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".
Santa Clara California Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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State:
Multi-State
County:
Santa Clara
Control #:
US-OL2402
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How to fill out Santa Clara California Option To Renew That Updates The Tenant Operating Expense And Tax Basis?
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FAQ
Operating expenses include all of the costs associated with operating the property. These include property management fees, insurance, utilities, property taxes, repairs, and maintenance.
In California, residential rental agreements automatically convert to month-to-month tenancies at the end of your lease term. At the end of each month thereafter, the agreement renews automatically for themselves in perpetuity, as long as you the tenant remains in possession of your home.
Capital Expenditures are, in the context of commercial real estate, funds used by a company to acquire or upgrade physical assets that cannot be expensed as a current operating expense for tax purposes. These expenditures can include a new roof, tenant improvements, or building a parking lot, among others things.
No Obligation to Renew You have the right to not renew your lease and no legal reason compels you to renew. At the same time, the landlord is deciding whether to renew your lease agreement. She is under no obligation to renew it, even if you are a fine tenant.
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.
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.
No Obligation to Renew You have the right to not renew your lease and no legal reason compels you to renew. At the same time, the landlord is deciding whether to renew your lease agreement. She is under no obligation to renew it, even if you are a fine tenant.
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.
Yes, a lease can automatically renew in California. If neither the tenant or the landlord give notice that they want to terminate the tenancy when the lease expires, the lease can be renewed.
In Santa Clara County, landlords will not be able to raise rent in one year more than an estimated 8.3% per year. If you have rented your unit for over a year, your landlord will not be able to evict you without a good reason, like not paying rent or violating your lease agreement.
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