Office Lease Agreement (OLA) Rent Article

An Office Lease Agreement (OLA) Rent Article is an office lease agreement article that outlines the terms and conditions related to the rent, including the amount, due dates, payment methods, late payment penalties, and any other relevant details regarding the rental payment for the leased office space.

• Context:
  • It can (often) references other related clauses or sections of the lease, such as the security deposit clause or maintenance clause.
  • It can (typically) include Office Lease Agreement Rent Clauses, such as:
    • OLA Rent Amount Clause, specifying the monthly or annual rent.
    • OLA Payment Method Clause, detailing acceptable payment forms such as check, wire transfer, etc.
    • OLA Late Payment Penalty Clause, outlining the charges for late rent payments.
    • OLA Rent Escalation Clause, explaining any annual or periodic increases in rent.
    • OLA Security Deposit Clause, setting the terms for a refundable deposit held against damages.
    • OLA Maintenance Charges Clause, if applicable, describing any additional charges for common area maintenance or other property-related expenses.
    • ...
  • It can (often) references other related clauses or sections of the lease, such as the security deposit clause or maintenance clause.
  • ...
• Example(s):
  • "The monthly rent for the leased premises shall be $5,000, payable on the first day of each month. A late fee of 5% will be charged if the rent is not received within five days of the due date, as stated in the Office Lease Agreement, Rent Article."
  • "Rent shall be subject to an annual escalation of 3%, commencing from the second year of the lease term. Details of the escalation formula are set forth in the Rent Article of the Office Lease Agreement."
  • "In addition to the monthly rent, the tenant shall also pay a proportionate share of the property's common area maintenance charges, as detailed in the Rent Article of the Office Lease Agreement."
  • ...
• Counter-Example(s):
  • Residential Lease Agreement Rent Clauses, which pertain to residential properties rather than office spaces.
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• See: Office Lease Agreement, Rent Escalation Clause, Security Deposit Clause, Common Area Maintenance (CAM) Charges.

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