Lease Abstract CAM Audit Glossary L
Lease Commencement Date
Determines the date the lease begins.
Lease Expiration Date
Determines the date the lease ends.
States the landlord’s name and, if applicable, the landlord’s state of incorporation/formation and doing business as (DBA) name.
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.
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.
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.
Provides the name and address of any landlord contacts to whom the tenant is required to provide notice.
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.
Specifies the services the landlord is required to provide and who is responsible for the cost of those services.
*Applies only to retail leases.