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TopicEscalation & Pass-Through Provisions
Sub-TopicReal Estate Tax Escalations
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Fuel and Utility Cost Escalations

For the purposes of this Article only, the following words and terms shall have the following meanings: “Fuel Cost” shall mean Landlord’s cost for all fuel (including but not limited…

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Operating Expense Definition Exclusions

The following items shall be excluded from the operating expense definition: Costs which are directly reimbursable to landlord by other tenants; Costs of the initial construction of the building or…

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B

Base Rent: Base Rent is the minimum or base amount of rent payment as set out in a lease and is often referred to as “fixed rent.” Generally stated, base…

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C

Capitalization Rate (a.k.a. “Cap Rate”): The rate of return on a real estate investment property based upon the income that the property is expected to produce. A capitalization rate can…

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E

Early Access: A provision in a lease allowing the tenant access to the space prior to receiving possession, without the payment of rent, during the latter part of landlord’s construction in…

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F

Façade: An exterior side of a building that is usually characterized as the front of the building. From an engineering perspective, the façade may have a significant impact on energy efficiency…

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O

Occupancy Rate: The percentage of space in a building that is occupied in relation to all leasable space in such building. Operating Expense Escalation (Clause) | Operating Cost Escalation |…

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P

Partial Lien Waiver: A document executed by a contractor or subcontractor notifying not only the party making payment to the contractor or subcontractor but also to the property owner, bank,…

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R

Real Estate Tax (Escalations): Provision in lease agreements where tenant agrees to pay its pro-rata share of any increase in real estate taxes on the leased property over and above a…

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Real Estate Tax Escalations

Somewhat analogous to the line by comedian Tracy Morgan where he said “I got five kids – I claim three for income tax purposes,” when negotiating a myriad of pro-tenant…

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Defining Operating Expenses

Typically, at their most basic level, operating expenses of a building include those attributable to: Ownership, management, maintenance and operating expenses Insurance premiums and deductibles Wages, salaries and benefits of…

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Miscellaneous Real Estate Tax Clause Tips

Business Improvement District Charges: As a straight pass-through, landlords should attempt to pass any business improvement district (“BID”) charges on to their tenant based on their proportion share of same.…

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