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 commercial real estate in Nassau, New York, one important aspect to consider is the remeasurement clause used when there are variances between the rentable and actual area of a space to be built. This clause helps ensure fairness and accuracy in leasing agreements, preventing any discrepancies between the agreed-upon rental area and the actual usable space. The remeasurement clause is employed to reconcile any differences between the rentable area, which includes both the usable space and a proportionate share of common areas, and the actual area of the premises. It aims to establish a fair basis for calculating rent, as well as any adjustments needed due to changes in the area over time. There are different types of remeasurement clauses commonly used in the context of Nassau, New York commercial leases. Let's explore a few of them: 1. Gross-up Clause: This type of remeasurement clause accounts for common areas by expanding the tenant's usable area to include a proportionate share of the shared spaces within the property. It ensures fairness by distributing costs related to shared areas among all tenants accurately. 2. Pro rata Clause: A pro rata remeasurement clause takes into account the actual area of the leased premises and establishes a proportional sharing of rent for any common areas. This clause ensures tenants pay only for the space they are occupying and not for the total rentable area. 3. Re-measurement Option: Some leases may include an option for either the landlord or the tenant to request a re-measurement of the premises after a certain period. This helps to account for any changes in the layout or size of the space, allowing for rent adjustments based on the actual area. 4. Defined Standard: In certain cases, a lease may specify a particular measurement standard to be used for calculating the rentable area. This could be the Building Owners and Managers Association (BOMB) standard or any other mutually agreed-upon industry standard. The inclusion of a remeasurement clause in a commercial lease is crucial to protect both landlords and tenants and to ensure transparency and fairness in lease agreements. By addressing any discrepancies between the rentable and actual area of a space, this clause helps establish accurate rental amounts and prevents disputes in the future. So, whether it's the gross-up clause, pro rata clause, re-measurement option, or a defined standard, understanding and utilizing these different types of remeasurement clauses in Nassau, New York is essential for both landlords and tenants in the commercial real estate market.When it comes to commercial real estate in Nassau, New York, one important aspect to consider is the remeasurement clause used when there are variances between the rentable and actual area of a space to be built. This clause helps ensure fairness and accuracy in leasing agreements, preventing any discrepancies between the agreed-upon rental area and the actual usable space. The remeasurement clause is employed to reconcile any differences between the rentable area, which includes both the usable space and a proportionate share of common areas, and the actual area of the premises. It aims to establish a fair basis for calculating rent, as well as any adjustments needed due to changes in the area over time. There are different types of remeasurement clauses commonly used in the context of Nassau, New York commercial leases. Let's explore a few of them: 1. Gross-up Clause: This type of remeasurement clause accounts for common areas by expanding the tenant's usable area to include a proportionate share of the shared spaces within the property. It ensures fairness by distributing costs related to shared areas among all tenants accurately. 2. Pro rata Clause: A pro rata remeasurement clause takes into account the actual area of the leased premises and establishes a proportional sharing of rent for any common areas. This clause ensures tenants pay only for the space they are occupying and not for the total rentable area. 3. Re-measurement Option: Some leases may include an option for either the landlord or the tenant to request a re-measurement of the premises after a certain period. This helps to account for any changes in the layout or size of the space, allowing for rent adjustments based on the actual area. 4. Defined Standard: In certain cases, a lease may specify a particular measurement standard to be used for calculating the rentable area. This could be the Building Owners and Managers Association (BOMB) standard or any other mutually agreed-upon industry standard. The inclusion of a remeasurement clause in a commercial lease is crucial to protect both landlords and tenants and to ensure transparency and fairness in lease agreements. By addressing any discrepancies between the rentable and actual area of a space, this clause helps establish accurate rental amounts and prevents disputes in the future. So, whether it's the gross-up clause, pro rata clause, re-measurement option, or a defined standard, understanding and utilizing these different types of remeasurement clauses in Nassau, New York is essential for both landlords and tenants in the commercial real estate market.
