Page 43 - Commercial Lease FlipBook 2020

ABATEMENT:
A negotiated lease provision that allows the tenant to avoid paying Base/Minimum Rent and/or Additional Rent for a certain period of time.

ADDITIONAL INSURED:
The person or organization that is the beneficiary of the insurance policy in addition to the purchaser of the insurance policy and listed on the insurance certificate
within the 'Additional Insured' box. Greystar requires both "Greystar Real Estate Partners and all related entities" and the landlord's legal entity to be named as

Additional Insureds on the insurance certificate unless otherwise stated in the commercial lease.

ADDITIONAL RENT:
Charges in the commercial lease that the tenant is responsible for in addition to Base/Minimum Rent. Examples include after-hours services, Common Area
Maintenance (CAM) fees, real estate taxes, insurance, Percentage Rent, Late Fees/Charges, interest charges, utilities, and any other costs not included in
Base/Minimum Rent.

ADMINISTRATION FEE:
A stipulated fee, negotiated in the commercial lease, that is added to lease charges to cover the landlord's administration and overhead costs. As an example, a 10%
administrative fee may be charged on top of the tenant's CAM charges and/or repair bill-backs to cover the landlord's administration and/or overhead expenses.

AD VALOREM PROPERTY TAXES:
A tax levied based on the value of the Property. It is common for Ad Valorem Property Taxes to be included in the definition of real estate taxes in a commercial lease.
The commercial tenant may be required to reimburse their Pro Rata (Proportionate) Share of real estate taxes to the landlord.

AUTOMOBILE COVERAGE:
An insurance policy required in a commercial lease that covers damage from a commercial tenant's automobile to the Property and/or individuals on the Property.

BASE RENT/MINIMUM RENT:
Refers to the Base/Minimum Rent due under the terms of a commercial lease where the tenant is also required to pay Additional Rent.