Estimated Operating Expenses for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expenses.
Estimated Operating Expenses for any particular year shall mean Landlord's estimate of the Operating Expenses for such fiscal year made with respect to such fiscal year as hereinafter provided. Landlord shall have the right from time to time to revise its fiscal year and interim accounting periods so long as the periods as so revised are reconciled with prior periods in a reasonable manner. During the last month of each fiscal year during the Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing fiscal year. Tenant shall pay Tenant's Proportionate Share of the Estimated Operating Expenses with installments of Base Rent for the fiscal year to which the Estimated Operating Expenses applies in monthly installments on the first day of each calendar month during such year, in advance. If at any time during the course of the fiscal year, Landlord determines that Operating Expenses are projected to vary from the then Estimated Operating Expenses by more than ten percent (10%), Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for the balance of such fiscal year, and Tenant's monthly installments for the remainder of such year shall be adjusted so that by the end of such fiscal year Tenant has paid to Landlord Tenant's Proportionate Share of the revised Estimated Operating Expenses for such year.
Estimated Operating Expenses means the projected amount of Operating Expenses for any given Operating Year as estimated by Landlord, in Landlord’s reasonable discretion.
Examples of Estimated Operating Expenses in a sentence
Commencing on the date that the first installment of Base Rent is due pursuant to Article 6, and on each day that subsequent installments of Base Rent are due thereafter, one-twelfth (1/12) of Lessee’s proportionate share of Estimated Operating Expenses shall be paid by Lessee to Lessor.
If the total amount of Estimated Operating Expenses actually received by the Lessor from the Lessee for any calendar year shall be less than the Operating Expenses for such calendar year, then the amount of such difference shall be payable by the Lessee within twenty (20) days of receipt of the annual statement summarizing Operating Expenses.
As used herein, Estimated Operating Expenses means, with respect to each such calendar year, Lessor’s reasonable determination of the anticipated Operated Expenses, which determination shall be based on the prior year’s actual Operating Expenses and reasonable projections of changes to same adjusted to reflect full occupancy for twelve (12) months.
Lessor shall determine Estimated Operating Expenses as defined hereinbelow for each calendar year during the Term of the Lease, as same may be extended.
Initially Lessee shall pay Lessor Additional Rent of as Estimated Operating Expenses (which includes estimated real estate taxes).
More Definitions of Estimated Operating Expenses
Estimated Operating Expenses means the projected amount of Operating Expenses for any given Operating Year as reasonably estimated by Landlord in a manner consistent with Comparable Buildings.
Estimated Operating Expenses means Landlord’s reasonable estimate of Operating Expenses for the following Operating Year, adjusted as if ninety-five percent (95%) of the total rentable area of the Property will be occupied for the entire Operating Year.
Estimated Operating Expenses means Landlord’s estimate of Operating Expenses for the following Operating Year, adjusted as if ninety-five percent (95%) of the total rentable area of the Property will be occupied for the entire Operating Year, Base Year or Operating Year, as applicable, with all tenants paying full rent, as contrasted with free rent, half rent and the like.
Estimated Operating Expenses. $5.43 per square foot of Rentable Area for the calendar year in which the Lease Term begins. ESTIMATED TAXES: $4.63 per square foot of Rentable Area for the calendar year in which the Lease Term begins. INITIAL MONTHLY PAYMENT:* $5,610.13 SECURITY DEPOSIT: Not Applicable GUARANTOR: Not applicable * See Rider and Addendum - 1 and 2
Estimated Operating Expenses and "Tenant's Estimated Proportionate Share"), and Tenant shall pay to Landlord, as Additional Rent with each monthly installment of Base Rental, an amount equal to one-twelfth (1/12) of Tenant's Estimated Proportionate Share of the amount by which Estimated Operating Expenses for the current calendar year are estimated to exceed the Operating Cost Expense Stop. Such payments for any partial month shall be paid in advance at the daily rate equal to the monthly payment divided by the number of days in the month for which the same is due. On or about December 1 prior to each calendar year in respect of which Tenant shall be obligated to make payments on account of excess Operating Expenses during the Term (and any renewal of extension thereof), Landlord shall furnish to Tenant a statement for such calendar year of Tenant's Estimated Proportionate Share and of Estimated Operating Expenses and thereupon, subject to the limitations expressed above, as of such December 1, Tenant shall make payments under this Paragraph 4(e)(l) in accordance with such statement.
Estimated Operating Expenses means the estimated amount of operating expenses of the Company for a given Fiscal Year as set forth in the Company’s Operating Budget (excluding the amount of the Compensation Loan).
Estimated Operating Expenses means the estimated amount of the Variable Part of Operating Expenses, which, in opinion of the Lessor, are to be incurred during the respective calendar year. The Lessor shall notify the Lessee of such expenses in the manner established in Appendix 10 to the Lease Agreement. The Estimated Operating Expenses are determined by the Lessor for each calendar year;