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Lease Definitions & Terms

I

Income approach

The process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life.


Insured

The indemnified person(s) or company(ies) who receive the proceeds of insurance in the event of insurable loss or damage.


Instrument

A written legal document created to secure the rights of the parties participating in the agreement.


Interior partitions

All types of interior nonload-bearing partitions that enclose or subdivide tenant space. May be of steel, wood, glass, masonry or combinations of these materials. Such partitions may be either movable or non-movable, prefabricated or built on the job.


Irrevocable

Incapable of being altered, changed, or recalled.