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 South Carolina Remeasurement Clause is a legal provision used when there are discrepancies between the rentable and actual area of a space to be built in the state of South Carolina. This clause is often included in commercial leases or real estate contracts to ensure fair and accurate measurement of the space, preventing any potential conflicts or disputes related to space dimensions. When variances exist between the rentable and actual area of a space to be built, the South Carolina Remeasurement Clause allows for a remeasurement to be conducted by a professional surveyor. This remeasurement aims to ascertain the accurate square footage of the space, ensuring that tenants or buyers are charged fairly for the area they are utilizing. There are different types of South Carolina Remeasurement Clauses used depending on the specific circumstances. Some common clauses include: 1. Proportional Remeasurement Clause: Under this type of clause, if it is determined during the remeasurement that the actual space is larger than the rentable area initially stated in the lease or contract, the tenant or buyer may be required to pay additional rent or purchase price proportionate to the increase in square footage. 2. Decreased Remeasurement Clause: In contrast to the proportional clause, a decreased remeasurement clause is applicable when the actual space is found to be smaller than the rentable area originally specified. In such cases, the tenant or buyer may be entitled to a reduction in rent or purchase price based on the diminished square footage. 3. Inaccurate Measurement Clause: This type of remeasurement clause may be invoked if it is determined that the initial measurements provided in the lease or contract were inaccurate. If the re-evaluation shows a significant discrepancy, it may trigger adjustments to rent or purchase price, providing a fairer representation of the actual area. 4. Tenant/Buyer Option Clause: This clause allows the tenant or buyer to exercise an option for remeasurement after occupying the space for a certain period. If the actual area differs significantly from the rentable area, the tenant or buyer can request a remeasurement and adjust the terms of the lease or purchase accordingly. The South Carolina Remeasurement Clause serves as a crucial protective measure for both landlords and tenants, ensuring transparency and fairness in commercial real estate transactions. By addressing any variances between the rentable and actual area of a space through professional remeasurement, conflicts and disagreements regarding square footage can be easily resolved.
The South Carolina Remeasurement Clause is a legal provision used when there are discrepancies between the rentable and actual area of a space to be built in the state of South Carolina. This clause is often included in commercial leases or real estate contracts to ensure fair and accurate measurement of the space, preventing any potential conflicts or disputes related to space dimensions. When variances exist between the rentable and actual area of a space to be built, the South Carolina Remeasurement Clause allows for a remeasurement to be conducted by a professional surveyor. This remeasurement aims to ascertain the accurate square footage of the space, ensuring that tenants or buyers are charged fairly for the area they are utilizing. There are different types of South Carolina Remeasurement Clauses used depending on the specific circumstances. Some common clauses include: 1. Proportional Remeasurement Clause: Under this type of clause, if it is determined during the remeasurement that the actual space is larger than the rentable area initially stated in the lease or contract, the tenant or buyer may be required to pay additional rent or purchase price proportionate to the increase in square footage. 2. Decreased Remeasurement Clause: In contrast to the proportional clause, a decreased remeasurement clause is applicable when the actual space is found to be smaller than the rentable area originally specified. In such cases, the tenant or buyer may be entitled to a reduction in rent or purchase price based on the diminished square footage. 3. Inaccurate Measurement Clause: This type of remeasurement clause may be invoked if it is determined that the initial measurements provided in the lease or contract were inaccurate. If the re-evaluation shows a significant discrepancy, it may trigger adjustments to rent or purchase price, providing a fairer representation of the actual area. 4. Tenant/Buyer Option Clause: This clause allows the tenant or buyer to exercise an option for remeasurement after occupying the space for a certain period. If the actual area differs significantly from the rentable area, the tenant or buyer can request a remeasurement and adjust the terms of the lease or purchase accordingly. The South Carolina Remeasurement Clause serves as a crucial protective measure for both landlords and tenants, ensuring transparency and fairness in commercial real estate transactions. By addressing any variances between the rentable and actual area of a space through professional remeasurement, conflicts and disagreements regarding square footage can be easily resolved.
