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In the Spotlight: Crafting Carve-Outs to Tenant's Obligation to Pay Operating Expenses
Much ink, thought, and aggravation have gone into crafting carve-outs to a tenant's obligation to pay its proportionate share of operating expenses. Depending on the relative leverage of the parties in the deal, the tenant may get significant concessions from the landlord, including carve-outs for capital items and other potentially costly expenditures.
Most tenants and/or their lawyers have lengthy lists of favorite carve-out items. Some may be quirky, such as art and holiday decorations; some are basic, such as expenses incurred in connection with the lease-up of rentable space. Landlords of course have their “must have” inclusions. The net result of the differences in opinion can be a lengthy and particularly tedious negotiation.
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