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Session 9
Leases and ownership Interests
| Question | Answer |
|---|---|
| Actual Eviction | An eviction action taken by the landlord if the tenant fails to perform obligations. |
| Anchor Tenant | A major department or chain store, strategically located at shopping centers to give maximum exposure to smaller satellite stores. a center may have several. |
| Building Shell | The shell, or building envelope, is made up of the roof, walls, floor, windows, and doors. it includes everything that separates the inside of a building from the outside. |
| Certificate of Occupancy | A certificate issued by a government agency stating that the building is in compliance with building codes and is suitable for occupancy. |
| Common Area Maintenance Charges | Fees charged to commercial tenants to maintain parking lots, walkways, area lighting etc. |
| Condemnation Clause | May cancel the lease if eminent domain is exercised. usually limits a tenants claims against the landlord for any compensation the landlord receives from the government. |
| Constructive Eviction | The process by which a tenant terminates the lease due to the landlords failure to perform obligations, such as failing to provide heat or air conditioning or failure to cure other problems that make the property uninhabitable. |
| Ejectment (Forcible entry and detainer action) | The legal proceeding to regain possession of the property. |
| Expense Stop | A lease provision that limits the landlords operating expenses by requiring the tenant to pay for increases in taxes or heating or cooling costs etc |
| Graduated Lease | A lease with an escalator clause that calls for increases/ decreases in rent at specified intervals. |
| Gross Lease | The rent is a fixed payment amount for the tenant. the owner pays all property expenses. |
| Ground Lease | A lease for the land only. commonly a net lease |
| Index Lease | The rent is tied to an index, such as the consumer price index. the rent may increase or decrease. |
| Lease- Option | A lease with an option to buy or re-lease. |
| Net Lease | The tenant pays a fixed amount of rent plus the property expenses, including utilities, real estate taxes, insurance premiums, and maintenance. |
| Percentage Lease | common in leasing retail space, especially in shopping malls. tenants pay a base rent plus a percentage of the lessee's gross sales volume |
| Proprietary Lease | A lease in a cooperative building in which the tenant has the right to rent a particular unit, a co-op is a building owned by an association in which the residents have shares. the shareholders have the right to lease a unit in the co-op |
| Sale Leaseback | A situation in which the owner sells the property to an investor and at the same time leases the property back from the investor usually to continue to operate the owners business. |
| Section 8 Lease | A lease in which the rent is subsidized by the federal government. designed to help low to moderate income families, a portion of the tenants rent is paid directly to the landlord by the government. |
| Surrender and Acceptance | A mutual agreement to end the lease. the tenant surrenders possession, and the landlord accepts it back. |
| Tenant Improvements | Alterations or Improvements to a leased space to configure the space for the tenants needs. |
| Turnkey Project | A development project by which the developer completes the building so the buyer or tenant only has to "turn the key in the door" to start business |
Created by:
Baayangle
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