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Simple English definitions for legal terms
Read a random definition: in hoc statu
A prime tenant is a commercial or professional tenant who leases substantial and preferred space in a commercial development. They have an established reputation and are important in securing construction financing and attracting other desirable tenants.
For example, a well-known restaurant chain may be a prime tenant in a shopping mall. Their presence can attract other popular stores and increase foot traffic, making the mall more successful.