This office lease form is a clause that describes all costs, expenses and disbursements incurred and paid by the landlord to its agents or contractors. This form also lists the operating expenses that are included and excluded from this clause.
Virginia Adjustments of Rent Complex Operating Expense Escalations Clause
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US-OL19036
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How to fill out Adjustments Of Rent Complex Operating Expense Escalations Clause?
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FAQ
Definition of tax stop clause in a lease that stops a lessor from paying property taxes above a certain amount. a clause in a lease that stops a lessor from paying property taxes above a certain amount.
An expense stop is a contractual provision that protects the property owner from rising expenses over the lease term. In such a case, the property owner typically agrees to pay all of the operating expenses in the first year of the lease, which is known as the ?base year amount? and sets the expense stop.
An expense stop clause is designed to stop the operating expenses of a property from increasing. An expense stop is designed to protect the lessor against annual tax, insurance, utility, CAM and other expense increases by requiring the lessee to pay such increases over a set amount.
Many commercial leases, especially office leases, include a provision that allows landlords to ?gross up? operating expenses. That is, if the building is not fully occupied, the landlord is empowered to gross up or overstate the expenses as if the building is fully occupied (or nearly full).
An expense stop is the maximum amount a landlord will spend on operating expenses. Any amount above the expensive stop becomes the tenant's responsibility.
For example, if the base year operating expenses are $5.00 per square foot and during the subsequent year, building operating expenses increase by 3 percent, the result is a $0.15 per square foot increase (5.00 x 103%=5.15). For a 3,500 square-foot lease, this would amount to an escalation payment of $525.00.
A mechanism in a Full Service Gross Lease, the Expense Stop is a fixed amount of operating expense above which the tenant is responsible to pay. Thus, the landlord is responsible to pay for all operating expenses below the Expense Stop, while the tenant is responsible for any amount above the Expense Stop.
Capped Reimbursements At times, a lease stipulates a cap on reimbursements. For example, a tenant may stipulate that they will pay their pro-rata share of any increase above the base year but only up to 5% above the previous year's expenses.