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Alaska Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built

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This office lease clause lists a way to provide for variances between the rentable area of a "to be built" demised premises and the actual area after construction.

The Alaska Remeasurement Clause is a contractual provision used in real estate agreements when there are discrepancies between the rentable area and the actual area of a space being constructed. This clause is primarily employed to accurately adjust rent calculations and allocations based on the accurate measurement of the space. The purpose of the Alaska Remeasurement Clause is to address any variations, deviations, or variances between the anticipated rentable area and the actual area once the construction is completed. These discrepancies can occur due to changes in design, construction errors, or unforeseen circumstances during the construction process. By incorporating this clause, both the landlord and tenant can ensure fairness and transparency in lease agreements. When activating the Alaska Remeasurement Clause, it is common to hire a third-party expert, such as a licensed surveyor or architect, to conduct a detailed measurement assessment of the completed space. This assessment provides an accurate and impartial measurement of the actual area and forms the basis for adjusting the rentable area calculation. The expert evaluates factors such as wall thickness, common areas, vertical penetrations, storage areas, and any other elements that may affect the total area. Once the remeasurement is completed, various scenarios can arise, each leading to different types of Alaska Remeasurement Clauses. Here are a few examples: 1. Fixed Percentage Increase/Decrease: In this scenario, the remeasurement reveals a consistent percentage increase or decrease in the rentable area compared to the anticipated area. The Alaska Remeasurement Clause may outline a fixed percentage adjustment to either increase or decrease the rent based on the variance discovered. 2. Proportional Adjustment: If the remeasurement shows discrepancies across different areas of the space, the Alaska Remeasurement Clause may propose a proportional adjustment. This involves adjusting the rentable area and subsequent rent calculations based on the variation in each specific part of the space. 3. Negotiated Agreement: In situations where the remeasurement reveals substantial variations, the parties involved may choose to negotiate an agreement that suits their mutual interests. This negotiation can result in a customized Alaska Remeasurement Clause tailored to the specific circumstances of the space. The Alaska Remeasurement Clause is crucial for avoiding disputes and ensuring fair lease agreements. By mandating accurate measurements of the actual area, both landlord and tenant can have confidence in the rent calculations and allocations, enhancing the overall transparency and effectiveness of the lease agreement.

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FAQ

Use Clauses This clause defines how the tenant can and can't use the property they're leasing. The use clause may be very specific, so it's important that you read its terms carefully.

The clause must include the total amount of rent payable, the date the tenant must pay rent and how the rent must be paid. The tenancy agreement may also expand to include details on how pro rata rent is apportioned alongside details of how interest is calculated where a tenant fails to pay rent on the rent due date.

A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.

What Are Lease Clauses? A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.

An automatic charge to the tenant for court costs and legal fees if the landlord has to take the tenant to court, written in the lease, is an illegal lease clause. Something that says that a tenant will be charged for court costs and legal fees if the judge says so, though, is okay.

An early termination clause is a provision included in a lease agreement that allows either party, the landlord or the tenant, to end the lease before the agreed-upon termination date. These clauses are designed to provide flexibility and protect the interests of both parties in the event of unforeseen circumstances.

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Alaska Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built