When a building is converted from serving a certain purpose to another in order to meet with trends and demands. For example, a dormitory converting into an old-age home due to the business slowing down in a pandemic.
A clause which lets one of the two parties in an agreement cancel their contract or lease at any point of time. Cancellation clauses are decided and agreed to before the contract is made.
Any new developments of the property, such as renovations or upgrading utilities, which increase the life of the property are counted as capital improvements.
A communal space where multiple offices can rent space as per their requirement, ranging from private rooms to tables or just seats. These agreements can be short or long term, and the space can be rented on an hourly, monthly, yearly, or even event basis.