Common Terms #2
Landlord's actual and reasonable costs of maintenance, repair and operation of the Common Areas.
What are CAM Expenses?
People that review contracts, provide advice and representation regarding real estate transactions and are experts in understanding and applying the laws related to real property.
What is a real estate attorney?
DRE
What is a Director of Real Estate?
The annual amount of Base Rent, by square footage, multiplied by the premises square footage divided by 12.
What is the monthly installment of Base Rent?
Language which entitles Tenant at its election to extend the current Term for a determined amount of time.
What is an Extension Option?
Parking areas, parking lot facilities, landscaped areas, streets, sidewalks, driveways, monument and/or pylon signs, and cart corrals
What are examples included in the Common Area Definition?
A person or entity one goes to for a loan.
What is a Bank, lender, or Mortgagee?
FMV
What is Fair Market Value?
***DOUBLE JEOPARDY***
A share of Landlord's actually and reasonably incurred expenses for (i) CAM Expenses, (ii) Real Property Taxes and (i) Insurance passed to Tenant.
What is Tenant's proportionate share of Additional Rent?
The Lease Commencement Date through the last day of the 12th full calendar month following the Rent Commencement Date.
What is the first Lease Year?
Capital Expenditures, Management Fees, Administrative fees, administrative charges above 5% of CAM Expenses, insurance deductibles, roof repairs
What are examples of CAM Expenses Landlord must typically exclude from the annual CAM Reconciliation?
A profession that involves representing buyers, sellers, landlords, or tenant in commercial real estate transactions.
What is a commercial real estate broker?
SNDA
What is Subordination, Nondisturbance and Attornment Agreement?
The amount of Additional Rent which shall not be exceeded through the end of the first full calendar year following the Rent Commencement Date.
What is the Additional Rent lease year 1 cap?
A period of time commencing on the Rent Commencement date in which Tenant has no obligation to pay Base Rent.
What is the Base Rent Abatement Period?
***DOUBLE JEOPARDY***
The maximum amount Landlord may pass on to Tenant for controllable CAM.
What is the annual Controllable CAM CAP?
An individual or entity that owns the land and leases it to another party and allows lessee the development and ownership of any buildings or improvements on the land.
What is the Ground Lessor?
CPI
What is Consumer Price Index?
An amount paid to Landlord to compensate for administrative expenses in processing late payment, typically equal to the lesser of (a) 5% of the delinquent Rent amount of (b) $500.00.
What is a Late Fee?
The Rent Commencement Date through the last day of the next full calendar month.
What is the first Lease Month?
An area depicted on the Site Map where Tenant is allowed to conduct periodic sidewalk and/or parking lot sales.
What is the Outdoor Sales Area?
An individual or company hired to oversee the day-to-day operations of a property on behalf of the owner.
What is a Property Manger? Or Property Management Company?
TIC
What is Tenants in Common?
The typical Total Rentable Area of the Shopping Center which must be occupied to avoid an Occupancy Co-Tenancy Failure.
What is at least 50%?
The next business day following the date that Landlord delivers exclusive possession of the Premises to Tenant with all Landlord requirements met. (sometimes will also require Tenant has received its permits)
What is the Lease Commencement Date?