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 Utah Remeasurement Clause is a legal provision used when there are discrepancies or differences between the rentable area and the actual area of a space to be built or leased in the state of Utah. This clause aims to address situations where tenants may be paying rent based on a larger or smaller space than what they are actually occupying. When variances exist between the rentable and actual area of a space in Utah, the Remeasurement Clause allows for the adjustment of the rental terms to reflect the accurate size of the space. This provision helps to ensure fairness and transparency in lease agreements by eliminating any potential discrepancies in square footage calculations. There are different types of Utah Remeasurement Clauses that can be used depending on the specific circumstances and requirements of the lease agreement. These may include: 1. Remeasurement Clause: This type of clause allows for the remeasurement of the space during or after construction to determine the accurate rentable area. If the actual area is larger or smaller than initially estimated, the rental terms can be adjusted accordingly. 2. Square Footage Adjustment Clause: This clause enables the adjustment of the rental rate based on any variances in square footage between the estimated rentable area and the actual area. The adjustment can be made by applying a predetermined formula or rate per square foot. 3. Rent Reduction Clause: In case of a significant variance between the estimated and actual area, a rent reduction clause can be utilized. This clause allows for a reduction in the rental rate proportionate to the percentage difference between the estimated and actual area. 4. Penalty Clause: In situations where the actual area is found to be significantly smaller than estimated, a penalty clause can be included. This clause can impose penalties on the landlord for breaching the lease agreement, such as the payment of compensation to the tenant or providing additional space to compensate for the discrepancy. The Utah Remeasurement Clause is an essential tool for tenants and landlords to ensure that lease agreements accurately reflect the size and corresponding rental terms of a space. It helps to establish fair and transparent leasing arrangements, minimizing potential disputes or financial burdens caused by discrepancies in square footage calculations.The Utah Remeasurement Clause is a legal provision used when there are discrepancies or differences between the rentable area and the actual area of a space to be built or leased in the state of Utah. This clause aims to address situations where tenants may be paying rent based on a larger or smaller space than what they are actually occupying. When variances exist between the rentable and actual area of a space in Utah, the Remeasurement Clause allows for the adjustment of the rental terms to reflect the accurate size of the space. This provision helps to ensure fairness and transparency in lease agreements by eliminating any potential discrepancies in square footage calculations. There are different types of Utah Remeasurement Clauses that can be used depending on the specific circumstances and requirements of the lease agreement. These may include: 1. Remeasurement Clause: This type of clause allows for the remeasurement of the space during or after construction to determine the accurate rentable area. If the actual area is larger or smaller than initially estimated, the rental terms can be adjusted accordingly. 2. Square Footage Adjustment Clause: This clause enables the adjustment of the rental rate based on any variances in square footage between the estimated rentable area and the actual area. The adjustment can be made by applying a predetermined formula or rate per square foot. 3. Rent Reduction Clause: In case of a significant variance between the estimated and actual area, a rent reduction clause can be utilized. This clause allows for a reduction in the rental rate proportionate to the percentage difference between the estimated and actual area. 4. Penalty Clause: In situations where the actual area is found to be significantly smaller than estimated, a penalty clause can be included. This clause can impose penalties on the landlord for breaching the lease agreement, such as the payment of compensation to the tenant or providing additional space to compensate for the discrepancy. The Utah Remeasurement Clause is an essential tool for tenants and landlords to ensure that lease agreements accurately reflect the size and corresponding rental terms of a space. It helps to establish fair and transparent leasing arrangements, minimizing potential disputes or financial burdens caused by discrepancies in square footage calculations.
