Page 49 - Commercial Lease FlipBook 2020

RULES AND REGULATIONS:

The guidelines set by the lease that the tenant agrees to follow that are usually found as a Lease Exhibit. The commercial lease may allow the Rules and Regulations
to be subject to change as determined by the landlord and/or management company.

SALES REPORTING:
A commercial lease requirement where the retail tenant must report their Gross Sales for a specified period of time. The most common time period is either
monthly, quarterly, or annually.

SECURITY DEPOSIT:
A deposit of money paid by a tenant to a landlord to secure performance of a commercial lease. This deposit can also take the form of a letter of credit or other
financial instrument.

TENANT IMPROVEMENT (CONSTRUCTION)/ALLOWANCE:
An allowance provided to the tenant to cover the cost of the build-out of the Premises as negotiated in the commercial lease. The tenant is generally responsible for
any costs or expenses that exceed the negotiated allowance.

TENANT'S PERMITTED CLOSURE:
A lease provision permitting the tenant to close for business. Examples include casualty, holidays, emergencies, or remodels of the Premises.

TENANT'S PERMITTED USE:
The type of business the tenant is permitted to operate including the type of products the tenant is permitted to sell. The tenant is generally not allowed to use the
Premises for any other purpose or type of business other than the Permitted Use as stated in the commercial lease.