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".
Georgia Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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US-OL2402
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How to fill out Option To Renew That Updates The Tenant Operating Expense And Tax Basis?
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FAQ
A renewal agreement is a new contract, usually for another fixed term. The tenancy terms may not be exactly the same as your current fixed term tenancy. Before you sign, check important things like the: rent. length of the fixed term.
'Base year' is the first calendar year of a tenant's commercial rental period. It is especially important as all future rent payments are calculated using base year. It's additionally important to note that base year is crafted to favor landlords.
An option to renew confers on the tenant a right to continue to rent the property for a fresh term after the expiry of the current term, i.e. to renew the existing tenancy. With an option to renew, the tenant obtains another term of tenancy and the landlord is somewhat secured with rental income as agreed beforehand.
A base year refers to a type of expense stop in which the landlord pays for all operating expenses in the first year. After that first year, Phelps explained, the tenant is responsible for all operating expenses over and above the first year's established base year expenses.
Suppose that a tenant signs a lease in an office building for 5,000 square feet of space. The base rental amount is $10 per square foot. In year one of the lease, the landlord pays for all of the building operating expenses and the total comes out to $10,000. This is the base year expense stop amount.
The Base Year is a year that is tied to the actual amount of expenses for property taxes, insurance and operating expenses (sometimes called CAM) to run the property in a specified year. In a new lease, the Base Year is most often the year the lease is executed or the year in which the lease commences.
Renew: A lease may allow you to renew by signing a new lease. A landlord can offer the tenant a new lease with different terms, including an increase in rent. Georgia law does not limit the amount of rent a landlord can charge or the amount by which rent can be increased.
A gross lease rate consists of a base rent per square foot and additional operating expenses per square foot set during the base year. The base year is typically the year the lease is signed. As such, a gross lease rental rate is inclusive of rent and the first year's operating expenses.
