This form is intended for a major commercial office complex. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
North Carolina Detailed Office Space Lease with Lessee to Pay Pro-rata Share of Expenses
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FAQ
Under a gross lease, the owner/landlord covers all the property's operating expenses including real estate taxes, property insurance, structural and exterior maintenance and repairs, common area maintenance and repairs, unit maintenance and repairs, utilities, and janitorial costs.
Types of tenancy agreementsa short fixed-term lease; a set period from one month up to five years;a long fixed-term lease; a set period of more than five years;a periodic or month-by-month lease.
Pro rata is a Latin term meaning in proportion that is used to assign or allocate value in proportion to something that can accurately and definitively be measured or calculated.
There are three basic types of net leases: single, double, and triple net leases. With a triple net lease, the tenant promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These payments are in addition to the fees for rent and utilities.
In the context of commercial real estate, the term Pro Rata Share is a method of calculating a tenant's share of a building's expenses based upon a calculation defined in a tenant's lease. Pro Rata Share of expenses is generally expressed as a percentage.
The pro-rata share is the percentage of expenses shared by the tenant for the shopping center or office building. In most leases, the pro-rata share is calculated as a fraction of the tenant's demised square footage divided by the total square footage of the shopping center or the building.
Tenant's Share may also be referred to as Tenant's Proportionate Share, Pro Rata Share or simply PRS. It represents the percentage of the Defined Area that is occupied by a particular tenant.
Under a net lease, the tenant is responsible for some or all costs associated with the property, such as utilities, maintenance, insurance, and other expenses.
The term net lease refers to a contractual agreement where a lessee pays a portion or all of the taxes, insurance fees, and maintenance costs for a property in addition to rent. Net leases are commonly used in commercial real estate.
Also known as tenant's pro rata share. The portion of a building occupied by the tenant expressed as a percentage. When a tenant is responsible for paying its proportionate share of the landlord's costs for the building, such as operating expenses and real estate taxes, the tenant pays this amount over a base year.