This office lease clause states the conditions under which the landlord can and can not furnish any particular item(s) of work or service which would constitute an expense to portions of the Building during the comparative year.
The Bronx, located in New York City, is one of the five boroughs that make up the city. Known for its vibrant culture, rich history, and diverse neighborhoods, it offers a unique urban experience. The Bronx New York Clause for Grossing Up the Tenant Proportionate Share, often found in commercial leasing agreements, pertains to the adjustment of tenant costs in relation to changes in taxes or operating expenses. In the context of commercial leases, the Bronx New York Clause for Grossing Up the Tenant Proportionate Share ensures that tenants are fairly responsible for their portion of increased taxes or operational expenses. When these expenses rise, such as property taxes or maintenance costs, the clause allows the landlord to "gross up" the tenant's share, meaning the tenant would pay a higher proportion to cover these increasing costs. There are several types of Bronx New York Clauses for Grossing Up the Tenant Proportionate Share that may be used in commercial leases. These include: 1. Fixed Percentage: This type of clause sets a fixed percentage by which the tenant's proportionate share will be adjusted. For example, if the percentage is set at 10%, and the operational expenses increase by $1,000, the tenant would be responsible for $100 (10% of $1,000). 2. CPI Adjustment: The Consumer Price Index (CPI) adjustment clause ties the tenant's proportionate share adjustment to the CPI, which is a measure of inflation. The tenant's cost would increase or decrease based on the fluctuation in the CPI. 3. Cap on Proportionate Share: Some leases include a cap on the tenant's proportionate share adjustment. This means that even if expenses increase significantly, the tenant will only be responsible for a certain maximum amount as outlined in the lease agreement. 4. Direct Pass-Through: In certain cases, leases may have a direct pass-through clause, which allows the landlord to pass on any increased taxes or operational expenses to the tenant without any adjustment calculation. The tenant would simply pay the additional costs as billed by the landlord. Understanding the Bronx New York Clause for Grossing Up the Tenant Proportionate Share is crucial for both tenants and landlords. It ensures transparency and fairness in sharing the expenses associated with operating and maintaining commercial properties in the Bronx, providing stability and predictability for all parties involved.The Bronx, located in New York City, is one of the five boroughs that make up the city. Known for its vibrant culture, rich history, and diverse neighborhoods, it offers a unique urban experience. The Bronx New York Clause for Grossing Up the Tenant Proportionate Share, often found in commercial leasing agreements, pertains to the adjustment of tenant costs in relation to changes in taxes or operating expenses. In the context of commercial leases, the Bronx New York Clause for Grossing Up the Tenant Proportionate Share ensures that tenants are fairly responsible for their portion of increased taxes or operational expenses. When these expenses rise, such as property taxes or maintenance costs, the clause allows the landlord to "gross up" the tenant's share, meaning the tenant would pay a higher proportion to cover these increasing costs. There are several types of Bronx New York Clauses for Grossing Up the Tenant Proportionate Share that may be used in commercial leases. These include: 1. Fixed Percentage: This type of clause sets a fixed percentage by which the tenant's proportionate share will be adjusted. For example, if the percentage is set at 10%, and the operational expenses increase by $1,000, the tenant would be responsible for $100 (10% of $1,000). 2. CPI Adjustment: The Consumer Price Index (CPI) adjustment clause ties the tenant's proportionate share adjustment to the CPI, which is a measure of inflation. The tenant's cost would increase or decrease based on the fluctuation in the CPI. 3. Cap on Proportionate Share: Some leases include a cap on the tenant's proportionate share adjustment. This means that even if expenses increase significantly, the tenant will only be responsible for a certain maximum amount as outlined in the lease agreement. 4. Direct Pass-Through: In certain cases, leases may have a direct pass-through clause, which allows the landlord to pass on any increased taxes or operational expenses to the tenant without any adjustment calculation. The tenant would simply pay the additional costs as billed by the landlord. Understanding the Bronx New York Clause for Grossing Up the Tenant Proportionate Share is crucial for both tenants and landlords. It ensures transparency and fairness in sharing the expenses associated with operating and maintaining commercial properties in the Bronx, providing stability and predictability for all parties involved.
