This office lease form is a supplement regarding the building operating expenses which are escalated to the tenant. This form lists items to be excluded from the calculation of building operating costs.
Puerto Rico Building Operating Cost Addendum refers to a detailed document that outlines the specific terms, conditions, and expenses associated with the operation and maintenance of a building or property located in Puerto Rico. This addendum serves as an attachment to a lease agreement or rental contract and provides a comprehensive breakdown of the costs that tenants or lessees are responsible for in addition to their regular rent payment. The Puerto Rico Building Operating Cost Addendum includes various relevant keywords that help classify the expenses and ensure transparency between the landlord and tenants. These keywords may include: 1. Maintenance: This refers to the ongoing upkeep and repair of the building, including landscaping, cleaning services, and general janitorial work. 2. Utilities: The addendum lists the different utility costs that tenants are obligated to pay, such as electricity, water, gas, heating, ventilation, and air conditioning (HVAC) expenses. 3. Common area maintenance (CAM): This applies to shared spaces within the building, such as parking lots, hallways, elevators, and recreational facilities. It encompasses maintenance, cleaning, and repair costs for these communal areas. 4. Property taxes: This includes the property taxes levied on the building and allocated proportionally among the tenants. 5. Insurance: The addendum specifies whether tenants are required to contribute to the insurance coverage for the building and its contents. This may include liability insurance or property insurance. 6. Security: If security services are provided for the building, the addendum may outline the tenant's share of the cost. 7. Capital expenditures: This refers to significant repairs, replacements, or upgrades to building components or systems, such as roof repairs, elevator upgrades, or HVAC system replacements. The addendum may state how these expenses are shared among tenants. 8. Management fees: In some cases, the addendum may include fees related to the management of the building, such as administrative costs or fees paid to a property management company. It's worth mentioning that there may be variations of Puerto Rico Building Operating Cost Addendum depending on the type of property or lease agreement. For instance, residential properties may have different cost breakdowns compared to commercial or industrial buildings due to the specific needs and usage patterns associated with each type. Additionally, there might be specific addendums tailored for different sectors or industries, such as retail, office, or medical spaces.
