Cvent's 23 October 2013 deed of lease at Solutions Plaza in McLean is the only document in SEC full-text search that contains both a must-take obligation and a tenant contraction right. Section 41 starts rent on 25,666 square feet in the 25th full calendar month, in as is condition, on a date no delivery failure can move. Section 50 lets the tenant hand a floor back, but not before 31 July 2020, with notice and the whole contraction fee due twelve months earlier. On the sixth floor of Tower 1 that gap costs about $2.58 million in rent on space the lease says you may eventually return. Impinj's October 2025 amendment conditions its contraction fee on a notice the section never defines, and voids the right outright if the tenant uses its right of first offer. No reported decision has ever construed a must-take obligation.
Article 7 of the lease for The Meadows Racetrack & Casino, signed 9 September 2016, says that any imposition the lessee owes which would not otherwise be due until after the term is payable to the lessor on the last day of the term. Then a proviso carves assessments payable in installments back out. C-PACE assessments run up to thirty years in Ohio, sit on the property tax bill, and carry the lien priority of an ad valorem tax. Texas requires thirty days notice and written consent from the mortgage holder before one is imposed and says nothing about tenants; Florida's statute defines property owner to exclude anyone renting or occupying. Gladstone Commercial's December 2024 noteholders wrote a covenant that stops counting a PACE loan as debt to the extent a tenant pays it. No reported case anywhere decides whether it passes through under a lease taxes clause.
Lexicon Pharmaceuticals signed a lease on 30 July 2024 that stipulates its suite at 25,368 square feet of Rentable Area, confirmed by two architects under ANSI/BOMA Z65.1-2017 Method A, and then says that following the initial Term the landlord may remeasure. About 5,666 of those 25,368 feet are add-on factor the tenant never walks into. The 2024 revision of the office standard moved ground-level outdoor amenity space into rentable area, and measurement firms are quoting 3 to 4% of found area in Class A buildings, which on a 400,000 square foot building at $40 a foot and a 6% cap rate is $8 million of value. Three other SEC-filed leases answer the same question differently: one bite only, deleted outright, and never. McClain v. Octagon Plaza held in 2008 that a clause agreeing the square footage is a reasonable approximation and that rent is not subject to revision does not stop a fraud claim over 186 feet.
Five executed leases filed with the SEC share one Article 14 and disagree about what a tenant may subtract before splitting sublease profit with its landlord. Sagimet's May 2026 Foster City lease takes 75% of the Transfer Premium and lists no deductions at all. Obsidian's Cambridge lease allows four. Ethos's San Francisco lease allows two. In August 2018 Global Blood Therapeutics bought one parenthetical, 23 words long, that added the unamortized cost of its own build-out to the list, and paid for it by letting the landlord ignore five months of free rent. Vacant sublease space is down 15.4% year over year to 95.6 million square feet, and in San Francisco sublease asking rent is $52.34 against a direct class A label of $77.89, so for most tenants the premium is zero and the clause still costs a $1,500 review fee and a CPA certification.
Four New York leases filed with the SEC price the same commodity four different ways. The Graybar Building lease guarantees SL Green a markup of at least 20% over its own utility bill, in a sentence that overrides the tenant's apparent protection of a 1970 Con Edison tariff. One Penn Plaza caps Vornado at 104% of metered cost and sends disagreements to expedited AAA arbitration, and separately raises fixed rent whenever the utility's average cost per kilowatt hour rises. G-III settles on 5% over a named rate schedule. Commercial power prices rose 24% in Ohio and 21.5% in Virginia in the year to July 2026, and the clause decides who absorbs it.
Five retail leases filed with the SEC define Gross Sales five different ways, and only two of them use the number to collect percentage rent. DSW's Nashua lease excludes internet and catalog sales unless they ring through the store register, then splits kiosk-ordered, elsewhere-fulfilled sales fifty-fifty, which at 4% over an $8,856,800 breakpoint prices those sales at two cents on the dollar. Dover Saddlery owes no percentage rent at all and still carries a full Gross Sales definition, because the same number decides whether the tenant may walk away for missing $3,500,000 in Lease Year 4, and that definition counts internet orders while forbidding any deduction for internet returns. Intent to Dine's Sunset Boulevard lease sets shutdown rent at 6% of Gross Sales, measured by a definition that reaches orders filled by an affiliate at any other location.
Four executed leases filed with the SEC set a different standard for which bank may issue the tenant's letter of credit, and the standard is the whole security. Nkarta's landlord approved Silicon Valley Bank in November 2021 regardless of whether it met the rating threshold then or ever, 490 days before SVB failed, then wrote a hard S&P A- and Moody's A3 floor back into the lease 46 days after it did. Immunome's lease gives the tenant ten business days to produce a substitute if the bank's rating slips, with no notice, cure or grace period, and ten days plus a cash bridge plus sixty days if the FDIC appoints a receiver. Surrozen's landlord requires an issuer on the Financial Stability Board's list of 29 global systemically important banks, frozen as of 1 October 2024, and disqualifies any bridge bank or successor to a failed issuer. That exclusion would rule out First Citizens Bank, which holds Sangamo Therapeutics' $1,500,000 letter of credit, numbered SVBFS002492, drawn to zero to cover three months of rent and due to be restored by 31 December 2026, six days before $5,055,869.27 of deferred rent comes due.
Four executed office leases filed with the SEC all gross up the base year for operating expenses, and no two do it the same way. Life360's lease at 539 Bryant Street grosses the base year up to 95% occupancy and then, in the next three sentences, strips amortized capital costs and market-wide extraordinary increases out of that same base year and puts a floor under utility, service and insurance costs in every later year. Alarm.com's Ninth Amendment, signed 12 March 2020, grosses up base year expenses to 95% and leaves base year taxes at actual. Spaceflight's Herndon lease grosses up to 100% and adds that base year management fees are grossed up as if the building were fully leased with full rents regardless of rental abatements. Tufin's lease at 2 Oliver Street grosses up both years identically and then closes the base year audit window 60 days after the base year ends, before any reconciliation statement arrives. The only reported fight is about the denominator: a Dallas law firm claimed $419,007 and $104,601 in overcharges because its landlord ran the occupancy calculation on 285,111 square feet instead of the 280,432 stipulated in the lease, and the court held that a disclosed overcharge is a breach of lease, not fraud.
A $75 million Simon Property Group refinancing of two outlet centers went into a CMBS prospectus on 14 August 2026, and the tenant footnotes print two co-tenancy clauses side by side. Old Navy's triggers when less than 70% of the center's gross leasable area is open for business. Guess's triggers when occupancy of the landlord's tract falls below 75%. A dark tenant that keeps paying rent fails one test and passes the other. The portfolio is 92.9% occupied including temporary tenants and 80.4% without them, and the rent roll counts a temporary tenant as vacant space even though its doors are open, so the number Old Navy's clause actually measures appears nowhere in the loan file. Guess's lease expires on 31 January 2028, which is sooner than the 18 consecutive months plus 90 days' notice its own termination right requires.
A lease signed on 4 September 2026 for a converted power plant in Niagara Falls makes rent commencement wait on the utility. The Commencement Date Conditions are not satisfied until the full Critical Load Power for a phase is energized and available for continuous use at the demarcation point, and every interconnection and power-supply contract is in force. On 25 megawatts at the $145.00 per kW per month the lease uses for its design specifications, each month of delay is about $3.6 million of base rent the landlord cannot bill. The list of Excused Delays that moves the target date does not include utility delay, which a form lease filed by another developer the same week does include.
