This office lease clause states the conditions under which the landlord can and can not furnish any particular item(s) of work or service which would constitute an expense to portions of the Building during the comparative year.
North Dakota Clause for Grossing Up the Tenant Proportionate Share
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Multi-State
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US-OL709
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How to fill out Clause For Grossing Up The Tenant Proportionate Share?
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FAQ
In addition to renting the space in which their occupying, tenants also pay for a portion of the common areas that they use. Gross-up can include hallways, washrooms, lobby, amenities such as gyms, common showers, bike lock up, etc. Usable area is space a tenant occupies, what they can ?use?.
Correctly drafted, a gross up provision relates only to Operating Expenses that ?vary with occupancy??so called ?variable? expenses. Variable expenses are those expenses that will go up or down depending on the number of tenants in the Building, such as utilities, trash removal, management fees and janitorial services.
Commencing as of the Effective Date, Assignee assumes all duties, obligations, and responsibilities of the "Tenant" under the Lease which accrue commencing as of the Effective Date, and Assignee agrees to be bound by and perform, observe, and discharge all of the "Tenant's" covenants, and conditions under the Lease ...
What Does Gross-Up Mean? Gross-up is additional money an employer pays an employee to offset any additional income taxes (Social Security, Medicare, etc.) an employee would owe the IRS when that employee receives a company-provided cash benefit, such as relocation expenses.
Your pro rata share of household operating expenses is the average monthly household operating expenses (based on a reasonable estimate if exact figures are not available) divided by the number of people in the household, regardless of age.
Simply stated, the concept of ?gross up provision? stipulates that if a building has significant vacancy, the landlord can estimate what the variable operating expense would have been had the building been fully occupied, and charge the tenants their pro-rata share of that cost.
up is an additional amount of money added to a payment to cover the income taxes the recipient will owe on the payment. Grossing up is most often done for onetime payments, such as reimbursements for relocation expenses or bonuses. Grossing up can also be used to game executive compensation.
Grossing Up is a process for calculating a tenant's share of a building's variable operating expenses, where the expenses are increased for expense recovery purposes, or Grossed Up, to what they would be if the building's occupancy remained at a specific level, typically 95%- 100%.
