Adjustment Procedure; Estimates Sample Clauses
The "Adjustment Procedure; Estimates" clause defines the process by which contract amounts, timelines, or deliverables may be modified based on updated information or changing circumstances. Typically, this clause outlines how parties should submit revised estimates, the documentation required, and the steps for reviewing and approving adjustments. Its core function is to provide a clear and fair mechanism for handling changes, ensuring that both parties can adapt to unforeseen developments while maintaining transparency and minimizing disputes.
Adjustment Procedure; Estimates. The Tax and Operating Expense Adjustment specified in Section 4.02 above shall be determined and paid as follows:
(A) During each calendar year subsequent to the Base Year, Landlord shall give Tenant written notice of its estimate of any increased amounts payable under Section 4.02 for that calendar year. On or before the first day of each calendar month during the calendar year, Tenant shall pay to Landlord one-twelfth (1/12th) of such estimated amounts; provided, however, that, not more often than quarterly, Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate.
(B) Within one hundred twenty (120) days after the close of each calendar year or as soon thereafter as is practicable, Landlord shall deliver to Tenant a statement of that year's Property Taxes and Operating Expenses, and the actual Tax and Operating Expense Adjustment to be made pursuant to Section 4.02 for such calendar year, as determined by Landlord (the "Landlord's Statement") and such Landlord's Statement shall be binding upon Tenant, except as provided in Section 4.04 below. If the amount of the actual Tax and Operating Expense Adjustment is more than the estimated payments for such calendar year made by Tenant, Tenant shall pay the deficiency to Landlord upon receipt of Landlord's Statement. If the amount of the actual Tax and Operating Expense Adjustment is less than the estimated payments for such calendar year made by Tenant, any excess shall be credited against Rent (as hereinafter defined) next payable by Tenant under this Lease or, if the Lease Term has expired, any excess shall be paid to Tenant. No delay in providing the statement described in this subparagraph (B) shall act as a waiver of Landlord's right to payment under Section 4.02 above.
(C) If this Lease shall terminate on a day other than the end of a calendar year, the amount of the Tax and Operating Expense Adjustment to be paid pursuant to Section 4.02 that is applicable to the calendar year in which such termination occurs shall be prorated on the basis of the number of days from January 1 of the calendar year to the termination date bears to 365. The termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to Section 4.03(B) to be performed after such termination.
Adjustment Procedure; Estimates. The Tax and Operating Expense Adjustment shall be determined and paid as follows:
Adjustment Procedure; Estimates. The Tax and Operating Expense ------------------------------- Adjustment shall be determined and paid as follows:
Adjustment Procedure; Estimates. The Tax, Operating Expense and Insurance Adjustments specified in Sections 4.02(B), 4.02(C) and 4.02(D) shall be determined and paid as follows:
(A) During each calendar year during the Lease Term, Landlord shall give Tenant written notice of Landlord's estimate of amounts payable under Sections 4.02(B), 4.02(C), and 4.02
Adjustment Procedure; Estimates. The Tax and Operating Expense Adjustments specified in Section 4.02 shall be determined and paid as follows:
(A) During each calendar year of the Lease Term, Landlord shall give Tenant written notice of its reasonable estimate of the amounts payable under Section 4.02(A) for that calendar year. On or before the first day of each calendar month during the calendar year in question, Tenant shall pay to Landlord one-twelfth (1/12th) of such estimated amounts; provided, however that, not more often than once per calendar year, Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate.
(B) Within one hundred twenty (120) days after the close of each calendar year or as soon thereafter as is practicable, Landlord shall deliver to Tenant a statement of that year's Property Taxes and Operating Expenses, and the actual Tax and Operating Expense Adjustment to be made pursuant to Section 4.02 for such calendar year, as determined by Landlord (the "Landlord's Statement") and such Landlord's Statement shall be binding upon Tenant, except as provided in Section 4.04