A dated photographic and written record of the premises' state at lease commencement, used to limit the tenant's repairing liability to no worse than that baseline.
Related terms
- Security deposit
A sum held by the landlord as security against rent arrears or damage, refundable at lease end net of deductions; in the UAE typically five to ten percent of a…
- Service charge
A charge to tenants for the cost of running and maintaining common areas and services.
- Stepped rent
A lease with pre-agreed fixed rent increases at set dates, giving both parties certainty over the income profile.
- Sublease
A lease granted by an existing tenant to a subtenant for part or all of the premises, with the original tenant remaining liable to the head landlord.
- Tenant representation
Advisory acting on behalf of an occupier to find and negotiate space.
- Triple net (NNN)
A net lease where the tenant pays taxes, insurance, and maintenance.
- Under-rented
Where the passing rent is below current market rent, giving reversionary upside when the rent can next be increased.
- Upward-only rent review
A review clause under which rent can rise to market level but never fall below the current passing rent; common in institutional leases and favourable to landl…