Office Lease Agreement (Multi-Tenant Base Year Modified Gross Lease) (Pro-Landlord Short Form) | Practical Law

Office Lease Agreement (Multi-Tenant Base Year Modified Gross Lease) (Pro-Landlord Short Form) | Practical Law

A short form lease agreement drafted in favor of the landlord for use in a multi-tenant office building. In this Standard Document, the tenant pays its proportionate share of the increases in real estate taxes and operating expenses above those expenses incurred in a base year. A lease with this type of escalation payment arrangement is sometimes called a modified gross lease or a base year model gross lease. Although an office lease is primarily governed by state and local laws, this jurisdictionally-neutral template is useful and relevant in every state. This Standard Document has integrated notes with important explanations and drafting and negotiating tips for both landlords and tenants.

Office Lease Agreement (Multi-Tenant Base Year Modified Gross Lease) (Pro-Landlord Short Form)

by Practical Law Real Estate
MaintainedUSA (National/Federal)
A short form lease agreement drafted in favor of the landlord for use in a multi-tenant office building. In this Standard Document, the tenant pays its proportionate share of the increases in real estate taxes and operating expenses above those expenses incurred in a base year. A lease with this type of escalation payment arrangement is sometimes called a modified gross lease or a base year model gross lease. Although an office lease is primarily governed by state and local laws, this jurisdictionally-neutral template is useful and relevant in every state. This Standard Document has integrated notes with important explanations and drafting and negotiating tips for both landlords and tenants.