This office lease clause states the conditions under which the landlord can and can not furnish any particular item(s) of work or service which would constitute an expense to portions of the Building during the comparative year.
In commercial real estate leasing agreements, the South Carolina Clause for Grossing Up the Tenant Proportionate Share is a crucial aspect that determines how the tenant's share of common area expenses is calculated and adjusted. This provision is specifically applicable to properties with multiple tenants who share the cost of maintaining and operating common areas such as lobbies, hallways, parking lots, elevators, janitorial services, and landscaping. Under this clause, the landlord has the right to "gross up" or normalize the tenant's proportionate share of the common area expenses based on a hypothetical occupancy rate. This means that the tenant's share is adjusted to reflect the expenses that would be incurred if the property was fully occupied. There are several types of South Carolina Clauses for Grossing Up the Tenant Proportionate Share that may be used in commercial leases, including: 1. Full Occupancy Gross-up: This type of clause assumes that the property is fully leased and calculates the tenant's share based on a hypothetical full occupancy rate. The expenses are divided equally among the tenants, regardless of the actual occupancy rate at the time. 2. Partial Occupancy Gross-up: Unlike the full occupancy gross-up, this clause takes into account the actual occupancy rate of the property. The tenant's share is adjusted based on the number of tenants occupying the property, ensuring that each tenant contributes fairly to the common area expenses. 3. Base Year Gross-up: In this scenario, the clause sets a specific base year against which the tenant's proportionate share is calculated. The tenant is responsible for any increase in expenses above the base year amount, and the expenses are grossed up to reflect any changes in occupancy. 4. Variable Gross-up: This type of clause follows a formula that takes into account both the occupancy rate and the actual expenses incurred. The tenant's proportionate share is adjusted annually, considering the actual occupancy and the total expenses for that year. It is important for both landlords and tenants to carefully review and negotiate the specific terms of the South Carolina Clause for Grossing Up the Tenant Proportionate Share. This provision can significantly impact the tenant's financial obligations and should be clearly understood by all parties involved in the leasing agreement. By including the relevant keywords such as South Carolina Clause, Grossing Up, Tenant Proportionate Share, commercial leasing agreements, common area expenses, occupancy rate, and various types, this detailed description provides valuable insights into the concept and different variations of the South Carolina Clause for Grossing Up the Tenant Proportionate Share.In commercial real estate leasing agreements, the South Carolina Clause for Grossing Up the Tenant Proportionate Share is a crucial aspect that determines how the tenant's share of common area expenses is calculated and adjusted. This provision is specifically applicable to properties with multiple tenants who share the cost of maintaining and operating common areas such as lobbies, hallways, parking lots, elevators, janitorial services, and landscaping. Under this clause, the landlord has the right to "gross up" or normalize the tenant's proportionate share of the common area expenses based on a hypothetical occupancy rate. This means that the tenant's share is adjusted to reflect the expenses that would be incurred if the property was fully occupied. There are several types of South Carolina Clauses for Grossing Up the Tenant Proportionate Share that may be used in commercial leases, including: 1. Full Occupancy Gross-up: This type of clause assumes that the property is fully leased and calculates the tenant's share based on a hypothetical full occupancy rate. The expenses are divided equally among the tenants, regardless of the actual occupancy rate at the time. 2. Partial Occupancy Gross-up: Unlike the full occupancy gross-up, this clause takes into account the actual occupancy rate of the property. The tenant's share is adjusted based on the number of tenants occupying the property, ensuring that each tenant contributes fairly to the common area expenses. 3. Base Year Gross-up: In this scenario, the clause sets a specific base year against which the tenant's proportionate share is calculated. The tenant is responsible for any increase in expenses above the base year amount, and the expenses are grossed up to reflect any changes in occupancy. 4. Variable Gross-up: This type of clause follows a formula that takes into account both the occupancy rate and the actual expenses incurred. The tenant's proportionate share is adjusted annually, considering the actual occupancy and the total expenses for that year. It is important for both landlords and tenants to carefully review and negotiate the specific terms of the South Carolina Clause for Grossing Up the Tenant Proportionate Share. This provision can significantly impact the tenant's financial obligations and should be clearly understood by all parties involved in the leasing agreement. By including the relevant keywords such as South Carolina Clause, Grossing Up, Tenant Proportionate Share, commercial leasing agreements, common area expenses, occupancy rate, and various types, this detailed description provides valuable insights into the concept and different variations of the South Carolina Clause for Grossing Up the Tenant Proportionate Share.
