Common use of Carrying Costs Clause in Contracts

Carrying Costs. As compensation for each Lock-Up Option, Tenant shall -------------- pay or reimburse to Landlord all Carrying Costs incurred by Landlord during or with respect to the applicable Lock-Up Period, including (i) interest expense on Landlord's construction financing for any site work, off-site improvements or other construction (including, but not limited to, construction of the Expansion Building, if any) on the Phase II Site, (ii) interest expense on Landlord's acquisition financing or refinancing for the Phase II Site, and (iii) real property taxes, assessments and insurance on or allocable to the Expansion Building and/or the Phase II Site; provided, however, -------- that Tenant shall not be obligated to pay Landlord an amount greater than one hundred fifty thousand dollars ($150,000) for Carrying Costs incurred during or with respect to any single Lock-Up Period. Tenant shall pay Landlord's estimated Carrying Costs for each applicable Lock-Up Period in advance as contemplated in Section 6.2 hereof. Within ten (10) days after the end of each Lock-Up Period, Landlord shall notify Tenant in writing of Landlord's actual Carrying Costs for such Lock-Up Period and within ten (10) days after such notice either (i) Tenant shall pay Landlord the amount by which such actual Carrying Costs exceeded the estimated Carrying Costs paid by Tenant for such period, up to the $150,000 maximum set forth in this Section 6.3, or (ii) Landlord shall pay Tenant the amount by which the estimated Carrying Costs paid by Tenant exceeded the actual Carrying Costs for such period. If taxes or other Carrying Costs allocable to any Lock-Up Period are increased or decreased (for example, by a tax reduction or additional tax assessment) following completion of the reconciliation process described in the preceding sentence, Landlord shall promptly notify Tenant in writing of such further increase or decrease and the parties shall make any further adjustment payments in cash in the same manner contemplated in the preceding sentence.

Carrying Costs. As compensation for each Lock-Up considxxxxxxx xxx Xxxxxxxx'x grant of the Lot --------------- 26 Expansion Option, Tenant shall -------------- pay or reimburse to Landlord one-half (1/2) of all Carrying Costs for Lot 26 incurred by Landlord during or with respect to the applicable Lock-Up Period, including (i) interest expense on Landlord's construction financing for any site work, off-site improvements or other construction (including, but not limited to, construction period from the Commencement Date of the Lot 27 Lease until the expiration of the Lot 26 Expansion Building, if any) on the Phase II Site, (ii) interest expense on Landlord's acquisition financing or refinancing for the Phase II Site, and (iii) real property taxes, assessments and insurance on or allocable to the Expansion Building and/or the Phase II SiteOption; provided, however, -------- that such payments shall continue during the period of any extension of the Lot 26 Expansion Option and, if the Lot 26 Expansion Option is exercised, until a lease for Lot 26 is executed and provided further that Tenant shall not be obligated may at any time waive the Lot 26 Expansion Option by written notice to Landlord, in which case Tenant's obligation to pay Landlord an amount greater than one hundred fifty thousand dollars ($150,000) for such share of Carrying Costs incurred during or with respect to any single Lock-Up Periodshall terminate thirty (30) days after the date of the notice. Tenant shall pay one-half (1/2) of Landlord's estimated estimate of the Carrying Costs to Landlord on a monthly basis, in advance, on the due date for the monthly installments of Rent; such payment shall be based upon Landlord's estimate which shall show the separate components on a line item basis and shall show the calculations of any calculated amount. Any failure to pay its portion of Carrying Costs for each applicable Lock-Up Period in advance as contemplated in Section 6.2 hereofa period of ten (10) days after written notice of such failure from Landlord shall be deemed to be a waiver by Tenant of its rights under this Paragraphs 6 and 7. Within ten (10) days after the end of each Lock-Up Periodthe period for which Tenant is to pay a portion of Carrying Costs for Lot 26, Landlord shall notify Tenant in writing of Landlord's actual Carrying Costs for such Lock-Up Period Lot 26 for the period with respect to which Tenant is to pay a portion of Carrying Costs and within ten (10) days after such notice either (iI) Tenant shall pay Landlord the amount by which such actual Carrying Costs exceeded the estimated Carrying Costs paid by Tenant for such period, up to the $150,000 maximum set forth in this Section 6.3, or (iiII) Landlord shall pay Tenant the amount by which the estimated Carrying Costs paid by Tenant exceeded the actual Carrying Costs for such period. If taxes or other Carrying Costs allocable to any Lock-Up Period Lot 26 for such period are increased or decreased (for example, by a tax reduction or a additional tax assessment) following completion of the reconciliation process described in the preceding sentence, Landlord shall promptly notify Tenant in writing of such further increase or decrease and the parties shall make any further adjustment payments in cash in the same manner contemplated in the preceding sentence. Not more frequently than every six (6) months, and if Tenant is current in its payment of Carrying Costs with respect to Lot 26, Tenant shall have the right to review and audit all data and documentation underlying the calculation of Carrying Costs; in the event that such audit discloses that Tenant has underpaid, Tenant shall pay any amount due within ten (10) days, likewise, Landlord shall remit any overpayment within ten (10) days; provided, however, that if Landlord disagrees with the results of Tenant's audit, the matter shall be submitted to a Qualified CPA for binding determination. If the parties cannot agree upon a Qualified CPA within ten (10) days, then each party shall identify a Qualified CPA and the two Qualified CPAs shall select a third Qualified CPA who shall make the determination.

Carrying Costs. As compensation consideration for each Lock-Up Landlord's grant of -------------- the Lot 27 Expansion Option, Tenant shall -------------- pay or reimburse to Landlord all Carrying Landlxxx xxx-xxxx (0/0) xx xxx Xxxxxing Costs for Lot 27 incurred by Landlord during or with respect to the applicable Lock-Up Period, including (i) interest expense on Landlord's construction financing for any site work, off-site improvements or other construction (including, but not limited to, construction period from the Commencement Date of this Lease until the expiration of the Lot 27 Expansion Building, if any) on the Phase II Site, (ii) interest expense on Landlord's acquisition financing or refinancing for the Phase II Site, and (iii) real property taxes, assessments and insurance on or allocable to the Expansion Building and/or the Phase II SiteOption; provided, however, -------- that such payments shall continue during the period of any extension of the Lot 27 Expansion Option and, if the Lot 27 Expansion Option is exercised, until a lease for Lot 27 is executed, and, provided further, that Tenant shall not be obligated may at any time waive the Lot 27 Expansion Option by written notice to Landlord, in which case Tenant's obligation to pay Landlord an amount greater than one hundred fifty thousand dollars ($150,000) for such share of Carrying Costs incurred during or with respect to any single Lock-Up Periodshall terminate thirty (30) days after the date of the notice. Tenant shall pay one-half (1/2) of Landlord's estimated estimate of the Carrying Costs to Landlord on a monthly basis, in advance, on the due date for the monthly installments of Rent; such payment shall be based upon Landlord's estimate which shall show the separate components on a line item basis and shall show the calculations of any calculated amount. Any failure to pay its portion of Carrying Costs for each applicable Lock-Up Period in advance as contemplated in Section 6.2 a period of ten (10) days after written notice of such failure from Landlord shall be deemed to be a waiver by Tenant of its rights under Paragraphs 6 and 7 hereof. Within ten (10) days after the end of each Lock-Up Periodthe period for which Tenant is to pay a portion of Carrying Costs for Lot 27, Landlord shall notify Tenant in writing of Landlord's actual Carrying Costs for such Lock-Up Period Lot 27 for the period with respect to which Tenant is to pay a portion of Carrying Costs and within ten (10) days after such notice either (iI) Tenant shall pay Landlord the amount by which such actual Carrying Costs exceeded the estimated Carrying Costs paid by Tenant for such period, up to the $150,000 maximum set forth in this Section 6.3, or (iiII) Landlord shall pay Tenant the amount by which the estimated Carrying Costs paid by Tenant exceeded the actual Carrying Costs for such period. If taxes or other Carrying Costs allocable to any Lock-Up Period Lot 27 for such period are increased or decreased (for example, by a tax reduction or an additional tax assessment) following completion of the reconciliation process described in the preceding sentence, Landlord shall promptly notify Tenant in writing of such further increase or decrease and the parties shall make any further adjustment payments in cash in the same manner contemplated in the preceding sentence. Not more frequently than every six (6) months, and if Tenant is current in its payment of Carrying Costs with respect to Lot 27, Tenant shall have the right to review and audit all data and documentation underlying the calculation of Carrying Costs; in the event that such audit discloses that Tenant has underpaid, Tenant shall pay any amount due within ten (10) days, likewise, Landlord shall remit any overpayment within ten (10) days; provided, however, that if Landlord disagrees with the results of Tenant's audit, the matter shall be submitted to a Qualified CPA for binding determination. If the parties cannot agree upon a Qualified CPA within ten (10) days, then each party shall identify a Qualified CPA and the two Qualified CPAs shall select a third Qualified CPA who shall make the determination.

Carrying Costs. As compensation for each Lock-Up Option, Tenant shall -------------- pay or reimburse to Landlord all Carrying Costs incurred by Landlord during or with respect to the applicable Lock-Up Period, including (i) interest expense on Landlord's ’s construction financing for any site work, off-site improvements or other construction (including, but not limited to, construction of the Expansion Building, if any) on the Phase II Site, (ii) interest expense on Landlord's ’s acquisition financing or refinancing for the Phase II Site, and (iii) real property taxes, assessments and insurance on or allocable to the Expansion Building and/or the Phase II Site; provided, however, -------- that Tenant shall not be obligated to pay Landlord an amount greater than one hundred fifty thousand dollars ($150,000) for Carrying Costs incurred during or with respect to any single Lock-Up Period. Tenant shall pay Landlord's ’s estimated Carrying Costs for each applicable Lock-Up Period in advance as contemplated in Section 6.2 hereof. Within ten (10) days after the end of each Lock-Up Period, Landlord shall notify Tenant in writing of Landlord's ’s actual Carrying Costs for such Lock-Up Period and within ten (10) days after such notice either (i) Tenant shall pay Landlord the amount by which such actual Carrying Costs exceeded the estimated Carrying Costs paid by Tenant for such period, up to the $150,000 maximum set forth in this Section 6.3, or (ii) Landlord shall pay Tenant the amount by which the estimated Carrying Costs paid by Tenant exceeded the actual Carrying Costs for such period. If taxes or other Carrying Costs allocable to any Lock-Up Period are increased or decreased (for example, by a tax reduction or additional tax assessment) following completion of the reconciliation process described in the preceding sentence, Landlord shall promptly notify Tenant in writing of such further increase or decrease and the parties shall make any further adjustment payments in cash in the same manner contemplated in the preceding sentence.