Common use of Additional Rent Estimates and Adjustments Clause in Contracts

Additional Rent Estimates and Adjustments. (i) Within sixty (60) days after the date of this Lease, Landlord shall deliver to Tenant an estimated budget of the operating expenses for the first Lease Year of the Lease Term. Landlord and Tenant shall meet at a mutually agreeable time to discuss the budget and Landlord shall, in good faith, consider all of Tenant's requested changes to the budget. Thereafter, in order to provide for current monthly payments of Additional Rent, Landlord shall (x) submit to Tenant a "Proposed Budget" (as defined below) on an annual basis, and (y) submit to Tenant prior to January 1st of each year a written statement of Landlord's estimate of the amount described in Section 4(c)(ii) above, together with the amount of Tenant's Additional Rent which is estimated to result herefrom. Tenant shall pay each month one-twelfth (1/12th) of Tenant's Proportionate Share of Landlord's estimate of the operating expenses pursuant to Section 4(d)(ii). Landlord's annual estimate of increases in operating expenses shall not exceed one hundred ten percent (110%) of the actual operating expenses that were incurred for the Building during the prior calendar year unless Landlord provides Tenant with reasonable evidence which would reasonably justify such increase. Landlord may revise its estimate of operating expenses at any time during a calendar year by written notice to Tenant, setting forth such revised estimate and Tenant's Proportionate Share of the estimated operating expenses. In such event, all monthly payments made by Tenant after such notice shall be in an amount calculated on the basis of such revised estimate.

Additional Rent Estimates and Adjustments. (i) Within sixty (60) days after the date of this Lease, Landlord shall deliver to Tenant an estimated budget of the operating expenses for the first Lease Year of the Lease Term. Landlord and Tenant shall meet at a mutually agreeable time to discuss the budget and Landlord shall, in good faith, consider all of Tenant's requested changes to the budget. Thereafter, in In order to provide for current monthly payments of Additional Rent, Landlord shall (x) submit to Tenant a "Proposed Budget" (as defined below) on an annual basis, and (y) submit to Tenant prior to January 1st of each year a written statement of Landlord's ’s estimate of the amount of the increases described in Section Sections 4(c)(ii) and 4(c)(iii) above, together with the amount of Tenant's ’s Additional Rent which is estimated to result herefromfrom such increases. Tenant shall pay each month one-twelfth (1/12th) of Tenant's ’s Proportionate Share of Landlord's ’s estimate of the operating expenses pursuant to Section 4(d)(ii). Landlord's annual estimate increase in each year of increases in operating expenses shall not exceed one hundred ten percent (110%i) of Operating Expenses over the actual operating expenses that were incurred for Base Operating Expense Amount, and (ii) Real Estate Taxes over the Building during the prior calendar year unless Landlord provides Tenant with reasonable evidence which would reasonably justify such increaseBase Real Estate Tax Amount. Landlord may revise its estimate of operating expenses Operating Expenses and/or Real Estate Taxes at any time during a calendar year by written notice to Tenant, setting forth such revised estimate and Tenant's ’s Proportionate Share of the estimated operating expensesexpense and/or real estate tax increases, which revised estimate shall not be issued more frequently than once each calendar year and shall provide reasonable justification for the need for an out-of-cycle adjustment. In such event, all monthly payments made by Tenant after such notice shall be in an amount calculated on the basis of such revised estimate, provided, however that the first such monthly installment payable by Tenant following Tenant’s receipt of a revised estimate pursuant to this sentence shall be due and payable on the later of the first day of the month after the date of Tenant’s receipt of such notice and the date that is thirty (30) days following the date of Tenant’s receipt of such notice.

Additional Rent Estimates and Adjustments. (ia) Within sixty (60) days after the date of this Lease, Landlord shall deliver to Tenant an estimated budget of the operating expenses for the first Lease Year of the Lease TermInitial Additional Rent Adjustments. Landlord and Tenant shall meet at a mutually agreeable time to discuss the budget and Landlord shall, in good faith, consider all of Tenant's requested changes to the budget. Thereafter, in order to provide for current monthly payments of Additional Rent, Landlord shall (x) its option may submit to Tenant a "Proposed Budget" (as defined below) on an annual basis, and (y) submit ------------------------------------ to Tenant prior to January 1st of each year the date set forth in Section 1.5 a written statement of Landlord's reasonable estimate of the amount increases described in Section 4(c)(iiSections 2.2(a) and (b) above, together with the amount of Tenant's Additional Rent which is estimated to result herefrom. from such increases, in which event Tenant shall pay each month one-twelfth (1/12th) such estimated Additional Rent to Landlord in equal monthly installments beginning on the date set forth in Section 1.5, on the dates and in the manner required for the payment of Tenant's Proportionate Share monthly installments of Base Annual Rent. In the alternative, as soon as practicable after the end of the calendar year in which Tenant's obligation to pay Additional Rent pursuant to Sections 2.2(a) and (b) commences, Landlord may submit a lump sum statement to Tenant of the actual increases in Real Estate Taxes and/or Operating Expenses, if any, which were paid during the Fiscal Year which ended during such calendar year over the Real Estate Taxes and Operating Expenses which were paid during the Base Year, all as prorated based upon that portion of the Fiscal Year falling within the initial partial year of the Lease Term, and Tenant shall pay its pro rata share as Additional Rent on the date and in the manner required for the next monthly installment of Base Annual Rent due after submission of Landlord's estimate of the operating expenses pursuant to Section 4(d)(ii). Landlord's annual estimate of increases in operating expenses shall not exceed one hundred ten percent (110%) of the actual operating expenses that were incurred for the Building during the prior calendar year unless Landlord provides Tenant with reasonable evidence which would reasonably justify such increase. Landlord may revise its estimate of operating expenses at any time during a calendar year by written notice to Tenant, setting forth such revised estimate and Tenant's Proportionate Share of the estimated operating expenses. In such event, all monthly payments made by Tenant after such notice shall be in an amount calculated on the basis of such revised estimatestatement.

Additional Rent Estimates and Adjustments. (i) Within sixty (60) days after the date of this Lease, Landlord shall deliver to Tenant an estimated budget of the operating expenses for the first Lease Year of the Lease Term. Landlord and Tenant shall meet at a mutually agreeable time to discuss the budget and Landlord shall, in good faith, consider all of Tenant's requested changes to the budget. Thereafter, in In order to provide for current monthly payments of Additional Rent, Landlord shall (x) submit to Tenant a "Proposed Budget" (as defined below) on an annual basis, and (y) submit to Tenant prior to January 1st the Rent Commencement Date and thereafter before the beginning of each calendar year a written statement of Landlord's ’s estimate of the amount described increase in Section 4(c)(ii) above, together with Basic Operating Charges for such calendar year over the Base Operating Expense Amount and the amount of Tenant's Additional Increase Charges (the "Estimate Statement"). The Estimate Statement shall be in a form substantially similar to the form of the statement attached hereto as Exhibit O. Beginning on the later to occur of (i) the first anniversary of the Rent which is estimated to result herefrom. Commencement Date and (ii) thirty (30) days after Tenant's receipt of the initial Estimate Statement, Tenant shall pay each month one-twelfth (1/12th) of Landlord’s reasonable estimate of Tenant's Proportionate Share Increase Charges. To the extent that the Estimate Statement shows an increase in Basic Operating Charges of Landlord's estimate of the operating expenses pursuant to Section 4(d)(ii). Landlord's annual estimate of increases in operating expenses shall not exceed one hundred ten more than four percent (1104%) of the actual operating expenses that were incurred amount of Basic Operating Charges for the Building during the prior calendar year unless year, then upon receipt of written request from Tenant, Landlord provides shall promptly provide Tenant with reasonable evidence which would reasonably justify such increasea written explanation for the estimated increase in Basic Operating Charges in excess of four percent (4%). Landlord may revise its estimate of operating expenses Estimate Statement at any time during a calendar year [but not more often than one (1) time per calendar year] by written notice to Tenant, setting forth such revised estimate and of the increase in Basic Operating Charges for such calendar year over the Base Operating Expense Amount, the amount of Tenant's Proportionate Share of the estimated operating expensesIncrease Charges and a reasonably detailed explanation for such revised estimate. In such event, all monthly payments made by due from Tenant beginning after the date which is thirty (30) days after receipt of such notice revised Estimate Statement shall be in an amount calculated on the basis of such revised estimate. Tenant shall, in all cases, continue to make monthly payments of Basic Operating Charges based on the last estimate received from Landlord until it receives a revised or updated estimate in which event Tenant shall make monthly payments in accordance with the terms of this paragraph.