Modified Gross Lease. The Lessor and Lessee must initial the second lease option if the Lessee will be required to pay the net rent as well as some additional expenses.
Modified Gross Lease. Tenant shall be responsible for the following expenses: Landlord shall be responsible for the following expenses:
Modified Gross Lease. If the commercial space will require additional payment(s) from either the Commercial Lessee or the Lessor will be responsible for certain payments, then select the “Modified Gross” lease option. The Lessee and Lessor will both be expected to provide initials of acknowledgment if this definition is selected.
Modified Gross Lease. Tenant shall be responsible for the following expenses: [TENANT'S RESPONSIBILITIES] Landlord shall be responsible for the following expenses: [LANDLORD'S RESPONSIBILITIES] The Landlord and Tenant agree to the following shared expenses: [SHARED RESPONSIBILITIES]
Modified Gross Lease. This is a “modified gross lease,” and the Rent shall be paid without notice, demand, setoff, counterclaim, deduction, or defense, and except as otherwise expressly provided herein, without abatement or suspension. Except as otherwise expressly provided in this Lease, this Lease shall not terminate, nor shall Tenant have any right to terminate this Lease nor shall Tenant be entitled to any abatement or reduction of Rent hereunder, nor shall the obligations of Tenant under this Lease be affected by reason of (a) any damage to or the destruction of all or any part of the Premises from whatever cause, (b) any default on the part of Landlord under this Lease, or under any other agreement to which Landlord and Tenant may be parties, or (c) the bankruptcy, insolvency, reorganization, composition, readjustment, liquidation, dissolution, winding up, or other proceeding affecting Landlord or any assignee of Landlord. It is the intention of the parties hereto that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that the Rent shall continue to be payable in all events, and that the obligations of Tenant hereunder shall continue unaffected, unless the requirement to pay or perform the same shall have been terminated pursuant to an express provision of this Lease. Notwithstanding the foregoing, Tenant shall be entitled to offset against any Rent due Landlord any amounts determined to be owing to Tenant from Landlord pursuant to any final judgment for which an appeal period has expired and no appeal has been taken.
Modified Gross Lease. (Leases that combine elements of a gross lease and a net lease, where the tenant/lessee and landlord/owner/lessor) share the costs for maintaining and operating the property.)
1. of the average annual rent before recognition of rent concessions; and
2. of the gross rents for the remaining term of the lease.
Modified Gross Lease. A type of real estate rental agreement where the tenant pays base rent at the lease’s inception but in subsequent years pays the base plus a proportional share of some of the other costs associated with the property, such as property taxes, utilities, insurance and maintenance. For example, under a modified gross lease, a property’s tenants might be required to pay their proportional share of an office tower’s total heating expense. Under a gross lease, by contrast, the owner/landlord covers all of 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. Under a modified gross lease, the tenant takes over expenses that are directly related to his or her unit, including unit maintenance and repairs, utilities and janitorial costs, while the owner/landlord continues to pay for the other operating expenses. A third type of lease is a net lease. More common in single-tenant buildings, it passes even more property expenses through to the tenant. A modified gross lease falls somewhere between a gross lease and a net lease. Which expenses the tenant is responsible for can vary significantly from property to property, so a prospective tenant must ensure that a modified gross lease clearly defines which expenses are the tenant’s responsibility. Modified gross leases are common when multiple tenants occupy an office building. In a building with a single meter where the monthly electric xxxx is $1,000, the cost would be split evenly between the tenants; if there are currently 10 renters, they each would pay $100. Or, each tenant might pay a proportional share of the electric xxxx based on the percentage of the building’s total square footage that the tenant’s unit occupies. Alternatively, if each unit has its own meter, each tenant will pay the exact electrical expenses it incurs, whether $50 or $200.
Modified Gross Lease. Essentially, the purpose of a commercial lease is to make sure there are no loose ends that can leave either party at risk. When trying to figure the rental amount, it is a good idea to set the price that is close to what others are asking in your area. Therefore, a signature area for the Lessor (Property Owner or Landlord) has been provided. Generally, this will be the Property Owner or Landlord but will be known as the Lessor for the duration of this paperwork. Supplemental Forms Commercial Rental Application – Allows a landlord to verify the income and credit of a business and its owner.
Modified Gross Lease. If the commercial space requires an additional payment from the Lessee commercial or the Lessor will be responsible for certain payments, then select the rental option "Modified Size". Lessee and Lessor will both be required to provide initial recognition if this definition is selected. (28) Modified payments. Use the first area available for the definition of rental `Modified Gross'to list any expenditure that Lessee has to pay in addition to the defined rental amount (i.e. waste disposal) and the second area in this article to list any monthly expenditure the Lessor must keep for the duration of this rental (i.e. water).
Modified Gross Lease. It is the intention of Landlord and Tenant that this Lease be a modified gross lease, so that all costs of owning, operating and maintaining the Premises and the Furniture, Fixtures and Equipment shall be borne by Landlord except as set forth herein. Notwithstanding the foregoing, Tenant shall remain responsible for, and shall pay all costs and expenses associated with telephone, fiber optic connection and usage fees, utility (water, sewer, gas, electricity) usage charges, and trash removal fees, and any damage caused by Tenant’s negligence or misuse of the Premises, all of which shall be deemed “Additional Rent” hereunder. Landlord shall invoice Tenant monthly for Additional Rent due for the prior month and Tenant shall remit payment within thirty (30) days of receipt of Landlord’s invoice. Landlord shall be directly responsible for all costs and expenses associated with maintenance and repair of all mechanical systems of the Building including, but not limited to, HVAC, septic systems and fuel and maintenance of the auxiliary generator.
