This office lease clause should be used in an expense stop, stipulated base or office net lease. 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 for each lease year to determine what the building operating costs. Such an adjustment shall be made by the landlord increasing the variable components of such variable costs included in the building operating costs which vary based on the level of occupancy of the building.
Missouri Gross up Clause that Should be Used in an Expense Stop Stipulated Base or Office Net Lease
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FAQ
A base year is the first of a series of years in an economic or financial index. In this context, it is typically set to an arbitrary level of 100. New, up-to-date base years are periodically introduced to keep data current in a particular index. Base years are also used to measure the growth of a company.
The landlord's contribution towards outgoings will be based on an actual year of outgoings at the building - known as the 'Base Year'. It will pay that same amount towards outgoings each year of the lease. So, if your lease shows a 'Base Year', it's important to understand how it can affect your bottom line.
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.
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.
An expense stop is the maximum amount a landlord will spend on operating expenses. Any amount above the expensive stop becomes the tenant's responsibility.
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.
Essentially, the Base Year Amount is synonymous with the Expense Stop amount, which is the actual amount of money that comprises the property taxes, insurance and operating expenses. Just like the Base Year amount, the tenant is responsible to pay any increase in those expenses above the Expense Stop amount.
