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 Wake North Carolina Remeasurement Clause is a crucial provision utilized when there are discrepancies between the rentable area and the actual area of a space being constructed. This clause aims to ensure fairness and accuracy in determining rental payments and lease terms by accounting for any variations that may arise during the construction or renovation process. One type of Wake North Carolina Remeasurement Clause used in such scenarios is the Gross-Up Clause. This clause states that if there is a difference between the rentable and actual area of a space, the landlord has the right to adjust the rentable area to a higher value. This adjustment is achieved by increasing the rentable area figure to include common areas, such as lobbies, hallways, and shared amenities, enabling the landlords to recover their expenses and maintain fairness among tenants. Another type is the Pro Rata Clause, which allows for adjustments in rent based on the actual area occupied by the tenant. If a variance exists between the rentable and actual area, the tenant's rent will be recalculated proportionally to reflect the decreased or increased space they possess. This ensures the tenant pays only for the space they occupy, maintaining fairness and accuracy in lease terms. The Percentage Rental Clause is another variant of the Wake North Carolina Remeasurement Clause. This clause is primarily used in retail or commercial leases where rent is calculated based on a percentage of the tenant's sales. If there is a discrepancy between the rentable and actual area, the percentage rental calculation will be adjusted accordingly, protecting both the tenant and landlord's interests. In summary, the Wake North Carolina Remeasurement Clause provides a crucial safeguard when variances exist between the rentable and actual area of a space being built. By incorporating clauses such as the Gross-Up Clause, Pro Rata Clause, and Percentage Rental Clause, landlords and tenants can ensure fairness, accuracy, and economic balance in their lease agreements.The Wake North Carolina Remeasurement Clause is a crucial provision utilized when there are discrepancies between the rentable area and the actual area of a space being constructed. This clause aims to ensure fairness and accuracy in determining rental payments and lease terms by accounting for any variations that may arise during the construction or renovation process. One type of Wake North Carolina Remeasurement Clause used in such scenarios is the Gross-Up Clause. This clause states that if there is a difference between the rentable and actual area of a space, the landlord has the right to adjust the rentable area to a higher value. This adjustment is achieved by increasing the rentable area figure to include common areas, such as lobbies, hallways, and shared amenities, enabling the landlords to recover their expenses and maintain fairness among tenants. Another type is the Pro Rata Clause, which allows for adjustments in rent based on the actual area occupied by the tenant. If a variance exists between the rentable and actual area, the tenant's rent will be recalculated proportionally to reflect the decreased or increased space they possess. This ensures the tenant pays only for the space they occupy, maintaining fairness and accuracy in lease terms. The Percentage Rental Clause is another variant of the Wake North Carolina Remeasurement Clause. This clause is primarily used in retail or commercial leases where rent is calculated based on a percentage of the tenant's sales. If there is a discrepancy between the rentable and actual area, the percentage rental calculation will be adjusted accordingly, protecting both the tenant and landlord's interests. In summary, the Wake North Carolina Remeasurement Clause provides a crucial safeguard when variances exist between the rentable and actual area of a space being built. By incorporating clauses such as the Gross-Up Clause, Pro Rata Clause, and Percentage Rental Clause, landlords and tenants can ensure fairness, accuracy, and economic balance in their lease agreements.
