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Master Your Leasing Domain: T's, U's, V's, W's

LeasingReality.com

Horizontales
An empty building or space that usually has minimally finished interior including walls, ceiling, and flooring, with basic services connected such as plumbing, heating, air conditioning, restrooms and lighting
A provision in a lease specifying the permitted use allowed for a tenant’s particular space. Tenant advocates prefer the permitted use to be as broad as possible, whereas conversely, due to their need and desire to have as much control as possible over their tenant mix and profits, landlord prefer a tenant’s permitted use to be as narrow as possible
The percentage of vacant space in a building due to non-occupancy of an available, rentable unit or space
A phrase in a contract essentially meaning that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party, so that failure to act within the time required constitutes a breach of the contract
The actual cost of an asset or concession less the depreciation or amortization of such item, generally on a straight line basis
Verticales
A lease wherein, from and after the lease commencement date, the landlord shall receive a net return from the premises (or the entire building) equal to the base rent, without deduction for any expense or charge for the premises or the building (except as may otherwise expressly be provided for
For its supplemental air-conditioning system, the charge to a tenant for the right to tie into a building’s condenser water loop
The actual wall to wall space within the premises or a building
Personal property and equipment of the tenant used in connection with the conduct of its business (which may or may not be attached to the leased property) but which are generally removable by the tenant at the end of the tenancy
The right by either a tenant or a landlord to bring the lease term and contractual relationship between a landlord and a tenant to an end prior to the pre-established lease expiration date
When the contribution by a landlord covers the entire cost of the build-out
A space with a sparsely furnished interior (e.g., with basic plumbing, heating, HVAC, electrical outlets, a concrete floor, sheet rocked walls and in most cases a restroom or rooms)