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.
The Oklahoma Clause for Grossing Up the Tenant Proportionate Share is a crucial aspect of commercial leases. This clause ensures that the tenant pays their fair share of operating expenses for a property, based on their proportionate share of the total rentable area. It is important for landlords and tenants to understand the intricacies of this clause to avoid any discrepancies and potential disputes. In Oklahoma, there are different types of clauses related to grossing up the tenant proportionate share. Here are the key types: 1. Straight-Line Gross-Up: The "Straight-Line" or "Linear" gross-up method is the most commonly used approach. It calculates the tenant's proportionate share by dividing the tenant's rentable area by the total rentable area of the property. This method ensures a fair and equitable distribution of expenses. 2. Expense Stop Gross-Up: The "Expense Stop" gross-up method imposes a cap or limit on the amount of expenses that can be passed on to the tenant. Once this threshold is reached, the landlord is responsible for covering any additional expenses. This type of clause protects tenants from excessive cost burdens. 3. Triple Net (NNN) Gross-Up: The "Triple Net" or "NNN" gross-up method transfers all expenses related to property taxes, insurance, and maintenance to the tenant. This type of clause typically favors the landlord, as the tenant assumes full responsibility for these costs in addition to their base rent. To better understand the Oklahoma Clause for Grossing Up the Tenant Proportionate Share, it's essential to consider the relevant keywords associated with this topic. Keywords such as commercial lease clauses, tenant proportionate share, grossing up, operating expenses, rentable area, straight-line gross-up, expense stop gross-up, and triple net (NNN) gross-up are significant when researching or discussing this subject. It is imperative for landlords and tenants to thoroughly review and negotiate the specific language of the Oklahoma Clause for Grossing Up the Tenant Proportionate Share to ensure fairness and clarity. Seeking legal advice or consulting with a knowledgeable real estate professional can provide valuable insights and guidance in understanding, negotiating, and implementing this clause effectively.
