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Virginia Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built

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US-OL706A
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Description

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 Virginia Remeasurement Clause is a legal provision used when there are variations between the rentable and actual area of a space being constructed or leased. This clause helps ensure fair and accurate measurements, minimizing disputes and providing clarity for both landlords and tenants. When it comes to different types of Virginia Remeasurement Clauses, there are primarily two common variations: 1. "Gross-Up" Remeasurement Clause: This type of clause is used when the rentable area of a space needs to be adjusted to reflect common areas or shared amenities within a building. It aims to distribute the cost of these areas among all tenants in proportion to their leased space. The clause typically includes a formula to determine the rentable area, taking into account core areas like lobbies, hallways, and elevators. 2. "Pro rata" Remeasurement Clause: In situations where the actual area of a space differs from the initially agreed upon rentable area due to variations in measurements, this clause is triggered. It determines the adjustment in rent proportionally based on the variance between the rentable and actual area of the space. The clause often outlines the method for calculating the prorated rent or how the discrepancy will be addressed economically. Overall, the Virginia Remeasurement Clause serves as an essential safeguard, protecting both parties involved in a lease agreement by establishing a fair and transparent method to determine the appropriate rentable area. By allowing for adjustments based on accurate measurements, this clause helps maintain an equitable leasing environment, fostering harmonious relationships between landlords and tenants in Virginia.

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FAQ

Leased Premises means an area forming part of the Property, assigned to the LESSEE for its exclusive use under this Contract, per Lease Schedule.

Tenant's Premises . A portion of the first floor of the Building in ance with the floor plan attached hereto as Exhibit E and incorporated herein by reference.

A Standard Clause defining the leased premises for a commercial real estate lease with language allowing the parties to remeasure the premises. A tenant's right to remeasure is generally a tenant-favorable concept, but this Standard Clause offers a landlord-friendly alternative for remeasurement.

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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 ... Working on paperwork with our extensive and user-friendly PDF editor is simple. Make the steps below to complete Remeasurement Clause Used When Variances ...Landlord and Tenant hereby acknowledge and agree that the Premises have been remeasured and that, notwithstanding any contrary provision contained in the Lease ... In any event, if the rentable square footage of the Premises or Building is different than that set forth in this Lease, the Base Rent, Tenant's Percentage ... Oct 25, 2019 — – Lease remeasurement clause states “the rentable area in the building and in the Premises shall be determined by the LL's architect in ... Tenant shall exercise such right by giving Landlord written notice (the “Documentation Request”) no more than two hundred seventy (270) days after Landlord ... THIS LEASE AGREEMENT is made by and between EXETER 700 ROUTE 202/206, LLC, a Delaware limited liability company (“Landlord”) and INSMED INCORPORATED, a Virginia ... The foregoing notwithstanding and provided no Event of Default then exists, (i) with respect to the Existing 2 nd Floor Premises. Fixed Rent shall be abated in ... Jun 3, 2013 — The Pricing Desk Guide (PDG) presents the policies used by the Public Buildings Service. (PBS) to price real estate and related services to ... The following research will indicate that industry standard replacement reserves for base building capital expenditures for commercial office buildings are ...

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Virginia Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built