Current through December 10, 2024
Section 12-8-300.1 - DEFINITION OF TERMS USED IN THIS SECTION(1)Award - acceptance by an agency or department of a proposal submitted by a Lessor with the intention of entering into a Lease Contract. (2)BOMA - Building Owners and Managers Association (3)Building Amenity Area - conference rooms, break rooms and similar spaces that are available for use by all tenants of a multi-tenant building at no additional cost or with SF rental cost prorated among all tenant spaces. (4)Building Service Area - building lobby, public corridors, and public restrooms in multi-tenant buildings as well as janitors' closets, mechanical, electrical and communications rooms and closets, loading docks, shipping and receiving areas, building management and maintenance areas in all buildings. (5)Demising Wall - a partition or wall separating one tenant's leased space from that of another tenant. (6)Graduated Rental Rate - rental payments that begin at a low fixed rate per square foot and increase at set intervals over the Lease term. (7)Lease - a contract by which one party conveys real property to another for a specified period of time and under specific conditions. (8)Lessee - the individual or entity to whom property is rented or leased; tenant (9)Lessor - the individual or entity who rents or leases property to another; landlord (10)Market Rate Survey - up to date information collected and analyzed by a Mississippi Licensed Realtor on available or leased real property in a given area for the purpose of establishing fair market value. (11)Major Vertical Penetration - elevators, stairwells, mechanical chases and similar spaces. (12)Occupant Area - the actual square footage of a building that is useable exclusively by the tenant, and excludes Building Service Areas and Major Vertical Penetrations. (13)Rentable Area - in a single-tenant building, is equal to the Occupant Area. For multi-tenant buildings, is equal to the Occupant Area plus the pro-rated portion of Building Amenity Areas attributable to the Occupant Area. In no case are Building Service Areas to be included in Rentable Area. (14)Request for Lease Proposals (RLP) - all documents, whether attached or incorporated by reference, utilized for soliciting proposals. (15)Responsible Offeror - a person or entity who has the capability in all respects to perform fully the contract requirements and the integrity and reliability which will assure good faith performance. (16)Responsive Offeror - a person or entity who has submitted a bid or proposal which conforms in all material respects to the RLP. (17)Succeeding Lease - a non-competitive lease acquisition secured to provide for continued occupancy of the current premises at the end of a lease and all contractually permitted renewals. (18)Tenant Improvements - fixed improvements or modifications to a building prior to start of tenancy. (19)Tenancy - the occupation or holding of land or other real property. (20)Usable Area - the Occupant Area plus the Building Amenity Area. 12 Miss. Code. R. 8-300.1