Common use of Annual Statement/Reconciliation of Management Fee Clause in Contracts

Annual Statement/Reconciliation of Management Fee. Within thirty (30) days after the end of each Accounting Period, Manager shall furnish to Owner a written statement, certified by an independent certified public accountant, or, at the Owner’s election, by the Manager’s Chief Financial Officer, to be correct, showing total (i) Gross Rental Receipts, and (ii) Owner’s Operating Costs, each by month and a total for the Accounting Period (“Annual Statement,” and together with the Monthly Statement, the “Statement”). Manager shall pay to Owner at that time the excess, if any, revealed by such Annual Statement of the Management Fee due over the Management Fee payments previously made. If it is determined that Owner has paid Manager a Management Fee for any Accounting Period in excess of sums actually due, such excess shall be credited by Owner against the Management Fee due in the subsequent month(s).

Annual Statement/Reconciliation of Management Fee. Within thirty (30) days after the end of each Accounting Period, Manager shall furnish to Owner a written statement, certified by an independent certified public accountant, or, at the Owner’s 's election, by the Manager’s 's Chief Financial Officer, to be correct, showing total (i) Gross Rental Receipts, and (ii) Owner’s Operating Costs, each by month and a total for the Accounting Period (“Annual Statement,” and together with the Monthly Statement, the “Statement”). Manager shall pay to Owner at that time the excess, if any, revealed by such Annual Statement of the Management Fee due over the Management Fee payments previously made. If it is determined that Owner has paid Manager a Management Fee for any Accounting Period in excess or in deficit of sums actually due, such excess or deficit shall be credited or debited by Owner against in order to reconcile the Management Fee accordingly due in the subsequent month(s).