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PERCENTAGE LEASE A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises. HABENDUM CLAUSE That part of the deed beginning with the words "to have and to hold," following the granting clause and reaffirming the extent of ownership that the grantor is transferring. COVENANTS AND CONDITIONS Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost. PORTE COCHERE A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles. GIFT TAX A graduated federal tax paid by a donor upon making a gift. OFFSITE COSTS Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs). REAL PROPERTY All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops. |
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