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Tenants Share means the Rentable Area of the Premises divided by the total Rentable Area of the Building, as set forth in the Basic Lease Information.
What is a gross up in a lease?
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).
What is the difference between gross and NNN lease?
An NNN lease allows you to make changes on your own usage which will save you money on the amount youre charged, for example on your utilities. Usually the monthly rent on an NNN lease is lower than a gross lease, but with an NNN lease you has a higher level of responsibility for the building itself.
What is an additional rent clause?
Additional rent is any amount paid in addition to the base rent for other charges that are not covered by the base rent. Typically, these additional obligations are clearly stated in the lease agreement between the tenant and the landlord.
How does a gross-up work in commercial real estate?
The gross-up takes the form of increasing the tenants useable area by an amount equal to the tenants proportionate share of the common area on the tenants floor.
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In general, the tenants proportionate share is determined by taking the buildings rentable square footage and dividing it by the tenants rentable square footage.
What is proportional rent?
Also known as pro rata rent, the quick and easy prorated rent definition is rent thats calculated proportionately. In other words, youll pay rent not based on the total monthly price, but for how many days you used the rental that month.
What is the 95% gross up lease?
A gross-up is the act of a landlord distributing those variable operating expenses to tenants on a pro-rata basis as if the building was at 95%-100% occupancy. In some instances, this takes place even if the building has only one tenant.
What does gross up mean in real estate?
Simply stated, the concept of gross up provision stipulates that if a building has docHub vacancy, the landlord can estimate what the variable operating expense would have been had the building been fully occupied, and charge the tenants their pro-rata share of that cost.
What does it mean to gross up expenses?
Key Takeaways. A gross-up is an additional amount of money added to a payment to cover the income taxes the recipient will owe on the payment. Grossing up is most often done for one-time payments, such as reimbursements for relocation expenses or bonuses.
Related links
26 U.S. Code 216 - Deduction of taxes, interest, and
Except as provided in subparagraph (B), the term tenant-stockholders proportionate share means that proportion which the stock of the cooperative housing
Effective as of the Option Space Commencement Date, Tenants Proportionate Share shall be redetermined by Landlords architect or construction manager based
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