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 Virgin Islands Remeasurement Clause is used when there are variances between the rentable and actual area of a space to be built in the Virgin Islands. This clause ensures that both the landlord and tenant have a clear understanding of the space they are renting and paying for. It provides a mechanism for adjusting the rental rates and lease terms based on the actual size of the space. When using the Virgin Islands Remeasurement Clause, there are several types that can be employed, including: 1. Gross-Up Clause: This type of remeasurement clause is commonly used when multiple tenants share common areas such as lobbies, hallways, or restrooms. It allows the landlord to "gross up" the tenant's rentable area to account for the shared spaces, ensuring fairness among all tenants. 2. BOMB Standard Remeasurement Clause: The Building Owners and Managers Association (BOMB) has established industry standards for measuring rentable areas. This type of remeasurement clause incorporates BOMB standards to determine the accurate rentable area of the space. 3. Architectural Remeasurement Clause: In some cases, an architectural firm may be hired to measure and certify the actual area of the space being built. This clause allows for remeasurement based on the architectural firm's certification, ensuring accuracy and reliability. 4. Square Footage Adjustment Clause: This type of remeasurement clause allows for adjustments to the rental rates and lease terms if the actual square footage of the space being built varies significantly from the initially estimated or agreed-upon square footage. These different types of the Virgin Islands Remeasurement Clauses provide flexibility to both tenants and landlords, ensuring that any variances between the rentable and actual area of a space are appropriately addressed. By having such clauses in place, both parties can avoid disputes and have a clear understanding of the rental terms and obligations.
The Virgin Islands Remeasurement Clause is used when there are variances between the rentable and actual area of a space to be built in the Virgin Islands. This clause ensures that both the landlord and tenant have a clear understanding of the space they are renting and paying for. It provides a mechanism for adjusting the rental rates and lease terms based on the actual size of the space. When using the Virgin Islands Remeasurement Clause, there are several types that can be employed, including: 1. Gross-Up Clause: This type of remeasurement clause is commonly used when multiple tenants share common areas such as lobbies, hallways, or restrooms. It allows the landlord to "gross up" the tenant's rentable area to account for the shared spaces, ensuring fairness among all tenants. 2. BOMB Standard Remeasurement Clause: The Building Owners and Managers Association (BOMB) has established industry standards for measuring rentable areas. This type of remeasurement clause incorporates BOMB standards to determine the accurate rentable area of the space. 3. Architectural Remeasurement Clause: In some cases, an architectural firm may be hired to measure and certify the actual area of the space being built. This clause allows for remeasurement based on the architectural firm's certification, ensuring accuracy and reliability. 4. Square Footage Adjustment Clause: This type of remeasurement clause allows for adjustments to the rental rates and lease terms if the actual square footage of the space being built varies significantly from the initially estimated or agreed-upon square footage. These different types of the Virgin Islands Remeasurement Clauses provide flexibility to both tenants and landlords, ensuring that any variances between the rentable and actual area of a space are appropriately addressed. By having such clauses in place, both parties can avoid disputes and have a clear understanding of the rental terms and obligations.
