Glossary of Terms– Linda L. ZelmSMALL BUSINESS COMMERCIAL REAL ESTATE GLOSSARYTerms, Words, Jargon often used by landlords, sellers and real estate agents.A“As Is Condition”The acceptance by the tenant of the existing condition of the premises at the time the leaseis executed. This would include any physical defects. May also be stated as “Broom CleanCondition”Abatement (Free Rent)Usually base or minimum rent that is not charged in the first few months of a lease as anincentive. Usually does not include CAM and Tax charges.Anchor TenantA large tenant that stabilizes a property and draws traffic to the center. May be as small asa restaurant or coffee shop in a small center or large as Super Target in a communitycenter.AssessmentA fee imposed on property, usually to pay for public improvements. May be paid over aperiod of years with interest.BBase Rent (Minimum Rent, Net Rent)A set amount in a lease which does not include operating expenses, real estate taxes orcommon area insurance. See Gross Rent.Base YearActual taxes and operating expenses for a specified base year, most often the year in whichthe lease commences. Once the base year expenses are known, the lease may call forpayment of various items that increase above the base year. For instance real estate taxes.Building StandardA list of construction materials and finishes that represent what the Tenant Improvement orFinish Allowance/Work Letter is designed to cover while also serving to establish thelandlord’s minimum quality standards. Tenant may wish to ask for an allowance to upgradematerials to a higher standard or quality. The Standard determines the minimum.Build-Out (Leasehold Improvements)The space improvements put in place determined by Tenant’s specifications within theTenant Finish Allowance. Additional build-out may be at Tenant’s cost above the allowance.
CCapital ExpensesAs part of Common Area Maintenance, those costs that are considered to be a majorimprovement or addition to a property that are commonly expensed via depreciation overthe life of the improvement. Generally Accepted Accounting Principles (GAAP) does notalways provide definitive guidelines and accountants will often disagree on whether anexpense such as a new roof or parking lot overlay are to be considered capital or not.Tenants should be concerned about the definitions in their leases as they would wish toavoid an extra charge for a large expense that should have been capitalized.Capitalization Method of Determining Rental Property ValueA method of determining value by dividing net operating income (NOI) by a predeterminedannual rate of return (CAP Rate). Example: A property has an NOI before taxes of $150,000in base rents. If the market is indicating a CAP Rate of 8%, the math is: $150,000 dividedby .08 equaling $1,875,000 which would be the value of the property if sold at that CAPrate.Capitalization Rate (CAP Rate)The percentage that is considered a reasonable return on investment. Used to determineand value real property through the Capitalization Method of Net Operating Income. Alsocalled in some areas the Free and Clear Return.Certificate of OccupancyA document presented by a local government agency or building department certifying thatthe premises, leased or owned, has been inspected and is a condition suitable foroccupancy.Chapter ElevenThat portion of the bankruptcy code that deals with business reorganizations under courtsupervision.Chapter SevenThat portion of the bankruptcy code that deals with business liquidation.Common AreaThere are two components of the term. If referred to in an office building in association withthe RENTABLE/USABLE/LOAD FACTOR calculation, the common areas are those areas withina building that are available for common use by all tenants and their customers (i.e.lobbies, corridors, restrooms, elevators). When referred to in relationship to the calculationof the building operating expenses, it would be the cost of maintaining parking facilities,malls, sidewalks, landscaped areas, public toilets, truck and service facilities, lighting. Thisnumber would be used in calculating the tenant’s pro-rata share.Common Area Maintenance: (CAM)Based upon a pro-rata share, this is the amount of Additional Rent charged to the tenantabove the Base Rent to maintain the common areas of the property as noted above. It mayinclude Real Estate Taxes, Assessments and Insurance but many times is quoted separately.Most often, it does not include Capital Expenses (see above). Gross Rents include CAM.Usually quoted as an annual per square foot number but is billed monthly based on annual
estimates and then is reconciled at the end of the calendar year with either an extra billingfor overages or a credit for underages.ConcessionsCash or Cash equivalents such as free rent, allowances, moving allowances or otherincentives expended to persuade a tenant to sign a lease. Amounts vary depending uponcreditworthiness of the tenant, length of the term, competitiveness of the market orcondition of the building or space.Consumer Price Index (CPI)Measures inflation in relation to the change in the price of a market basket of goods andservices purchased by a specified population during a “base” period of time. It is not a trueCost of Living factor and bears little direct relation to the actual costs of building operation.The CPI is commonly used to increase the base rental rate periodically as a means ofprotecting the landlord’s stream of income against inflation or to provide a cushion foroperating expense increases for a landlord unwilling to undertake the record keepingnecessary to bill for expense escalations.Core FactorRepresents the percentage of the Net Rentable square feet devoted to the building’scommon area (lobbies, rest rooms, corridors, elevators, etc…). Also know as the R/U Factor(rentable/usable) Factor. It is calculated by dividing the rentable square footage by theuseable square footage. So rent is charged on the space that you can use plus a percentageof the core areas.Covenant of Quiet Enjoyment(Warranty of Possession) It provides a warranty by the Landlord that it has the legal abilityto convey the possession of the premises to the Tenant; the Landlord does not warrant thathe owns the land. This means that if the Landlord breeches this warranty, it constitutes anactual or constructive eviction.DDeedA legal instrument transferring title to real property from seller to the buyer upon closing ofthe escrow for the sale of the property.Deed in Lieu of ForeclosureA deed given by an owner/borrower to satisfy a mortgage debt and avoid foreclosureDefaultThe general failure to perform a legal or contractual duty or to discharge an obligation whendue. Some examples: 1) failure to make a rent payment when due, 2) failure to performany of the terms of a lease, 3) failure to close on the sale or make an earnest moneydepositDemising WallsThe partition wall that separates one tenant’s space from another or from the building’scommon areas.
DepreciationSpreading out the cost of a capital asset over its estimated useful life or a decrease in theusefulness, and therefore value, of real property improvements or other assets caused bydeteriorating or obsolescence. Rates, useful life and other tools related to income taxes aredetermined artificially by the IRS and are changed from time to time.EEarnest MoneyThe monetary advance by a buyer of part of the purchase price to indicate the intention andability of the buyer to carry out the contract. Usually is required to be placed in an escrowaccount of a real estate company or a title company. May require interest be paid. In somecases is in the form of a promissory note.EasementA legal right of use over the property of another owner created by grant, reservation,agreement, prescription or government. It is either for the benefit of adjoining land such asthe right to cross A to get to B, or for the benefit of a specific individual such as a publicutility easement.Effective RentThe actual rental rate to be achieved by the landlord after deducting the value ofconcessions from the base rental rate paid by a tenant expressed over the total term of thelease.EquityThe fair market value of an asset less any outstanding debt or other encumbrances such asliens.Escalation ClauseA clause in a lease which provides for the rent to be increased to reflect changes inexpenses paid by the landlord.Escrow AgreementA written agreement made between the parties to a contract and an escrow agent (such asa title company or bank). The agreement sets forth the basic obligations of the parties,describes the monies to be deposited in escrow and instructs the escrow agent concerningthe disposition of those monies deposited. Can also be other valuables such as jewelry, artetc…Estoppel CertificateA signed statement certifying that certain statement of the fact are correct as of the date ofthe statement and can be relied upon by a third party, including a prospective lender orpurchaser. In the context of a lease, a statement by a tenant indentifying that the lease isin effect and certifying that no rent has been prepaid and that there are no knownoutstanding defaults by the landlord except for those specified in the statement. No changescan be made to the certificate by writing over or erasing. Must be a clean, signedstatement. Certificates are often signed as part of a lease document exhibit.
FFair Market ValueThe actual sale price at which a property would change hands between a willing buyer and awilling seller, neither being under any compulsion to buy or sell and both having reasonableknowledge of the relevant facts.First Refusal Right or Right of First Refusal (adjacent space)A lease clause giving a tenant the first opportunity to lease additional space that maybecome available in a property. Usually the right is given at the same price and on the sameterms as those contained in a third party offer that comes in on the same space. Sometimesthe pricing is spelled out in the lease.First Refusal Right or Right of First Refusal (Purchase)A lease clause giving a tenant the first opportunity to buy a property at the same price andon the same terms as those contained in a third party offer that is acceptable to the seller.Usually there is a time deadline as to when these rights must be used or refused.Flex SpaceA building providing is tenants the flexibility of utilizing the space. Usually provides aconfiguration allowing a flexible amount of office or showroom space in combination withmanufacturing, lab, warehouse, etc…GGross Rent (Full Service Rent)An all inclusive rental rate that includes operating expenses (CAM) and real estate taxes forthe first year. The tenant may be responsible for any increases in operating expensesand/or taxes over the base year amount. Does not generally include any utility costs exceptfor those included in CAM such as sewer and water.Gross Building Area (GBA)The total floor area of the building measuring from the outer surface of exterior walls andwindows and including all vertical penetrations and basement space.Gross Leaseable Area (GLA): (Gross Rentable Area)The total floor area subject to tenant occupancy excluding such areas as sprinkler rooms,trash rooms. The GLA compares to the GBA in that it is less and is used in computing suchthings as pro rata share of CAM and Taxes in net leases.Ground Rent (Lease)Rent paid to the owner for use of land. Generally it is a long term lease with the lessorretaining ownership of the land. Any buildings built by tenant revert to lessor upon thetermination of the lease.GuarantorOne who makes a guaranty.
GuarantyAgreement where the guarantor undertakes to assure satisfaction of a debt of another orperform the obligation of another if and when the debtor fails to do so. May also be aPersonal Guaranty of a lease whereby the tenant assures satisfaction of the rent if thebusiness should fail.HHard CostsThe cost of actually constructing the improvements.Holdover TenantA tenant retaining possession of the leased premises after the expiration of a lease. In manycases, the tenancy becomes month to month and the tenant pays a premium above theprevious rent to maintain its holdover status. Sometimes as much as twice the normal rent.HVACThe acronym for Heating Ventilating and Air ConditioningKKickout ClausesA shopping center lease clause that allows the tenant to terminate the lease if the tenant’ssales do not reach a certain level by a certain date. These clauses are not common but areused in certain cases as an inducement to obtain a particular tenant. In general, rentsobtained from these leases are excluded from Net Operating Income by most lendinginstitutions and buyers unless the kickout period is longer than three years.LLandlord’s LienA type of lien that can be created by contract or by operation of law. Some examples are:(1) a contractual landlord’s lien as might be found in a lease agreement; (2) a statutorylandlord’s lien; and (3) landlord’s remedy of distress, which is not truly a lien but has thesame effect. It is a warrant from a landlord to levy upon a tenant’s personal property and tosell this property at a public sale to compel payment of the rent or other past dueobligations.Lease Commencement DateThe date usually constitutes the commencement of the term of the Lease for all purposes,whether or not the tenant actually takes possession or pays rent so long as occupancy ispossible. In reality, there could be other agreements such as early occupancy agreementswhich have an impact on this definition.Leasehold ImprovementsPhysical improvements or upgrades made to the leased premises by or for a tenant.
Denoted in a Exhibit of a lease in a detailed manner and may include a bid or drawings. Insome cases, a cash allowance in lieu of actual improvements is used. Can be paid for byeither party to the lease in part or whole.Lease PlanA detailed plan of the buildings in a development and all of the individual space sizes notingthe square footage of rentable and usable. Usually suite numbers are used.Legal DescriptionA geographical description identifying a parcel of land by government survey, metes andbounds or lot numbers of a recorded plan including descriptions of any easements orreservations.Letter of AttornmentA letter from a grantor to a tenant stating that a property has been sold and directing rentto be paid to the grantee (buyer).Letter of CreditA commitment by a bank or other person made at the request of the customer that theissuer will honor drafts or other demands for payment upon full compliance with theconditions specified in the letter. Letters of Credit are often used in place of cash depositedwith the landlord for a security deposit or other guarantees of a lease such as the financialcondition of the tenant.Letter of IntentA preliminary agreement stating the proposed terms for a final contract. They can be“binding” or “non-binding”. This is used commonly today to begin negotiations on a finaldraft of a lease or purchase. They are generally non binding but it must state in the LOI thatit is non binding.LienA claim or encumbrance against property used to secure a debt, charge or the performanceof some act.Lien Waiver (Waiver of Liens)A waiver of mechanic’s lien rights, signed by a general contractor and his subcontractors,that is often required before a general contractor can receive a draw from financing or apayment from an owner. In many leases, a tenant will need to furnish such a waiver inorder to receive an Improvement Allowance from a Landlord.MMaster LeaseA primary lease that controls subsequent subleases. An Executive Suite operation is a goodexample in that a primary lease is signed with the landlord and then individual offices withinthe premises are leased to other individuals.Mechanics LienA claim created by state statutes for the purpose of securing priority of payment of the priceof work performed and materials furnished in constructing, repairing or improving a building
and which attaches to the land as well as to the buildings. Liens must be paid in full before abuilding can be mortgaged or sold.NNatural BreakpointUsed in some shopping center leases to compute Percentage Rent. See Percentage Rent forexample. It is the dollar point where the base rent equals a percentage of the gross sales ofa retailer in the lease above which additional rent is owed. It constitutes a point whereminimum rent stops and percentage rent begins annually.Net LeaseA lease in which there is a provision for the tenant to pay as additional rent certain costsassociated with the operation of the property. These costs may include real estate taxes,insurance, repairs, utilities and maintenance but no capital expenses. There are also NN(double net) and NNN (triple net) leases. The difference is the degree to which the tenant isresponsible for operating costs.Net Rentable AreaThe floor area of a building that remains after the square footage represented by verticalpenetrations such as elevator shafts, etc… has been deducted. Common areas such ashallways and lobbies are included and there are no deductions made for necessary columnsand projections of the building.Exclusive or Non-Compete ClauseA clause that can be inserted into a lease specifying that the business of the tenant isexclusive in the property and that no other tenant operating the same type of similar typeof business can occupy space in the building. Usually an allowance of 10% of total squarefootage of a companion tenant can be allowed for competing merchandise.OOperating Expenses: (CAM, Insurance, Real Estate Taxes)The actual costs associated with a property including maintenance, repairs, managementfees, utilities, taxes and insurance but not capital costs. A landlord’s definition is likely to bebroad, covering most aspects of operating the building. Many of these are reimbursed bythe tenants. Sometimes called the “net=nets” or “pass-throughs”.Option to RenewA clause giving a tenant the right to extend the term of a lease, usually for a stated periodof time and at a rent amount as provided for in the lease.PParking RatioThe 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 feet by the totalnumber of parking spaces.Example: Building a has 9500 rentable square feet with 95 spaces of parking. So it has aration of 95/9500 or 10. So it has 10 spaces per 1000 square feet of space. Most metroareas require between 4 and 6 spaces per 1000 for a common office or retail tenant.Restaurants may be higher.Pass-throughs(CAM, Taxes, Operating Expenses) Refers to the tenant’s pro rata share of operatingexpenses for the shopping center common to all tenants. Paid as additional rent.Percentage LeasesCommon in shopping centers where there is a substantial anchor. refers to the provision ofthe lease calling for payment of additional rent as a percentage of the tenant’s gross sales.Example: Base Rent, Annually: $50,000% Rent: 4% over a Natural Breakpoint$50,000 / by .04= $1,250,000 (Natural Breakpoint where the base rent is equal to 4% of the grosssales)Percentage Rent would then be 4% of all sales in excess of the $1,250,000 per year.Leases may also use an artificial breakpoint. Occasionally leases will be written withpercentage rent only. Example would be 4% of all gross sales from Commencement Datewith no floor or minimum rent.Pro RataProportionately, according to measure, interest or liability. In the case of a tenant, theproportionate share of expenses for the maintenance and operation of the property.Example: Leased Space = 1200 square feetTotal Gross Leaseable Area = 9600 square feet.Pro Rata Share would be: 1200/9600 = 12.5% of operating expenses or CAM assigned tothis 1200 sf space.Punch ListAn itemized list, typically prepared by the architect or construction manager, documentingincomplete or unsatisfactory items after the contractor has notified the owner that thetenant space is substantially complete. Many times a portion of the bid price is held backuntil Punch List items are satisfactorily completed.RReal PropertyLand and whatever is erected or affixed to the land, such as buildings, fences, drivewaysand whatever items are affixed to the building such as light fixtures, plumbing or otheritems that would be Personal Property if not attached. It is important for a buyer to fix avalue to the real property and a separate value to the Personal Property at the time of thepurchase because of different tax treatments for each type.RecaptureAs used in leases, a clause giving the lessor a percentage of profits above a fixed amount ofrent: or in a percentage rent lease, a clause granting the lessor a right to terminate thelease if the tenant fails to realize minimum sales.
RecourseThe right of a lender, in the event of the default of a borrower, to recomer against thepersonal assets of a party who is secondarily liable for the debt, (eg…endorser, guarantor).Recourse: The right of a lender, in the event of a default by the borrower, to recoveragainst the personal assets of a party who is secondarily liable for the debt (e.g. anendorser or guarantor.Renewal OptionA clause giving a tenant the right to extend the term of a lease, usually for a stated periodof time and at a rent amount as provided for in the option language.RentCompensation of fee paid usually periodically such as monthly for the occupancy and use ofany rental property, land, buildings, equipment etc… (See Base Rent or Minimum Rent)Rent Commencement Date(See Lease Commencement Date) Date on which tenant begins paying rent or additionalrent such as operating expenses. Many times it is after the Lease Commencement Datebecause of a period of reduced or no rent for buildout. It may or may not be the same dateas the lease commencement date or the occupancy date which may occur months earlierthan the date rent payments begin. In some cases depending upon negotiations, the baserent will begin later than the additional rent (operating expenses).Rentable/Usable RatioThat number obtained when the Gross Leasable Area (GLA) area in a building is divided bythe Usable Area in the building. When taken as a percentage, it describes the proportion ofthe space that a tenant can actually physically occupy. In office leases and enclosed malls,the usable area is smaller than the rentable. In some strip centers, it is the same.Rental ConcessionA reduction in rental terms or other lessening of terms (concessions) that a landlord willoffer a tenant below the stated terms, in order to secure their tenancy. There are manyforms this can take such as improvement allowances, free rent, moving allowances, kickoutclauses, etc…REO (Real Estate Owned) (Special Assets)Known by many terms it is real estate that has come to be owned by a lender usually takento satisfy a debt through foreclosure or deed in lieu or some kind of settlement orobligation.Representation Agreement(1) Listing Agreement is between the owner of a property and a real estate broker givingthe broker the authorization to attempt to sell or lease the property at a certain price andterms in return for a commission, set fee or other form of compensation. The listing may beexclusive or not. The agreement creates an agency relationship requiring certain ethicalstandards, rules and duties. (2) Tenant or Agency Agreement is between a tenant orpurchaser and a real estate broker giving the broker the authorization to attempt to securea property on behalf of the client in return for compensation. Traditionally the owner of theproperty pays the broker a fee but not in all cases and is not required by law.Request for Proposal: (RFP)This formalized request represents the compilation of the many considerations a tenant
might have and should be customized to reflect their specific needs. Just as the building’sstandard form lease document represents the landlord’s “wish list”, the RFP services in thatsame capacity for the tenant.SSale-LeasebackAn arrangement by which the owner occupant of a property agrees to sell all or part of theproperty to an investor and then lease it back and continue to occupy space as a tenant.Although the lease technically follows the sale, both will have been agreed to as part of thesame transaction.Second MortgageA mortgage on a property that ranks below a first mortgage in priority of claim upon theasset for payment. Legal sequence of claim indicated by date of recording determines thedesignation. May also have a third or more mortgage, deed of trust, land contracts,contracts for deed or liens on a property at the same time and may be in value totally moreor less than the market value.Security DepositAn amount of money given by tenant to landlord to secure performance of a lease. Thisdeposit can take many forms from a simple IOU to a Letter of Credit or other financialinstrument. Also in some cases can be hard assets such as jewels or art.SetbackThe distance from a curb, property line or other reference point within which building isprohibited. May be set by city ordinance or deed restrictions.Shell SpaceThe interior condition of either a new or existing building without improvements or finishessuch as flooring, sheetrock, lighting or bathrooms. Building owner will define condition ofshell space.Site PlanA detailed plan which depicts the location of improvements on a parcel of land which alsocontains all the information required by the zoning ordinances. (See also Lease Plan)Soft CostThat portion of an equity investment other than the actual cost of the improvementsthemselves (such as: architectural and engineering fees, commissions, etc…) and whichmay be tax-deductible in the first year.Space PlanA graphic representation of a tenant’s space requirements, showing walls and doors, roomsizes and sometimes furniture and fixture layouts. It must be accurate enough to estimateconstruction costs and will be an actual exhibit of the lease.Special AssessmentAny special charge levied against real property for public improvements such as sidewalk,streets, water and sewer that benefit the assessed property. Usually amortized within the
Common Area Maintenance over the amount of time the assessing entity allows forpayment.Specific PerformanceA requirement compelling of the parties to perform or carry out the provisions of a contractinto which he has entered including purchase agreements and leases.Step-Up or Graded LeaseA lease specifying set increases in rent at set intervals during the term of the lease. Maybea dollar or percentage figure.Straight or Flat LeaseA lease specifying the same, a fixed amount, of rent that is to be paid periodically duringthe entire term of the lease.SubleaseA lease between a subtenant and a master tenant usually at rents equal to or less than thestated rent in the lease. The master tenant is the person or entity that has a direct leasewith the landlord. A subtenant must adhere to all of the terms of the master lease and theterms of the sublease. It is important to note that the subtenant is subject to the financialhealth of the master tenant so that if the master tenant should become bankrupt and themaster lease is no longer in effect, the subtenant does not have any rights to the space andmay be required to move or to pay the rent stated in the master lease. An attorney’s adviceshould always be sought before entering into a sublease as there are ways to protect theinterests of the subtenant.Subordination AgreementAs used in a lease, the tenant generally accepts the leased premises subject to anyrecorded mortgage or deed of trust lien and all existing recorded restrictions and thelandlord is given the power to subordinate the tenant’s interest to any first mortgage ordeed of trust lien subsequently placed upon the leased premises.TTime is of the EssenceMeans that performance by one party within the period specified in the contract is essentialto require performance by the other party.Tax BaseThe assessed valuation of all the real property that lies within the jurisdiction of a taxingauthority, which is then multiplied by the tax rate or mill levy to determine the amount oftax due.Tenant Improvement Allowance (TI) or Work LetterDefines the fixed amount of money contributed by the landlord toward tenantimprovements. The tenant pays any of the costs that exceed this amount. In some cases,the TI’s are amortized into the lease above the base or minimum rent with a designatedinterest amount.
TitleThe means whereby the owner of lands has the just and full possession of real property.Title CommitmentA document provided by the title insurance company showing the condition of the title andthe terms under which the title company would insure the title for a property. Usually thereare items on the commitment that need to be cleared or removed or cured.Title InsuranceA policy issued by a title company after searching the title history and which insures againstloss resulting from defects of title to a specifically described parcel of real property or fromthe enforcement of liens existing against it at the time the title policy is issued.Title SearchA review of all recorded documents affecting a specific piece of property to determine thepresent condition of the title.Trade FixturesPersonal property that is attached to a structure that are used in the business. Since thisproperty is part of the business, it is deemed not to be part of the real estate. Typically it isremovable upon lease termination. It is sometimes referred by the acronym FF&E whichmeans Furniture, Fixtures and Equipment.Triple Net (NNN) LeaseA lease in which the tenant pays, in addition to rent, certain costs associated with theleased property and applicable to the common areas of the property. A true triple net leasewould charge the tenant for every expense including such things as roof maintenance andrepairs, HVAC replacement and repairs and all other costs including real estate taxes andinsurance. The landlord would pay for very little and maybe nothing. There are also NetLeases and NN leases which are variations on this theme. The term net lease is used looselyand tenants are wise to check just what they are expected to pay and what the landlord willpay.Turnkey ProjectThe construction of a project in which a third party usually a developer or general contractoris responsible for the total completion of a building or the construction of tenantimprovements to the customized requirements of a tenant or owner.VVarianceRefers to permission from a government entity that allows a property owner to depart fromthe literal requirements of a zoning ordinance that because of special circumstances cause aunique hardship.
WWorkletterA list of the building standard items that the landlord will contribute as part of the tenantimprovements. Examples include: style and type of doors, lineal feet of partitions, type andquantity of lights, floor coverings, telephone and electrical outlets, etc… the workletter oftencarries a dollar value but is contrasted with a fixed dollar tenant improvement allowancethat can be used at the tenant’s discretion.ZZoning and Zoning OrdinancesThe division of a city, town or county into zones and the application of regulations(ordinances) having to do with the structural, architectural design and the intended use ofbuildings within such designated zone. Such zones might include an Industrial, Residential,Retail, Multi-Family, Commercial and subzones within those classifications. It is important tocheck on the zoning before deciding to buy a building or parcel of land for a particular use. For more information, please contact: Small Business Real Estate Advisors Linda L. Zelm, SCLS 310 Kiowa Avenue St. Paul, MN 55112 Phone: (612) 868-5561 E-Mail: email@example.com