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 Washington Remeasurement Clause is a key component in commercial real estate leases used to address any discrepancies between the rentable and actual area of a space to be built. When constructing a new commercial property or renovating an existing one, it is crucial to accurately determine the usable square footage to ensure fair rental assessments. However, due to construction variations and inaccuracies, discrepancies between the estimated or calculated rentable area and the actual area may arise. The Washington Remeasurement Clause provides a mechanism to handle such variances, protecting both the landlord and tenant, ensuring transparency, and maintaining a fair rental agreement. This clause allows for a reevaluation and adjustment of the rentable square footage based on the actual measurements after completion or during substantial remodeling. The types of Washington Remeasurement Clause commonly used when variances exist between the rentable and actual area include: 1. Continuous Measurement: This type of clause allows for periodic measurements throughout the lease term to adjust the rentable area, ensuring accurate rental calculations over time. It facilitates ongoing fairness for both parties, considering potential changes that may occur during the lease period, such as modifications or renovations. 2. Final Measurement: This clause stipulates that the remeasurement will occur only once, typically after substantial completion of the construction or remodeling project. It ensures an accurate baseline for the rental assessment by establishing the final rentable area of the space. 3. Remeasurement Cost Allocation: In some lease agreements, the Washington Remeasurement Clause may address the allocation of costs associated with remeasuring the area. It specifies whether the landlord or tenant will bear the expenses involved in the remeasurement process. 4. Professional Measurement Standards: The clause may also refer to utilizing industry-standard measurement guidelines, such as the Building Owners and Managers Association (BOMB) standards, which provide consistent and recognized methodologies for measuring commercial spaces. This ensures that the remeasurement is conducted using reputable guidelines, adding a layer of credibility to the process. In summary, the Washington Remeasurement Clause is a fundamental feature in commercial lease agreements that tackles discrepancies between rentable and actual areas of a space. By including specific provisions regarding the frequency, timing, cost allocation, and industry standards for remeasurement, this clause promotes fairness, transparency, and accuracy in rental assessments.
The Washington Remeasurement Clause is a key component in commercial real estate leases used to address any discrepancies between the rentable and actual area of a space to be built. When constructing a new commercial property or renovating an existing one, it is crucial to accurately determine the usable square footage to ensure fair rental assessments. However, due to construction variations and inaccuracies, discrepancies between the estimated or calculated rentable area and the actual area may arise. The Washington Remeasurement Clause provides a mechanism to handle such variances, protecting both the landlord and tenant, ensuring transparency, and maintaining a fair rental agreement. This clause allows for a reevaluation and adjustment of the rentable square footage based on the actual measurements after completion or during substantial remodeling. The types of Washington Remeasurement Clause commonly used when variances exist between the rentable and actual area include: 1. Continuous Measurement: This type of clause allows for periodic measurements throughout the lease term to adjust the rentable area, ensuring accurate rental calculations over time. It facilitates ongoing fairness for both parties, considering potential changes that may occur during the lease period, such as modifications or renovations. 2. Final Measurement: This clause stipulates that the remeasurement will occur only once, typically after substantial completion of the construction or remodeling project. It ensures an accurate baseline for the rental assessment by establishing the final rentable area of the space. 3. Remeasurement Cost Allocation: In some lease agreements, the Washington Remeasurement Clause may address the allocation of costs associated with remeasuring the area. It specifies whether the landlord or tenant will bear the expenses involved in the remeasurement process. 4. Professional Measurement Standards: The clause may also refer to utilizing industry-standard measurement guidelines, such as the Building Owners and Managers Association (BOMB) standards, which provide consistent and recognized methodologies for measuring commercial spaces. This ensures that the remeasurement is conducted using reputable guidelines, adding a layer of credibility to the process. In summary, the Washington Remeasurement Clause is a fundamental feature in commercial lease agreements that tackles discrepancies between rentable and actual areas of a space. By including specific provisions regarding the frequency, timing, cost allocation, and industry standards for remeasurement, this clause promotes fairness, transparency, and accuracy in rental assessments.
