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 Colorado Remeasurement Clause is a legal provision used in real estate contracts and leases to address discrepancies between the rentable area and the actual area of a space to be built. This clause ensures fair and accurate calculations when determining the rentable area of a property, taking into account any variances that may occur during construction or renovations. When there are differences between the rentable area specified in the lease and the actual area of the space after completion, the Colorado Remeasurement Clause allows for adjustments to be made. These adjustments are based on the per square foot rent agreed upon in the lease and aim to establish an equitable rental amount for both parties involved. There are two main types of Colorado Remeasurement Clauses that can be utilized: 1. Base Rent Adjustment: This type of clause focuses on adjusting the base rent amount when there are significant variations between the rentable area specified in the lease and the actual area of the space. It enables the landlord and tenant to reach a fair agreement on the revised base rent, considering the actual area of the completed property. 2. Common Area Maintenance (CAM) Adjustment: In addition to the base rent, this type of clause focuses on adjusting the tenant's proportionate share of common area maintenance expenses, such as building maintenance, landscaping, and insurance. By accounting for the actual area of the space, the tenant's responsibility for these shared expenses can be revised to align with the space they occupy. It is important to note that the specific language and terms of the Colorado Remeasurement Clause can vary depending on the lease agreement and the parties involved. Hence, it is crucial for both tenants and landlords to carefully review and negotiate the terms of this clause to avoid any potential disputes or inconsistencies. In summary, the Colorado Remeasurement Clause is a crucial component of a real estate lease contract. It allows for fair adjustments to be made in cases where variances exist between the rentable area and the actual area of a space to be built. By utilizing this clause, both parties can ensure that the rental amount and any shared expenses associated with the property accurately reflect the actual area of the space.The Colorado Remeasurement Clause is a legal provision used in real estate contracts and leases to address discrepancies between the rentable area and the actual area of a space to be built. This clause ensures fair and accurate calculations when determining the rentable area of a property, taking into account any variances that may occur during construction or renovations. When there are differences between the rentable area specified in the lease and the actual area of the space after completion, the Colorado Remeasurement Clause allows for adjustments to be made. These adjustments are based on the per square foot rent agreed upon in the lease and aim to establish an equitable rental amount for both parties involved. There are two main types of Colorado Remeasurement Clauses that can be utilized: 1. Base Rent Adjustment: This type of clause focuses on adjusting the base rent amount when there are significant variations between the rentable area specified in the lease and the actual area of the space. It enables the landlord and tenant to reach a fair agreement on the revised base rent, considering the actual area of the completed property. 2. Common Area Maintenance (CAM) Adjustment: In addition to the base rent, this type of clause focuses on adjusting the tenant's proportionate share of common area maintenance expenses, such as building maintenance, landscaping, and insurance. By accounting for the actual area of the space, the tenant's responsibility for these shared expenses can be revised to align with the space they occupy. It is important to note that the specific language and terms of the Colorado Remeasurement Clause can vary depending on the lease agreement and the parties involved. Hence, it is crucial for both tenants and landlords to carefully review and negotiate the terms of this clause to avoid any potential disputes or inconsistencies. In summary, the Colorado Remeasurement Clause is a crucial component of a real estate lease contract. It allows for fair adjustments to be made in cases where variances exist between the rentable area and the actual area of a space to be built. By utilizing this clause, both parties can ensure that the rental amount and any shared expenses associated with the property accurately reflect the actual area of the space.
