Common Contracts
2 similar Lease Terms contracts
Key Lease TermsLease Terms • May 3rd, 2021
Key Lease Terms Explanation Tenant Formation Even if the business is run by one or two individuals or spouses, they should form an entity that shields them from personal liability. For instance, a corporation or limited liability company should be formed, and that entity should sign the lease. Lease Types A "Net Lease" is a lease in which the tenant is responsible for paying both a base rent and its share of building expenses (taxes, operating expenses and/or insurance). A “Gross Lease” is a lease in which the tenant pays one base rent amount and the landlord is responsible for paying all building related expenses. In a "modified" Gross Lease, a base year is referenced (usually the year in which the term commences, or the following year if the lease starts late in the year) and provides that after the first lease year under the lease, the tenant is responsible for its proportionate share of any increases over the expenses incurred by landlord during the base year. A "Percentage rent" l
Key Lease TermsLease Terms • September 26th, 2018
Key Lease Terms Explanation Tenant Formation Even if the business is run by one or two individuals or spouses, they should form an entity that shields them from personal liability. For instance, a corporation or limited liability company should be formed, and that entity should sign the lease. Lease Types A "Net Lease" is a lease in which the tenant is responsible for paying both a base rent and its share of building expenses (taxes, operating expenses and/or insurance). A “Gross Lease” is a lease in which the tenant pays one base rent amount and the landlord is responsible for paying all building related expenses. In a "modified" Gross Lease, a base year is referenced (usually the year in which the term commences, or the following year if the lease starts late in the year) and provides that after the first lease year under the lease, the tenant is responsible for its proportionate share of any increases over the expenses incurred by landlord during the base year. A "Percentage rent" l
