Provisions Used for Measuring Additional or Option Space
What this document covers
The Provisions Used for Measuring Additional or Option Space form is a legal document that establishes the standard for measuring usable areas in office buildings. It is particularly useful for tenants and landlords who need clarity on space measurements in lease agreements. Unlike other lease forms, this provision emphasizes the specific calculation methods, ensuring both parties agree on the amount of space being leased.
Key components of this form
- Section 7.05: Defines the measurement standard recommended by the Building Owners and Managers Association.
- Section 40.01 (a): Outlines the conditions under which the tenant can exercise the Expansion Option to lease additional space.
- Details about the add-on factor for measuring space for single and multiple tenant floors.
- Reference to specific areas of the building, such as the 2nd and 3rd floors, which may be included in the lease.
When this form is needed
This form is essential when negotiating or drafting an office lease agreement that includes additional rental space options. It is particularly valuable in situations where the exact measurement of usable space impacts rental rates or tenant rights regarding expansion within the property.
Intended users of this form
- Commercial tenants looking to lease office space.
- Landlords or property managers drafting lease agreements.
- Real estate attorneys assisting clients with office leases.
- Business owners planning for expansion within leased office premises.
Completing this form step by step
- Identify the parties involved in the lease agreement.
- Specify the property and its usable areas as per the measurement standard.
- Outline any additional options for leasing further space, such as the Expansion Option.
- Make sure to define any relevant conditions for exercising this option.
- Both parties should review the document for accuracy and completeness before signing.
Does this document require notarization?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to accurately define the usable area based on the measurement standard.
- Not clarifying conditions for exercising the Expansion Option.
- Overlooking the need for both parties to agree on the square footage measured.
Why complete this form online
- Convenient access to legal forms that can be downloaded immediately.
- Editability allows customization to suit specific leasing needs.
- Reliability in terms of being drafted by licensed attorneys, ensuring legal enforceability.
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FAQ
Examples of provisions include accruals, asset impairments, bad debts, depreciation, doubtful debts, guarantees (product warranties), income taxes, inventory obsolescence, pension, restructuring liabilities and sales allowances. Often provision amounts need to be estimated.
What are Provisions? Provisions represent funds put aside by a company to cover anticipated losses in the future. In other words, provision is a liability of uncertain timing and amount. Provisions are listed on a company's balance sheet.
Royal officials must pay for the corn and provisions which they take on behalf of the king. The princess too had prepared provisions for Pierre's journey. There are a number of unusual provisions in the constitution of Nevada. These provisions were later strengthened by Clement VII.
1a : the act or process of providing. b : the fact or state of being prepared beforehand. c : a measure taken beforehand to deal with a need or contingency : preparation made provision for replacements. 2 : a stock of needed materials or supplies especially : a stock of food usually used in plural.
Provision is defined as a supply of something or to the act of providing a supply of something. An example of provision is food you take with you on a hike. An example of provision is when legal aid provides legal advice.A bank must provision against losses from bad loans.
Restructuring Liabilities. Provisions for bad debts. Guarantees. Depreciation. Accruals. Pension.
Provision sentence example. Notwithstanding the offices he had filled he died poor, and provision had to be made for his daughter out of the funds of the state.
The providing or supplying of something, especially of food or other necessities. arrangement or preparation beforehand, as for the doing of something, the meeting of needs, the supplying of means, etc. something provided; a measure or other means for meeting a need. a supply or stock of something provided.
