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.
Washington Gross up Clause that Should be Used in a Base Year Lease
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How to fill out Gross Up Clause That Should Be Used In A Base Year Lease?
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FAQ
The main difference between a gross lease and a net lease is that in a gross lease the landlord is responsible for paying the operating expenses, while in a net lease the responsibility of the operating expenses falls on the tenant.
While other elements like your operating expenses are charged to cover the actual cost to own and maintain in the property, the base rent covers the cost the landlord incurred to purchase the building plus a premium to bring in revenue from the building.
Gross lease refers to commercial leases where the tenant pays a set amount periodically for renting the property. This is in contrast with net leases whose prices vary depending on expenses and factors such as the costs of maintenance, taxes, insurance, or market changes.
Stated simply, the concept of ?gross up? is that, when calculating a tenant's share of operating expenses for an office building that is less than fully occupied, the landlord first increases - or "grosses up" - those operating expenses that vary with occupancy (e.g., utilities, janitorial service, etc.) to the amount ...
A gross commercial lease includes all the base rent with expenses, but they could vary between contracts. For example, it could contain maintenance, utilities, taxes, insurance, and all the rest.
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.
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.
Under a gross lease, the owner/landlord covers all the property's operating expenses including real estate taxes, property insurance, structural and exterior maintenance and repairs, common area maintenance and repairs, unit maintenance and repairs, utilities, and janitorial costs.
