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Tax Abatement
A reduction in the amount of real estate taxes obtained by the owner petitioning the taxing authorities. The lease should provide for these benefits to be passed to the tenant.

Tenant Installation
Money or other financial inducement to a lessee that is provided by the Lessor to cover the cost in whole or in part of preparing a structure for lessee’s occupancy.

Term Sheet
An agreement, usually in the form of a letter, containing the basic material economic terms to be incorporated into a lease agreement between the landlord and tenant.

Time is of the Essence
A contract clause that emphasizes timely performance as an essential requirement of the contract. Thus, if any party to the instrument does not perform within the specified time period (the “drop-dead” date), that party is in default, provided the non defaulting party has made a valid tender of performance.

A document containing information from both the landlord and the tenant to easily record the negotiation process until a final lease agreement is met.

Triple-Net Lease
A net-net-net lease where, in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property. This contains both fixed expenses, such as taxes and insurance, and all operating expenses, including costs of maintenance and repair.

The rate at which tenants move in and out of a rental building. A high turnover rate results in added expenses to the landlord.

Type of Use
The manner for which commercial space will be used; for example: retail, office or industrial.