This office lease clause should be used in an expense stop, stipulated base or office net lease. 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 for each lease year to determine what the building operating costs. Such an adjustment shall be made by the landlord increasing the variable components of such variable costs included in the building operating costs which vary based on the level of occupancy of the building.
A Bronx New York Gross Up Clause refers to a specific provision that is often included in an Expense Stop Stipulated Base or Office Net Lease agreement in the Bronx. This clause is designed to allocate the responsibility of certain expenses, such as taxes, utilities, and maintenance costs, between the landlord and the tenant in a fair and equitable manner. By utilizing a Gross Up Clause, the parties involved can ensure that the tenant pays their proportionate share of expenses while taking into account certain factors that may affect the overall cost. There are various types of Gross Up Clauses that can be used in a Bronx New York lease agreement, including: 1. Pro Rata Gross Up: This type of clause requires the tenant to pay their share of expenses based on the ratio of their leased space compared to the entire building. It ensures that the tenant pays their fair and proportionate share without being disadvantaged by vacant or unleashed areas. 2. Expense Stop Gross Up: With an Expense Stop Gross Up Clause, there is a pre-determined cap or stop placed on the total expenses that the tenant is responsible for. Once the expenses exceed this stop, the landlord is then responsible for covering the remaining costs. This type of clause provides a level of predictability for the tenant and helps protect them from unforeseen spikes in expenses. 3. Market Gross Up: Market Gross Up Clauses take into consideration the prevailing market conditions and rental rates in the Bronx. It allows for adjustments in expenses based on changes in market conditions, ensuring that the tenant pays their fair share in comparison to other similar properties in the area. 4. Proportional Share Gross Up: This type of Gross Up Clause allocates expenses to the tenant based on their leased square footage in relation to the total leasable square footage in the building. By using this method, the tenant is responsible for their proportionate contribution, regardless of any vacancies or unused areas in the building. In conclusion, a Bronx New York Gross Up Clause is an essential aspect of an Expense Stop Stipulated Base or Office Net Lease agreement. By incorporating the appropriate type of Gross Up Clause, landlords and tenants can create a fair and balanced arrangement that considers factors such as square footage, market conditions, and expense caps. Ensuring that both parties are aware of their financial obligations benefits the overall lease agreement and promotes a harmonious landlord-tenant relationship.A Bronx New York Gross Up Clause refers to a specific provision that is often included in an Expense Stop Stipulated Base or Office Net Lease agreement in the Bronx. This clause is designed to allocate the responsibility of certain expenses, such as taxes, utilities, and maintenance costs, between the landlord and the tenant in a fair and equitable manner. By utilizing a Gross Up Clause, the parties involved can ensure that the tenant pays their proportionate share of expenses while taking into account certain factors that may affect the overall cost. There are various types of Gross Up Clauses that can be used in a Bronx New York lease agreement, including: 1. Pro Rata Gross Up: This type of clause requires the tenant to pay their share of expenses based on the ratio of their leased space compared to the entire building. It ensures that the tenant pays their fair and proportionate share without being disadvantaged by vacant or unleashed areas. 2. Expense Stop Gross Up: With an Expense Stop Gross Up Clause, there is a pre-determined cap or stop placed on the total expenses that the tenant is responsible for. Once the expenses exceed this stop, the landlord is then responsible for covering the remaining costs. This type of clause provides a level of predictability for the tenant and helps protect them from unforeseen spikes in expenses. 3. Market Gross Up: Market Gross Up Clauses take into consideration the prevailing market conditions and rental rates in the Bronx. It allows for adjustments in expenses based on changes in market conditions, ensuring that the tenant pays their fair share in comparison to other similar properties in the area. 4. Proportional Share Gross Up: This type of Gross Up Clause allocates expenses to the tenant based on their leased square footage in relation to the total leasable square footage in the building. By using this method, the tenant is responsible for their proportionate contribution, regardless of any vacancies or unused areas in the building. In conclusion, a Bronx New York Gross Up Clause is an essential aspect of an Expense Stop Stipulated Base or Office Net Lease agreement. By incorporating the appropriate type of Gross Up Clause, landlords and tenants can create a fair and balanced arrangement that considers factors such as square footage, market conditions, and expense caps. Ensuring that both parties are aware of their financial obligations benefits the overall lease agreement and promotes a harmonious landlord-tenant relationship.
