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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Your usable square footage is the actual area of your space as measured within the demising exterior walls of your suite. If you have a 200-foot by 200-foot rectangular space, you would multiply the 200 feet of length by the 200 feet of width to come up with 40,000 usable square feet.
When the lessee breaches the lease, it gives the lessor the right to proceed with: actual eviction by filling a suit for possession.
Use Clauses This clause defines how the tenant can and can't use the property they're leasing. The use clause may be very specific, so it's important that you read its terms carefully.
Loss factor is defined as the percentage difference between rentable space and usable space. Loss factor is calculated as rentable square footage minus usable square footage divided by rentable square footage.
BOMA coefficient, or common areas ratio The BOMA standard is used to take into account the ratios of the total area of ??the building and the useful area used only by the tenant. Basically, its value is in the range from 1.07 to 1.2.
The portion of common space attributed to a specific tenant is calculated by taking their pro-rata share of the building's total square footage. For example, if a tenant leases 10,000 square feet in a 100,000-square-foot building, 10% of the building's common space will be attributed to that tenant.
The CAF is found by comparing the total usable square footage of all common areas in a building versus the overall usable square footage of the building. For example, if a 100,000 SF building determines that 18,450 SF is common area then that building would have a CAF of 18.45%.
What Are Lease Clauses? A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.