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New Jersey Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built

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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 New Jersey Remeasurement Clause is a legal provision applied when discrepancies arise between the expected or rentable area of a space to be built and its actual area. This clause is crucial in real estate contracts to ensure fair assessments of rent and square footage measurements. By incorporating this clause, the parties involved can resolve potential disputes related to variances between the anticipated and final dimensions of a property. When it comes to New Jersey's Remeasurement Clause, there are two main types frequently used: 1. Actual Area Remeasurement: This variant of the Remeasurement Clause refers to situations where the landlord and tenant agree to measure and verify the actual rentable area upon completion of the premises. The final area is then compared to the anticipated or stated area in the lease agreement. If there are significant deviations, adjustments can be made in the rental rate to offset these differences. 2. Certified Measurement Remeasurement: In this scenario, a certified architect, surveyor, or other professional accurately measures the rentable area upon completion. The certified measurement is then compared to the anticipated area. If notable variations exist, the rental fees can be revised accordingly. It is important to note that New Jersey's Remeasurement Clause aims to ensure fairness and transparency in commercial lease agreements. By addressing potential discrepancies, both landlords and tenants can avoid disputes and maintain a harmonious business relationship. Keywords relevant to this topic could include New Jersey, Remeasurement Clause, real estate, rentable area, actual area, variance, discrepancies, commercial lease agreements, landlord, tenant, certified measurement, fair assessments, square footage measurements.

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FAQ

A Standard Clause defining the leased premises for a commercial real estate lease with language allowing the parties to remeasure the premises. A tenant's right to remeasure is generally a tenant-favorable concept, but this Standard Clause offers a landlord-friendly alternative for remeasurement.

Leased Premises means an area forming part of the Property, assigned to the LESSEE for its exclusive use under this Contract, per Lease Schedule.

Tenant's Premises . A portion of the first floor of the Building in ance with the floor plan attached hereto as Exhibit E and incorporated herein by reference.

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Working on paperwork with our extensive and user-friendly PDF editor is simple. Make the steps below to complete Remeasurement Clause Used When Variances ... Landlord and Tenant hereby acknowledge and agree that the Premises have been remeasured and that, notwithstanding any contrary provision contained in the Lease ...In any event, if the rentable square footage of the Premises or Building is different than that set forth in this Lease, the Base Rent, Tenant's Percentage ... THIS LEASE AGREEMENT is made by and between EXETER 700 ROUTE 202/206, LLC, a Delaware limited liability company (“Landlord”) and INSMED INCORPORATED, a Virginia ... Oct 25, 2019 — – Lease remeasurement clause states “the rentable area in the building and in the Premises shall be determined by the LL's architect in ... Apr 8, 2020 — Remeasurement provisions are commonly used in construction and engineering contracts where there is uncertainty as to the quantity of work ... Subject to paragraph 3.2.2 below, Tenant's obligation to pay Base Rent hereunder shall commence on the Commencement Date, and Tenant shall be obligated to pay ... Nov 21, 2022 — ... Area Expenses, and T's PRS of Insurance and Real Estate Taxes shall ... variances, and other governmental approvals, as well as any necessary ... The following research will indicate that industry standard replacement reserves for base building capital expenditures for commercial office buildings are ... Oct 17, 2023 — used to establish the area for each space in an office building for which the tenant will pay rent. Usable area is a measurement made by the ...

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New Jersey Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built