US Legal Forms
Localized Forms
New York
Nassau
Gross up Clause that Should be Used in an Expense Stop Stipulated...

Nassau New York Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease

Name: Nassau New York 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:

Nassau

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.

Name Change Questionnaire

View this form

How to fill out Nassau New York Gross Up Clause That Should Be Used In An Expense Stop Stipulated Base Or Office Net Lease?

Preparing legal paperwork can be cumbersome. In addition, if you decide to ask a legal professional to write a commercial contract, documents for proprietorship transfer, pre-marital agreement, divorce papers, or the Nassau Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease, it may cost you a lot of money. So what is the most reasonable way to save time and money and draft legitimate forms in total compliance with your state and local regulations? US Legal Forms is a perfect solution, whether you're looking for templates for your personal or business needs.

US Legal Forms is the most extensive online collection of state-specific legal documents, providing users with the up-to-date and professionally checked forms for any scenario collected all in one place. Therefore, if you need the latest version of the Nassau Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease, you can easily locate 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 select the sample using the Download button. If you haven't subscribed yet, here's how you can get the Nassau Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease:

Glance through the page and verify there is a sample for your region.
Check the form description and use the Preview option, if available, to make sure it's the sample you need.
Don't worry if the form doesn't suit your requirements - search for the right one in the header.
Click Buy Now once you find the required sample and select 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.
Opt for the document format for your Nassau Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease and save it.

Once finished, you can print it out and complete it on paper or import the samples 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. Try it out now!

Form Rating

4.82

Satisfied(206)

Form popularity

FAQ

In a typical gross-up scenario, the level to which a landlord may artificially increase variable expenses due to a gross-up clause is 95% or 100% (also known as full occupancy).

'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.

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.

up is an additional amount of money added to a payment to cover the income taxes the recipient will owe on the payment. Grossing up is most often done for onetime payments, such as reimbursements for relocation expenses or bonuses. Grossing up can also be used to game executive compensation.

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.

- 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.

Gross-Up Example Let's use the hypothetical example of a building that has $1,000,000 in expenses. 85% of those expenses are variable and 15% fixed. The building is 2/3 occupied (66.67%). The first step is to multiply the variable portion of the expenses ($850,000 66.67%) resulting in a subtotal of $566,667.

Interesting Questions

More info

Of gross receipts in any manner to use for the replacement or refurbishment of their facilities. Existing backlog is expected to be filled in the succeeding fiscal year."Bank Merger" has the meaning set forth in the Recitals to this Agreement. Obligations of the contract and to complete the work contemplated therein. Our systems are used in the offshore production of crude oil and natural gas.

Nassau New York Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease

Description

Related forms

Viewed forms

How to fill out Nassau New York Gross Up Clause That Should Be Used In An Expense Stop Stipulated Base Or Office Net Lease?

Show more info

Form Rating

Form popularity

FAQ

What is a 95% gross-up?

What is a make good clause in a lease?

How does gross-up clause work?

What does it mean to gross-up expenses?

What is a gross-up clause in a lease?

What expenses are typically grossed up?

What is a gross plus lease?

What is an expense stop clause in real estate?

How do you calculate a gross-up real estate?

Interesting Questions

What is a Nassau Gross up Clause?

How does a Nassau Gross up Clause work?

Why is a Nassau Gross up Clause important?

What expenses are typically subject to a Nassau Gross up Clause?

Can a landlord change the expense stop without a Nassau Gross up Clause?

Is there a limit to how much a landlord can increase the expense stop?

More info

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