Glossary

Access Agreement

A form of a license, typically for a short term, that allows a very limited specific access to real property. Access agreements are typically granted for real property investigations or construction activities.

Draft Agreement

An agreement that is not in its final form, which is ready for discussion or editing by the parties.

Easement

An easement, like a license, gives the permission of the owner to use or prevent the use of the owner’s real property. However, unlike a license, it transfers to the easement holder an interest in the real property that encumber the record title. Easements are classified as either appurtenant ( any right or restriction which goes with the property ) or in gross ( any right or restriction which attaches to an individual or entity ). Unless otherwise specified, an easement is presumed to be permanent and non-exclusive.

Fully Executed

A contract has been fully executed when all parties have signed the agreement.

Lease

A rental agreement for continuous exclusive control of real property, usually for a specific term and, in exchange, then tenant agrees to give the landlord some sort of consideration. A lease transfers to the tenant a leasehold interest in real property and, unless otherwise provided in the lease, is typically irrevocable.

Long Term

A continuous period of time lasting more than 90 days.

License

A license grants the permission of the University to an individual or entity (licensee) to use real property

Partially Executed

A contract is partially executed when one or more, but not all, parties have signed the agreement.

Party

An individual or entity taking part in a transaction or contract.

Real Property

Land (surface and subsurface), buildings (or space within a building), air rights, mineral rights and water rights.

Short Term

A continuous period of time lasting up to 90 days; or a recurring, non-continuous period of time lasting up to 1 year; a License/Access Agreement/Short Term Lease is typically appropriate for short term use of real property.

Signatory Authority

Contracts must be signed by an individual with proper authorization pursuant to the bylaws of the Board of Regents of the University of Nebraska.

Use Agreement

A form of license, typically for a short term, that allows a very limited specific use of real property.

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