Annual Operating Expense Adjustment. Annual Operating Expense Adjustment" shall mean an amount of money an annual increase of 3% beginning the second year and again the third year of the lease term.
Annual Operating Expense Adjustment. Subsequent to the end of each calendar year, Landlord shall furnish Tenant with a statement of the actual Operating Costs for such period. If the total amount paid by Tenant pursuant to Section 1 hereof for such calendar year shall be less than the actual amount due from Tenant for such year as shown on such statement, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the actual amount due of deficiency to be paid within ten (10) days after the furnishing of each such statement, and if the total amount paid by Tenant pursuant to Section 1 for any such calendar year shall exceed such actual amount due from Tenant for such calendar year, such excess shall be credited against the next installments due from Tenant to Landlord under Section 1 hereof. Exhibit.SCN Impossible Kicks/Somerset Collection North/7/28/2023
