Base rent is the minimum rent due under a lease that has a percentage or participation requirement.
A provision in a shopping center lease requiring a store to maintain minimum inventory levels and/or remain open certain hours, be adequately staffed, and keep the store name for a certain period of time.
Operating covenants in shopping center retail store leases are requirements that lessors and retail store lessees must observe to provide uniformity in the shopping center’s operations.
Overage Rent, also known as Percentage Rent, is an additional rent payment that tenant retailers pay to their landlords based on a percentage of their sales over a specified base amount. Often used in shopping centers or retail spaces, it helps landlords share in the tenant’s success.
