This office lease form is a supplement regarding the building operating expenses which are escalated to the tenant. This form lists items to be excluded from the calculation of building operating costs.
The King Washington Building Operating Cost Addendum is a supplementary document that outlines the additional costs associated with the operation of the King Washington Building. This addendum is often attached to lease agreements or rental contracts for tenants leasing commercial spaces within the building. It provides detailed information about the various expenses a tenant will be responsible for beyond the base rent. Key elements covered in the King Washington Building Operating Cost Addendum include: 1. Common Area Maintenance (CAM) Costs: This includes the expenses incurred for maintaining, repairing, and operating common areas shared by all tenants, such as corridors, elevators, lobbies, and parking lots. CAM costs encompass utilities, cleaning, security, landscaping, and other recurring maintenance fees. 2. Property Taxes: The addendum clarifies the tenant's percentage share of property taxes based on their allocated square footage within the King Washington Building. This share is calculated using the total square feet leased by all tenants. 3. Insurance Expenses: It specifies the portion of insurance premiums that the tenant is required to contribute towards, covering areas like liability insurance, property insurance, and other relevant policies. 4. Utilities and Services: This section outlines the tenant's obligations to pay for utilities such as water, electricity, gas, heating, ventilation, and air conditioning (HVAC). It may also include fees related to telecom services, internet connectivity, and waste management. 5. Repairs and Maintenance: The addendum details the tenant's liabilities for repairs and maintenance within their leased premises beyond routine wear and tear. This may involve expenses associated with plumbing, electrical systems, HVAC systems, and other structural components. 6. Capital Expenditures: In some instances, the King Washington Building Operating Cost Addendum may include a provision requiring tenants to contribute to any significant capital expenditures, such as roof replacement, elevator upgrades, or parking lot resurfacing. These costs are usually apportioned among tenants based on their leased space. 7. Other Costs: This section encompasses miscellaneous expenses like auditing fees, legal costs for drafting and reviewing lease-related documents, administrative charges, and any specific charges unique to the King Washington Building. It is important to note that there may be different types or variations of the King Washington Building Operating Cost Addendum, depending on the specific terms and conditions set by the building management or landlord. Variations could include specific exclusions or additional provisions related to leasing certain areas or types of spaces within the building. In conclusion, the King Washington Building Operating Cost Addendum is a comprehensive document that outlines the additional operating expenses tenants are responsible for beyond the base rent. It aims to provide transparency and clarity regarding the financial obligations associated with leasing a commercial space in the King Washington Building.The King Washington Building Operating Cost Addendum is a supplementary document that outlines the additional costs associated with the operation of the King Washington Building. This addendum is often attached to lease agreements or rental contracts for tenants leasing commercial spaces within the building. It provides detailed information about the various expenses a tenant will be responsible for beyond the base rent. Key elements covered in the King Washington Building Operating Cost Addendum include: 1. Common Area Maintenance (CAM) Costs: This includes the expenses incurred for maintaining, repairing, and operating common areas shared by all tenants, such as corridors, elevators, lobbies, and parking lots. CAM costs encompass utilities, cleaning, security, landscaping, and other recurring maintenance fees. 2. Property Taxes: The addendum clarifies the tenant's percentage share of property taxes based on their allocated square footage within the King Washington Building. This share is calculated using the total square feet leased by all tenants. 3. Insurance Expenses: It specifies the portion of insurance premiums that the tenant is required to contribute towards, covering areas like liability insurance, property insurance, and other relevant policies. 4. Utilities and Services: This section outlines the tenant's obligations to pay for utilities such as water, electricity, gas, heating, ventilation, and air conditioning (HVAC). It may also include fees related to telecom services, internet connectivity, and waste management. 5. Repairs and Maintenance: The addendum details the tenant's liabilities for repairs and maintenance within their leased premises beyond routine wear and tear. This may involve expenses associated with plumbing, electrical systems, HVAC systems, and other structural components. 6. Capital Expenditures: In some instances, the King Washington Building Operating Cost Addendum may include a provision requiring tenants to contribute to any significant capital expenditures, such as roof replacement, elevator upgrades, or parking lot resurfacing. These costs are usually apportioned among tenants based on their leased space. 7. Other Costs: This section encompasses miscellaneous expenses like auditing fees, legal costs for drafting and reviewing lease-related documents, administrative charges, and any specific charges unique to the King Washington Building. It is important to note that there may be different types or variations of the King Washington Building Operating Cost Addendum, depending on the specific terms and conditions set by the building management or landlord. Variations could include specific exclusions or additional provisions related to leasing certain areas or types of spaces within the building. In conclusion, the King Washington Building Operating Cost Addendum is a comprehensive document that outlines the additional operating expenses tenants are responsible for beyond the base rent. It aims to provide transparency and clarity regarding the financial obligations associated with leasing a commercial space in the King Washington Building.
