- Lease Modification
- A written amendment that changes specific terms of an existing lease while leaving all other provisions intact.
- Addendum
- A supplemental document attached to the original lease to add new terms that did not exist in the original agreement.
- Amendment
- A formal change to one or more existing provisions of a signed contract, agreed to by all original parties.
- Effective Date
- The specific calendar date on which the modified lease terms take legal effect, which may differ from the date of signing.
- Permitted Use
- A lease clause defining the specific activities the tenant is allowed to conduct on the premises.
- Subordination Clause
- A provision making the tenant's lease rights subordinate to the rights of a lender holding a mortgage on the property.
- Estoppel Certificate
- A signed statement by a tenant confirming the current terms and status of a lease β often required by lenders before approving property financing.
- Holdover Tenant
- A tenant who continues to occupy the premises after the lease term expires, typically on a month-to-month basis at an adjusted rent.
- Base Rent
- The fixed monthly or annual rent amount specified in the lease, excluding operating expenses, taxes, or percentage rent.
- Triple Net (NNN)
- A lease structure in which the tenant pays base rent plus their proportionate share of property taxes, insurance, and maintenance costs.
- Force Majeure
- A clause excusing a party from performance obligations when extraordinary events beyond their control β such as natural disasters or pandemics β make performance impossible.
- Privity of Contract
- The legal principle that only the original parties to a contract can enforce its terms β relevant when leases are assigned or ownership changes.