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 Maryland Remeasurement Clause is a legal provision utilized when there are discrepancies or variations between the rentable area and the actual area of a space to be constructed. This clause is specifically designed to address situations where the actual area of a property differs from the calculated or stated rentable area, affecting lease agreements, rental rates, and other related aspects. In essence, the Maryland Remeasurement Clause allows for a reassessment or remeasurement of the space's size, resulting in potential adjustments to lease terms, rental rates, or even the termination of the agreement if the variance is significant enough. There are two main types of Maryland Remeasurement Clauses commonly employed when variances exist between the rentable and actual area of a space to be built: 1. Remeasurement Clause based on Common Area Maintenance (CAM) Method: This type of clause typically focuses on the areas of the property shared by multiple tenants, such as hallways, lobbies, and common amenities. It allows for a remeasurement of the rentable area by excluding portions of these common areas from the calculation. The rationale behind this approach is that tenants should only be responsible for paying rent based on the space they occupy exclusively, rather than collectively shared spaces. 2. Remeasurement Clause based on Building Standards Method: This type of clause takes into consideration specific building standards and industry practices determining the remeasurement process. It considers factors such as the layout, configuration, and usage of the rented space, assessing variations between the actual area and the rentable area based on pre-determined standards. This type of clause ensures consistency in measurement across different properties and allows for a fair assessment of the remeasured area. In conclusion, the Maryland Remeasurement Clause is used to address discrepancies between the rentable and actual areas of a space to be constructed. By incorporating different approaches like the CAM Method and Building Standards Method, this clause ensures fairness and accuracy in determining rental terms and conditions, benefiting both landlords and tenants in Maryland's real estate market.
The Maryland Remeasurement Clause is a legal provision utilized when there are discrepancies or variations between the rentable area and the actual area of a space to be constructed. This clause is specifically designed to address situations where the actual area of a property differs from the calculated or stated rentable area, affecting lease agreements, rental rates, and other related aspects. In essence, the Maryland Remeasurement Clause allows for a reassessment or remeasurement of the space's size, resulting in potential adjustments to lease terms, rental rates, or even the termination of the agreement if the variance is significant enough. There are two main types of Maryland Remeasurement Clauses commonly employed when variances exist between the rentable and actual area of a space to be built: 1. Remeasurement Clause based on Common Area Maintenance (CAM) Method: This type of clause typically focuses on the areas of the property shared by multiple tenants, such as hallways, lobbies, and common amenities. It allows for a remeasurement of the rentable area by excluding portions of these common areas from the calculation. The rationale behind this approach is that tenants should only be responsible for paying rent based on the space they occupy exclusively, rather than collectively shared spaces. 2. Remeasurement Clause based on Building Standards Method: This type of clause takes into consideration specific building standards and industry practices determining the remeasurement process. It considers factors such as the layout, configuration, and usage of the rented space, assessing variations between the actual area and the rentable area based on pre-determined standards. This type of clause ensures consistency in measurement across different properties and allows for a fair assessment of the remeasured area. In conclusion, the Maryland Remeasurement Clause is used to address discrepancies between the rentable and actual areas of a space to be constructed. By incorporating different approaches like the CAM Method and Building Standards Method, this clause ensures fairness and accuracy in determining rental terms and conditions, benefiting both landlords and tenants in Maryland's real estate market.
