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Master Your Leasing Domain: L's

LeasingReality.com

Horizontales
A percentage calculation showing the difference between the rentable and useable square footages for space(s) within a building
A mortgage that is secured by a lease of property rather than by ownership of property
An officially recognized historic building
The requirement of a tenant, in lieu of making a cash security deposit, to maintain in effect at all times during the lease term (as well as any renewals or extensions thereof and for a period of up to ninety (90) days thereafter)
The date a fully executed lease is returned to tenant or its representative by owner or its representative
The Façade Inspection Safety Program (FISP) requiring building owners possessing buildings with six or more stories to have their exterior walls and appurtenances inspected periodically by a licensed architect or professional engineer
Verticales
A clause which gives the tenant (and in some cases its related entity and a permitted assignee) the option to extend the lease for a specified term on prior written notice to a landlord. Many landlords will require that the notice be given at least nine (9) to twelve (12) months prior to the expiration of the initial lease term
Considered by some to be a hidden defect in a leased space
A non-binding term sheet which outlines the basic terms of a lease transaction between a tenant and a landlord
The “loss” due to the percentage of the space in a building “lost” to the common areas of the building and the proportional share of common areas attributed to a specific space
A landlord’s right to lease back a tenant’s space if and when a tenant wishes to assign its lease or sublease its space
A legal claim on real property granting the holder of the lien a specified amount of money upon the sale of a property as a means of ensuring the payment of a debt, with the property acting as collateral against the amount owed