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 Kentucky Remeasurement Clause is a contractual provision used in real estate agreements to address discrepancies between the rentable area and the actual area of a space to be built. This clause is typically included in leases or construction contracts to ensure fairness and accuracy in determining the rental or lease costs based on the actual usable area of the premises. In cases where there are variations between the rentable and actual area, the Kentucky Remeasurement Clause enables the landlord or tenant, depending on the agreement, to adjust the rental rates, lease terms, or other financial considerations to reflect the accurate size of the space. It helps prevent any potential disputes or misunderstandings that may arise due to inaccuracies in measuring the premises. The Kentucky Remeasurement Clause can be further classified into different types depending on the specific circumstances or requirements of the parties involved. Some of these variations may include: 1. Intentional Variance Clause: This type of clause specifies that any differences between the rentable and actual area are intentionally considered, and the rental rates and lease terms are agreed upon based on the rentable area rather than the actual area. It ensures that both parties are aware of the variances and agree to them before signing the lease or construction contract. 2. Adjusted Rent Clause: This clause allows for the adjustment of rental rates based on the variance between the rentable and actual area. The adjustment is typically calculated by applying a predetermined formula or percentage to the difference in square footage. For example, if the actual area is smaller than the rentable area, the rent may be reduced proportionally. 3. Remeasurement and Rent Adjustment Clause: This type of clause provides for periodic remeasurement of the premises during the lease term. It allows for adjustments in rent based on the actual area determined after each remeasurement. This clause ensures that the rent accurately reflects any changes in the size of the space over time. 4. Dispute Resolution Clause: In some cases, disputes may arise regarding the accuracy of measurements or calculations. A dispute resolution clause can be included in the Kentucky Remeasurement Clause to establish a process for resolving any disagreements or disputes. This may involve appointing an independent third-party expert to conduct a remeasurement and provide an unbiased assessment. Overall, the Kentucky Remeasurement Clause is a crucial component of real estate agreements to effectively address variations between the rentable and actual area of a space. It promotes transparency, fairness, and accurate determination of rental rates or lease terms to ensure a smooth leasing or construction process.The Kentucky Remeasurement Clause is a contractual provision used in real estate agreements to address discrepancies between the rentable area and the actual area of a space to be built. This clause is typically included in leases or construction contracts to ensure fairness and accuracy in determining the rental or lease costs based on the actual usable area of the premises. In cases where there are variations between the rentable and actual area, the Kentucky Remeasurement Clause enables the landlord or tenant, depending on the agreement, to adjust the rental rates, lease terms, or other financial considerations to reflect the accurate size of the space. It helps prevent any potential disputes or misunderstandings that may arise due to inaccuracies in measuring the premises. The Kentucky Remeasurement Clause can be further classified into different types depending on the specific circumstances or requirements of the parties involved. Some of these variations may include: 1. Intentional Variance Clause: This type of clause specifies that any differences between the rentable and actual area are intentionally considered, and the rental rates and lease terms are agreed upon based on the rentable area rather than the actual area. It ensures that both parties are aware of the variances and agree to them before signing the lease or construction contract. 2. Adjusted Rent Clause: This clause allows for the adjustment of rental rates based on the variance between the rentable and actual area. The adjustment is typically calculated by applying a predetermined formula or percentage to the difference in square footage. For example, if the actual area is smaller than the rentable area, the rent may be reduced proportionally. 3. Remeasurement and Rent Adjustment Clause: This type of clause provides for periodic remeasurement of the premises during the lease term. It allows for adjustments in rent based on the actual area determined after each remeasurement. This clause ensures that the rent accurately reflects any changes in the size of the space over time. 4. Dispute Resolution Clause: In some cases, disputes may arise regarding the accuracy of measurements or calculations. A dispute resolution clause can be included in the Kentucky Remeasurement Clause to establish a process for resolving any disagreements or disputes. This may involve appointing an independent third-party expert to conduct a remeasurement and provide an unbiased assessment. Overall, the Kentucky Remeasurement Clause is a crucial component of real estate agreements to effectively address variations between the rentable and actual area of a space. It promotes transparency, fairness, and accurate determination of rental rates or lease terms to ensure a smooth leasing or construction process.
