Mitigate
Barron's Real Estate Dictionary:
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Mitigate
To alleviate, reduce, or abate a penalty, punishment, or damage.
See also mitigation land bank.
Example: Greasy Spoon signed a five-year lease on space in a building to use as their restaurant. After one year, they closed the restaurant, leaving four years of future unpaid rent. The landlord must attempt to mitigate Greasy Spoon’s debt for future rent by trying to locate a substitute tenant. Greasy Spoon will owe the full rent, less the amount mitigated by a substitute tenant.
See also mitigation land bank.
Example: Greasy Spoon signed a five-year lease on space in a building to use as their restaurant. After one year, they closed the restaurant, leaving four years of future unpaid rent. The landlord must attempt to mitigate Greasy Spoon’s debt for future rent by trying to locate a substitute tenant. Greasy Spoon will owe the full rent, less the amount mitigated by a substitute tenant.
| Mistake, Mission House | |
| Mitigation Land Bank, Mobile Home |
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Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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