Cancellation Clause
A provision in a contract (e.g., lease) that confers the ability of one in the lease to terminate the party's obligations. The grounds and ability to cancel are usually specified in the lease.
Capital Improvement
Any major physical development or redevelopment to a property that extends the life of the property. Examples include upgrading the elevators, replacement of the roof, and renovations of the lobby.
Certificate of Occupancy (CO)
The government issues this official form, which states that the building is legally ready to be occupied.
Chattel
Household goods, including personal property such as lamps, desks, and chairs.
Cityfeet
The preeminent real estate Internet site that provides prospective tenants with commercial space availabilities.
Common Area Maintenance (CAM)
This is the amount of additional rent charged to the tenant, in addition to the base rent, to maintain the common areas of the property shared by the tenants and from which all tenants benefit. Examples include: snow removal, outdoor lighting, parking lot sweeping, insurance, property taxes, etc. Most often, this does not include any capital improvements that are made to the property.
Contiguous
Touching at some point or along a boundary.
Contingency
A requirement in a contract that must occur before that contract can be finalized.
Contract
A legal agreement between entities that requires each to conduct (or refrain from conducting) certain activities. This document provides each party with a right that is enforceable under our judicial system.
Covenants
Wording found in deeds that limits/restricts the use to which a property may be put (e.g., no bars).
