CAM RECONCILIATION Sample Clauses
The CAM Reconciliation clause establishes the process for comparing and adjusting the actual common area maintenance (CAM) expenses incurred by a property owner with the estimated amounts paid by tenants over a given period. Typically, this involves the landlord providing a detailed statement of actual CAM costs at the end of the year, followed by either billing tenants for any shortfall or issuing a credit if they have overpaid. This clause ensures that tenants pay their fair share of operating expenses and that landlords recover the true costs of maintaining shared areas, thereby promoting transparency and fairness in expense allocation.
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CAM RECONCILIATION. If it is not possible to accurately reconcile CAM expenses for the Property and CAM collections from tenants at the Property as of the Closing Date, Seller will prepare a good faith estimated reconciliation as of Closing, and the parties will close on that basis. The parties will thereafter prepare a final post-Closing reconciliation of CAM expenses and collections as soon after Closing as practicable. The amount by which CAM collections exceed CAM expenses for the period prior to Closing shall be paid to Buyer, and the amount by which CAM expenses exceed CAM collections for such period shall be paid to Seller. Any payments due from Buyer or Seller as a result of the post-Closing reconciliation shall be paid within fifteen (15) days of the reconciliation.
CAM RECONCILIATION. Buyer and Seller acknowledge that Rents in the nature of so called "CAM" charges (collectively, "CAM Rents") under certain Leases for each calendar year may be collected in advance monthly based upon estimated operating expenses under the applicable Lease by Seller and may subsequently be subject to adjustment, on an annualized basis, after the expiration of the calendar year for which such CAM Rents are due based upon the reconciliation of operating expenses under the applicable Lease by Seller. In furtherance of the foregoing, (1) Seller agrees to provide to Buyer, within forty-five (45) days after the Close of Escrow, an accounting with respect to CAM Rents for each applicable Property as of the Close of Escrow (so that Buyer can perform its obligations described below); (2) Buyer agrees to deliver such accounting to the Tenants within thirty (30) days of receipt thereof (and, if necessary, at the time Buyer delivers its own CAM reconciliation for calendar year 2010 to the Tenants) and to use commercially reasonable efforts to collect from the Tenants any amounts due Seller on account of such accounting (and to promptly remit same to Seller upon receipt); and (3) in the event the applicable tenant is entitled to a reimbursement on account of the CAM Rents payable under its Lease to the landlord thereunder for the portion of calendar year 2010 ending on the Close of Escrow, then Seller shall deliver to Buyer with such accounting the total amount of reimbursements so owed to the Tenants and Buyer shall promptly deliver such reimbursements to the affected Tenants. In connection with the foregoing, CAM Rents shall be pro-rated at Close of Escrow based on amounts billed and collected by Seller, and any reconciliation shall be completed on a post-Closing basis.
CAM RECONCILIATION. Assignor will be liable to Landlord for all of the outstanding consolidated CAM charge for the Calendar Year. If Assignor fails to pay the outstanding charge in full within thirty (30) calendar days after its receipt of the ▇▇▇▇ from Landlord, Assignee will pay the charge to Landlord in addition to its Minimum Rent. If Assignor has paid any monies in excess of the total consolidated CAM charge for the Calendar Year, Landlord will refund the excess to Assignor.
CAM RECONCILIATION. Assignee agrees to pay Lessor the amount required ------------------- to reconcile the impound account for common area maintenance, taxes, and insurance upon Lessor's presentation of the actual expense information. Lessee agrees to pay Assignee for its prorata share of this amount for reconciliation. Lessor accepts the obligation to determine both the Lessee's and Assignee's prorata shares.