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"Abatement of rent" generally means that for a period of time rent is not payable. For instance, in many leases if the rented space suffers a casualty loss, like a fire, or flood, and can't be used ("untenantable") the lease will say that the tenant does not have to pay rent. The theory is that insurance will cover the landlord for the "lost rent" and insurance will cover the tenant for its "business interruption" during the period of "untenantability". There may be other times rent will abate, but usually when there is an interference with use in some way, such as electrical service in the building going out for a week only because the landlord is slow on repairs.... And sometimes ALL of the rent is abated, and in some other cases only a portion is abated.
"Abated rent" means rent that you don't have to pay. Usually "abated rent" refers to the first few months of free rent commonly given to the new tenant as an inducement to move in. The idea is that you are just starting out, completing the move-in, and getting ready to do business, so they give you a break.
Of course, it is not truly "free," but merely amortized over the other months that you are paying. Since a 2- or 3-month rent abatement is typically included in a commercial lease for years, you have to calculate your choices of spaces by including the benefit of that free time, or if you don't need it, reducing the monthly rent amount.
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What is rent abatement?
Rent abatement is reduction of the amount of rent due.
What does lease abatement mean?
a lease abatement is a clause within a lease contract allowing the lessee to forgo rent during its initial few months of rent. this is critical because, as rent goes, it can be the biggest expense for a new business. an abatement allows the company to bypass the rent during the buildout phase when it is not making any revenue.
What is the difference between fixturization period and rent abatement period?
A Fixturization period is time allowed to access a leased space for construction and store build out. Normally you will see a 5 year lease commencing after a 3 month fixturization period. i.e. tenant has possession of the space for 63 months Rent abatement is any free or discounted rent given within a lease term. i.e. 3 months of free rent. Always ask for 6 months of free rent and negotiate from there.
What does lease mean?
a lease abatement is a clause within a lease contract allowing the lessee to forgo rent during its initial few months of rent. this is critical because, as rent goes, it can be the biggest expense for a new business. an abatement allows the company to bypass the rent during the buildout phase when it is not making any revenue.
How do you spell abatement?
abatement
Can a home be sold without a certificate of occupancy?
In Massachusetts, in cities which require occupancy permits, the lack of a permit is a prima facia code violation. Judges can award a rent abatement for code violations (forgive some unpaid rent, or direct that the landlord return some rent paid). However, if that is the only violation, and the unit is otherwise fine, the judge might not award an abatement, but simply order the landlord to get the permit.
What rhymes with statement?
abatement abatement
Is Abatement a noun?
Yes, "abatement" is a noun. It refers to the action of reducing or lessening something, such as noise abatement or pollution abatement.
What is the meaning of Abatement?
of Abate
What does abatement of pain mean?
Abatement of pain is the same as reduction of pain.
What does abatement mean when it pertains to air duct cleaning?
Abatement may refer to Abatement Technologies, a well-known manufacturer of air duct cleaning equipment. Or it may refer to other services offered by the air duct cleaning provider, such as asbestos abatement or lead abatement.
What does smog abatement mean?
Smog abatement means reducing the amount or intensity of smog.
