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Gross up Clause that Should be Used in an Expense Stop Stipulated...

Dallas Texas Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease

Name: Dallas Texas Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease
Brand: US Legal Forms
Rating: 4.82 (206 reviews)

Category:

Landlord Tenant - Commercial Leases

State:

Multi-State

County:

Dallas

Control #:

US-OL19034IB

Format:

Instant download

Description

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.

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A base year is the first of a series of years in an economic or financial index. It is typically set to an arbitrary level of 100. New, up-to-date base years are periodically introduced to keep data current in a particular index. Any year can serve as a base year, but analysts typically choose recent years.

'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.

Expense stops. when the tenant pays increases in operating expenses.

- 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.

A mechanism in a Full Service Gross Lease, the Expense Stop is a fixed amount of operating expense above which the tenant is responsible to pay. Thus, the landlord is responsible to pay for all operating expenses below the Expense Stop, while the tenant is responsible for any amount above the Expense Stop.

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.

Upon lease commencement, the building owner will agree to pay the tenant's first year expenses (a.k.a. base year expenses) and will continue to pay the same amount in each of the subsequent years while the tenant will pay any additional costs above the amount realized in the base 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.

An expense stop is a contractual provision that protects the property owner from rising expenses over the lease term. In such a case, the property owner typically agrees to pay all of the operating expenses in the first year of the lease, this is known as the base year amount and it sets the expense stop.

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Minick P.C. She practices in the firm's Dallas office. Them in completing the form, if requested, and will provide them with the address of the nearest HUD Office of Fair Housing and Equal Opportunity.Published in November 2014. This document has been created to further the purposes of §201. We use non-GAAP financial measures in this prospectus. My team and I also had the privilege to work with staff from the other agencies to learn about their activities to reduce regulatory barriers. Production Sharing Contract (PSC) regime.

Dallas Texas Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease

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