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.
The Cook Illinois Remeasurement Clause is a vital aspect of lease agreements used in the real estate industry to address variances between the rentable and actual area of a space to be built. This clause ensures that both parties involved in the lease agreement are protected and that any differences in the area measurements are properly addressed and accounted for. The Cook Illinois Remeasurement Clause is used when discrepancies arise between the rentable area, or the area for which a tenant pays rent, and the actual area of the space being leased. This clause prevents disputes by establishing a set of guidelines and procedures to accurately measure the space's dimensions and adjust the rent accordingly. When applying the Cook Illinois Remeasurement Clause, one variant is the "BOMB Standard". BOMB, or Building Owners and Managers Association, has established guidelines for measuring the rentable area. These guidelines ensure consistency and fairness in determining the rentable area of a space, considering factors like walls, columns, common areas, and vertical penetrations. Another variant of the Cook Illinois Remeasurement Clause is the "Gross-Up Clause". This clause allows landlords to proportionally increase the tenant's rentable area if certain spaces, such as common areas or shared facilities, are added to the overall rentable area calculation. The Gross-Up Clause provides a fair method to distribute the cost of common spaces among the tenants, ensuring equitable rent calculations. Additionally, the "Building Standard Clause" may be included in the Cook Illinois Remeasurement Clause. This clause specifies the area measurement method that will be utilized, whether it is the BOMB Standard, another industry-recognized standard, or a specific approach agreed upon by both parties. The Building Standard Clause ensures transparency and agreement on the measurement method from the beginning, minimizing the potential for conflicts regarding area calculations. In conclusion, the Cook Illinois Remeasurement Clause is a crucial component of lease agreements used to address discrepancies between the rentable and actual area of a space being leased. With variants such as the BOMB Standard Clause, Gross-Up Clause, and Building Standard Clause, this clause ensures accuracy, fairness, and transparency when determining the rentable area and corresponding rent obligations.The Cook Illinois Remeasurement Clause is a vital aspect of lease agreements used in the real estate industry to address variances between the rentable and actual area of a space to be built. This clause ensures that both parties involved in the lease agreement are protected and that any differences in the area measurements are properly addressed and accounted for. The Cook Illinois Remeasurement Clause is used when discrepancies arise between the rentable area, or the area for which a tenant pays rent, and the actual area of the space being leased. This clause prevents disputes by establishing a set of guidelines and procedures to accurately measure the space's dimensions and adjust the rent accordingly. When applying the Cook Illinois Remeasurement Clause, one variant is the "BOMB Standard". BOMB, or Building Owners and Managers Association, has established guidelines for measuring the rentable area. These guidelines ensure consistency and fairness in determining the rentable area of a space, considering factors like walls, columns, common areas, and vertical penetrations. Another variant of the Cook Illinois Remeasurement Clause is the "Gross-Up Clause". This clause allows landlords to proportionally increase the tenant's rentable area if certain spaces, such as common areas or shared facilities, are added to the overall rentable area calculation. The Gross-Up Clause provides a fair method to distribute the cost of common spaces among the tenants, ensuring equitable rent calculations. Additionally, the "Building Standard Clause" may be included in the Cook Illinois Remeasurement Clause. This clause specifies the area measurement method that will be utilized, whether it is the BOMB Standard, another industry-recognized standard, or a specific approach agreed upon by both parties. The Building Standard Clause ensures transparency and agreement on the measurement method from the beginning, minimizing the potential for conflicts regarding area calculations. In conclusion, the Cook Illinois Remeasurement Clause is a crucial component of lease agreements used to address discrepancies between the rentable and actual area of a space being leased. With variants such as the BOMB Standard Clause, Gross-Up Clause, and Building Standard Clause, this clause ensures accuracy, fairness, and transparency when determining the rentable area and corresponding rent obligations.
