Questions 35 – 38 go together: Galt, LLP owns the Midas Outl…
Questions 35 – 38 go together: Galt, LLP owns the Midas Outlet Center in Tampa, Florida. Keating Family Ice Cream Shoppes, LLC, a New Jersey company, is leasing a 2,250 square foot outparcel from Galt. The outparcel already has a building constructed on it, with adequate parking and a drive-through lane. As part of the arrangement with Galt, Keating is to construct all interior improvements and fixtures. When Keating’s build-out work is completed, and it has obtained the release of all liens, Galt will remit $35,437.50 (2,250 s.f. x $15.75/s.f.) to Keating. This _____________________ to Keating by Galt following Keating’s improvement work is by no means “free money” to Keating; Keating ultimately repays Galt as an element of its initial term base rent. (Select one answer only.)