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 Ohio Remeasurement Clause is a legal provision used when there are differences between the rentable and actual area of a space to be built within the state of Ohio. This clause helps determine how the rent should be adjusted based on the variations observed. One type of Ohio Remeasurement Clause is the Base Building Remeasurement Clause. This clause applies when there are variances between the rentable and actual area of a space in a base building. It specifically addresses discrepancies that occur during the initial construction phase. Another type is the Tenant Improvement Remeasurement Clause. This clause is applicable when there are variations between the rentable and actual area of a space that is subject to tenant improvements or alterations. It allows for adjustments in rent based on the final dimensions achieved after such improvements. The purpose of the Ohio Remeasurement Clause is to ensure fairness and accuracy in rent calculations. It protects both landlords and tenants by establishing a consistent method for determining the rentable area of a space. This is crucial as it directly influences the rental payments and obligations of both parties. When a variance exists between the rentable and actual area of a space, the Ohio Remeasurement Clause typically requires a recalculation of the rent based on the accurate measurements. The precise method for undertaking this recalculation usually depends on the specific terms and conditions outlined in the lease agreement. In practice, the Ohio Remeasurement Clause might involve various steps. Firstly, a professional surveyor may be hired to accurately measure the space according to accepted industry standards. Then, the recalculated rentable area is compared to the originally agreed-upon rentable area to determine the variance. If the variance is substantial, the Ohio Remeasurement Clause may outline specific formulas or guidelines for adjusting the rent. Common approaches include prorating the rent based on the ratio of the recalculated area to the initial area or establishing a percentage increase or decrease based on the found variance. It is important to note that the specific details of how the Ohio Remeasurement Clause is implemented can vary between lease agreements. Therefore, it's crucial for landlords and tenants alike to thoroughly review and understand the terms and conditions outlined in their lease agreements before entering into any contractual obligations.
The Ohio Remeasurement Clause is a legal provision used when there are differences between the rentable and actual area of a space to be built within the state of Ohio. This clause helps determine how the rent should be adjusted based on the variations observed. One type of Ohio Remeasurement Clause is the Base Building Remeasurement Clause. This clause applies when there are variances between the rentable and actual area of a space in a base building. It specifically addresses discrepancies that occur during the initial construction phase. Another type is the Tenant Improvement Remeasurement Clause. This clause is applicable when there are variations between the rentable and actual area of a space that is subject to tenant improvements or alterations. It allows for adjustments in rent based on the final dimensions achieved after such improvements. The purpose of the Ohio Remeasurement Clause is to ensure fairness and accuracy in rent calculations. It protects both landlords and tenants by establishing a consistent method for determining the rentable area of a space. This is crucial as it directly influences the rental payments and obligations of both parties. When a variance exists between the rentable and actual area of a space, the Ohio Remeasurement Clause typically requires a recalculation of the rent based on the accurate measurements. The precise method for undertaking this recalculation usually depends on the specific terms and conditions outlined in the lease agreement. In practice, the Ohio Remeasurement Clause might involve various steps. Firstly, a professional surveyor may be hired to accurately measure the space according to accepted industry standards. Then, the recalculated rentable area is compared to the originally agreed-upon rentable area to determine the variance. If the variance is substantial, the Ohio Remeasurement Clause may outline specific formulas or guidelines for adjusting the rent. Common approaches include prorating the rent based on the ratio of the recalculated area to the initial area or establishing a percentage increase or decrease based on the found variance. It is important to note that the specific details of how the Ohio Remeasurement Clause is implemented can vary between lease agreements. Therefore, it's crucial for landlords and tenants alike to thoroughly review and understand the terms and conditions outlined in their lease agreements before entering into any contractual obligations.
