Page 50 - Commercial Lease FlipBook 2020
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TENANT'S PERMITTED CLOSURE:
A lease provision permitting the tenant to close for business. Examples include casualty, holidays, emergencies, or remodels of the Premises.
TERMINATION OPTION (KICKOUT):
A negotiated right to terminate the lease prior to the lease expiration that may be granted to either the landlord or the tenant. A Termination Option may come with
requirements such as not meeting minimum sales during a certain period of time and may include a termination fee.
WORKERS COMPENSATION INSURANCE:
A type of insurance required by the commercial lease where the tenant provides wage replacement and medical benefits paid to employees injured in the course of
employment.
