Large
John Smith

Position Description

   
LeaseMatrix Companies
100 N Tryon Street, Suite 1000
Charlotte, NC 28202
 (704) 750-1031
@ support@lease.io
Leasing Glossary

Space Planning

Most often this term is used to describe the planning of the layout of the interior space of a building to meet the needs of a specific user. This planning may include detailed interior design, usually in preparation for construction drawings. 

Space Pocket

A portion of a leased premises that is set aside to accommodate future growth on the part of the tenant. The space pocket is typically fully improved at the commencement of the lease and no rent is due on the pocketed area until the earlier of "actual use"" or a specified future date. "

Sublease

Lease from one tenant (lessee) to a "subtenant" or "sublessee". The agreement between the landlord (the "lessor") and the first lessee remains in force and governs the terms of the sublease.

Subordination, non-disturbance, and attornment agreement (SNDA)

The agreement outlines the rights of tenants and subordinates to the rights of lenders or, sometimes at lender's option, senior to the rights of lenders.The non-disturbance portion assures tenants that their rights to their premises will be preserved (nondisturbed) on specified conditions within their control, even if the landlord defaults on its loan and the lender forecloses. The attornment component of the SNDA agreement provides that the tenant will continue their obligations under the contract in the event that a new landlord takes over the contract and may also specify that the lender or such purchaser will have certain specified rights thereafter.

Substantial Completion

Generally used in reference to the construction of tenant improvements (TIs). The tenant's premises is typically deemed to be substantially completed when all of the TIs for the premises have been completed in accordance with plans and specifications previously approved by the tenant. Sometimes used to define the commencement date of a lease.

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