Partial Lien Waiver: A document executed by a contractor or subcontractor notifying not only the party making payment to the contractor or subcontractor but also to the property owner, bank,…
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Occupancy Rate: The percentage of space in a building that is occupied in relation to all leasable space in such building. Operating Expense Escalation (Clause) | Operating Cost Escalation |…
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Net Absorption: The change in occupied space between the current measurement period and a prior measurement period. Net Effective Rent: The amount a landlord effectively receives from a tenant after…
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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…
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Land Lease: See “Ground Lease.” Landlord Approval | Landlord Consent: A situation in which a tenant must get the permission of landlord before proceeding with its course of action. Generally, situations…
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Key Money: The sum of money paid to (1) an existing tenant by a person or entity in consideration of and in exchange for an assignment of a lease or (2)…
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Improvements: Any permanent structure or work, such as planting trees or building a wall, that has the effect of increasing the value of the property itself. Indemnity | Indemnification: A…
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Hard Costs: 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 contrast…
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Generally Accepted Accounting Principles (GAAP): The common set of standards, rules, procedures, and principles accepted by professionals in the accounting industry. This framework has been adopted by most publicly traded…
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