This office lease clause lists a way to provide for variances between the rentable area of a "to be built" demised premises and the actual area after construction.
The Wyoming Remeasurement Clause is an important legal provision used in real estate transactions where there are discrepancies between the rentable area and actual area of a space to be constructed. This clause ensures fairness and accuracy in determining the rentable area and encourages transparency between landlords and tenants. The purpose of the Wyoming Remeasurement Clause is to establish guidelines and procedures for measuring the space accurately, thereby preventing any misunderstandings or disputes regarding the rentable area. This clause becomes particularly crucial in situations where there are substantial differences between the rentable and actual area, affecting the rental price and overall leasing terms. There are several types of Wyoming Remeasurement Clauses used to address different scenarios and potential variances between the rentable and actual area: 1. Base Building Remeasurement Clause: This type of clause is utilized when the tenant leases a space that is yet to be built. It outlines the process of measuring the rentable area once construction is completed and establishes how any variances will be accounted for in the lease agreement. 2. Gross-Up Remeasurement Clause: This clause is employed when there are common areas within a building, such as lobbies, hallways, or utility rooms, that are shared by multiple tenants. It establishes a method for pro rata allocation of these common areas to ensure fair distribution of expenses among the tenants. 3. Expansion Remeasurement Clause: When a tenant leases additional space within a building or plans for future expansion, this clause specifies how the rentable area will be recalculated to account for the added space. 4. Retention Remeasurement Clause: In some instances, a tenant may temporarily vacate a rented space due to renovation or rebuilding. This clause is utilized to determine how the rentable area will be reevaluated when the tenant returns to the renovated space. The Wyoming Remeasurement Clause serves to protect the interests of both landlords and tenants by providing a clear framework for determining the rentable area. It ensures that lease agreements accurately reflect the actual space being utilized, which in turn affects the rental price and various lease terms. Overall, this clause plays a vital role in maintaining transparency and fairness in the real estate industry within Wyoming.
