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 Nevada Remeasurement Clause is a legal provision used when there are differences or variances between the rentable and actual area of a space being built or rented. This clause helps protect the interests of both landlords and tenants by ensuring an accurate measurement and allocation of space, which often affects the rental rates and lease terms of commercial properties. The purpose of the Nevada Remeasurement Clause is to address situations where the rentable area specified in the lease agreement does not match the actual area of the space being provided. This discrepancy can occur due to architectural changes, inefficient measurements, or other factors that could result in an unfair distribution of rentable space. To better understand the Nevada Remeasurement Clause, it is important to be familiar with key related terms and concepts. These keywords include "rentable area," which refers to the space that can be rented and includes both the usable area and a portion of shared areas such as hallways and restrooms. On the other hand, "actual area" refers to the physical measurement or square footage of the space as determined by a qualified professional or an agreed-upon standard. There are different types of the Nevada Remeasurement Clause that can be used to address variances between rentable and actual area. These may include: 1. The "Gross-Up" Clause: This clause allows the landlord to adjust the rentable area to account for shared common areas. For example, if a building has a lobby or conference rooms that are shared among tenants, the rentable area may be increased to include a proportionate share of these spaces. 2. The "Prorate" Clause: This clause calculates the rentable area based on the percentage of the tenant's space in relation to the total rentable area of the property. This ensures fair distribution of shared expenses, such as maintenance and utilities, among all tenants. 3. The "Measurement Standards" Clause: This clause specifies the methodology or standards to be used for measuring the rentable and actual area. It may reference industry-accepted standards like the Building Owners and Managers Association (BOMB) or other locally recognized measurement practices. 4. The "Remedies and Adjustments" Clause: This clause outlines the remedies available to either party in case discrepancies in rentable or actual area are discovered after the lease has been signed. It may allow for adjustments in rent, renegotiation of lease terms, or other agreed-upon resolutions. In conclusion, the Nevada Remeasurement Clause is an essential provision in commercial lease agreements that safeguards the rights of both landlords and tenants. It ensures transparency and fairness in the allocation of rentable space by addressing any variances between the rentable and actual area of a space being built or rented. Understanding the different types of clauses and associated keywords will help ensure effective negotiation and implementation of lease terms in Nevada.The Nevada Remeasurement Clause is a legal provision used when there are differences or variances between the rentable and actual area of a space being built or rented. This clause helps protect the interests of both landlords and tenants by ensuring an accurate measurement and allocation of space, which often affects the rental rates and lease terms of commercial properties. The purpose of the Nevada Remeasurement Clause is to address situations where the rentable area specified in the lease agreement does not match the actual area of the space being provided. This discrepancy can occur due to architectural changes, inefficient measurements, or other factors that could result in an unfair distribution of rentable space. To better understand the Nevada Remeasurement Clause, it is important to be familiar with key related terms and concepts. These keywords include "rentable area," which refers to the space that can be rented and includes both the usable area and a portion of shared areas such as hallways and restrooms. On the other hand, "actual area" refers to the physical measurement or square footage of the space as determined by a qualified professional or an agreed-upon standard. There are different types of the Nevada Remeasurement Clause that can be used to address variances between rentable and actual area. These may include: 1. The "Gross-Up" Clause: This clause allows the landlord to adjust the rentable area to account for shared common areas. For example, if a building has a lobby or conference rooms that are shared among tenants, the rentable area may be increased to include a proportionate share of these spaces. 2. The "Prorate" Clause: This clause calculates the rentable area based on the percentage of the tenant's space in relation to the total rentable area of the property. This ensures fair distribution of shared expenses, such as maintenance and utilities, among all tenants. 3. The "Measurement Standards" Clause: This clause specifies the methodology or standards to be used for measuring the rentable and actual area. It may reference industry-accepted standards like the Building Owners and Managers Association (BOMB) or other locally recognized measurement practices. 4. The "Remedies and Adjustments" Clause: This clause outlines the remedies available to either party in case discrepancies in rentable or actual area are discovered after the lease has been signed. It may allow for adjustments in rent, renegotiation of lease terms, or other agreed-upon resolutions. In conclusion, the Nevada Remeasurement Clause is an essential provision in commercial lease agreements that safeguards the rights of both landlords and tenants. It ensures transparency and fairness in the allocation of rentable space by addressing any variances between the rentable and actual area of a space being built or rented. Understanding the different types of clauses and associated keywords will help ensure effective negotiation and implementation of lease terms in Nevada.
