Massachusetts Option to Renew that Updates the Tenant Operating Expense and Tax Basis

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Multi-State
Control #:
US-OL2402
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Description

This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".

How to fill out Option To Renew That Updates The Tenant Operating Expense And Tax Basis?

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FAQ

Suppose that a tenant signs a lease in an office building for 5,000 square feet of space. The base rental amount is $10 per square foot. In year one of the lease, the landlord pays for all of the building operating expenses and the total comes out to $10,000. This is the base year expense stop amount.

An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.

A gross lease rate consists of a base rent per square foot and additional operating expenses per square foot set during the base year. The base year is typically the year the lease is signed. As such, a gross lease rental rate is inclusive of rent and the first year's operating expenses.

The Base Year is a year that is tied to the actual amount of expenses for property taxes, insurance and operating expenses (sometimes called CAM) to run the property in a specified year. In a new lease, the Base Year is most often the year the lease is executed or the year in which the lease commences.

A base year refers to a type of expense stop in which the landlord pays for all operating expenses in the first year. After that first year, Phelps explained, the tenant is responsible for all operating expenses over and above the first year's established base year expenses.

'Base year' is the first calendar year of a tenant's commercial rental period. It is especially important as all future rent payments are calculated using base year. It's additionally important to note that base year is crafted to favor landlords.

There are two options for how to renew a lease in Massachusetts. You can sign a completely new lease with the tenants, or you can agree in writing to modify or continue the existing lease.

up business may, for example, rent an office space for three years. A renewal option would allow the business to renew or extend the lease to remain in the office space beyond the threeyear lease term.

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Massachusetts Option to Renew that Updates the Tenant Operating Expense and Tax Basis