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.
Maine Remeasurement Clause is a legal provision used in real estate contracts to address discrepancies between the rentable area and the actual area of a space being constructed or leased. When variances exist between these two areas, this clause helps to establish the correct measurement and ensure fair calculation of rental payments or other related agreements. There are several types of Maine Remeasurement Clauses used to address different scenarios where discrepancies between rentable and actual areas may occur. These variations include: 1. Basic Remeasurement Clause: This clause is used when there is a minor difference between the initial measurement and the actual area upon completion. It allows for a mutually agreed-upon remeasurement process to rectify any discrepancies. 2. Contingent Remeasurement Clause: This clause is applied when there is uncertainty about the final area due to ongoing construction or other factors. It specifies that the rentable area will be determined and adjusted once the definitive measurements are available. 3. Progressive or Staged Remeasurement Clause: This type of clause is used when a project is being constructed in different stages. It allows for periodic remeasurement as each stage is completed, ensuring accurate rent calculations based on the actual areas achieved at each stage. 4. Index-Based Remeasurement Clause: In situations where changes in the economy or market conditions significantly affect rental values, this clause allows for periodic remeasurement based on an agreed-upon index or formula. It ensures rental adjustments that keep pace with market fluctuations. 5. Final or Post-Construction Remeasurement Clause: This type of clause is used when the actual area of a space can only be determined after construction is completed. It establishes a procedure for the remeasurement process to occur promptly upon construction completion, ensuring accurate rental calculations. Maine Remeasurement Clauses are crucial in preventing disputes and maintaining fairness between parties involved in real estate transactions. By providing clarity on how rentable and actual areas will be measured and adjusted, these clauses help ensure transparency, accuracy, and a fair allocation of costs in lease agreements or other related contracts.
