Annual Statement of Operating Expenses. By March 1 of each calendar year, or as soon thereafter as practicable, but no later than April 1, Landlord shall furnish to Tenant a statement showing the actual Operating Expenses for the previous calendar year, and any charge or credit to Tenant necessary to adjust the Additional Rent previously paid by Tenant to reflect the actual Operating Expenses. If such statement reveals an underpayment, Tenant shall promptly pay, within thirty (30) days of written notice, to Landlord an amount equal to such underpayment (whether or not this Lease has expired or been terminated), and if such statement shows an overpayment, Landlord shall credit the next monthly rental payment of Tenant, or, if the Term has expired, refund the overpayment to Tenant within thirty (30) days of this determination. In the event of any good faith dispute as to the amount or nature of any Operating Expense, Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute such Operating Expenses, Tenant shall be entitled, not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying GAAP, to audit Landlord's Operating Expense records for the calendar year in question, which audit shall be completed within sixty (60) days of commencement. Tenant shall be entitled to escrow any payments for increases in operating expenses while completing its audit, which escrow shall not exceed sixty (60) days. Should the audit determine that Tenant was overcharged, then, within fifteen (15) days of Landlord's inspection of the audit, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been undercharged, Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was in error by more than five percent (5%), in which case Landlord shall pay for the audit.
Annual Statement of Operating Expenses. By April 1 of each calendar year during the Lease Term, or as soon thereafter as practicable but no later than May 1, Landlord shall furnish to Tenant a statement ("Actual Statement") of Landlord's annual Operating Expenses, for the previous calendar year. If for any calendar year the amounts collected from Tenant for the prior year, as a result of Landlord's estimate of Operating Expenses, exceeds the amount of the Operating Expenses actually due during such prior year, then Landlord shall refund to Tenant any overpayment (or at Landlord's option, apply such amount against Rent due or to become due hereunder). Likewise, Tenant shall pay to Landlord, on demand, any underpayment of Operating Expenses with respect to the prior year with the first Base Rent payment payable after receipt of the Actual Statement.
