This office lease clause should be used in a base year lease. This form states that 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 in accordance with industry standards of the building operating costs. This amount shall be deemed to be the amount of building operating costs for the year.
Pennsylvania Gross up Clause that Should be Used in a Base Year Lease
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FAQ
To terminate a monthly agreement, you must give a 30-day notice before the effective date. However, if the lease is longer than one month and has a renewal option, you must give a 30 days' notice before the termination date to tell the tenant you're not renewing the lease.
It stands for common area maintenance and is usually interchangeable with the term operating expenses. This would include the common area maintenance, charges for cleaning up common areas, security for the property, property taxes, property insurance, repairs and maintenance.
CAM refers to ?Common Area Maintenance? expenses. This is different from ?Operating Expenses? (or ?OpEx?). Operating expenses are the cost of running the entire commercial building or facility. CAM refers to the cost for the parts of the property shared by tenants and their guests or customers.
CAM stands for ''common area maintenance" and describes the expenses associated with maintaining spaces that tenants share in a commercial property. Consequently, CAM charges describe the practice of billing tenants for the landlord's cost of maintaining common areas.
When seeking NNN properties for sale or a commercial retail outlet lease, it is vital to understand how CAM differs from NNN. CAM is an acronym for Common Area Maintenance, while NNN features three nets, including CAM, property tax, and insurance.
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.
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.
For example, suppose a property has 50,000 SF of Gross Leasable Area and one tenant occupies 10,000 SF or 20% of the total space. So, if total CAM charges were $100,000, the tenant's proportionate share would be 20% or $20,000. At the end of each year, the property owner will tally up the exact operating expenses.
