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The document is a standard industrial/commercial multi-tenant lease agreement outlining the terms and conditions between a lessor and lessee. It includes provisions regarding the parties involved, premises description, rent payment details, maintenance responsibilities, insurance requirements, and procedures for handling defaults and breaches. The lease also addresses common area usage, parking rights, alterations to the premises, and compliance with applicable laws. Additionally, it covers termination clauses related to damage or destruction of the property and stipulates the rights of both parties in various scenarios.

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What does air mean in real estate?

For commercial property transactions, two commonly used agreements are the AIR Commercial Real Estate (AIR CRE) Standard Offer, Agreement, and Escrow Instructions for Purchase of Real Estate (Non-Residential) (AIR Agreement) and the (CAR) Commercial Property Purchase Agreement

What is an air form in real estate?

The AIR Agreement provides for arbitration under the commercial rules of the American Arbitration Association and requires that each arbitrator shall be an impartial real estate broker with at least 5 years of full time experience in both the area where the property is located, and the type of real estate involved.

What are air forms?

The AIR forms are designed to keep the transaction moving. The s allow the buyer more time to inspect, perform, or extend the closing date. Often, it is also more likely the buyer can get the deposit refunded if a is used.

What are air rights in real estate?

Air rights refers to a real estate owners license over the vertical space extending above their property. Property owners gain the rights to the land beneath the physical property as well as the airspace above it, which can offer significant development opportunities.

What is an air form?

This form is used by brokers to document their representation of a buyer who is attempting to find and purchase real property or a tenant who is attempting to find and lease real property.

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