Massachusetts Gross up Clause that Should be Used in a Base Year Lease

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US-OL19034IA
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Description

This office lease clause should be used in a base year lease. This form states that when the building is not at least 95% occupied during all or a portion of any lease year the landlord shall make an appropriate adjustment in accordance with industry standards of the building operating costs. This amount shall be deemed to be the amount of building operating costs for the year.

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FAQ

Under a gross lease, the owner/landlord covers all the property's operating expenses including real estate taxes, property insurance, structural and exterior maintenance and repairs, common area maintenance and repairs, unit maintenance and repairs, utilities, and janitorial costs.

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.

Base Year Stop is another reimbursement method where the landlord pays all expenses of the property in the first year of the lease term. This amount is also called the expense stop. The tenant starts paying for the amount exceeding the expense stop in the second year.

What is Base Rent? In a triple net or percentage lease, the base rent is the set rental rate that you will pay the landlord, before any additional operating expenses or revenue percentages each month.

Lease Basis shall have the meaning given to it under the Property Leases. Lease Basis means Landlord's Initial Investment in the Leased Property plus any additional costs or expenses incurred by Landlord in connection with the Leased Property pursuant to this Agreement.

A Tenant at Will is one who occupies a rented apartment without a lease, but pays rent periodically (typically monthly). Either the landlord or the tenant may terminate this arrangement at any time by giving written notice of 30 days or one full rental period in advance, whichever is longer. No reason is required.

The main difference between a gross lease and a net lease lies in who bears responsibility for operating expenses. In a gross lease, the landlord covers these costs while in a net lease, these costs are passed on to the tenant in addition to their rent.

A base year is the first of a series of years in an economic or financial index. Base years are also used to measure business activity, such as growth in sales from one period to the next. A base year can be any year and is chosen based on the analysis being performed.

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Massachusetts Gross up Clause that Should be Used in a Base Year Lease