Page 46 - Commercial Lease FlipBook 2020

HVAC (HEATING, VENTAILATION, AIR CONDITIONING):
A general term encompassing any system designed to heat and cool an area of the Building.

INTEREST RATE:
The annual percentage rate charged to the commercial tenant's past due balance. The Interest Rate cannot exceed the amount of legal interest that can be charged
in the applicable state. This charge is often in addition to a Late Fee/Charge on past due balances.

LANDLORD'S WORK:

The portion of construction the landlord is required to complete before the Premises can be delivered to the tenant. The Landlord's Work requirements are
generally found as a Lease Exhibit to the commercial lease.

LEASE AGREEMENT:
A contract entered into between the landlord and the tenant reflecting the mutually agreed upon terms and conditions for the tenant's right to use the Premises.

LEASE EXHIBIT:
Additional lease document(s) that cannot be easily incorporated into the main body of the lease and are found after the signature page. The lease Exhibits are

almost always in alphabetical order such as Exhibit A and Exhibit B. Examples of Lease Exhibits found in commercial leases are the legal description, the site plan,
Landlord's Work requirements, Tenant's Work requirements, signage requirements, the Guarantee, the rent schedule, and/or the Rules and Regulations of the
Project.

LATE FEES/CHARGE:
A penalty charged to the commercial tenant for not paying rent by the due date or grace period as specified in the commercial lease. The Late Fee/Charge is
typically charged as a percentage of the tenant's outstanding balance or as a flat fee.

LEASE COMMENCEMENT DATE:
The date the lease starts or the date the terms of the lease become effective. This could also simply be referred to as the commencement date.