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Option to Renew that Updates the Tenant Operating Expense and Tax...

Middlesex Massachusetts Option to Renew that Updates the Tenant Operating Expense and Tax Basis

Name: Middlesex Massachusetts Option to Renew that Updates the Tenant Operating Expense and Tax Basis
Brand: US Legal Forms
Rating: 4.83 (326 reviews)

Category:

Landlord Tenant - Commercial Leases

State:

Multi-State

County:

Middlesex

Control #:

US-OL2402

Format:

Instant download

Description

This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".

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FAQ

An estate from period to period, or periodic tenancy, is a type of leasehold estate that automatically renews at the end of a specific period of time unless either party gives notice of termination. A tenancy at will is also known as a freehold estate.

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.

Frequently referred to as OPEX, operating expenses are all of the costs that go into running a building. These include utilities, repairs and maintenance, exterior work, insurance, management, and property tax.

What isn't included in operating expenses? Operating expenses should not include debt service, CAPEX, property marketing costs, capital reserves for future large repair projects, leasing commissions or tenant improvements allowances.

The base year is generally the first year of a commercial rental period that sets a precedent for how much tenants will pay for building expenses for each subsequent year.

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.

Tenant improvements are treated as ordinary capital expenditures on the landlord's financial statements. The total amount of the expenditures are recorded as an asset on the landlord's balance sheet. Then, each month, the depreciation expense is recorded on the landlord's income statements.

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.

Base Operating Expenses means all Operating Expenses incurred or payable by Landlord during the calendar year specified as Tenant's Base Year in Item 8 of the Basic Lease Provisions.

In a commercial real estate context, expenses that are necessary for the operation, management, and maintenance of a commercial property. A tenant typically pays its proportionate share of operating expenses as additional rent.

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Middlesex Massachusetts Option to Renew that Updates the Tenant Operating Expense and Tax Basis

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FAQ

What is the term for a leasehold estate that automatically renews itself?

How do you explain base year operating expenses?

What is included in building operating expenses?

Are tenant improvements operating expenses?

What is the tenants base year?

What is base year operating expense stop?

Is tenant improvement a capital expense?

What is a modified gross lease base year?

What are base operating expenses?

What is tenant operating expenses?

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