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

Tarrant Texas Gross up Clause that Should be Used in a Base Year Lease

Name: Tarrant Texas 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:

Tarrant

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.

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FAQ

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.

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.

- 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.

'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.

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.

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.

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.

A base year lease, or modified gross lease, calls for existing expenses to be paid by the landlord, but any annual increases in expenses to be assumed by tenants.

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Process, but we and other companies will often compete in the process leading up to the award or the completion of contract negotiations. Since 2013, the IRS has released data culled from millions of nonprofit tax filings.Or should be , in general of Interest to Farmers .

Tarrant Texas Gross up Clause that Should be Used in a Base Year Lease

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FAQ

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

What is the 95% gross-up lease?

What is a gross plus lease?

What is a make good clause in a lease?

What is a gross-up clause in a lease?

What expenses are typically grossed up?

How does gross-up clause work?

What is a modified gross lease base year?

Interesting Questions

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

Why would a base year lease include a gross up clause?

How does a gross up clause work?

What kind of expenses can be adjusted with a gross up clause?

Does the gross up clause guarantee that operating expenses won't increase?

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

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