Lease Abstract CAM Audit Glossary S
Explains the method and frequency with which the tenant must report its sales to the landlord. The reported sales are then used to calculate percentage rent.
Specifies the type of security (e.g., cash or letter of credit), the amount, and whether or not the deposit is held in an interest or non-interest bearing account, and any applicable reductions or increases in deposit amounts and/or any applicable substitution rights.
Explains the tenant’s rights to signage in the lobby, on the exterior of the building, and/or signage on a pylon or other monument signs (excludes interior suite signage).
Identifies any sublease. Each sublease will be abstracted separately.
Explains whether the lease is subordinate or superior to existing and/or future lien holders and whether a non-disturbance agreement is required from existing and/or future lien holders. Default (monetary and non-monetary): explains the conditions under which the lease will go into default status and whether landlord is required to notify the tenant.
Identifies the suite, office or store number assigned to identify the precise location of the premises.
*Applies only to retail leases.