Page 48 - The Dental Entrepreneur

The Dental Entrepreneur

HVAC Heating, ventilation, and air conditioning
equipment used in a building.

Lessee A person to whom property is leased; a
tenant.

Lessor Landlord

Letter of Intent A formal method through which a prospective
tenant expresses his/her interest in a
property.

Net Lease A lease in which the tenant pays in addition
to rent, certain costs associated with a
leased property, including property taxes,
insurance premiums, repairs, utilities and
maintenance. “net-net” (double net) and “net-
net-net) triple net leases also exist
depending upon the extent of operating costs
that the tenant is responsible for.

Pass Thru Building and operating expenses that are
paid by the tenant under the terms of the
lease.

Rentable Square Feet Useable square feet plus a percentage of the
common areas on the floor and sometimes
the main lobby. The rentable square footage
is the number of square feet on which a
tenant’s rent is based.
Tenants Usable Square Feet The square footage contained within the
internal walls.

(TI) Tenant Improvement Tenant improvements mean the same as
leasehold improvements

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