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 Travis Texas Remeasurement Clause is a contractual provision commonly used in real estate leases. This clause is specifically utilized when discrepancies arise between the rentable area and the actual area of a space that is to be constructed. This detailed description will provide insight into the purpose, benefits, and different types of Travis Texas Remeasurement Clauses used in such situations. The Travis Texas Remeasurement Clause is employed to ensure fairness and accuracy in rent calculations, especially when the size of a leased space is not precisely determined initially. When variances exist between the rentable and actual area of a space to be built, this clause allows for a remeasurement or remapping of the space, normally conducted by a professional surveyor or architect. The goal is to reconcile any discrepancies and establish an accurate measurement for determining the rental rate and other lease-related charges. Several types of Travis Texas Remeasurement Clauses may be incorporated in lease agreements, depending on the specific needs and preferences of the parties involved. These variations may include: 1. The Basic Remeasurement Clause: This type of clause outlines the process of remeasurement and the criteria that will be used to establish the revised area. It may also specify who bears the costs of the remeasurement, whether it is the landlord or the tenant. 2. The Percentage Variance Remeasurement Clause: In situations where a predefined percentage variance threshold is exceeded, this clause allows for remeasurement. If the variance between the rentable and actual area exceeds a specified percentage (e.g., 3%), the lease agreement will trigger the need for remeasurement. 3. The Gross-Up Remeasurement Clause: This type of clause is useful when the lease agreement requires the tenant to pay for a proportionate share of common areas or shared spaces within the property. The gross-up clause ensures that the rentable area is adjusted upward to accommodate these shared spaces accurately. 4. The Tenant-Exclusive-Use Remeasurement Clause: In some cases, a tenant may require exclusive use of certain areas within a property. This clause allows for remeasurement to exclude those exclusive-use areas from the rentable area and associated costs. 5. The Time-Triggered Remeasurement Clause: This clause sets a specific time period for revisiting the rentable area measurement. It outlines when and how often the remeasurement will occur, typically after a predetermined lease term or upon mutual agreement between the landlord and tenant. By incorporating these types of Travis Texas Remeasurement Clauses into lease agreements, both landlords and tenants can establish transparency, fairness, and accurate rent calculations. These clauses mitigate disputes that may arise due to discrepancies in the rentable and actual area of a space to be built, providing a reliable framework for lease administration and financial obligations.The Travis Texas Remeasurement Clause is a contractual provision commonly used in real estate leases. This clause is specifically utilized when discrepancies arise between the rentable area and the actual area of a space that is to be constructed. This detailed description will provide insight into the purpose, benefits, and different types of Travis Texas Remeasurement Clauses used in such situations. The Travis Texas Remeasurement Clause is employed to ensure fairness and accuracy in rent calculations, especially when the size of a leased space is not precisely determined initially. When variances exist between the rentable and actual area of a space to be built, this clause allows for a remeasurement or remapping of the space, normally conducted by a professional surveyor or architect. The goal is to reconcile any discrepancies and establish an accurate measurement for determining the rental rate and other lease-related charges. Several types of Travis Texas Remeasurement Clauses may be incorporated in lease agreements, depending on the specific needs and preferences of the parties involved. These variations may include: 1. The Basic Remeasurement Clause: This type of clause outlines the process of remeasurement and the criteria that will be used to establish the revised area. It may also specify who bears the costs of the remeasurement, whether it is the landlord or the tenant. 2. The Percentage Variance Remeasurement Clause: In situations where a predefined percentage variance threshold is exceeded, this clause allows for remeasurement. If the variance between the rentable and actual area exceeds a specified percentage (e.g., 3%), the lease agreement will trigger the need for remeasurement. 3. The Gross-Up Remeasurement Clause: This type of clause is useful when the lease agreement requires the tenant to pay for a proportionate share of common areas or shared spaces within the property. The gross-up clause ensures that the rentable area is adjusted upward to accommodate these shared spaces accurately. 4. The Tenant-Exclusive-Use Remeasurement Clause: In some cases, a tenant may require exclusive use of certain areas within a property. This clause allows for remeasurement to exclude those exclusive-use areas from the rentable area and associated costs. 5. The Time-Triggered Remeasurement Clause: This clause sets a specific time period for revisiting the rentable area measurement. It outlines when and how often the remeasurement will occur, typically after a predetermined lease term or upon mutual agreement between the landlord and tenant. By incorporating these types of Travis Texas Remeasurement Clauses into lease agreements, both landlords and tenants can establish transparency, fairness, and accurate rent calculations. These clauses mitigate disputes that may arise due to discrepancies in the rentable and actual area of a space to be built, providing a reliable framework for lease administration and financial obligations.
