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.
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.
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A Standard Clause defining the leased premises for a commercial real estate lease with language allowing the parties to remeasure the premises. A tenant's right to remeasure is generally a tenant-favorable concept, but this Standard Clause offers a landlord-friendly alternative for remeasurement.
A remeasurement contract is where the work is measured and valued against agreed rates. There is therefore no agreement as to a lump sum, but there is agreement as to the basis upon which the work will be valued.
Leased Premises means an area forming part of the Property, assigned to the LESSEE for its exclusive use under this Contract, per Lease Schedule.
Tenant's Premises . A portion of the first floor of the Building in ance with the floor plan attached hereto as Exhibit E and incorporated herein by reference.