The intent of this ratio is to provide a uniform
method of expressing the amount of parking that
is available at a given building. Dividing the
total rentable square footage of a building by
the building's total number of parking spaces
provides the amount of rentable square feet per
each individual parking space (expressed a 1/xxx
or 1 per xxx). Dividing 1000 by the previous
result provides the ratio of parking spaces
available per each 1000 rentable square feet
(expressed as x per 1000).
Partial Taking
The taking of part (a portion) of an owner's
property under the laws of eminent domain.
Pass Throughs
Refers to the tenant's pro rata share of
operating expenses (i.e., taxes, utilities,
repairs) paid in addition to the base rent.
Percentage Lease
Refers to a provision of the lease calling for
the landlord to be paid a percentage of the
tenant's gross sales as a component of rent.
There is usually a base rent amount to which
"percentage" rent is then added. This type of
clause is most often found in retail leases.
Performance Bond
A surety bond posted by a contractor guaranteeing full performance of a
contract with the proceeds to be used to
complete the contract or compensate for the
owner's loss in the event of nonperformance.
Plat (Plat Map)
Map of a specific area, such as a subdivision, which shows the boundaries
of individual parcels of land (e.g. lots)
together with streets and easements.
Power of Sale
Clause inserted in a mortgage or deed of trust
giving the mortgagee (or trustee) the right and
power, on default in the payment of the debt
secured, to advertise and sell the property at
public auction.
Precast Concrete
Concrete components (i.e. walls) of a building
which are fabricated at a plant site and then
shipped to the site of construction.
Preleased
Refers to space in a proposed building that h as
been leased before the start of construction or
in advance of the issuance of a Certificate of
Occupancy.
Prime Space
This typically refers to first generation (new)
space that is currently available for
lease and which has never before been occupied
by a tenant.
Prime Tenant
The major tenant in a building or, the major or
anchor tenant in a shopping center
serving to attract other, smaller tenants into
adjacent space because of
the customer traffic generated.
Pro rata
Proportionately; according to measure, interest,
or liability. In the case of a tenant, the
proportionate share of expenses for the
maintenance and operation of the property. See
also "Common Area" and "Operating Expenses".
Punch List
An itemized list, typically prepared by the
architect or construction manager, documenting
incomplete or unsatisfactory items after the
contractor has notified the owner that the
tenant space is substantially complete.
