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 Indiana Remeasurement Clause is a legal provision used when discrepancies arise between the rentable and actual area of a space to be built or rented in the state of Indiana. This clause ensures that both landlords and tenants have a fair and accurate representation of the property's square footage, which is crucial when determining lease terms, rental costs, and other contractual obligations. The purpose of the Indiana Remeasurement Clause is to address any differences in the rentable area of a space compared to its actual area. Rentable area refers to the total square footage that a tenant pays for, including common areas, hallways, elevators, and other shared spaces. On the other hand, actual area represents the physical size of the tenant's specific area or unit within the property. By incorporating the Indiana Remeasurement Clause into lease agreements, tenants can ensure that they are not being charged for unused or non-exclusive areas, while landlords can accurately determine and allocate rental costs based on the actual usable area. This clause provides protection for both parties by establishing a clear framework for measuring and assessing the area's square footage. There may be different variations of the Indiana Remeasurement Clause, each with slight differences depending on the specific needs of the parties involved. These variations may include: 1. Standard Remeasurement Clause: This is the most common type, which establishes guidelines for remeasuring the space and determining any adjustments in rent or lease terms if there are significant differences between the rentable and actual area. 2. Tenant-Triggered Remeasurement Clause: This clause allows tenants to request a remeasurement if they suspect the rentable area is inaccurate. If the remeasurement confirms a variance between the stated and actual area, the lease terms may be adjusted accordingly. 3. Landlord-Triggered Remeasurement Clause: This type of clause allows landlords to initiate a remeasurement if they believe the stated rentable area is incorrect. If the remeasurement confirms a significant variance, the lease may be modified based on the revised square footage. 4. Shared Responsibility Remeasurement Clause: This clause requires both the landlord and tenant to jointly conduct a remeasurement of the space before entering into a lease agreement. If discrepancies exist, they must agree on adjustments to the lease terms to account for the accurate area. In summary, the Indiana Remeasurement Clause is crucial for ensuring fairness and accuracy in lease agreements, specifically when discrepancies arise between the rentable and actual area of a space. By incorporating this clause, both landlords and tenants can have confidence in the square footage calculations, enabling them to make informed decisions and protect their interests.
