Exhibit 10.38 TOUHEY ASSOCIATES MODIFIED GROSS LEASE LANDLORD: Carl E. Touhey TENANT: Mechanical Technology Inc. LOCATION: 325 Washington Avenue Extension Albany, NY 12205 TABLE OF CONTENTS ARTICLE 1: AGREEMENT 1 ARTICLE 2: PREMISES 1 ARTICLE 3: TERM...Modified Gross Lease • December 28th, 1999 • Mechanical Technology Inc • Measuring & controlling devices, nec
What is a modified gross lease typeModified Gross Lease • July 22nd, 2023
One of the most important aspects of managing commercial real estate is signing a lease agreement. Most commercial lease agreements require both landlords and tenants to pay operational and maintenance expenses on a recurring basis. This article provides a detailed overview of a modified gross lease and covers the most important aspects of managing commercial properties. What is a Modified Gross Lease? A modified gross lease is a commercial lease agreement where both tenant and landlord are responsible for paying ongoing expenses associated with the property. The expenses paid by landlord and tenant tends to vary on a case-by-case basis, and they have to be negotiated by a tenant and landlord before both parties sign a lease. A modified gross lease is common for commercial properties with more than one tenant. It typically stipulates that a tenant is responsible for paying the base rent as well as some other expenses that are associated with the property such as utilities, insurance an
