Page 45 - Commercial Lease FlipBook 2020

DELIVERED/DELIVERY OF POSSESSION/DELIVERY DATE:
The date of which the landlord's construction has been completed, as specified in the commercial lease, and the keys have been handed to the tenant.

EFFECTIVE DATE/LEASE DATE:
The date of the lease. This is generally found on the cover page or first paragraph of the lease. This is generally not when the commercial lease starts.

GENERAL LIABILITY INSURANCE:
An insurance policy that protects an individual or business from the risk of being sued and/or held legally liable. Both the landlord and the tenant are generally
required to maintain a current General Liability Insurance policy as required in the commercial lease.

GROSS SALES:
The total sales or revenue generated by a retail tenant for a particular period of time. The definition of Gross Sales in most commercial leases generally exclude items
such as sales and liquor taxes remitted to the state, comps, donations, and credit card fees.

GUARANTORS:
Individuals or business entities that guarantee the rent will be paid for a certain period of the lease term.

HOLDOVER RENT:
A penalty charged to a tenant as a percentage of Base/Minimum Rent for remaining in the Premises after the lease expiration date. As an example, if a tenant occupies
the Premises past the lease expiration date, the tenant will pay 200% of the last Base/Minimum Rent payment of the lease term.

HOURS OF OPERATION:
The days and times during which a commercial tenant remains open for business. A commercial lease may require minimum and/or maximum Hours of Operation.