This office lease clause lists a way to provide for variances between the rentable area of a "to be built" demised premises and the actual area after construction.
In the real estate industry, the Bronx New York Remeasurement Clause is a term used to describe a specific provision in lease agreements. This clause is typically employed when there are discrepancies or variances between the rentable area and the actual area of a space being constructed or built. When a Remeasurement Clause is included in a lease, it allows for the accurate determination of the space's actual size, considering any deviations from the initially estimated or advertised rentable area. This is crucial to ensure fair rental calculations and avoid any misunderstandings or disputes between the landlord and tenant. The Bronx New York Remeasurement Clause can take different forms, depending on specific circumstances and industry practices. Here are a few notable variations: 1. Remeasurement Clause (Basic): This type of clause allows for the reevaluation of the rentable area once the building's construction is complete or the space is fully prepared for occupancy. If it is determined that there are significant variances between the initially advertised rentable area and the actual area, the lease terms can be adjusted accordingly. 2. Pro Rata Remeasurement Clause: In certain cases, it may be necessary to account for shared common areas within a building, such as hallways or restrooms, when calculating the rentable area. The Pro Rata Remeasurement Clause considers these shared spaces and adjusts the rental rates based on the tenant's proportionate share of these areas. 3. Permitted Variances: This variation of the Remeasurement Clause allows for specific and predetermined variances in the rentable area. It sets acceptable upper and lower limits for any potential deviations. If the actual area falls within these permitted variances, the lease terms remain unchanged. However, if the variance exceeds these limits, the clause would come into effect, resulting in adjustments to the rental rates and terms. 4. Expert Evaluation Clause: In complex situations where determining the actual area may require specialized expertise or certifications, the lease can include an Expert Evaluation Clause. This provision stipulates that an independent professional, such as a certified surveyor or architect, will be employed to measure and evaluate the space accurately. The rental terms will then be adjusted based on the expert's findings. The Bronx New York Remeasurement Clause is a crucial aspect of lease agreements, designed to ensure fairness and accuracy in rental arrangements. It serves to protect both landlords and tenants by allowing for proper adjustments when there are significant variances between the rentable and actual areas of a space to be built.In the real estate industry, the Bronx New York Remeasurement Clause is a term used to describe a specific provision in lease agreements. This clause is typically employed when there are discrepancies or variances between the rentable area and the actual area of a space being constructed or built. When a Remeasurement Clause is included in a lease, it allows for the accurate determination of the space's actual size, considering any deviations from the initially estimated or advertised rentable area. This is crucial to ensure fair rental calculations and avoid any misunderstandings or disputes between the landlord and tenant. The Bronx New York Remeasurement Clause can take different forms, depending on specific circumstances and industry practices. Here are a few notable variations: 1. Remeasurement Clause (Basic): This type of clause allows for the reevaluation of the rentable area once the building's construction is complete or the space is fully prepared for occupancy. If it is determined that there are significant variances between the initially advertised rentable area and the actual area, the lease terms can be adjusted accordingly. 2. Pro Rata Remeasurement Clause: In certain cases, it may be necessary to account for shared common areas within a building, such as hallways or restrooms, when calculating the rentable area. The Pro Rata Remeasurement Clause considers these shared spaces and adjusts the rental rates based on the tenant's proportionate share of these areas. 3. Permitted Variances: This variation of the Remeasurement Clause allows for specific and predetermined variances in the rentable area. It sets acceptable upper and lower limits for any potential deviations. If the actual area falls within these permitted variances, the lease terms remain unchanged. However, if the variance exceeds these limits, the clause would come into effect, resulting in adjustments to the rental rates and terms. 4. Expert Evaluation Clause: In complex situations where determining the actual area may require specialized expertise or certifications, the lease can include an Expert Evaluation Clause. This provision stipulates that an independent professional, such as a certified surveyor or architect, will be employed to measure and evaluate the space accurately. The rental terms will then be adjusted based on the expert's findings. The Bronx New York Remeasurement Clause is a crucial aspect of lease agreements, designed to ensure fairness and accuracy in rental arrangements. It serves to protect both landlords and tenants by allowing for proper adjustments when there are significant variances between the rentable and actual areas of a space to be built.
