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.
South Carolina Tenant Audit Provision - Pro-Tenant Perspective
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US-OL19035A
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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.
Use Clauses This clause defines how the tenant can and can't use the property they're leasing. The use clause may be very specific, so it's important that you read its terms carefully.
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.
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 the current year's expense statement issued by or on behalf of Landlord by written notice given to Landlord within 60 days after receipt of that statement. Such audit shall be conducted in the offices of Landlord's property manager at the cost of Tenant.
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.
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.
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.