A. Owners need to know the difference between “vanilla box” and “as-is”. The lease may require the tenant to take the space “as-is”, in the condition existing at the time the lease was signed or at another time specified in the lease. The term “as-is” means that the tenant is responsible for finding out what is-and is not-included in the space, and what each of the parties is expected to provide. Any misunderstandings about what is and is not included in the space are likely to be resolved against the tenant when a tenant has agreed expressly to take the space in the ”as-is” condition.
Tags: as-is, commercial, leasing, retail, vanilla, vanilla box
