Lease Abstract CAM Audit Glossary L

Lease Commencement Date

Determines the date the lease begins.

Lease Expiration Date

Determines the date the lease ends.

Landlord

States the landlord’s name and, if applicable, the landlord’s state of incorporation/formation and doing business as (DBA) name.

Tenant

States the tenant’s name and, if applicable, the tenant’s state of incorporation/formation and DBA name.

Landlord Audit Rights*

Defines the landlord’s right to audit the tenant’s gross sales records and the time frame in which the landlord must begin and/or complete the audit.

Landlord’s Insurance

Lists the type(s) of insurance and amount(s) of coverage required by the landlord under the lease. This provision also covers any self insurance options that may apply and indicates which related expenses, if any, the landlord can pass through to the tenants.

Late Fee

States the penalty for the late payment of rent and/or other fees due under the lease, including details on the amount, rate, grace period and any notice requirements.

Landlord Notices

Provides the name and address of any landlord contacts to whom the tenant is required to provide notice.

Landlord Restrictions*

Describes any restrictions on the landlord, including limitations on the landlord’s ability to allow specific types of business or activities in the Shopping Center, and restrictions on the landlord’s right to lease premises for a similar use within a specific geographic area.

Landlord Services

Specifies the services the landlord is required to provide and who is responsible for the cost of those services.

*Applies only to retail leases.