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go-dark: The condition that results from a tenant's closing its business, even though the lease is still in effect. Lease language may provide a means for a landlord to void a lease and take back the leased premises if the tenant ceases to operate its business at that location.
- grace period: Additional time allowed to complete an action (e.g., make a payment) before a default or violation occurs.
- graduated lease A lease, generally long term in nature, which provides that the rent will vary depending upon future contingencies, such as a periodic appraisal, the tenant's gross income or simply the passage of time.
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gross lease: Commonly specifies one rental amount inclusive of rent, taxes, utilities, maintenance, etc. associated with the rental of a property.
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ground lease: A long-term lease of land, entered into by a tenant to construct a building (at its expense) from which to conduct its business.
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HVAC: Acronym for heating, ventilation and air conditioning.
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hold over: The condition that results when a tenancy exists beyond the end of the term of a lease.
- irrevocable: Incapable of being altered, changed, or recalled.
- joint tenancy: Ownership of real property by two or more individuals, each off whom has an undivided interest with the right of survivorship.
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lease commencement date: The date upon which the lease commences and the obligations of the parties begins (see also "rent commencement date").
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leasehold improvements: Construction or improvements for the purpose of preparing the premises for the conduct of tenant's business. Improvements permanently attach to the premises unless they are trade fixtures, and they remain with the premises after the end of term of the lease.
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lien waiver: A waiver of mechanic's lien rights signed by a general contractor and his subcontractors.
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listing agreement An agreement between the owner of a property and a real estate broker giving the broker the authorization to attempt to sell or lease the property at a certain price and terms in return for a commission, set fee or other form of compensation. See also "Exclusive Listing Agreement."
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load factor: The amount of square footage is a lease, in addition to a tenant's usable square footage, which represents tenant's pro rata share of the building's common area/s. May also be referred to as a percentage of building's rentable square feet.
