U

Use Clause: A clause that defines the business activities which may be conducted by a tenant within their leased premises.

EXAMPLE: ABC Tenant is a national provider of accounting services. In their lease at Ellipsis Tower, the use clause is defined as 'the provision of accounting services and any other general office purposes'.

USF: Abbreviation for Useable Square Footage. Represents the actual square footage contained within a tenant's premises. This may be compared to Gross Leasable Area or Net Rentable Area, which includes an allocation of the common areas within the building.

V

Vacancy: Unoccupied rentable space, which is often quoted as a percentage calculated as the net rentable area of space available for leasing divided by the net rentable area of the building.

EXAMPLE: Ellipsis Tower contains executed leases for tenants occupying 425,000 rentable square feet. The total net rentable area of Ellipsis Tower is 500,000 square feet. The building therefore contains 75,000 vacant square feet, which equates to a vacancy rate of 15%.

W

Workletter: A legal document which outlines the obligations of the landlord in regards to the improvements necessary to prepare leased premises for a tenant's occupancy. Items typically found in a workletter include a description of the improvements, the cost thereof, the portion of the cost to be paid by landlord, the completion date and insurance requirements of contractors performing the improvements.

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