Face Rental Rate: The “asking” rental rate published by the landlord.

Fair Market Value: The sale price at which a property would change
hands between a willing buyer and willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. Also known as FMV.

Federal National Mortage Assocation :  Commonly known as "Fannie Mae", the FNMA is the largest buyer of existing mortgages. The Federal National Mortgage Association was originally organized by the federal government in 1938 to purchase FHA-insured mortgages. The association
was reorganized in 1968 as a quasi-private corporation whose entire ownership is private. Fannie Mae raises capital by issuing corporate stock which is actively traded on the New York Stock Exchange and by selling mortgages out of its portfolio to various investors.

Fee Sample: An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or
inherited. Commonly, a synonym for ownership.

Finance Charge: The amount paid for the privilege deferring payment of goods or services purchased, including any charges payable by the
purchaser as a condition of the loan.

First Generation Space: Generally refers to new space that is currently available for lease and has never before been occupied by a tenant.
See also Second Generation Space

First Mortgage: The senior mortgage which, by reason of its position,
has priority over all junior encumbrances. The holder of the first or senior mortgage has a priority right to payment in the event of default.

First Refusal Right or Right Of First Refusal (Purchase): A lease clause giving a tenant the first opportunity to buy a property at the same price and on the same terms and conditions as those contained in a third
party offer that the owner has expressed a willingness to accept.

First Refusal Right or Right Of First Refusal (Adjacent Space): A lease clause giving a tenant the first opportunity to lease additional space
that might become available in a property at the same price and on the
same terms and conditions as those contained in a third party offer that
the owner has expressed a willingness to accept. This right is often
restricted to specific areas of the building such as adjacent suites or other suites on the same floor.

First Refusal Right or Right Of First Refusal:  Expenditures such as property taxes, license fees, and property insurance that are not directly affected, by the occupancy of the property. Fixed expenses along with operating expenses are subtracted from effective gross income to
determine the net operating income of property.

Flex Space: A building providing its occupants the flexibility of utilizing
the space. Usually provides a configuration allowing a flexible amount of
office or showroom space in combination with manufacturing, laboratory,
warehouse distribution, etc. Typically also provides the flexibility to
relocate overhead doors. Generally constructed with little or no common areas, load-bearing floors, loading dock facilities and high ceilings.

Floor Area Ratio (FAR): The ratio of the gross square footage of a
building to the land on which it is situated. Calculated by dividing the total square footage in the building by the square footage of land area.

Force Majeure: A force that cannot be controlled by the parties to a contract and prevents said parties from complying with the provisions of
the contract. This includes acts of God such as a flood or a hurricane or,
acts of man such as a strike, fire or war.

Forward Commitment: An agreement between a permanent lender
and an interim (typically construction) lender wherein the permanent
lender issues a conditional commitment that will replace the construction
loan once a given set of terms and conditions have been achieved.

Foreclosure: A procedure by which the mortgagee (“lender”) either
takes title to or forces the sale of the mortgagor’s (“borrower”) property in satisfaction of a debt. See also Deed In Lieu of Forclosure

Full Recourse: A loan on which an endorser or guarantor is liable in the event of default by the borrower.

Full Service Rent: An all-inclusive rental rate that includes operating expenses and real estate taxes for the first year. The tenant is generally
still responsible for any increase in operating expenses over the base
year amount. See also Pass Throughs

Fully Amortized Mortgage (Loan):  A loan that is fully repaid at
maturity by periodic (monthly) reductions of the principal. The first part of each monthly payment covers interest on the outstanding debt as of the payment due date and the remainder of the payment goes to reduce the outstanding debt.

Future Proposed Space: Space in a proposed commercial development which is not yet under construction or where no construction start date
has been set. Future Proposed projects include all those projects waiting
for a lead tenant, financing, zoning, approvals or any other event
necessary to begin construction. Also may refer to the future phases of a multi-phase project not yet built.