What do I need to know about paying rent?
Rent is specified in your lease document, and is due on or before the first of each month. You will not receive an invoice for rent. All rent checks should be made payable to "Catt's Realty Company" and sent to 829 W. Main Street, Suite C, Gaylord, MI 49735. Failure to pay rent timely has consequences. Please refer to your lease agreement.
What are the 'triple net' expenses?
Triple Net (NNN) Expenses include insurance, real estate taxes and common area maintenance. These charges may be billed as they are incurred, or in a budgeted monthly payment. If you pay a budgeted amount, at the end of each year we compare the actual expenses against your payments for the year. If we under-collected, you will be invoiced for the difference. If we over-collected, you will receive a credit.
What are 'common area maintenance' (CAM) costs?
Common area maintenance refers the costs to operate and maintain the areas of the shopping center that the tenants have in common, such as parking lots, sidewalks and landscaped areas. CAM expenses may include, but not be limited to, items such as the cost of parking lot lighting, asphalt repairs and trash removal. Check your lease for specific language.
What is 'pro-rata share'?
Tenants are billed their pro-rata share of expenses associated with the common areas of the shopping center. This is a percentage calculated based on the square footage of your leased space as compared to the leasable square footage of the shopping center.
How is my square footage measured?
Most commercial retail spaces are measured from the midpoint of all common walls to the outside surface of the exterior walls.
Do I need insurance?
All leases require tenants to carry commercial general liability insurance and property damage insurance for the leased spaces. Catt's Realty Company should be listed as an Additional Insured on your policy. We require evidence of insurance as specified in your lease document prior to possession of your leased space. We will also request updates from your insurer so that we have a valid certificate of insurance on file at all times.
How do I handle repairs and maintenance?
Typically, tenants are responsible for the interior maintenance of their leased space, and are required to keep the premises in good order and condition. You may hire a contractor of your choice to perform needed repairs as long as the contractor is fully licensed and insured. You may also contact our Facilities' Manager who will arrange for repairs on your behalf, and will bill you for the expense once the work has been done. There is a 10% administrative fee charged for any work processed through our offices. After consulting your lease, contact us if you have questions regarding who is responsible for a repair.