In accordance with Minnesota Statute 16B.01, Subd.2., an agency means “Any state office, employee, board, commission, authority, department or other agency of the executive branch of state government…”
a contract document, signed by lessor and lessee, and attached to a lease, that describes agreed-upon changes to the lease in said items such as rent, length of occupancy, or other rights and obligations of the parties.
Commonly specifies one rental amount including all operating expenses, e.g., rent, taxes, insurance, utilities, maintenance, etc. associated with the rental of a property. State leases are gross leases.
The contract between lessor and lessee where lessor grants the use of the Leased Premises to lessee under certain conditions, including the condition of a limited period of occupancy, which are defined in the contract.
Improvements made to the leased premises for the lessee. Improvements permanently attach to the premises unless they are trade fixtures, and they remain with the premises after the end of term of the lease.
A description of the exact location of a piece of real estate, usually including reference to government records kept for this purpose, such as abstract or Torrens records. Legal descriptions are used to describe the lessor’s property, of which the leased premises may be one part.
A list of incomplete remodeling items or construction items which are unacceptable to the lessee, which upon remedy and completion will usually complete the obligations of the contractor under a construction contract. It is the lessor’s responsibility to satisfy the lessee’s concerns and motivate the contractor to correct all the items on the punch list.
Lease language allowing lessee to give lessor notice of intent to extend the lease beyond its original term, and the process and terms under which the lease may be extended. Renewal options are not included in every lease agreement.
A sublease is created when a lessee contracts for a third party to use some or all of the leased premises, with the lessor’s approval. The relationship between the lessor (property owner) and lessee (property user) remain unchanged. The Lessee assumes the dual roles of lessee and sublessor to the third party. The third party becomes the sublessee, the tenant that is subordinate to, or under, and the lessee.
The point during construction at which the contractor is ready to turn the property over to the lessee or client for acceptance and final punch list. Usually occurs upon the issuance of a certificate of occupancy.
Usable square feet is computed by measuring the inside finished surface of exterior walls to the inside finished surface of building corridor and other permanent walls or to the center of walls separating the Leased Premises from other tenant space. If more than 50% of an exterior wall is glass, the dimension is taken from the glass line. Vertical shafts, elevators, stairwells, dock areas, mechanical rooms, and utility and janitor rooms are excluded. Restrooms, corridors, lobbies and receiving areas, which are accessible to the general public or used in common with other tenants are also excluded. No deductions are made for columns, pilasters or other projections to the building if each is less than four (4) square feet.