowance?
A governmental measure of the average change over time in the prices for consumer goods and services.
What is the Consumer Price Index (CPI)
A document which notifies Landlord tenant wishes to remain in occupancy.
What is an Option Notice letter?
A set amount listed in the Lease in lieu of estimated payments for Common Area Maintenance
What is Fixed CAM?
A commercial property lease for a premises which is primarily used by businesses and professionals.
What is an office building?
The rental rate of Base Rent a tenant might be required to pay to remain in their space beyond the lease expiration date.
What is Holdover Rent?
A clause which provide remedies to a tenant in the event that an another tenant (or Anchor Tenant) ceases operations at the property.
What is Co-Tenancy or Anchor Co-Tenancy?
A document which revises, adds or removes certain requirements/responsibilities from the Lessor and/or Lessee.
What is a Lease Amendment?
Parking Lot Replacement, Roof Replacement, HVAC replacement, Exterior painting, costs not fully chargeable as a current expense in the calendar year the expenditure is incurred.
What are examples of Capital Expense?
Name one of the following which is not considered a commercial real estate property.
Storage space, Church, Office, Warehouse, Retail Store
What is a church
Premises Rental PSF multiplied by GBA divided by .08
What is formula to help determine if Real Property Tax Assessment should be appealed?
A lease clause that protects one or more parties from liability in the event of a major unforeseen event "act of God") such as a natural disaster, pandemics, govt acts.
What is force majeure?