Glossary   

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L
Landlord Concessions
A package offered to a tenant to sign a lease, which might include periods of free rent, workletter, lease takeover or other such incentives.

Lease
An agreement written or unwritten transferring the right to exclusive possession and use of real estate for a definite period of time.

Lease Abstract
The summary of the lease drawn between the landlord and the tenant.

Lease Calculator
Insert your budgeted dollars per square foot and your required square footage. This tool will compute your company's monthly additional rent costs.

Lease Draft
The initial draft of a lease setting forth the terms used as a starting off point for negotiations.

Lease ID
The number assigned by our website to an individual lease for identification purposes.

Lease Takeback
The landlord's right to recapture the premises leased to a tenant under certain conditions, typically when a tenant proposes to assign or sublease its space.

Lease Takeover
The landlord's assumption of a tenant's rights and obligations under a pre-existing lease at another property.

Lease Term
The length of time for a tenant to occupy a property according to the lease.

Leasing Agent
The party responsible for leasing space in a building on behalf of an owner. The leasing agent sometimes acts as the managing agent.

Lessee
The person to whom property is rented or leased.

Lessor
The person who rents or leases property to another (lessee).

Letter of Credit
An agreement or commitment by a bank (issuer) made at the request of a customer (account party), that the bank will honor drafts or other demands of payment from third parties (beneficiaries) upon compliance with the conditions specified in the letter of credit. Through the issuance of its letter of credit, the bank agrees to pay the sellerís draft, hereby, substituting the bankís credit for that of the buyer.

Letter of Intent
The expression of a desire to enter into a contract on specified terms and conditions without assuming any binding obligations.

Lien
A charge or claim that one person has on the property of another person as the security for a debt or obligation.

Line of Credit
Amount of money a bank will lend to one of its most reliable and creditworthy customers without the need for a formal loan submission. A customerís line of credit is subject to periodic reviews of the customerís credit standing and the overall banking relationship.

Location
The term used to define the general area (i.e. downtown, midtown, midtown south, upper east side and upper west side).

Loss Factor
The percentage of the space attributed to the common areas of the building, or the proportional share of common areas attributed to a specific space.

LXD
Lease expiration date.