Common use of Annual Determination of Additional Rent Clause in Contracts

Annual Determination of Additional Rent. Upon completion of each Lease Year, Landlord shall determine the actual amount of Taxes and Operating Expenses for such Lease Year and Tenant's Share thereof and deliver a written, itemized certification of the amounts thereof to Tenant. If Tenant has paid less than its Share of Taxes or its Share of Operating Expenses for any Lease Year, Tenant shall pay the balance of its Share of the same within twenty (20) days after the receipt of such statement. If Tenant has paid more than its Share of Taxes or its share of Operating Expenses for any Lease Year, Landlord shall, at Tenant's option, either (i) promptly refund such excess, or (ii) credit such excess against the most current monthly installment or installments due Landlord for Base Rent and Additional Rent estimates. A pro rata adjustment shall be made for a fractional Lease Year occurring during the term of this Lease or any renewal or extension thereof based upon the number of days of the term of this Lease during said Lease Year as compared to three hundred sixty-five (365) days and all additional sums payable by Tenant or credits due Tenant as a result of the provisions of this Article 2 shall be adjusted accordingly.

Annual Determination of Additional Rent. Upon completion of each Lease Year, Landlord shall determine the actual amount of Taxes and Operating Expenses for such Lease Year and Tenant's ’s Share thereof and deliver a written, itemized certification of the amounts thereof to Tenant. If Tenant has paid less than its Share of Taxes or its Share of Operating Expenses for any Lease Year, Tenant shall pay the balance of its Share of the same within twenty (20) days after the receipt of such statement. If Tenant has paid more than its Share of Taxes or its share of Operating Expenses for any Lease Year, Landlord shall, at Tenant's ’s option, either (i) promptly refund such excess, or (ii) credit such excess against the most current monthly installment or installments due Landlord for Base Rent and Additional Rent estimates. A pro rata adjustment shall be made for a fractional Lease Year occurring during the term of this Lease or any renewal or extension thereof based upon the number of days of the term of this Lease during said Lease Year as compared to three hundred sixty-five (365) days and all additional sums payable by Tenant or credits due Tenant as a result of the provisions of this Article 2 shall be adjusted accordingly.