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.
When it comes to real estate construction and leasing, disputes may arise concerning the variances between the rentable and actual area of a space to be built. In order to address this issue, the Clark Nevada Remeasurement Clause is utilized. This clause is designed to ensure fairness and accuracy in determining rentable square footage within a lease agreement. The Clark Nevada Remeasurement Clause serves as a mechanism to resolve discrepancies in the square footage calculations. It provides a framework for re-measuring the space and adjusting the rent and lease terms accordingly. This clause is particularly important in commercial leases where accurate square footage measurements directly impact rental rates and financial obligations. There are different types of Clark Nevada Remeasurement Clauses that can be employed based on the specific needs and circumstances of the parties involved. These include: 1. Basic Clark Nevada Remeasurement Clause: This clause allows either party to request a remeasurement of the space if there is a significant variance between the rentable and actual area. The cost of remeasurement is typically borne by the requesting party. 2. Fair Market Value Adjustment Clause: In this type of clause, the rentable square footage is re-evaluated to reflect the fair market value of the space. If the remeasured area differs from the initial calculations, the rental rate may be adjusted accordingly. 3. Rent Abatement Clause: This clause allows for a temporary rent reduction if the remeasurement reveals a substantial difference between the rentable and actual area. The tenant may receive a discount on rent until the discrepancy is resolved. 4. Sharing of Remodeling Costs Clause: In situations where the remeasurement results in a significant increase in square footage, this clause addresses the allocation of costs required to remodel or expand the space. It outlines the responsibilities of both the landlord and the tenant in sharing the associated expenses. The Clark Nevada Remeasurement Clause is an essential tool in lease agreements to ensure fair and accurate square footage measurements. By providing a framework for remeasurement and adjustment, it helps resolve disputes and maintains a level playing field for both tenants and landlords.
