Calculation Methods and Adjustments. 6.2.1. Subject to the provisions of this Section 6.2, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses and Real Property Taxes shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound accounting and property management principles consistently applied which are consistent with Institutional Owner Practices. Landlord shall have the right to equitably allocate some or all Operating Expenses among particular classes or groups of tenants in the Project or Building (for example, retail tenants) to reflect Landlord’s good faith determination that measurably different amounts or types of services, work or benefits associated with Operating Expenses, as applicable, are being provided to or conferred upon such classes or groups. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Operating Expenses or Real Property Taxes received by Landlord in a particular year shall be deducted from Operating Expenses or Real Property Taxes, as applicable, in the year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis. 6.2.2. As of the date of this Lease, Tenant shall pay Additional Rent under this Article 6 based on the Operating Expenses and Real Property Taxes for the Project. If the Project at any time contains more than one building, Landlord shall have the right, from time to time, to equitably allocate some or all of the Operating Expenses and/or Real Property Taxes for the buildings comprising the Project among the Building and some or all of the other buildings of the Project. In such event, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Real Property Taxes attributable to the Building and/or such other building(s) of the Project to the Building and/or such other building(s) and Tenant shall be responsible for paying its proportionate share of such expense(s) which are allocated to the Building. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage of Operating Expenses and Real Property Taxes based solely on the Operating Expenses and Real Property Taxes for the Building.
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Samples: Lease Agreement (Maravai Lifesciences Holdings, Inc.), Lease Agreement (Crinetics Pharmaceuticals, Inc.), Lease Agreement (Cytori Therapeutics, Inc.)
Calculation Methods and Adjustments. 6.2.11.2.1. Subject to the provisions of this Section 6.2, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses and Real Property Taxes shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound accounting and property management principles consistently applied which are consistent with Institutional Owner Practices. Landlord shall have the right to equitably allocate some or all Operating Expenses among particular classes or groups of tenants in the Project or Building Buildings (for example, retail tenants) to reflect Landlord’s good faith determination that measurably different amounts or types of services, work or benefits associated with Operating Expenses, as applicable, are being provided to or conferred upon such classes or groups. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Operating Expenses or Real Property Taxes received by Landlord in a particular year shall be deducted from Operating Expenses or Real Property Taxes, as applicable, in the year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis.
6.2.21.2.2. As of the date of this Lease, Tenant shall pay Additional Rent under this Article 6 based on the Operating Expenses and Real Property Taxes for the Project. If the Project at any time contains more than one building, Landlord shall have the right, from time to time, to equitably allocate some or all of the Operating Expenses and/or Real Property Taxes for the buildings comprising the Project among the Building Buildings and some or all of the other buildings of the Project. In such event, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Real Property Taxes attributable to the Building and/or such other building(s) of the Project to the Building and/or such other building(s) and Tenant shall be responsible for paying its proportionate share of such expense(s) which are allocated to the Building. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage of Operating Expenses and Real Property Taxes based solely on the Operating Expenses and Real Property Taxes for the Building.
1.2.3. Notwithstanding any provision of this Lease to the contrary, for the sole purpose of calculating Tenant’s Percentage of Operating Expenses, the Controllable Operating Expenses (as defined below) for each calendar year after the first full calendar year of the Term following the Premises B Commencement Date shall not increase by more than six percent (6%) over the maximum permitted Controllable Operating Expenses for the immediately preceding calendar year (i.e., on a cumulative, compounding basis and regardless of the actual Controllable Operating Expenses incurred for such preceding year); provided, however, that if the actual Controllable Operating Expenses for any calendar year are greater than the maximum amount permitted to be charged to Tenant hereunder, then the difference shall be added to the actual Controllable Operating Expenses for succeeding years of the Term until exhausted. The term “Controllable Operating Expenses” mean those Operating Expenses for which increases are reasonably within the control of Landlord, and shall specifically exclude, without limitation, Utility Expenses (as defined below), Insurance Expenses (as defined below), Real Property Taxes, assessments, the cost of any Project amenities, collectively bargained union wages, costs to comply with governmental laws enacted or first applicable after the Commencement Date, trash removal and any services provided by monopolies or where there is otherwise only one (1) provider available to Landlord. For purposes of this Lease, the following definitions shall apply: (i) “Utility Expenses” shall mean the cost of supplying all utilities to the Project; and (ii) “Insurance Expenses” shall mean the cost of insurance required or allowed to be carried by Landlord under this Lease. There shall be no limitation on the amount of increase from year to year on Operating Expenses which are not Controllable Operating Expenses.
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Samples: Lease Agreement (Maravai Lifesciences Holdings, Inc.)
Calculation Methods and Adjustments. 6.2.14.3.1 Operating Expenses shall be adjusted to reflect one hundred percent (100%) occupancy of the Building during any period in which the Building is not one hundred percent (100%) occupied.
4.3.2 As of the date of this Lease, the Project includes the buildings located at 100, 120, 130 and 000 Xxxxx Xxxxx Xxxxxxx Xxxxxxxxx and the Operating Expenses incurred for the common areas shared by the Building and buildings 100, 120 and 140 shall be equitably allocated to the Building in accordance with generally accepted accounting and management practices. Landlord shall have the right, from time to time, to add or remove buildings to (i) the Project and/or (ii) the calculation of Operating Expenses and then equitably allocate some or all of the Operating Expenses and/or Property Taxes among different buildings (including any additional buildings) of the Project in accordance with generally accepted accounting and management practices. In such event, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Property Taxes attributable to such other buildings of the Project to the Building and Tenant shall be responsible for paying Tenant’s Percentage Share of such expenses; provided, however, no such allocation shall result in Tenant’s monetary obligations under this Lease being increased.
4.3.3 Subject to the provisions of this Section 6.24.3.3, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses and Real or Property Taxes shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound generally accepted accounting and property management principles consistently applied which are consistent with Institutional Owner Practicespractices. Landlord shall have the right to equitably allocate some or all of Operating Expenses among particular classes or groups of tenants in the Project or Building (for example, retail tenants) to reflect Landlord’s good faith reasonable determination that measurably different amounts or types of services, work or benefits associated with Operating Expenses, as applicable, Expenses are being provided to or conferred upon such classes or groups. Subject to the provisions of this Section 4.3.3, from time to time Landlord shall have the right to expand or contract the amount, scope, level or types of services, work, items or benefits, the cost of which is included within Operating Expenses, so long as Landlord’s treatment of the same for purposes of the calculation of Operating Expenses is generally consistent with generally accepted accounting and management practices. Whenever services, benefits or work are provided to the Building and to additional projects (where allocation of the cost thereof among such projects is required for calculation of Operating Expenses hereunder), in allocating the overall cost thereof (for all such projects) to Operating Expenses hereunder, there shall be excluded from Operating Expenses Landlord’s reasonable determination of the additional overall cost comparison allocable to the provision of such services, benefits or work to the additional projects. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Operating Expenses or Real Property Taxes received by Landlord in a particular year shall be deducted from Operating Expenses or Real Property Taxes, as applicable, Taxes in the year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis.
6.2.2. As of the date of this Lease, Tenant shall pay Additional Rent under this Article 6 based on the Operating Expenses and Real Property Taxes for the Project. If the Project at any time contains more than one building, Landlord shall have the right, right to exclude from time to time, to equitably allocate some or all of the Base Year Operating Expenses and/or Real the cost of items of service, work or benefits (i) not provided following the Base Year, and (ii) amortized costs relating to capital improvements the amortized cost of which are included in Operating Expenses during the Base Year and are not included in any subsequent Expense Year (because the cost thereof has been fully amortized). All assessments and premiums of Operating Expenses or Property Taxes for which can be paid by Landlord in periodic installments shall be paid by Landlord in the buildings comprising the Project among the Building maximum number of periodic installments permitted by Law.
4.3.4 Subject to applicable Laws and some or all of the other buildings of the Project. In such eventSection 8.2 below, Landlord shall reasonably solely determine a method of allocating such Operating Expenses and/or Real Property Taxes attributable in its reasonable discretion all decisions with respect to the Building and/or such other building(s) method and manner by which all utility services shall be billed and provided in the Building, which determinations shall be reasonably made by Landlord on a basis consistent with the practice of the Project majority of the institutional owners of institutional grade first-class office projects in Orange County, California (“Institutional Owner Practices”).
4.3.5 In the event and to the Building and/or such other building(s) and Tenant shall be responsible for paying its proportionate share of such expense(s) which are allocated extent Landlord incurs costs or expenses associated with or relating to the Building. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage separate items or categories or subcategories of Operating Expenses and Real Property Taxes based solely on the which were not part of Operating Expenses and Real Property Taxes during the entire Base Year, Operating Expenses for the BuildingBase Year shall be deemed increased by the amounts Landlord would have incurred during the Base Year with respect to such costs and expenses had such separate items or categories or subcategories of Operating Expenses been included in Operating Expenses during the entire Base Year. For example, any new or additional annual premium resulting from any new forms or increased amounts of insurance, including earthquake insurance, any increase in insurance limits or coverage including conversion of coverage from a single-building policy to a blanket policy, or vice versa , or any decrease in deductibles in any year after the Base Year, shall be deemed to be included in Operating Expenses for the Base Year.
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Samples: Office Lease (Capitalsource Inc)
Calculation Methods and Adjustments. 6.2.12.1. Amounts payable by Tenant under Section 4.1.3 of the Standard Lease Provisions with respect to any Expense Year that includes less than an entire calendar year shall be prorated on the basis that the number of days in such Expense Year bears to 365.
2.2. Subject to the provisions of this Section 6.2Paragraph 2 of this Exhibit “E”, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses Insurance and Real Property Taxes shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound accounting and property management principles consistently applied which are consistent with Institutional Owner Practices. Landlord shall have the right to equitably allocate some or all Operating Expenses of Insurance among particular classes or groups of tenants in the Project (or Building (for example, retail tenantsCampus) to reflect Landlord’s good faith determination that measurably different amounts or types of services, work or benefits associated with Operating ExpensesInsurance, as applicable, are being provided to or conferred upon such classes or groups. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Operating Expenses Insurance or Real Property Taxes received by Landlord in a particular year shall be deducted from Operating Expenses Insurance or Real Property Taxes, as applicable, in the year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis. Landlord shall have the right to exclude from Insurance for the Base Year the cost of items of service, work or benefits: (a) not provided following the Base Year, (b) incurred due to circumstances not applicable following the Base Year or due to market-wide labor-rate increases in Insurance due to extraordinary circumstances, including, without limitation, boycotts, embargoes and strikes, and utility rate increases due to extraordinary circumstances, and (c) amortized costs relating to Capital Items.
6.2.22.3. If in any one or more Expense Years following the Base Year (a “Comparison Year”), Property Taxes decrease below the amount of Property Taxes for the Base Year as a result of any reassessment or any similar governmental act or Law, including, without limitation, as the result of a Proposition 8 reduction (collectively, a “Tax Reduction”), for purposes of calculation of excess Property Taxes for such Comparison Year and all subsequent Comparison Years, Property Taxes allocable to the Base Year shall be reduced to the amount of Property Taxes allocable to such Comparison Year (a “Base Year Tax Reduction”); provided, however, that if in any subsequent Comparison Year the amount of such Tax Reduction is decreased (other than to the extent by virtue of the application of the annual percentage increase (presently 2.0%) in Property Taxes currently provided by statute (or any substitute therefor hereafter adopted)), for purposes of calculation of excess Property Taxes for such subsequent Comparison Year, the Base Year Tax Reduction shall be correspondingly decreased. Property Taxes allocable to the Base Year shall not include any Property Taxes or any taxes, assessments, costs charges or fees not applicable following the Base Year.
2.4. As of the date of this Lease, Tenant shall pay pays Additional Rent under this Article 6 Section 4.1.3 of the Standard Lease Provisions based on on: (a) the Operating Expenses Insurance and Real Property Taxes for the Project. If Project and (b) the Project at any time contains more than one building, Landlord shall have the right, from time to time, to equitably allocate some or all of the Operating Expenses and/or Real Insurance and Property Taxes for the buildings comprising the Project among the Building and some or all of the other buildings of the Project. In such event, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Real Property Taxes attributable to the Building and/or such other building(s) of the Project to the Building and/or such other building(s) and Tenant shall be responsible for paying its proportionate share of such expense(s) which Campus that are allocated to the Building. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage Project in accordance with this Paragraph 2.4 of Operating Expenses and Real Property Taxes based solely on the Operating Expenses and Real Property Taxes for the Buildingthis Exhibit “E”.
Appears in 1 contract
Samples: Wholesale Datacenter Lease (Box Inc)
Calculation Methods and Adjustments. 6.2.12.1. Amounts payable by Tenant under Section 4.1.3 of the Standard Lease Provisions with respect to any Expense Year that includes less than an entire calendar year shall be prorated on the basis that the number of days in such Expense Year bears to 365.
2.2. Subject to the provisions of this Section 6.2Paragraph 2 of this Exhibit “E”, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses Insurance and Real Property Taxes shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound accounting and property management principles consistently applied which are consistent with Institutional Owner Practices. Landlord shall have the right to equitably allocate some or all Operating Expenses of Insurance among particular classes or groups of tenants in the Project (or Building (for example, retail tenantsCampus) to reflect Landlord’s good faith determination that measurably different amounts or types of services, work or benefits associated with Operating ExpensesInsurance, as applicable, are being provided to or conferred upon such classes or groups. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Operating Expenses Insurance or Real Property Taxes received by Landlord in a particular year shall be deducted from Operating Expenses Insurance or Real Property Taxes, as applicable, in the year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis. Landlord shall have the right to exclude from Insurance for the Base Year the cost of items of service, work or benefits: (a) not provided following the Base Year, (b) incurred due to circumstances not applicable following the Base Year or due to market-wide labor-rate increases in Insurance due to extraordinary circumstances, including, without limitation, boycotts, embargoes and strikes, and utility rate increases due to extraordinary circumstances, and (c) amortized costs relating to Capital Items.
6.2.22.3. As If in any one or more Expense Years following the Base Year (a “Comparison Year”), Property Taxes decrease below the amount of the date of this Lease, Tenant shall pay Additional Rent under this Article 6 based on the Operating Expenses and Real Property Taxes for the Project. If Base Year as a result of any reassessment or any similar governmental act or Law, including, without limitation, as the Project at any time contains more than one buildingresult of a Proposition 8 reduction (collectively, Landlord shall have the righta “Tax Reduction”), from time to time, to equitably allocate some or all for purposes of the Operating Expenses and/or Real calculation of excess Property Taxes for such Comparison Year and all subsequent Comparison Years, Property Taxes allocable to the buildings comprising Base Year shall be reduced to the Project among amount of Property Taxes allocable to such Comparison Year (a “Base Year Tax Reduction”); provided, however, that if in any subsequent Comparison Year the Building and some or all amount of such Tax Reduction is decreased (other than to the extent by virtue of the other buildings application of the Project. In such event, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Real annual percentage increase (presently 2.0%) in Property Taxes attributable to the Building and/or such other building(s) currently provided by statute (or any substitute therefor hereafter adopted)), for purposes of the Project to the Building and/or such other building(s) and Tenant shall be responsible for paying its proportionate share calculation of such expense(s) which are allocated to the Building. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage of Operating Expenses and Real Property Taxes based solely on the Operating Expenses and Real excess Property Taxes for such subsequent Comparison Year, the BuildingBase Year Tax Reduction shall be correspondingly decreased. Property Taxes allocable to the Base Year shall not include any Property Taxes or any taxes, assessments, costs charges or fees not applicable following the Base Year.
Appears in 1 contract
Samples: Wholesale Datacenter Lease (Box Inc)
Calculation Methods and Adjustments. 6.2.1. Subject to the provisions prov1s10ns of this Section 6.25.2, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses and Real Property Taxes or Tax Expenses shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound accounting and property management principles consistently applied which are consistent with the practices of the majority of the institutional owners of institutional grade Comparable Buildings (“Institutional Owner Practices”). Subject to the provisions of this Section 5.2, from time to time Landlord shall have the right to equitably allocate some expand or all Operating Expenses among particular classes or groups of tenants in contract the Project or Building (for exampleamount, retail tenants) to reflect Landlord’s good faith determination that measurably different amounts scope, level or types of services, work work, items or benefits associated with benefits, the cost of which is included within Operating Expenses, so long as applicable, are being provided to or conferred upon Landlord’s treatment of the same for purposes of the calculation of Operating Expenses is generally consistent with Institutional Owner Practices and Landlord includes in the Operating Expenses for the Base Year an estimate of what the cost of any such classes or groupsexpanded service would have cost in the Base Year. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Landlor d’ s out-of pocket costs included in Operating Expenses or Real Property Taxes Tax Expenses received by Landlord in a particular year Lease Year shall be deducted from Operating Expenses or Real Property Taxes, as applicable, Tax Expenses in the year Lease Year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis.
6.2.2. As If this Lease shall have expired or is otherwise terminated, Landlord shall refund any such Reimbursement due to Tenant within thirty (30) days after Land lord’ s receipt of such Reimbursement. Landlord’s obligation to so refund to Tenant any such Reimbursement shall survive such expiration or termination. All assessments and premiums of Operating Expenses or Tax Expenses which can be paid by Landlord in periodic installments may be paid by Landlord in the date maximum number of this Leaseperiodic installments permitted by Law; provided, however, that if the then-prevailing Institutional Owner Practice is to pay such assessments or premiums on a different basis, Landlord may utilize such different basis of payment. (d) If, in any Lease Year, Landlord elects or is required by Law to xxxx separately from Operating Expenses one or more utility services provided to Occupants, Tenant shall pay Additional Rent under this Article 6 based to Landlo rd, within thirty (30) days atter delivery of Landlord’ s invoice therefor, Landlord’ s reasonable charges for such utility services provided to Tenant (which charges shall be calculated by Landlord in good faith on the Operating Expenses and Real Property Taxes for the Projecta basis consistent with Institutional Owner Practice). If the Project at any time contains more than one building, Landlord shall have the right, from time Subject to time, to equitably allocate some or all of the Operating Expenses and/or Real Property Taxes for the buildings comprising the Project among the Building and some or all of the other buildings of the Project. In such eventapplicable Laws, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Real Property Taxes attributable all decisions with respect to the Building and/or such other building(s) of the Project to the Building and/or such other building(s) method and Tenant manner by which all utility services shall be responsible for paying its proportionate share of such expense(s) billed and provided in the Project, which are allocated to the Buildingdeterminations shall be made by Landlord in good faith and on a basis consistent with Institutional Owner Practices. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage of Operating Expenses and Real Property Taxes based solely on the Operating Expenses and Real Property Taxes for the Building.5.3
Appears in 1 contract
Calculation Methods and Adjustments. 6.2.14.3.1 The variable components of Operating Expenses (“Variable Expenses”) for all or any portion of any Expense Year during which actual occupancy of the Building and/or the Project is less than one hundred percent (100%) of the Rentable Area of the Building and/or the Project with all tenants paying full rent as contrasted with free rent, half rent and the like shall be adjusted by Landlord, as determined in good faith by Landlord applying sound accounting and property management principles (and the provisions of this Lease) to reflect one hundred percent (100%) occupancy of the Rentable Area of the Building and/or the Project during such period with all tenants paying full rent as contrasted with free rent, half rent and the like. If during all or any part of any Expense Year, Landlord does not provide any particular Item of benefit, work or service (the cost of which is a Variable Expense) to portions of the Building and/or the Project due to the fact that such Item of benefit, work or service is not required or desired by the tenant of such space, or such tenant is itself obtaining and providing such Item of benefit, work or service, or for any other reason, then for purposes of computing Variable Expenses for such Expense Year, Operating Expenses shall be increased by an amount equal to the additional Variable Expenses which would have been paid or incurred by Landlord during such period if it had furnished such Item of benefit, work or service to such portions of the Building and/or the Project.
4.3.2 Subject to the provisions of this Section 6.24.3, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses and Real or Property Taxes shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound accounting and property management principles consistently applied which are consistent with the practices of the majority of the institutional owners of institutional grade first-class office projects in Los Angeles County, California (“Institutional Owner Practices”). Landlord shall have the right to equitably allocate some or all of Operating Expenses among particular classes or groups of tenants in the Building and/or the Project or Building (for example, retail tenants) to reflect Landlord’s good faith determination that measurably different amounts or types of services, work or benefits associated with Operating Expenses, as applicable, Expenses are being provided to or conferred upon such classes or groups. Subject to the provisions of this Section 4.3, from time to time Landlord shall have the right to expand or contract the amount, scope, level or types of services, work, items or benefits, the cost of which is included within Operating Expenses, so long as Landlord’s treatment of the same for purposes of the calculation of Operating Expenses is generally consistent with Institutional Owner Practices. Whenever services, benefits or work are provided to the Building and/or the Project and to additional projects (where allocation of the cost thereof among such projects is required for calculation of Operating Expenses hereunder), in allocating the overall cost thereof (for all such projects) to Operating Expenses hereunder, there shall be excluded from Operating Expenses Landlord’s good faith determination of the additional overall cost comparison allocable to the provision of such services, benefits or work to the additional projects. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Operating Expenses or Real Property Taxes received by Landlord in a particular year shall be deducted from Operating Expenses or Real Property Taxes, as applicable, Taxes in the year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis.
6.2.2. As All assessments and premiums of Operating Expenses or Property Taxes which can be paid by Landlord in periodic installments shall be paid by Landlord in the maximum number of periodic installments permitted by Law; provided, however, that if the then prevailing Institutional Owner Practice is to pay such assessments or premiums on a different basis, Landlord may utilize such different basis of payment. The parties acknowledge that the Building and the 42‑story office tower located at 000 Xxxxx Xxxxxxxx Xxxxxx (“725 Building”) are a part of a multi-building project (the “7th & Fig Project”) and that certain costs and expenses are shared between the tenants of the date Building and the tenants of the 725 Building. Accordingly, such shared expenses shall be determined annually for the 7th & Fig Project as a whole, and a portion of the shared expenses, which portion shall be equitably and reasonably agreed to by Landlord and the landlord of the 725 Building, shall be allocated to the Building and the 725 Building. Such portion of the shared expenses allocated to the Building shall be included in Operating Expenses for purposes of this Lease, Tenant shall pay Additional Rent under this Article 6 based on the Operating Expenses and Real Property Taxes for the Project. If the Project at any time contains more than one building, Landlord shall have the right, from time to time, to equitably allocate some or all of the Operating Expenses and/or Real Property Taxes for the buildings comprising the Project among the Building and some or all of the other buildings of the Project. In such event, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Real Property Taxes attributable to the Building and/or such other building(s) of the Project to the Building and/or such other building(s) and Tenant shall be responsible for paying its proportionate share of such expense(s) which are allocated to the Building. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage of Operating Expenses and Real Property Taxes based solely on the Operating Expenses and Real Property Taxes for the Building.
Appears in 1 contract
Calculation Methods and Adjustments. 6.2.1. Subject to the provisions of this Section 6.2, all calculations, determinations, allocations and decisions to be made hereunder with respect to Operating Expenses and Real Property Taxes shall be made on a triple net basis in accordance with the good faith determination of Landlord applying sound accounting and property management principles consistently applied which are consistent with Institutional Owner Practices. If the Project is not at least one hundred percent (100%) occupied during all or a portion of the any year, Landlord shall make an appropriate adjustment to the components of Operating Expenses for such year to determine the amount of Operating Expenses that would have been incurred had the Project been ninety-five percent (95%) occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for such year. Landlord shall have the right to equitably allocate some or all Operating Expenses among particular classes or groups of tenants in the Project or Building (for example, retail tenants) to reflect Landlord’s good faith determination that measurably different amounts or types of services, work or benefits associated with Operating Expenses, as applicable, are being provided to or conferred upon such classes or groups. All discounts, reimbursements, rebates, refunds, or credits (collectively, “Reimbursements”) attributable to Operating Expenses or Real Property Taxes received by Landlord in a particular year shall be deducted from Operating Expenses or Real Property Taxes, as applicable, in the year the same are received; provided, however, if such practice is consistent with Institutional Owner Practices, Landlord may treat Reimbursements generally (or under particular circumstances) on a different basis.
6.2.2. As of the date of this Lease, Tenant shall pay Additional Rent under this Article 6 based on the Operating Expenses and Real Property Taxes for the Project. If the Project at any time contains more than one building, Landlord shall have the right, from time to time, to equitably allocate some or all of the Operating Expenses and/or Real Property Taxes for the buildings comprising the Project among the Building and some or all of the other buildings of the Project. In such event, Landlord shall reasonably determine a method of allocating such Operating Expenses and/or Real Property Taxes attributable to the Building and/or such other building(s) of the Project to the Building and/or such other building(s) and Tenant shall be responsible for paying its proportionate share of such expense(s) which are allocated to the Building. Landlord shall also have the right, from time to time, to require Tenant to pay Tenant’s Percentage of Operating Expenses and Real Property Taxes based solely on the Operating Expenses and Real Property Taxes for the Building.
Appears in 1 contract
Samples: Lease Agreement (Anaptysbio, Inc)