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A contractor in a construction project, normally selected through bidding procedures, who is responsible for completion of the project in a skill for minor accessible to both architect and the owner.
|Gross Building Area||
The entire square footage of a building, measured from the outside surface walls, and including areas typically excluded from tenant calculations, such as major vertical penetrations (such as stairs and elevators).
|Gross Leasable Area (GLA)||
The total floor area designed for tenant occupancy and exclusive use, including basements, mezzanines, and upper floors, and it is measured from the center line of joint partitions and from outside wall faces. GLA is that area on which tenants pay rent; it is the area that produces income, and it includes building common areas.
A lease agreement in which the tenant pays a fixed rental and the owner pays all building operating costs (for example, realty taxes, maintenance, insurance). This type of arrangement is largely given way to various forms of "net" leases. Most landlords typically prefer net leases to protect themselves from sudden cost increases outside of their control.
Rent for land use. Typically very long term in nature (50-99 years), with the purpose of developing. For example, leasing land for a 99 year term and constructing on office building on the land.
Entity providing a separate personal financial covenant over and above the tenant named on the lease. Typically a parent company.
An agreement in which an entity indemnifies (the guarantor) a commitment of another. In leasing terms, typically applied when a subsidiary company does not have a creditworthy enough background to support a lease and the parent company guaranties the covenants of the lease.