Rental Glossary - O
Shopping centre that groups retailers into one location and where most of the centre's tenants are the manufacturers of the brand name product they sell.
A right given to lease a property upon specified terms within a specified time. If the option is not exercised, the option holder is not subject to liability for damages. If the holder of the option exercises it, the one granting the option must perform the requirements stated in the option.
See also the article Commercial Real Estate Leasing Options.
A rental lease contract that allows the use of a property, but does not convey rights similar to ownership of the property.
See Capital Lease.