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.
San Diego, California is a vibrant city located on the Pacific Coast. It is known for its stunning beaches, perfect year-round climate, and diverse cultural attractions. One aspect of the city's real estate industry is the use of the Remeasurement Clause when there are variances between the rentable and actual area of a space to be built. The Remeasurement Clause in San Diego California is a legal provision that helps resolve discrepancies between the stated rentable area of a property and its actual size. This clause is commonly used in commercial real estate leasing agreements to ensure fair and accurate rental calculations. When variances exist between the rentable and actual area of a space to be built, the Remeasurement Clause allows for reevaluation and adjustment of the lease terms. It aims to address situations where the actual usable area is less than what was originally expected or advertised. By utilizing this clause, both the landlord and tenant can achieve a more equitable agreement based on the space's true size. There are different types of Remeasurement Clauses used in San Diego California, each with its own specifications and implications: 1. Gross-Up Clause: This type of clause considers the common areas within a building that are shared by multiple tenants. It ensures that the rentable area includes a proportionate share of these common spaces, such as lobbies, hallways, and restrooms, to accurately reflect the tenant's contribution to the overall building. 2. BOMB Standards: The Building Owners and Managers Association (BOMB) sets industry standards for measuring rentable areas. The BOMB standards provide a consistent methodology for calculating rentable areas, taking into account usable spaces, common areas, and building service areas. 3. Pre-construction Clause: This clause addresses situations where the actual area of a space to be built might differ from the initially estimated measurements. It allows for adjustments to the lease terms based on the final construction outcome, ensuring that both parties are fairly compensated for the given space. 4. Post-construction Clause: Similar to the pre-construction clause, the post-construction clause deals with situations where the finished space ends up having variances compared to the initially estimated measurements. It allows for a remeasurement and potential adjustment of the lease terms based on the final built-out area. These different types of Remeasurement Clauses provide flexibility and accuracy in the assessment of rentable areas in San Diego California. They aim to ensure that both landlords and tenants have a clear understanding of the actual space to be occupied, facilitating fair leasing arrangements in this bustling coastal city.San Diego, California is a vibrant city located on the Pacific Coast. It is known for its stunning beaches, perfect year-round climate, and diverse cultural attractions. One aspect of the city's real estate industry is the use of the Remeasurement Clause when there are variances between the rentable and actual area of a space to be built. The Remeasurement Clause in San Diego California is a legal provision that helps resolve discrepancies between the stated rentable area of a property and its actual size. This clause is commonly used in commercial real estate leasing agreements to ensure fair and accurate rental calculations. When variances exist between the rentable and actual area of a space to be built, the Remeasurement Clause allows for reevaluation and adjustment of the lease terms. It aims to address situations where the actual usable area is less than what was originally expected or advertised. By utilizing this clause, both the landlord and tenant can achieve a more equitable agreement based on the space's true size. There are different types of Remeasurement Clauses used in San Diego California, each with its own specifications and implications: 1. Gross-Up Clause: This type of clause considers the common areas within a building that are shared by multiple tenants. It ensures that the rentable area includes a proportionate share of these common spaces, such as lobbies, hallways, and restrooms, to accurately reflect the tenant's contribution to the overall building. 2. BOMB Standards: The Building Owners and Managers Association (BOMB) sets industry standards for measuring rentable areas. The BOMB standards provide a consistent methodology for calculating rentable areas, taking into account usable spaces, common areas, and building service areas. 3. Pre-construction Clause: This clause addresses situations where the actual area of a space to be built might differ from the initially estimated measurements. It allows for adjustments to the lease terms based on the final construction outcome, ensuring that both parties are fairly compensated for the given space. 4. Post-construction Clause: Similar to the pre-construction clause, the post-construction clause deals with situations where the finished space ends up having variances compared to the initially estimated measurements. It allows for a remeasurement and potential adjustment of the lease terms based on the final built-out area. These different types of Remeasurement Clauses provide flexibility and accuracy in the assessment of rentable areas in San Diego California. They aim to ensure that both landlords and tenants have a clear understanding of the actual space to be occupied, facilitating fair leasing arrangements in this bustling coastal city.
