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 Franklin Ohio Remeasurement Clause is a critical component in commercial real estate lease agreements. It addresses the variances that often exist between the rentable and actual area of a space to be built or occupied. This clause becomes particularly important when landlords and tenants need to accurately determine the rent, operating expenses, or common area maintenance charges based on the size of the leased space. In Franklin Ohio, there are various types of Remeasurement Clauses utilized when discrepancies arise between the rentable and actual area of a space. These clauses enable both parties to resolve disputes fairly and establish a transparent framework for determining the size of the leased space. Some noteworthy types include: 1. Standard Remeasurement Clause: This clause outlines the methodology and criteria used for determining rentable area and resolving variances. It usually incorporates industry standards and guidelines to calculate the square footage of the space accurately. 2. Gross-Up Remeasurement Clause: This type of clause adjusts the rentable area to account for shared spaces, such as corridors, lobbies, and restrooms. It ensures that tenants only pay their fair share of the common areas while accurately reflecting the usable area of their leased space. 3. Tenant-Induced Changes Remeasurement Clause: This clause applies when a tenant requests modifications to the original space, such as adding or demolishing walls, to accommodate their specific needs. It clarifies how such alterations impact rentable area calculations and the associated costs. 4. Post-Construction Remeasurement Clause: This clause is implemented when a space undergoes substantial renovations or expansions after the initial lease agreement. It provides a mechanism for accurately remeasuring and reassessing the rentable area to determine fair market value or subsequent rent adjustments. Employing a suitable Remeasurement Clause in lease agreements is crucial for both landlords and tenants. It ensures transparency, fair measurement practices, and minimizes potential conflicts regarding the size and subsequent financial obligations of the leased spaces in Franklin Ohio.
The Franklin Ohio Remeasurement Clause is a critical component in commercial real estate lease agreements. It addresses the variances that often exist between the rentable and actual area of a space to be built or occupied. This clause becomes particularly important when landlords and tenants need to accurately determine the rent, operating expenses, or common area maintenance charges based on the size of the leased space. In Franklin Ohio, there are various types of Remeasurement Clauses utilized when discrepancies arise between the rentable and actual area of a space. These clauses enable both parties to resolve disputes fairly and establish a transparent framework for determining the size of the leased space. Some noteworthy types include: 1. Standard Remeasurement Clause: This clause outlines the methodology and criteria used for determining rentable area and resolving variances. It usually incorporates industry standards and guidelines to calculate the square footage of the space accurately. 2. Gross-Up Remeasurement Clause: This type of clause adjusts the rentable area to account for shared spaces, such as corridors, lobbies, and restrooms. It ensures that tenants only pay their fair share of the common areas while accurately reflecting the usable area of their leased space. 3. Tenant-Induced Changes Remeasurement Clause: This clause applies when a tenant requests modifications to the original space, such as adding or demolishing walls, to accommodate their specific needs. It clarifies how such alterations impact rentable area calculations and the associated costs. 4. Post-Construction Remeasurement Clause: This clause is implemented when a space undergoes substantial renovations or expansions after the initial lease agreement. It provides a mechanism for accurately remeasuring and reassessing the rentable area to determine fair market value or subsequent rent adjustments. Employing a suitable Remeasurement Clause in lease agreements is crucial for both landlords and tenants. It ensures transparency, fair measurement practices, and minimizes potential conflicts regarding the size and subsequent financial obligations of the leased spaces in Franklin Ohio.
