An alphabetic glossary of commonly used terms in commercial real estate defined in the hopes that it can provide a better understanding of commercial real estate transactions. Terms are not legal interpretations and should not be relied upon as such.*
Abatement: Often and commonly referred to as free rent or early occupancy and may occur outside or in addition to the primary term of the lease.
Above Building Standard: Upgraded finishes and specialized designs necessary to accommodate a tenant’s requirement.
Absorption: The rate, expressed as a percentage, at which available space in the marketplace is leased during a predetermined period of time. Also referred t as “Market Absorption.”
Addendum: Something added as an attachment to a contract.
Add-on Factor: Often referred to as the Loss Factor or Rentable/Usable (RU) Factor, it represents the tenant’s pro-rata share of the Building Common Areas, such as lobbies, public corridors and restrooms. It is usually expressed as a percentage which can then be applied to the usable square footage to determine the rentable square footage upon which the tenant will pay rent.
Amortization: The liquidation of a financial obligation on an installment basis. Amortization is also recovery, over a period of time, of cost or value.
Appraisal: An estimate of opinion and value based upon a factual analysis of a property by a qualified professional.
Appreciation: The increased value of an asset.
“As-Is” Condition: The acceptance by the tenant of the exiting condition of the premises at the time the lease is consummated. This would include any physical defects.
Assignment of Deed of Trust: a written document, that transfers the beneficial interest in a note and deed of trust from one to another.
Authorization to Sign as Agent Agreement: written document given by a beneficiary authorizing an agent to sign a document on their behalf (such as a notice of default).
Balloon Payment: A large principal payment that typically becomes due at the conclusion of the loan term. Generally, it reflects a loan amortized over a longer period than that of the term of the loan itself.
Bankruptcy: a legal proceeding which allows a debtor to discharge certain debts or obligations without paying the full amount or allows the debtor time to reorganize his financial affairs so he can fully repay his debts. (A bankruptcy does not discharge obligations secured by a deed of trust.)
Base Rent: A set amount used as a minimum rent in a lease with provisions for increasing the rent over the term of the lease.
Base Year: Actual taxes and operating expenses for a specified base year, most often the year in which the lease commences. Once the base year expenses are known, the lease essentially becomes a dollar stop lease.
Beneficiary: the lender or their successor in interest for whose benefit a trust is created and to whom the debt is owed.
Bid Authorization Letter: your written authorization instructing the trustee to make the initial opening bid at the trustee's sale on the lender's behalf. This form will also advise our office of any additional amounts to be included in the opening bid, (total Debt), such as funds advanced by you to pay delinquent real estate taxes, etc.
BOMA: Building Owners and Managers Association which, among other things, established widely-accepted methods of computing square footage in commercial buildings.
Building Classifications:
Class “A”: Investment-grade property, well located in business district and offering high-quality space. Good design, above-average workmanship and materials. Well maintained and managed. Quality tenants. Generally, 100,000 SF or larger and five or more stories.
Class “B”: Generally a more speculative investment. Offers utilitarian space without special attractions. Ordinary design if new or fairly new, good to excellent space and design if an older non-landmark building.
Class “C”: Basic space in a no-frills older buildings. Below-average maintenance and management. Mixed or low tenant prestige. Inferior or no elevators and mechanical/electrical systems.
Build-Out: The space improvements put in place per the tenant’s specifications. Takes into consideration the amount of Tenant Finish Allowance provided for in the lease agreement.
Build-To-Suit: An approach taken to lease space by a property owner where a new building is designed and constructed per the tenant’s specifications.
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Capitalization: A method of determining value of real property by considering net operating income divided by a predetermined annual rate of return.
Capitalization Rate (CAP Rate): The rate which is considered a reasonable return on the investment. It is the percentage of the value which the owner is receiving every year in annual net income.
Certificate of Occupancy (COO): A document presented by a local government agency or building department certifying that a building and/or the lease premises (tenant’s space), has been satisfactorily inspected and is/are in a condition suitable for occupancy.
Common Area Maintenance (CAM): This is the amount of additional rent charged to the tenant, in addition to the Base Rent, to maintain the common areas of the property shared by the tenants and from which all tenants benefit. Examples include: outdoor lighting, parking lot cleaned, insurance, property taxes, restrooms maintained, etc. Does not usually include any capital improvements that are made to the property.
Comparables: Lease rates and terms of properties similar in size, construction quality, age, use and typically located within the same sub-market and used as comparison properties to determine the fair market lease rate for another property with similar characteristics.
Contiguous Space: (1) Multiple suites/spaces within the same building and on the same floor which can be combined and rented to a single tenant. (2) A block of space located on multiple adjoining floors in a building rented to a single tenant.
Consumer Price Index (CPI): A measure of inflation as determined by the US federal government by using a "basket of goods". Used in leases as an impartial benchmark for the calculation of escalations.
DBA: The abbreviation for "doing business as".
Declaration of Default: a written document that instructs the trustee to prepare and record a notice of default and if necessary, to sell the secured property in order to satisfy the unpaid obligation. This document does not require the acknowledgment of a notary public or recording and is merely retained by the trustee in their foreclosure file.
Deed: A legal instrument transferring title of real property from the seller to the buyer upon the sale of such property.
Deed of Trust : a written document, describing the real property that is being given as security for the repayment of an obligation.
Deferred Maintenance: The postponed or delayed maintenance which causes a decline in the building’s physical condition; and hence, lowers its value.
Demising Walls: The partition wall that separates one tenant’s space from another or from the building’s common areas such as a public corridor.
Depreciation: Spreading out the cost of a capital asset over its estimated useful life or a decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence.
Due Diligence: The act of carefully reviewing, checking and verifying all of the facts and issues before proceeding. In lending it is, among other things, verification of employment, income and savings; review of the appraisal; credit report; and status of the title.
Earnest Money: The monetary advance by a buyer or part of the purchase price to indicate the intention and ability of the buyer to carry out the contract.
Effective Rent: The actual rental rate to be achieved by the landlord after deducting the value of concessions from the base rental rate paid by a tenant, usually expressed as an average rate over the term of the lease.
Endorsement/Datedown: A continuation of the trustee's sale guarantee that reports any changes in the status of the property being foreclosed. Such "date downs" are requested from the title company prior to preparation of the notice of trustee's sale and prior to the trustee's sale.
Equity: The fair market value of an asset less any outstanding indebtedness or other encumbrances.
Estoppel Certificate: A signed statement certifying that certain statements of fact are correct as of the date of the statement and can be relied upon by a third party, including a prospective lender or purchaser. In the context of a lease, a statement by a tenant identifying that the lease is in effect and certifying that no rent has been prepaid and that there are no known outstanding defaults by the landlord (except those specified).
Escrow: The deposit of instruments and funds with a neutral third party with instructions to carry out the provisions of an agreement or contract.
Escrow Agreement: A written agreement made between the parties to a contract and an escrow agent. The escrow agreement sets forth the basic obligations of the parties, describes the monies to be deposited in escrow, and instructs the escrow agent concerning the disposition of the monies deposited.
Eviction: See "Unlawful Detainer."
Executive Suite: An office within an office. Usually less than 200 square feet. In addition to the space, the tenant may receive secretarial-receptionists services, copies, fax, phone. The price is usually 2 to 4 times typical space. Great option for one or two man shows or startups. Lease terms may be as short as month to month.
Exclusive Agency Listing: A written agreement between a real estate broker and a property owner in which the owner promises to pay a fee or commission to the broker if specified real property is sold or leased during the listing period. The broker need not be the procuring cause of the transaction.
Extenstion Agreement: an agreement (normally written) giving additional time to pay an obligation.
Federal Tax Lien : an obligation to the United States government as a result of nonpayment of federal income taxes.
First Refusal Right or Right of First Refusal (Purchase): A lease clause giving a tenant the first opportunity to buy a property at the same price and on the same terms and conditions as those contained in a third party offer that the owner has expressed a willingness to accept.
First Refusal Right or Right of First Refusal (Adjacent Space): A lease clause giving a tenant the first opportunity to lease additional space that might become available in a property at the same price and on the same terms and conditions as those contained in a third party offer that the owner has expressed a willingness to accept. This right is often restricted to specific areas of the building with a time frame restriction.
Force Majeure: A force that cannot be controlled by the parties to a contract and prevents said parties from complying with the provisions of the contract. This includes acts of God, such as a flood or hurricane, or acts of man such as a strike, fire or war.
Foreclosure: (non-judicial): a popular term used to describe the procedure followed in enforcing a creditor's rights when a debt secured by any lien on property is in default; however, the correct term for a "Foreclosure" involving a deed of trust is a "Trustee's Sale Proceeding."
Full Service Gross Lease (FSG): An all-inclusive rental rate that includes operating expenses and real estate taxes for the first year. The tenant is generally still responsible for any increase in operating expenses over the base year amount.
General Partner: One of two or more persons who associate to carry on business as co-owners and who is liable for all debts of the partnership. To be contrasted with the “limited” partner who is liable only to the extent of his or her contributed capital. The General Partner has authority to bind the partnership.
Grant: To bestow or transfer an interest in real property by deed or other instrument; either the fee or a lesser interest, such as an easement.
Gross Absorption: A measure of the total square feet leased over a specified period of time with no consideration given to space vacated in the same geographic area during the same time period.
Guaranty: Agreement whereby the guarantor undertakes collaterally to assure satisfaction of the debt of another or perform the obligation of another if and when the debtor fails to do so.
Hard Cost: The cost of actually constructing the improvements (i.e. construction costs).
Hold Over Tenant: A tenant retaining possession of the leased premises after the expiration of a lease.
HVAC: Acronym for “Heating, Ventilation and Air-Conditioning.”
Important Notice : A written document required by California law to be a part of the recorded Notice of Default. This document is completed by our office and attached to the Notice of Default (as page 1) prior to recording. It sets forth the reinstatement amount as of a specific date and contains certain language directed to the borrower and emphasizes the fact that a foreclosure proceeding has been initiated.
Improvements: In the context of leasing, the term typically refers to the improvements made to or inside a building but may include any permanent structure or other development, such as a street, sidewalks, utilities, etc.
Indirect Costs: Development costs, other than material and labor costs which are directly related to the construction of improvement, including administrative and office expenses, commissions, architectural, engineering and financing costs.
Judgment: The final decision of a court resolving a dispute and determining the rights and obligations of the parties.
Junior Lien: a legal claim upon real property recorded subsequent (or recorded prior but has subordinated) to another legal claim upon the same real property.
Lease: An agreement whereby the owner of real property (landlord/lessor) gives the right of possession to another (tenant/lessee) for a specified period of time, terms and consideration.
Lease Agreement: Any agreement which gives rise to a relationship of landlord and tenant. A contract for the exclusive possession of the leased premises entered into between a landlord and a tenant and reflecting the agreed upon terms and conditions.
Lease Commencement Date: The date usually constitutes the commencement of the term of the Lease for all purposes, whether or not the tenant has actually taken possession so long as beneficial occupancy is possible.
Leasehold Improvements: Improvements made to the leased premises by or for a tenant. Generally, part of the negotiations will include in some detail the improvements to be made in the leased premises by Landlord.
Lessee: The Tenant.
Lessor: The Landlord/Owner
Letter of Attornment: A letter from the grantor (seller) to a tenant, stating that a property has been sold, and directing rent to be paid to the grantee (buyer).
Letter of Intent (LOI): A preliminary agreement stating the proposed terms for a final contract. They can be “binding” or “non-binding.” This is the threshold issue in most litigation concerning Letters of Intent. The parties should always consult their respective legal counsel before signing any Letter of Intent.
Limited Power of Attorney: a recorded document which authorizes someone to act as attorney-in-fact in a specific manner for someone else.
Lis Pendens: a recorded notice of pending legal action, which notifies prospective purchases and encumbrances that any interest acquired by them in a property litigation is subject to the decision of the court.
Listing Agreement: An agreement between the owner of a property and a real estate broker giving the broker the authorization to attempt to sell or lease the property at a certain price and terms in return for a commission.
Load Factor : In a lease, the load factor is the multiplier to a tenant's useable space that accounts for the tenant's proportionate share of the common area (restrooms, elevator, lobby, mechanical rooms, etc.). The load factor is usually expressed as a percentage and ranges from a low of 5% for a full tenant to as high as 15% for a multi-tenant floor. Subtracting one from the quotient of the rentable area divided by the useable area yields the Load Factor.
Low Rise: A building with fewer than four stories above ground level.
Market Rent: The rental income that a property would command on the open market with a landlord and a tenant ready and willing to consummate a lease in the ordinary course of business; indicated by the rents that landlords were willing to accept and tenants were wiling to pay in recent lease transactions for comparable space.
Market Value: The highest price a property would command in a competitive and open market under all conditions requisite to a fair sale with the buyer and seller each acting prudently and knowledgeably in the ordinary course of trade.
Master Lease: A primary lease that controls subsequent leases and which may cover more property than subsequent leases. An Executive Suite operation is a good example.
Mid-Rise: A building between four and eight stories above ground level.
Modification Agreement : a written document, signed by the beneficiary and the borrower that alters the terms of either the note of deed of trust.
Modified Gross Lease (MG): Contrasted with a full service lease, a modified gross lease has the tenant directly paying some of the building expenses. Typically, it is where electricity and water are separately metered and the tenant pays utilities as well as janitorial services for tenant’s own space.
Monument Sign: Signage that is normally not attached to the building. Often located at best street exposure for Tenant Identification. Often requires City approval.
Net Absorption: The square feet leased in a specified geographic area over a fixed period of time after deducting space vacated in the same area during the same period.
Net Rentable Area (BOMA Standards): The floor area of a building that remains after the square footage represented by vertical penetrations, such as elevator shafts, etc., has been deducted. Common areas and mechanical rooms are included and there are no deductions made for necessary columns and projections of the building.
Non-Complete Clause: A clause that can be inserted into a lease specifying that the business of the tenant is exclusive in the property and that no other tenant operating the same or similar type of business can occupy space in the building.
Non-Recourse Loan: A loan which bars a lender from seeking a deficiency judgment against a borrower in the event of a default. The borrower is not personally liable if the value of the collateral for the loan falls below the amount required to repay the loan.
Note: A signed, written instrument acknowledging a debt and promising payment. The note is the evidence of the debt.
Notice of Default : a written document that gives constructive notice of a trustor's failure to perform his obligation under a deed of trust. This document does not require the acknowledgment of a notary public and must be recorded.
Notice of Rescission: a written document that cancels or annuls the effect of a notice of default when a default has been cured (reinstated). This document does not require the acknowledgment of a notary public, but must be recorded with the county recorder in the county in which the property is located.
Notice of Trustee's Sale: a written document that sets forth the day, date and time of the trustee's sale, describes the property to be sold and gives an estimate of the unpaid debt as of the first publication debt. This document is prepared by the trustee and does not require the acknowledgment of a notary public and must be recorded with the county recorder in the county in which the property is located at least 14 days prior to the scheduled sale date. We must arrange for the notice of trustee's sale to be published in a qualified newspaper in the city (or judicial district), in which the property is located. This publication must appear for 3 consecutive weeks, with the first publication date being at least 20 days prior to the sale date.
Operating Cost Escalation: Although there are many variations of escalation clauses, all are intended to adjust rents by reference to external standards such as published indexes, negotiated wage levels, or expenses related to the ownership and operation of buildings. During the past 30 years, Landlords have developed the custom of separating the base rent for the occupancy of the leased premises from escalation rent. This technique enables the landlord to better ensure that the “net” rent to be received under the lease will not be reduced by the normal costs of operating and maintaining the property.
Operating Expenses: The actual costs associated with operating a property including maintenance, repairs, management, utilities, taxes and insurance. A landlord’s definition of Operating Expenses is likely to be broad, covering most costs of operation of the building. Most landlords pass through proper and customary changes.
Overages: The increase in the cost to operate the property from one year over the last. Example, costs were $5 per foot per year (for electric, water, janitor, taxes, etc) last year, and $5.40 per foot this year, then the overages are $.40 per foot per year. The tenant would be responsible to pay this overage to the landlord, based on the size of the space leased.
Parking Ratio or Index: The intent of this ratio is to provide a uniform method of expressing the amount of parking that is available at a given building. Dividing the total rentable square footage of a building by the building’s total number of parking spaces provides the amount of rentable square feet per each individual parking space. Dividing 1000 by the previous results provides the ratio of parking space available per each 1000 rentable square feet. Typically 4:1000 is a sufficient parking ratio.
Pass Throughs: Refers to the tenant’s pro-rata share of operating expenses paid in addition to the base rent.
Preleased: Refers to space in a proposed building that has been leased before the start of construction or in advance of the issuance of a Certificate of Occupancy.
Preliminary Injunction : A judicial order granted by a judge of the Superior Court, which prohibits the trustee from proceeding with any further action on a specific foreclosure file until a trial is held or settlement reached. This occurs when there is a dispute between the owner of a property and the beneficiary. A Trustee's Sale cannot be held any sooner than seven (7) days from the dismissal of the action or the expiration of a restraining order, injunction or stay from any court of competent jurisdiction. However, the order or any amendment thereto may expressly provide for an earlier sale date.
Pre-Publication Period : the three month period following the recording of the notice of default. Prior to 1986 this period was called the reinstatement period.
Pro Forma: Refers to the presentation of data, such as a balance of income statement, where certain amounts are hypothetical. Often used when purchasing commercial real estate where buyer would receive rents higher than those current in place at the time of purchase.
Promissory Note: A written promise, signed by the borrower, promising to repay a sum of money under stipulated terms.
Pro-rata Share: Additional square footage a tenant must pay rent on which is an amount calculated by dividing the square foot of the tenant’s space by the entire building size. Example, a tenant occupying 1,000 sq would have a 10% pro-rata share of a 10,000 sq ft building.
Publication Letter : this letter is sent to the lender by the trustee. When completed and returned, it authorizes the trustee to proceed with the scheduling of the trustee's sale and preparation of the notice of trustee's sale.
Publication Period : this is the interval beginning the day after the pre-publication period expires and ending with the conducting of the trustee's sale. During the publication period, the notice of trustee's sale is published, posted, recorded, and copies are mailed to all entitled parties. The publication period is normally 30 to 40 days.
Quiet Enjoyment: Right of an owner or any other person legally entitled to possession to the use of the property without interference.
Quiet Title Action: A suit in court to remove a defect or cloud on the title, establishes legal ownership.
Reasonable Consent : A standard applied in a lease (most often in a sublease clause) which limits the landlord's ability to withhold consent in its sole discretion. If a reasonable person would give consent to an action given the circumstances, so must the landlord.
Reconveyance: a recorded document which gives notice that the loan secured by the identified deed of trust has been paid in full.
Reinstatement: a curing of a default and restoration of the loan to current status through payment of past-due amounts together with the fee and expenses of the trustee.
Reinstatement Period: this is the interval from the date the notice of default is recorded until five business days prior to the date of sale during which time a default may be reinstated/cured.
Renewal Option: A clause giving a tenant the right to extend the term of a lease, usually for a stated period of time and at a rent amount as provided for in the option language.
Rent: Compensation or fee paid, usually periodically, for the occupancy and use of any rental property, land, building, equipment, etc.
Rent Commencement Date: The date on which a tenant begins paying rent, as contrasted with the Lease Commencement Date when there is a provision in the lease to abate the rent.
Rentable Square Footage (RSF): Equals the Usable Square Footage plus the tenant’s pro-rata share of the building Common Areas, such as lobbies, public corridors and restrooms.
Request for Notice: a recorded document which requests a copy of any notice of default and any notice of sale to be sent to the requester at the address shown. See California Civil Code section 2924b(1).
Right of First Refusal: See “First Refusal Right.”
Sale-Leaseback: An arrangement by which the owner occupant of a property agrees to sell all or part of the property to an investor and then lease it back and continue to occupy space as a tenant.
Section 1031: Section of the Internal Revenue Code dealing with tax-free exchanges of like-kind property.
Security Deposit (Lease): Generally, a deposit of money by a tenant with a landlord to secure performance of a lease but can also take the form of a Letter of Credit or other financial instrument.
Shell Space: The unimproved tenant space in a newly constructed building. Often there will be a distinction between improvements above and below the ceiling grid.
Site Plan: A detailed plan depicting the location of improvements on a parcel of land and containing all information required by the zoning ordinance.
Smart Building: Buildings programmed to make efficient use of energy and to monitor air quality and temperature. Can also include more operational, security and user improvements.
Space Plan: A graphic representation of a tenant’s space requirements, showing wall and door locations, room size, and sometimes furniture layouts. When the tenant has selected a building of choice, a final space plan is prepared which speaks to all of the landlord and tenant objectives and then approved by both parties. It must be sufficiently detailed to allow an accurate estimate of the construction costs. This final space plan will often become an exhibit to any lease negotiated between the parties.
Statement/Invoice: an itemization of the trustee's fee and expenses incurred at the conclusion of the foreclosure proceeding (cancellation, reinstatement, payoff or completed sale).
Subletting (Subleasing): The process of leasing space from a tenant who is already obligated to a landlord. A tool used to relieve a current tenant from the space. Does not normally release the primary tenant or their guarantors from the original lease. Most leases require landlords consent. Subtenants need to confirm all aspects of the lease in writing with both the original tenant and the landlord. Some subleases are done at a discount from the face rate on the lease and the original primary tenant absorbs the difference.
Substitution of Trustee: a written document that appoints a successor trustee to the trustee named in the deed of trust, (or present trustee). This document must be acknowledged by a notary public and recorded with the county recorder in the county in which the property is located.
Tax Base: The assessed valuation of all the real property that lies within the jurisdiction of a taxing authority, which is then multiplied by the tax rate or mill levy to determine the amount of tax due.
Tax-free Exchange: An exchange of like-for-like properties for the purpose of deferring income tax. (Also Section 1031).
Tenant (Lessee): One who rents estate from another and holds an estate by virtue of a lease.
Tenant Improvements: Improvements made to the leased premises by or for a tenant.
Tenant Improvement Allowance (TI’s): Defines the fixed amount of money contributed by the landlord toward tenant improvements. The tenant pays any of the costs that exceed this amount.
Tenant Representation: Arrangement whereby a prospective tenant engages a real estate broker as its exclusive agent in negotiating a lease for commercial space. Also know as a "buyer's broker."
Title: The means whereby the owner of lands has the just and full possession of real property.
Toll: to temporarily stop. Frequently used to describe the tolling (stopping) during bankruptcy of any further acts in foreclosure.
Triple Net Lease (NNN): A lease in which the tenant pays, in addition to rent, certain costs associated with a leased property, which may include property taxes, insurance premiums, repairs, utilities, and maintenances.
Trustee's Dee Upon Sale: a written document which is prepared and signed by the trustee when the secured property is sold at a trustee's sale. This document transfers ownership to the successful bidder at the sale; must be recorded with the county recorder in the county in which the property is located.
Trustee's Sale: the public auction of the real property, described in the deed of trust, to satisfy the unpaid obligation.
Trustee's Sale Guarantee : A Title report given to the present trustee when a trustee's sale proceeding has been initiated. This report provides the names of the current owner, all liens and encumbrances recorded and other information pertinent to the foreclosure process. The information is insured to be correct by the title company.
Trustee's Sale Proceeding (foreclosure): the term used to describe the non-judicial procedure followed by the trustee in enforcing a creditor's rights when a debt secured on real property is in default.
Trustor: the borrower (or property owner) at the time the deed of trust was created. Trustor is often used to refer to the current owner.
Under Contract: A property for which a purchase offer has been accepted by the seller is said to be “under contract.” Generally, the prospective buyer is given a certain period of time in which to perform its due diligence and finalize financing arrangements. During this time, the seller cannot entertain offers from other buyers.
Unlawful Detainer Action (eviction): a legal action to remove someone who has unjustly retained possession of real property after one's right to possess has terminated.
Use: The specific purpose for which a parcel of land or a building is intended to be used or for which it has been designed or arranged.
Usable Square Footage (USF): The area contained within the demising walls of the tenant space. Total Usable Square Footage equals the Net Square Footage x the Circulation Factor.
Vacancy Factor: The amount of gross revenue that pro forma income statements anticipate will be lost because of vacancies, often expressed as a percentage of the total rentable square footage available in a building.
Vacancy Rate: The total amount of available space compared to the total inventory of space and expressed as a percentage. Computed by multiplying vacant space times 100 and then dividing by the total inventory.
Variance: Governmental permission to use a property in a way not authorized under the standard zoning laws.
Voidable: a condition capable of being made void, although not necessarily void in itself.
Waive: To relinquish or abandon; to forego a right to enforce a contract.
Workletter: A list of building standard items that the landlord will contribute as part of the tenant improvements. Examples include: style and type of doors, lineal feet of partitions, type and quantity of lights, quality of floor coverings, number of telephone and electrical outlets, etc. The Workletter often carries a dollar value but is contrasted with a fixed dollar Tenant Improvement Allowance that can be used at the tenant’s discretion.
Yield: Measurement of the rate of earnings of an investment.
Zoning: The division of a city or town into zones and the application of regulation having to do with the structural, architectural design and intended use of buildings within such designated zones.
Zoning Ordinance: Refers to the set of laws and regulations at the city or county level, controlling the use of land and construction of improvements in a given area or zone.
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*The information contained herein is supplied by third parties and although believed to be accurate we make no represenation as to accuracy.
