Common use of Additional Rent - Adjustment Payment Clause in Contracts

Additional Rent - Adjustment Payment. As soon as practicable after the end of each calendar year of Term of this Lease and the next calendar year following the year in which this Lease terminates, Landlord shall deliver to Tenant a written statement setting forth in reasonable detail Tenant’s Proportionate Share of the Additional Rent (Taxes and Operating Costs as hereinbefore defined) for the immediately preceding calendar year. Within thirty (30) days after delivery of such statement, Tenant shall pay to Landlord the sum of (1) Additional Rent due to Landlord less the amount of all estimated payments on account of such Additional Rent paid by the Tenant during the preceding calendar year (“Net Rental Adjustments”) , and (2) one-twelfth (1/12th) of such Estimated Net Rental Adjustment for the present calendar year multiplied by the number of monthly rental payment dates having elapsed for such present calendar year. Subsequent monthly Additional Rent payments shall thereafter be increased to one-twelfth (1/12th) of such Estimated Net Rental Adjustment. In the event that any such settlement required above indicates that the total Additional Rent paid by Tenant during the preceding calendar year exceeds the aggregate additional rent payable by Tenant for such calendar year pursuant to Sections 6 and 7 herein, Landlord shall apply such excess on any amounts of Additional Rent next falling due under this Lease as long as Tenant is not then in default of any of the terms and provisions of this Lease. The annual determination and statement of Taxes and Operating Costs shall be prepared in accordance with generally acceptable accounting principles. In the event of any dispute as to any Additional Rent due hereunder, Tenant shall have the right to inspect Landlord’s accounting records relative to Taxes and Operating Costs at Landlord’s accounting office during normal business hours at any time within fifteen (15) days following the furnishing by Landlord to Tenant of such statement. In no event shall any rent adjustment result in a decrease of the Base Rent as set forth in Section 5 hereof. In the event of the termination of this Lease by expiration of the stated Term or for any other cause or reason whatsoever prior to the determination of the Additional Rent - Adjustment Payment as hereinabove set forth, Landlord shall prorate the last known Taxes and Operating Costs at 105% on the basis of which the number of days in such partial year and/or full year bears to three hundred sixty (360), with Landlord and Tenant reserving the right to re-prorate when actual costs become available. Tenant’s agreements to pay Additional Rent up to the time of termination of this Lease shall survive the expiration or termination of the Lease as shall Landlord’s obligation to refund any excess Additional Rent deposits.

Additional Rent - Adjustment Payment. As soon as practicable after the end of each calendar year of Term of this Lease and the next calendar year following the year in which this Lease terminates, Landlord shall deliver to Tenant a written statement setting forth in reasonable detail Tenant’s Proportionate Share of the Additional Rent (Taxes and Operating Costs as hereinbefore defined) for the immediately preceding calendar year. Within thirty (30) days after delivery of such statement, Tenant shall pay to Landlord the sum of (1) Additional Rent due to Landlord less the amount of all estimated payments on account of such Additional Rent paid by the Tenant during the preceding calendar year (“Net Rental Adjustments”) , and (2) one-twelfth (1/12th) of such Estimated Net Rental Adjustment for the present calendar year multiplied by the number of monthly rental payment dates having elapsed for such present calendar year. Subsequent monthly Additional Rent payments shall thereafter be increased to one-twelfth (1/12th) of such Estimated Net Rental Adjustment. In the event that any such settlement required above indicates that the total Additional Rent paid by Tenant during the preceding calendar year exceeds the aggregate additional rent payable by Tenant for such calendar year pursuant to Sections 6 and 7 herein, Landlord shall apply such excess on any amounts of Additional Rent next falling due under this Lease as long as Tenant is not then in default of any of the terms and provisions of this Lease. The annual determination and statement of Taxes and Operating Costs shall be prepared in accordance with generally acceptable accounting principles. In the event of any dispute as to any Additional Rent due hereunder, Tenant Txxxxx shall have the right to inspect Landlord’s accounting records relative to Taxes and Operating Costs at Landlord’s accounting office during normal business hours at any time within fifteen (15) days following the furnishing by Landlord to Tenant of such statement. In no event shall any rent adjustment result in a decrease of the Base Rent as set forth in Section 5 hereof. In the event of the termination of this Lease by expiration of the stated Term or for any other cause or reason whatsoever prior to the determination of the Additional Rent - Adjustment Payment as hereinabove set forth, Landlord shall prorate the last known Taxes and Operating Costs at 105% on the basis of which the number of days in such partial year and/or full year bears to three hundred sixty (360), with Landlord and Tenant reserving the right to re-prorate when actual costs become available. Tenant’s agreements to pay Additional Rent up to the time of termination of this Lease shall survive the expiration or termination of the Lease as shall Landlord’s obligation to refund any excess Additional Rent deposits.

Additional Rent - Adjustment Payment. As soon Effective as practicable after the end of each Adjustment Date, and at the time for the payment of each monthly installment of Base Rent thereafter until the next Adjustment Date, Tenant shall pay, as Additional rent, an amount equal to 1/12 of the product of (a) the Rentable Area of the Premises, as specified above, multiplied by (b) the sum of: (1) the amount of the estimated Per Square Foot Operating Expenses for the Subsequent Year in which such Adjustment Date falls, plus (2) the amount of the estimated Per Square Foot Taxes for the Subsequent Year in which such Adjustment Date falls, plus (3) an amount equal to the product of : thirty-three and one-third percent (33-1/3%) of the percentage increase, if any, in the Consumer Price Index for the month of the Adjustment Date over the Consumer Price Index for January of the Base Year, multiplied by the annual rate of monthly Base Rent and Additional Rent for the prior calendar year as finally adjusted divided by the Rentable Area of Term the Premises. For purposes of this Lease calculating Taxes, Operating Expenses and the next calendar year Consumer Price Index for any Subsequent Year, as provided in the preceding paragraph, Landlord ;may make reasonable estimates, forecasts or projections (hereinafter the "Projections") of Taxes, Operating Expenses and changes in the Consumer Price Index for such Subsequent Year. On or about March 1st following the year in which this Lease terminateseach adjustment Date, Landlord shall deliver to Tenant a written statement (i) setting forth the Projections of Operating Expenses, Taxes and changes in reasonable detail Tenant’s Proportionate Share the Consumer Price Index for the Subsequent Year in which such Adjustment Date falls, and (ii) providing a calculation of the Additional Rent (Taxes which became effective retroactive to, and as of, said Adjustment Date and until the next Adjustment Date; provided, however, that the failure of Landlord to provide any such statement shall not relieve Tenant from its obligation to continue to pay monthly Base Rent and Additional Rent at the rate then in effect under this Lease, and when Tenant receives such statement from Landlord, Tenant shall pay Additional Rent reflected thereby effective retroactively to the related Adjustment Date. On or about March 1st following the end of each Subsequent Year, or at such later time as Landlord shall be able to determine the actual amounts of Taxes, Operating Costs as hereinbefore defined) Expenses and the Consumer Price Index for the immediately preceding calendar yearSubsequent Year last ended, Landlord shall notify Tenant in writing of such actual amounts. Within If such actual amounts exceed the Projections for such Adjustment Year, then Tenant shall, within thirty (30) days after delivery the date of such statementwritten notice from Landlord, Tenant shall pay to Landlord the sum amount of (1) excess of the Additional Rent due to Landlord less the amount of all estimated payments on account of such Additional Rent paid by the Tenant during the preceding calendar year (“Net Rental Adjustments”) , and (2) one-twelfth (1/12th) of such Estimated Net Rental Adjustment payable for the present calendar year multiplied by Subsequent Year last ended based upon the number of monthly rental payment dates having elapsed actual Taxes, Operating Expenses and the Consumer Price Index for such present calendar year. Subsequent monthly Additional Rent payments shall thereafter be increased to one-twelfth (1/12th) of such Estimated Net Rental Adjustment. In the event that any such settlement required above indicates that year over the total Additional Rent paid by Tenant on account based on the Projections during and for such Subsequent Year last ended. The obligation to make such payment shall survive the preceding calendar year expiration or earlier termination of the Lease. If the Additional Rent paid by Tenant during such Subsequent Year based upon the Projections exceeds the aggregate additional rent amount payable by Tenant for such calendar year pursuant based upon the actual Taxes, Operating Expenses and the Consumer Price Index for such Subsequent Year, then Landlord shall credit such excess to Sections 6 and 7 hereininstallments of Additional Rent which shall become payable after the date of Landlord's notice until such excess has been exhausted or, if this Lease shall expire or terminate prior to full application of such excess, Landlord shall apply such excess pay to Tenant the balance thereof not theretofore applied against Additional Rent within thirty (30) days after expiration or termination. No interest or penalties shall accrue on any amounts of Additional Rent next falling due under this Lease as long as which Landlord is obligated to credit or pay to Tenant is not then in default of any of the terms and provisions by reason of this LeaseSection unless not credited as aforesaid or paid to Tenant within thirty (30) days after expiration or termination. The annual determination and statement of Taxes Taxes, Operating Expenses and Operating Costs the Consumer Price Index shall be prepared in accordance with the income tax basis of accounting and otherwise in accordance with generally acceptable accepted accounting principles. In the event of any dispute as to any Additional Rent due hereunder, Tenant shall have the right right, at its sole cost and expense, to inspect Landlord’s 's accounting records relative to Taxes Taxes, Operating Expenses and Operating Costs the Consumer Price Index at Landlord’s 's accounting office during normal business hours upon reasonable notice at any time within fifteen sixty (1560) days following the furnishing by Landlord to Tenant of such statement. In no event Unless Tenant shall take written exception to any rent adjustment result item within such sixty (60) day period, such statement shall be considered as final and accepted and conclusive upon the Tenant. If Tenant makes a timely written exception, a certification as to the proper amount of Additional Rent shall be made by an accounting firm selected by Tenant from the twenty-five largest independent certified public accounting firms in a decrease Chicago, as designated in the last available Xxxxx'x Chicago Business Annual Survey of Accounting Firms, provided same has not performed work for Tenant or its affiliates for the three (3) years immediately preceding the date of the Base Rent as set forth exception notice, which certification shall be final and conclusive. Tenant agrees to pay the cost of such certification unless it is determined that Landlord's presentation or determination of the aggregate amount of the Taxes, Operating Expenses and the Consumer Price Index for the year was in Section 5 hereoferror by more than three percent (3%). In the event of the termination of this Lease by expiration of the stated Term or for any other cause or reason whatsoever prior to the determination of the Additional Rent - Adjustment Payment rental adjustment as hereinabove set forth, Landlord shall prorate the last known Taxes and Operating Costs at 105% on the basis of which the number of days in such partial year and/or full year bears to three hundred sixty (360), with Landlord and Tenant reserving the right to re-prorate when actual costs become available. Tenant’s agreements 's agreement to pay Base Rent, Additional Rent Rent, other rent and all other sum or sums due or which may become due to Landlord up to the time of and upon or pursuant to the expiration or termination of this Lease Lease, shall survive the expiration or termination of this Lease and the Tenant shall pay amounts due to Landlord promptly upon demand. Insofar as the annual determination and statement of Taxes is concerned, Landlord agrees to make such additional accounting or adjustment as is necessary following the expiration of the Lease Term, based upon the actual tax bills received by Landlord after such date of Lease expiration inasmuch as such bills are likely to be received after the accounting date and procedure set forth in Section 6. Notwithstanding anything to the contrary contained in this Lease, Tenant shall Landlord’s obligation not be entitled to refund any excess Additional payment or credit against Base Rent depositsin the event that the Consumer Price Index shall decrease from its January 1, 1989 level.