This office lease form is an audit provision by the tenant. The landlord shall provide to the tenant with calculations of costs and detailed along with the average building occupancy for the year. The tenant shall have the right, at its own cost and expense to audit or inspect the landlord's detailed records each year with respect to building operating costs, as well as all other additional rent payable by the tenant pursuant to the lease for any lease year.
New Mexico Tenant Audit Provision - Pro-Tenant Perspective
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US-OL19035A
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FAQ
A lease rate factor is the regular lease payment as a percentage of the total cost of the leased equipment. Stated another way, if you multiply the lease rate factor by the cost of the leased equipment, you will determine the regular payment amount.
New Mexico is a somewhat landlord-friendly state. New Mexico has no limits for what landlords may charge for rent and may file for eviction sooner than in other states.
Percentage leases are most often used with retail tenants. Multi-tenant retail properties, such as malls and shopping centers, use this type of lease because it benefits both parties involved.
Tenant shall have the right to audit Landlord's books and records relating to Operating Costs and/or Taxes with respect to the period covered by each such report within six months after receipt of such report (such six month period being called the ?Audit Period?) by delivering a notice of its intention to perform such ...
A percentage lease is a lease arrangement where the tenant pays a predetermined rent plus a percentage of sales made. Percentage leases are common with retail businesses. The three components of a percentage lease are the base rent, the break-even point, and the percentage rent.
Residents are obligated to not deliberately or negligently damage or destroy property and to refrain from disturbing the peace of other residents § 47-8-22 NMSA 1978. Generally, owners must give the resident notice prior to terminating a week- to-week rental agreement (§ 47-8-37 NMSA 1978).
Percentage rent benefits both parties: Percentage rent, or a percentage lease, creates a win-win scenario for landlords and tenants by linking rental income to gross sales, encouraging collaboration and shared success.
Example: ?The Purchaser shall have the right to audit Vendor's records and facilities related to the performance of this Agreement. Such audits may be conducted by the Purchaser or its authorized representatives at reasonable times during normal business hours upon providing [X] days' written notice to Vendor.
Lease audits go over any information needed to verify the accuracy of your charges, locate discrepancies, and determine whether you're owed any compensation. They can include the terms of the lease itself, additional relevant documents, and the physical property space.
A percentage lease requires commercial tenants to pay to the landlord a set percentage of gross revenue earned from business conducted at the leased premises. This percentage is added on top of a base rent, but the base will be set lower than it would be on a standard lease, making it attractive to tenants.