This does not mean that no other expenses can be passed through in future years. Usually quoted on a per rentable square foot per year basis. Also quoted as Gross Rent. Refers to the cooling and heating systems of both the building and the Tenant's premises. A pledge by a bank, or other financial entity, made on behalf of a tenant for funds to be demanded by a landlord in the event of a default pursuant to the specific terms of a lease agreement.
Many landlords require a LC for companies who lack substantial financial history or assets.
It is considered a strategy used to provide expansion space for a tenant. Also referred to as Triple Net Rent. Includes a portion of the common area used by the public and for maintenance within the building. Alternately, can be quoted as number of spaces per 1,000 square feet leased. HVAC ductwork, fire sprinklers, electrical conduit, and network cabling is often located within this area.