Common use of Annual Settlement Clause in Contracts

Annual Settlement. Within one hundred twenty (120) days after the end of each calendar year in which Section 5.2 was applicable, or as soon after such one hundred twenty (120) day period as practicable, Landlord shall deliver to Tenant a statement of amounts payable under Section 5.1 for such calendar year prepared and certified by Landlord. Such certified statement shall be final and binding upon Landlord and Tenant unless Tenant objects to it in writing to Landlord within thirty (30) days after it is given to Tenant. If such statement shows an amount owing by Tenant that is less than the estimated payments previously made by Tenant for such calendar year, the excess shall be held by Landlord and credited against the next payment of Rent; however, if the Term has ended and Tenant was not in default at its end, Landlord shall refund the excess to Tenant. If such statement shows an amount owing by Tenant that is more than the estimated payments previously made by Tenant for such calendar year, Tenant shall pay the deficiency to Landlord within thirty (30) days after the delivery of such statement. Within the thirty (30) day period for Tenant's objection to the certified statement, Tenant may review Landlord's records of the Operating Expenses, at Tenant's sole cost and expense, at the place Landlord normally maintains such records during Landlord's normal business hours, upon reasonable advance written notice.

Annual Settlement. Within one hundred twenty (120) days after the end of each calendar year in which Section 5.2 was applicable, or as soon after such one hundred twenty (120) day period thereafter as practicable, Landlord shall will deliver to Tenant a statement with reasonable detail of the actual amounts payable under Section 5.1 6.2 for such the prior calendar year prepared and certified by Landlordyear. Such certified statement shall will be final and binding upon Landlord and Tenant unless Tenant objects to it in writing to Landlord within thirty two hundred ten (30210) days after it delivery to Tenant or October 31st of each year, whichever is given to Tenantlater. Acceptance or resolution of the first such statement shall constitute acceptance of the Operating Expense amount for the Base Year. If such statement shows an amount owing by Tenant that is less than the estimated payments previously made by Tenant for such calendar year, the excess shall will be held by Landlord and credited against the next payment of Rent; however, if the Term has ended and Tenant was not in default at its end, Landlord shall will refund the excess to Tenant. If such statement shows an amount owing by Tenant that is more than the estimated payments previously made by Tenant for such calendar year, Tenant shall will pay the deficiency to Landlord within thirty (30) days after the delivery of such statement. Within the thirty (30) day period for Tenant's objection to the certified statement, Tenant may review Landlord's records of the Operating Expensesoperating expenses, at Tenant's sole cost and expense, at the place Landlord normally maintains such records during Landlord's normal business hours, hours upon reasonable advance written noticeNotice.