Landlord Tenant Shopping Center Law and Legal Definition
A shopping mall retail lease provides a comprehensive framework for leasing retail space in a large urban shopping center. The lease favors the landlord and many of the provisions are dictated by banking and investor terms incidental to the financing necessary to construct the facility. The rental payment includes a fixed portion based upon occupancy square footage and a variable portion related to sales activity. Possession and use of the premises, buildout criteria for tenant's store, estoppel certificate, signage criteria, subordination agreement and mechanical and electrical schedule may be defined by such a lease. The Landlord may have a right to relocate the tenant during the term of the lease, as well as the right to audit tenant sales for purposes of validating percentage rent obligations. Operational costs are usually shared by tenants pro-rata and are set forth in considerable detail. A tenant cannot assign rights under the lease without landlord approval, thereby restricting the tenant's right to sell the store or its related business. A radius restriction may preclude the tenant from opening similar stores in nearby locations apply.
Some of the other clauses that may be included in a shopping center lease include commencement date issues, use clauses, exclusive use, pro-tenant work letter standard addendum; tenant work letters; renovation and expansion issues; basic commercial lease provisions; assignment and subletting; letters of intent; nondisturbance and attornment agreements, insurance obligations, and obligations to participate in a marketing and advertising fund.
Legal Definition list
- Landlord Tenant Rules and Regulations
- Landlord Tenant Residential Leases
- Landlord Tenant Personal Property
- Landlord Tenant Parking Spaces
- Landlord Tenant Options
- Landlord Tenant Shopping Center
- Landlord Tenant Subordination
- Landlord Tenant Subtenant
- Landlord Tenant Temporary
- Landlord Tenant Termination
- Landlord Tenant Waivers