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 Oakland Michigan Remeasurement Clause is a crucial provision used in commercial real estate contracts when there are discrepancies between the rentable area and the actual area of a space to be built or leased. This clause ensures that both landlords and tenants have a fair and accurate understanding of the space they are renting or leasing, especially in cases where variations exist. When variances occur, the Oakland Michigan Remeasurement Clause allows for remeasurement of the area to determine an appropriate adjustment in the rental calculation or lease terms. This provision ensures transparency and prevents any potential disputes or conflicts that may arise from inaccurate or misleading measurements. There are different types of Oakland Michigan Remeasurement Clauses used in real estate contracts, each serving a unique purpose. These include: 1. Gross-Up Remeasurement Clause: This type of clause allows for an adjustment in the total rentable area, compensating for any shared spaces like hallways, lobbies, or common areas. It ensures fair allocation of the rentable space among all tenants by including these shared areas in the calculations. 2. Subsequent Remeasurement Clause: This clause allows for a remeasurement of the space to be conducted at a later stage, usually after construction or major renovations. The purpose is to ensure that the actual area matches the initially agreed-upon rentable area, providing accurate and up-to-date leasing terms. 3. CAP Exclusion Clause: This clause excludes areas that cannot be reasonably rented or leased, such as mechanical rooms, stairwells, or utility areas. By excluding these non-rentable areas, the clause ensures that the rental calculations are based only on usable, leasable spaces. 4. Remeasurement Process Clause: This clause outlines the specific methodology or standards used for remeasuring the space, ensuring consistency and avoiding discrepancies between different measurements. It may include guidelines on measurement techniques, industry standards, or the involvement of an independent third party to execute the remeasurement process. It is important for both landlords and tenants to familiarize themselves with the Oakland Michigan Remeasurement Clause and understand its implications. By considering the different types of clauses available, parties can negotiate fair lease terms and prevent potential conflicts or misunderstandings regarding the actual and rentable area of a space.The Oakland Michigan Remeasurement Clause is a crucial provision used in commercial real estate contracts when there are discrepancies between the rentable area and the actual area of a space to be built or leased. This clause ensures that both landlords and tenants have a fair and accurate understanding of the space they are renting or leasing, especially in cases where variations exist. When variances occur, the Oakland Michigan Remeasurement Clause allows for remeasurement of the area to determine an appropriate adjustment in the rental calculation or lease terms. This provision ensures transparency and prevents any potential disputes or conflicts that may arise from inaccurate or misleading measurements. There are different types of Oakland Michigan Remeasurement Clauses used in real estate contracts, each serving a unique purpose. These include: 1. Gross-Up Remeasurement Clause: This type of clause allows for an adjustment in the total rentable area, compensating for any shared spaces like hallways, lobbies, or common areas. It ensures fair allocation of the rentable space among all tenants by including these shared areas in the calculations. 2. Subsequent Remeasurement Clause: This clause allows for a remeasurement of the space to be conducted at a later stage, usually after construction or major renovations. The purpose is to ensure that the actual area matches the initially agreed-upon rentable area, providing accurate and up-to-date leasing terms. 3. CAP Exclusion Clause: This clause excludes areas that cannot be reasonably rented or leased, such as mechanical rooms, stairwells, or utility areas. By excluding these non-rentable areas, the clause ensures that the rental calculations are based only on usable, leasable spaces. 4. Remeasurement Process Clause: This clause outlines the specific methodology or standards used for remeasuring the space, ensuring consistency and avoiding discrepancies between different measurements. It may include guidelines on measurement techniques, industry standards, or the involvement of an independent third party to execute the remeasurement process. It is important for both landlords and tenants to familiarize themselves with the Oakland Michigan Remeasurement Clause and understand its implications. By considering the different types of clauses available, parties can negotiate fair lease terms and prevent potential conflicts or misunderstandings regarding the actual and rentable area of a space.
