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Market Rent: The amount of rent being paid under leases for a comparable lease term at properties which are comparable in terms of size, location and quality. Market rent is often used to define the rent to be paid by a tenant upon exercise of a renewal option, expansion option or right of first offer. Some leases include a provision for the determination of Market rent if landlord and tenant cannot agree, including the submission of the determination to arbitration or appraisal.
Media Fund: A fund established by the landlord of a retail property whereby tenants are required to make specified contributions to the fund for the purpose of promoting the property in the local media. The fund is managed by the landlord and, in many instances, the landlord is required to make a defined number of promotions per year.
Megan’s Law: Federal legislation that promotes the establishment of state registration systems to maintain residential information on every person who kidnaps children, commits sexual crimes against children, or commits sexually violent crimes.
Merchant Association: An association organized by a landlord of a shopping center but operated jointly by landlord and tenants of the center which collects funds for use in the advertising and promotion of the center to the benefit of all tenants. In many instances, the landlord is required to match a specified percentage of the merchant association Dues received from tenants.
Month-to-Month Tenancy: A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written) a tenancy is generally considered to be month to month.
Move-in Date: The date upon which a tenant takes physical possession of the leased premises for the conduct of its business thereupon. Such date may or may not correspond to the commencement date.
Move-out Date: The date upon which a tenant relinquishes physical possession of the leased premises. Such date may or may not correspond to the expiration date.
Multiperil Policies: Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty.