Audit of Operating Expenses Sample Clauses

Audit of Operating Expenses. Beginning with the statement of Operating Expenses for calendar year 2019, which Tenant will receive in 2020, and for each year of the Term thereafter, within sixty (60) days after Tenant receives the annual statement of Operating Expenses, and provided that there does not then exist an Event of Default hereunder, Tenant may contest the annual statement of Operating Expenses by providing written notice to Landlord, delivered within such sixty (60) day period. If no such contest is made by written notice to Landlord, delivered within such sixty (60) day period, such annual statement of Operating Expenses shall be binding upon Tenant in all respects. If Tenant timely contests such annual statement of Operating Expenses, Tenant shall have the right to inspect and examine, at reasonable times during normal business hours, Landlord’s books of account and records pertaining to the annual statement of Operating Expenses, all at Tenant’s sole cost and expense. Such audit shall be conducted at the offices of Landlord’s property manager where such records are kept, or in such other location in the United States where such records are then being kept, within thirty (30) days after the date of Tenant’s notice, and shall not be conducted at a time or in a manner so as to interfere with Landlord’s operations. Such audit shall be conducted by a certified public accountant retained by Tenant, at its expense, whose compensation is not contingent upon the results of such accountant’s audit or the amount of any refund received by Tenant. Landlord agrees that if Tenant requests evidence or back-up information regarding a specific question (or questions), which Tenant has regarding Operating Expenses, then Landlord (or Landlord’s property manager) shall make copies thereof available to Tenant at the offices of Landlord’s property manager. Landlord and/or Landlord’s property manager shall cooperate with Tenant and/or Tenant’s representatives with respect to any such specific inquiries or questions and with respect to the conduct of such audit, so as to facilitate the prompt and efficient answer thereto and/or conduct of same, as applicable. Tenant shall notify Landlord of the results of such audit in writing. Landlord may have an agent or employee present during such inspection and audit. Landlord shall have the right to dispute the results of Tenant’s audit. If the audit by Tenant shall ultimately result in Landlord and Tenant agreeing that Tenant has overpaid Landlord for its...
Sample 1
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Audit of Operating Expenses. The following is added to Section 7.5: “If such review of the Annual Operating Expense Statement shows that Tenant’s Pro Rata Share of Operating Expenses is overstated by more than 4%, Landlord shall reimburse Tenant the reasonable costs of Tenant’s review.”
Sample 1
Audit of Operating Expenses. In addition to any rights tenant may have at law, Tenant shall have the right to audit Landlord's Operating Expenses and Real Estate Taxes in any Lease Year in order to verify the accuracy of Landlord's Expense Statement for such Lease Year. Tenant shall notify Landlord in writing of its intent to perform such audit within ninety (90) days of Tenant's receipt of Landlord's Expense Statement for that Lease Year. Such audit shall be performed at Tenant's expense, during regular business hours, at least fourteen (14) days after Tenant's notice, but sooner if possible, at the office where Landlord maintains its Operating Expense records (which shall be in the continental United States), or, at Tenant's request, Landlord will provide Tenant with copies of such records. Landlord agrees to maintain all Operating Expense records for the Building for a minimum of three (3) years. Any audit shall be conducted by Tenant or by an independent accounting firm. Notwithstanding anything to the contrary provided herein, in the event the audit reveals a discrepancy of more than five and one-half percent (5.5%), Landlord shall reimburse Tenant for the reasonable costs of the audit, not to exceed costs reasonably incurred for an audit on a non-contingent fee basis. In the event the audit discloses any overpayment by Tenant, Landlord shall refund such overpayment to Tenant within thirty (30) days of demand.
Sample 1
Audit of Operating Expenses. Landlord shall provide Tenant a statement of annual operating expenses or CAM charges billed to Tenant for the 2003 Base Year and for all succeeding years during the term of this Agreement, within one hundred twenty (120) days after the end of each calendar year. Upon receipt of Landlord’s statement of Annual Operating Expenses, Tenant may elect to conduct an audit of operating costs at its own expense, and Landlord will provide access to all necessary books and records for the purpose of completing that audit in Landlord’s office in Tampa, Florida. Each party will bear the cost of its own employees, accountants, attorneys and advisors utilized during the audit process. If after audit the parties are unable to agree on the amount of operating expenses, the difference will be resolved through either arbitration if the parties so agree or otherwise by litigation. In the event of a dispute, neither party’s position will be presumed correct pending appropriate resolution, and Tenant will not be required to pay alleged balances that it reasonably considers to be incorrect. If Tenant fails to request an audit of operating expenses within thirty (30) days of receipt of Landlord’s statement of operating costs, then Landlord’s statement shall be considered to have been accepted by Tenant.
Sample 1
Audit of Operating Expenses. Tenant or its representative shall have the right, at Tenant’s sole expense, to examine Landlord’s books and records showing Operating Expenses upon reasonable prior notice and during normal business hours at any time within one hundred twenty (120) days following the furnishing by the Landlord to the Tenant of Landlord’s statement provided for in paragraph 4C. Unless Tenant shall take written exception to any item within one hundred twenty (120) days after the furnishing of the Landlord’s statement containing such item, such Landlord’s statement shall be considered as final and accepted by Tenant. If Tenant takes exception to any item in Landlord’s statement within the applicable time period and if Landlord and Tenant are unable to agree on the correctness of said item, then either party may refer the decision of said issue to a reputable firm of independent certified public accountants selected by Tenant from a list of not less than three (3) firms designated by Landlord (which list shall be provided promptly following Tenant’s request therefor) and the decision of said accountants shall be conclusively binding on the parties. Pending resolution of any dispute, however, Tenant shall make payments in accordance with the information contained in Landlord’s statement. Tenant shall pay all fees and expenses of such audit unless the audit discloses that Operating Expenses were overstated by Landlord by five percent (5%) or more, in which case Landlord shall pay all reasonable fees and expenses of such audit.
Sample 1
Audit of Operating Expenses. Tenant shall have the right, at its own cost and expense, to audit or inspect Landlord’s detailed records each year with respect to Operating Expenses, as well as all other additional rent payable by Tenant pursuant to this Lease for any year of the Term. Landlord shall maintain at its principal place of business for a period of at least twelve (12) months after the expiration of each calendar year during the Term, full and accurate books, records and supporting documents in connection with Landlord’s annual statement of Operating Expenses. If Tenant’s audit reveals an overpayment by Tenant, such overpayment shall be credited by Landlord against the Rent next due and owing from Tenant, and if such overpayment equals five percent (5%) or more, Landlord shall pay the costs and expenses of such audit and such overpayment shall be credited by Landlord against the Rent next due and owing from Tenant. In the event the Term has expired, any such overpayment and any such audit expense owed by Landlord to Tenant shall be paid to Tenant within ten (10) business days after determination thereof.
Sample 1
Audit of Operating Expenses. Tenant, at Tenant's sole cost, shall have the right to review and audit the Expense records for the Project and Premises at Landlord's office with reasonable notice, not more frequently than one time per year. Xxxxxxxx agrees to be prudent and reasonable in the management of thc Project and Premises in order to minimize the Expenses.
Sample 1
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Related to Audit of Operating Expenses

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Definition of Operating Expenses Operating Expenses" shall mean and include all expenses incurred and payable in connection with the ownership, operation, maintenance, repair and management of the Premises and the improvements thereon and, without restricting the generality of the foregoing, shall include:

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Operating Expenses Unless modified in accordance with Exhibit D, Landlord maintenance addendum, attached hereto, it is the intention of the parties and they hereby agree that this shall be a triple net Lease, and the Landlord shall have no obligation to provide any services, perform any acts or pay any expenses, charges, obligations or costs of any kind whatsoever with respect to the Premises, and Tenant hereby agrees to pay one hundred percent (100%) of any and all Operating Expenses as hereafter defined for the entire term of the Lease and any extensions thereof in accordance with specific provisions hereinafter set forth. The term Operating expenses shall include all costs to Landlord of operating and maintaining the Building and related parking areas, and shall include, without limitation, real estate and personal property taxes and assessments, management fee, heating, electricity, water, waste disposal, sewage, operating materials and supplies, service agreements and charges, lawn care, snow removal, restriping, repairs, repaving, cleaning and custodial, security, insurance, the cost of contesting the validity or applicability of any governmental acts which may affect operating expenses, and all other direct operating costs of operating and maintaining the Building and related parking areas, unless expressly excluded from operating expenses. Notwithstanding the foregoing, operating costs (and Tenant's obligations in relation thereto) shall not include (i) any expense chargeable to a capital account or capital improvement, ground leases; principal or interest payments on any mortgage or deed of trust on the premises; (ii) any amount for which Landlord is reimbursed through insurance, by third persons, or directly by other tenants of the premises, (iii) repair costs occasioned by fire, windstorm or other casualty, (iv) any construction, repair or maintenance expenses or obligations that are the sole responsibility of Landlord (not to be reimbursed by Tenant), (v) leasing commissions and other expenses incurred in connection with leasing any other area located on the premises to any other party, (vi) any expense representing an amount paid to an affiliate or subsidiary of Landlord which is in excess of the amount which would be paid in the absence of such relationship, and (vii) costs of items and services for which Tenant reimburses Landlord or pays third persons directly.

  • Total Operating Expenses All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 14.

  • Common Area Operating Expenses Lessee shall pay to Lessor during the term hereof, in addition to the Base Rent, Lessee's Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar year of the term of this Lease, in accordance with the following provisions:

  • Tax Expenses Tenant shall pay to Landlord Tenant’s Share of all Tax Expenses applicable to the Project. Prior to delinquency, Tenant shall pay any and all taxes and assessments levied upon Tenant’s Property (defined below in Section 10) located or installed in or about the Premises by, or on behalf of Tenant. To the extent any such taxes or assessments are not separately assessed or billed to Tenant, then Tenant shall pay the amount thereof as invoiced by Landlord. Tenant shall also reimburse and pay Landlord, as Additional Rent, within ten (10) days after demand therefor, one hundred percent (100%) of (i) any increase in real property taxes attributable to any and all Alterations (defined below in Section 10), Tenant Improvements, fixtures, equipment or other improvements of any kind whatsoever placed in, on or about the Premises for the benefit of, at the request of, or by Tenant, and (ii) taxes and assessments levied or assessed upon or with respect to the possession, operation, use or occupancy by Tenant of the Premises or any other portion of the Project. “Tax Expenses” means, without limitation, any form of tax and assessment (general, special, supplemental, ordinary or extraordinary), commercial rental tax, payments under any improvement bond or bonds, license fees, license tax, business license fee, rental tax, transaction tax or levy imposed by any authority having the direct or indirect power of tax (including any governmental, school, agricultural, lighting or other improvement district) as against any legal or equitable interest of Landlord in the Premises, Project or Park or any other tax, fee, or excise, however described, including, but not limited to, any tax resulting from the recordation of any parcel or subdivision map with respect to the Park and/or any tax imposed in substitution (partially or totally) of any tax previously included within the definition of Tax Expenses. “Tax Expenses” shall not include (a) any franchise, estate, inheritance, net income, or excess profits tax imposed upon Landlord, (b) any penalty or fee imposed solely as a result of Landlord’s failure to pay Tax Expenses when due, and (c) any items included as Operating Expenses. In the event that a parcel or subdivision map with respect to the Park or a portion of the Park is recorded by Landlord, Tenant’s Share of Tax Expenses shall be commensurately revised to reflect any increases or decreases that may result from the impact of such parcel or subdivision map.

  • General Expenses You authorize the Manager to charge your account with your Underwriting Percentage of all expenses of a general nature incurred by the Manager and Co-Managers under the applicable AAU in connection with the Offering, including the negotiation and preparation thereof, or in connection with the purchase, carrying, marketing and sale of any securities under the applicable AAU and any Intersyndicate Agreement, including, without limitation, legal fees and expenses, transfer taxes, costs associated with approval of the Offering by the NASD and the costs of currency transactions (including forward and hedging currency transactions) entered into to facilitate settlement of the purchase of Securities permitted under Section 3.1 hereof.

  • Audit Costs In the event of an audit exception or exceptions related to the services provided pursuant to the terms and conditions of this Agreement, the party responsible for not meeting the requirements set forth herein shall be responsible for the deficiency and for the cost of the audit. If the allowable expenditures cannot be determined because CONTRACTOR’s documentation is nonexistent or inadequate, according to generally accepted accounting practices, the questionable cost shall be disallowed by COUNTY.

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