OPTIONS CLAUSES - Understanding Commercial Leases - Part 11
Friday, November 23
This is part 11 of a multi-part series on Understanding Commercial LeasesOPTION CLAUSESOPTIONS TO EXTENT - Clause grants Tenant 1 or more options to extend lease term for a rental rate to be determined in accordance with lease.OPTIONS TO EXPAND - Clause grants Tenant the right to expand into adjo...
ASSIGNMENT / SUBLEASING - Understanding Commercial Leases - Part 10
Friday, November 23
This is part 10 of a multi-part series on Understanding Commercial LeasesASSIGNMENT / SUBLEASINGPURPOSE - Protects Landlord and/or Tenant by specifying mechanism for Tenant assigning lease or subleasing to a new Tenant OR Landlord assigning lease to new Landlord.LANDLORD ASSIGNMENTS - Lease typi...
TENANT IMPROVEMENTS - Understanding Commercial Leases - Part 9
Friday, November 23
This is part 9 of a multi-part series on Understanding Commercial LeasesTENANT IMPROVEMENTSPURPOSE - It is a payment mechanism for improvements the Tenant requires to the PremisesSOME COMMON MECHANISMSTenant takes premises in AS-IS condition (no improvements by Landlord required)Landlord makes al...
SECURITY DEPOSITS - Understanding Commercial Leases - Part 8
Friday, November 23
This is Part 8 of a multi-part series on Understanding Commercial LeasesSECURITY DEPOSITSPURPOSE - It serves as a mechanism for landlord to minimize likelihood they won’t get paid for rent, or for damage caused to the premises or landlord during term of leaseAMOUNT - It usually is based upon mont...
ADDITIONAL RENTS - Understanding Commercial Leases - Part 7
Thursday, November 22
This is Part 7 of a multi-part series on Understanding Commercial Leases ADDITIONAL RENTSPURPOSE - It serves as a mechanism for landlord’s to get reimbursed for building expenses, such as property taxes, insurance, maintenance and sometimes management (TIMM). Tenant usually pays monthly estimates...
RENTS - Understanding Commercial Leases - Part 6
Thursday, November 22
This is Part 6 of a multi-part series on Understanding Commercial LeasesRENTSTYPESBase RentAdditional Rent (Reimbursements for taxes, insurance, maintenance, etc.)Percentage Rent“Holding Over” RentRATESBasis for calculating rateSquare Footage RateRate for the spaceRental IncreasesPercentage Rent ...