US Legal Forms
Localized Forms
New York
Queens
Gross up Clause that Should be Used in a Base Year Lease

Queens New York Gross up Clause that Should be Used in a Base Year Lease

Name: Queens New York Gross up Clause that Should be Used in a Base Year Lease
Brand: US Legal Forms
Rating: 4.8 (495 reviews)

Category:

Landlord Tenant - Commercial Leases

State:

Multi-State

County:

Queens

Control #:

US-OL19034IA

Format:

Instant download

Description

This office lease clause should be used in a base year lease. This form states that when the building is not at least 95% occupied during all or a portion of any lease year the landlord shall make an appropriate adjustment in accordance with industry standards of the building operating costs. This amount shall be deemed to be the amount of building operating costs for the year.

Subcontractor Agreement for Security Services

View this form

Complaint Personal Injuries House Guest

View this form

How to fill out Queens New York Gross Up Clause That Should Be Used In A Base Year Lease?

Preparing legal paperwork can be cumbersome. In addition, if you decide to ask a legal professional to write a commercial agreement, papers for proprietorship transfer, pre-marital agreement, divorce paperwork, or the Queens Gross up Clause that Should be Used in a Base Year Lease, it may cost you a fortune. So what is the best way to save time and money and draw up legitimate documents in total compliance with your state and local laws? US Legal Forms is an excellent solution, whether you're searching for templates for your individual or business needs.

US Legal Forms is the most extensive online catalog of state-specific legal documents, providing users with the up-to-date and professionally checked templates for any use case gathered all in one place. Therefore, if you need the current version of the Queens Gross up Clause that Should be Used in a Base Year Lease, you can easily find it on our platform. Obtaining the papers requires a minimum of time. Those who already have an account should check their subscription to be valid, log in, and pick the sample with the Download button. If you haven't subscribed yet, here's how you can get the Queens Gross up Clause that Should be Used in a Base Year Lease:

Glance through the page and verify there is a sample for your region.
Examine the form description and use the Preview option, if available, to make sure it's the template you need.
Don't worry if the form doesn't satisfy your requirements - search for the right one in the header.
Click Buy Now once you find the needed sample and choose the best suitable subscription.
Log in or sign up for an account to purchase your subscription.
Make a transaction with a credit card or via PayPal.
Choose the file format for your Queens Gross up Clause that Should be Used in a Base Year Lease and download it.

Once finished, you can print it out and complete it on paper or import the template to an online editor for a faster and more convenient fill-out. US Legal Forms enables you to use all the documents ever purchased many times - you can find your templates in the My Forms tab in your profile. Give it a try now!

Form Rating

4.8

Satisfied(495)

Form popularity

FAQ

- Gross lease (sometimes referred to as fully gross). With a Net lease, a tenant is responsible for rent, plus all outgoings in addition to this rent. In the case of the Gross lease, all outgoings are included in the rent.

Commercial leases will often have a provision in the lease that permits the landlord to gross up, or overstate the variable operating expenses of the property to the level of operating expenses that would have been incurred had the building been fully occupied for the year.

The first step is to multiply the variable portion of the expenses ($850,000 66.67%) resulting in a subtotal of $566,667. Next, the fixed expenses of $150,000 are added to the subtotal bringing the total expense pool to $716,667. Now assume the expense reimbursement is has a base amount of $100,000.

Expense categories that are typically grossed up include cleaning (tenant-occupied areas only), utilities, management fees, and possibly (but not always) other costs such as trash removal, building personnel costs, electrical supplies and elevator main- tenance, all depending upon the relevant circumstances.

'Make good' refers to the clause/s in a lease that set out how a tenant should leave a property at the end of the lease term. Basically, when the day comes to hand back the keys to the landlord, the property should be in the condition that is stipulated in the lease.

That's why the gross-up clause often will take any occupancy below 95% as if the building were 95% occupied (or fully occupied, as the lease may read). In our example, the one tenant occupying 50% of the building would pay $95,000 (representing the 95%) while the landlord would absorb the remaining $5,000.

So, what is a gross-up provision? Simply stated, the concept of gross up provision stipulates that if a building has significant vacancy, the landlord can estimate what the variable operating expense would have been had the building been fully occupied, and charge the tenants their pro-rata share of that cost.

The Base Year is a year that is tied to the actual amount of expenses for property taxes, insurance and operating expenses (sometimes called CAM) to run the property in a specified year. In a new lease, the Base Year is most often the year the lease is executed or the year in which the lease commences.

Interesting Questions

More info

Later down the line, however, the building begins to fill and variable expenses increase. By requesting a gross-up clause within his lease, Mr.A joint venture is not defined in the Act or the Excise Tax Act. The term "joint venture" may be generally used to describe many forms of real. Upcycled Medical: A UK start-up that produces clinical aprons made out of plastic and used PPE. 23 A practice directive instructs provincial courts to use the Federal Child Support Guidelines. So, will larger rates of interest assist to chill down the nation's outofcontrol property market? In 3 days — Our revenue cycle management operating segment is following a roll-up strategy in the medical billing industry.

Queens New York Gross up Clause that Should be Used in a Base Year Lease

Description

Related forms

Viewed forms

How to fill out Queens New York Gross Up Clause That Should Be Used In A Base Year Lease?

Show more info

Form Rating

Form popularity

FAQ

What is a gross plus lease?

What is a gross-up clause in a lease?

How do you calculate a gross-up on a lease?

What expenses are typically grossed up?

What is a make good clause in a lease?

What is the 95% gross-up lease?

What is a gross up clause in a lease?

How does gross up clause work?

How do you calculate a gross up on a lease?

What is considered the base year for a tenant?

Interesting Questions

What is a gross up clause in a base year lease?

Why is a gross up clause included in a base year lease?

How does the gross up clause work in a base year lease?

What does the base year refer to in a gross up clause?

Are there any limitations to the gross up clause?

Can the tenant negotiate the terms of the gross up clause?

More info

Trusted and secure by over 3 million people of the world’s leading companies