This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".
This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".
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Frequently referred to as OPEX, operating expenses are all of the costs that go into running a building. These include utilities, repairs and maintenance, exterior work, insurance, management, and property tax.
Rent Increases Under AB 1482, the maximum annual rent increase is limited to 10% and consists of a local cost-of-living adjustment of no more than 5%.
The term "Operating Expenses" shall not include (i) costs paid directly by Tenant; (ii) principal and interest payments on loans secured by deeds of trust recorded against property; (iii) real estate sales or leasing brokerage commissions; or (iv) executive salaries of off-site personnel employed by Landlord except for ...
If the tenant pays for leasehold improvements, the capital expenditure is recorded as an asset on the tenant's balance sheet. Then the expense is recorded on income statements as amortization over either the life of the lease or the useful life of the asset, whichever is shorter.
(29A) "Rent charged" means the entire amount of money, money's worth, benefit, bonus, or gratuity a tenant must actually pay to a housing provider as a condition of occupancy or use of a rental unit, its related services, and its related facilities, pursuant to the Rent Stabilization Program.
In general, a tenant's rent should not go up by more than 8.9% this year, unless the housing provider has special approval. If a tenant is 62 or older or has a disability, the rent should not go up by more than 5%, unless the housing provider has special approval.
Tenant improvements are typically not considered an operating expense.
If the lessee pays for the tenant improvements, the lessee must generally capitalize the related amounts, which it pays to improve the tenant space.