Common Area Charges. In addition to the rental and other charges herein provided to be paid by Lessee to Lessor, Lessee shall pay to Lessor, as additional rent and as Lessee’s share of the cost of maintaining, operating, repairing and managing the Project, Lessee’s proportionate share (as defined in Section 12) of the Total Common Area Charges (as hereinafter defined) for any calendar year during the Term (the “CAM Amount”). Lessee shall pay Lessor in advance its monthly estimated proportionate share (as described in Section 12) of the CAM Amount, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) days following the end of each calendar year during the Term or as soon thereafter as is reasonably possible, Lessor shall furnish Lessee with a statement of all Total Common Area Charges for the Project for the previous calendar year indicating the computation of Lessee’s proportionate share of the CAM Amount for such calendar year and the payments made by Lessee during such calendar year. If Lessee’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if the payments made are less than Lessee’s proportionate share, Lessee shall pay the difference to Lessor within ten (10) days of its receipt of such statement. Total Common Area Charges shall consist of all costs and expenses of every type associated with the management, repair, maintenance, and insuring of the Common Areas including, without limitation, costs and expenses for the following: gardening and landscaping; utilities, water and sewer charges; premiums for liability, property damage and casualty insurance and xxxxxxx’x compensation insurance; all personal property taxes levied on or attributable to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property used in the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project and other appropriate reserves; and fees paid to property managers. Said Total Common Area Charges shall further include all charges for semi-annual preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to the Project, and the cost of lighting, maintenance and repair of the Project identification signs.
Appears in 4 contracts
Samples: Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc), Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc), Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc)
Common Area Charges. In addition to the rental and other charges herein provided to be paid by Lessee to Lessor, Lessee shall pay to Lessor, as additional rent and as Rent, an amount equal to Lessee’s pro-rata share of the cost total common area charges of maintaining, operating, repairing and managing the Project, Lessee’s proportionate share (Premises as defined in Section 12) of the Total Common Area Charges (as hereinafter defined) for any calendar year during the Term below (the common area charges for the Premises is referred to herein as (“CAM AmountCAC”)). Lessee shall pay to Lessor in advance its as Rent, on or before the first day of each calendar month during the Lease Term, subject to adjustment and reconciliation as provided hereinbelow, the sum of Two Thousand Eight Hundred Seventy One Dollars ($2,871), said sum representing Lessee’s estimated monthly estimated proportionate payment of Lessee’s percentage share of CAC (which as described in Section 12) of the CAM Amountdate of this Lease represents the insurance covered under Sections 6 A) and 6 B) and the two percent (2%) management fee set forth in this Section). Lessee, together with all applicable rental taxes due thereonat Lessee’s cost, within ten will be responsible for replacement of capital items, including but not limited to: HVAC units, parking lot (10not including resealing and restriping which is covered by the CAC), roof membrane replacement (not including the roof membrane maintenance which is covered by the CAC), roof decking, structural or insulation replacement as a result of water intrusion from failure of the roof membrane, elevator, and painting of building exterior (the “Capital Replacements”) days after receipt during the Lease Term or any extension thereof by properly licensed and insured contractors using materials of an invoice from Lessor setting forth Lessorequal or better quality that existed prior to the Capital Replacement. It is understood and agreed that Lessee’s estimate of such amount. Within ninety (90) days following obligation under this paragraph shall be prorated to reflect the Commencement Date and the end of each the Lease Term, including a partial month. Lessee’s estimated monthly payment of CAC payable by Lessee during the calendar year during in which the Term Lease commences is set forth above. At or prior to the commencement of each succeeding calendar year term (or as soon thereafter as is reasonably possiblepractical thereafter), Lessor shall furnish provide Lessee with a statement of all Total Common Area Charges for the Project for the previous calendar year indicating the computation of Lessee’s proportionate share estimated monthly payment for CAC which Lessee shall pay to Lessor as Rent. Within 120 days of the CAM Amount for such end of the calendar year and the payments made by end of the Lease Term, Lessor shall provide Lessee during such calendar a statement of actual CAC incurred for the preceding year or other applicable period in the case of a termination year. If Lessee’s aggregate estimated monthly payments actually such statement shows that Lessee has paid less than its actual percentage, then Lessee shall pay to Lessor for the calendar year are greater amount of such deficiency within thirty (30) days. If such statement shows that Lessee has paid more than Lessee’s proportionate share of the CAM Amount for its actual percentage, then Lessor shall, at its option, promptly refund such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply credit the excess amount thereof to the Rent next becoming due from Lessee. Lessor reserves the right to revise any past due amounts owing from Lessee to Lessor; estimate of CAC if the actual or projected CAC show an increase or decrease in excess of 10% from an earlier estimate for the same period. In such event, Lessor shall provide a revised estimate to Lessee, together with an explanation of the reasons therefor, and Lessee shall revise its monthly payments made are accordingly. Lessor’s and Lessee’s obligation with respect to adjustments at the end of the Lease Term or earlier expiration of this Lease shall survive the Lease Term or earlier expiration. Lessee shall have the right, at any time within one hundred eighty (180) days after Lessee’s receipt of any such statement to audit Lessor’s books and records regarding CAC. If such audit shows that Lessee has paid less than Lessee’s proportionate shareits actual percentage of CAC, then Lessee shall pay the difference to Lessor the amount of such deficiency within thirty (30) days. If such audit shows that Lessee has paid more than its actual percentage of CAC, then Lessor shall, at its option, promptly refund such excess to Lessee or credit the amount thereof to the Rent next becoming due from Lessee. In addition, if such audit shows that Lessee has overpaid CAC by more than ten percent (10%) days of its receipt of such statement. Total Common Area Charges shall consist of all costs and expenses of every type associated with the management, repair, maintenance, and insuring of the Common Areas includingCAC actually payable by Lessee, without limitationthen Lessor shall pay the out of pocket cost of Lessee’s audit. Lessee’s audit shall take place at the Lessor’s business office where the records are kept at a date and time mutually agreed to by the parties. As used in this Lease, CAC shall include the reasonable costs and expenses actually incurred by Lessor for the following: gardening (i) the repair and landscaping; utilitiesmaintenance of the Premises under Section 5(b), water and sewer charges; the premiums for liabilityLessor’s insurance under Sections 6 A) and 6 B) and the deductible thereunder (not to exceed $10,000 per occurrence), property damage Taxes under Section 16, and casualty insurance and xxxxxxx’x compensation the amount described in Section 31 for earthquake insurance; all personal property taxes levied on or attributable to personal property (ii) costs of supplies, materials, equipment and tools used and required in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or and maintenance of the Common AreasPremises; rental or lease payments paid (iii) licenses, permits and inspection fees; (iv) all other costs incurred by Lessor for rented or leased personal property used in directly maintaining and operating the operation or maintenance of Common AreasPremises; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security (v) costs to comply with government regulations imposed on the Premisesafter the Commencement Date and similar items; repair not related to Lessee’s particular use and maintenance of exterior roofs and reserves for roof replacement and exterior painting occupancy of the Project and other appropriate reservesPremises; and fees paid (vi) an amount equal to property managers. Said Total Common Area Charges shall further include all charges for semi-annual preventive maintenance service two percent (2%) of mechanical equipment including, without limitation, heating, ventilating the base rent and air conditioning equipment, which is attributable CAC (to the Projectextent that the Lessee elects to take direct control of the CAC as provided in Section 5(b), the management fee will only be calculated using the base rent and the cost of lightingCAC that is managed directly by Lessor), maintenance as compensation for Lessor’s accounting and repair of management services. Lessee shall have the Project identification signsright to review the basis and computation analysis used to derive the CAC applicable to this Lease annually.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Sipex Corp), Lease Agreement (Sipex Corp)
Common Area Charges. In addition to the rental and other charges herein provided to be paid by Lessee to Lessor, Lessee shall pay to Lessor, as additional rent and as Lessee’s 's share of the cost of maintaining, operating, repairing rexxxxxxg and managing the Project, Lessee’s 's proportionate share (as defined in Section PARAGRAPH 12) of the xx xxe Total Common Area Charges (as hereinafter defined) for any calendar year during the Term (the “"CAM Amount”"). Lessee shall pay Lessor in advance its monthly estimated proportionate share (as described in Section PARAGRAPH 12) of the CAM AmountTotal Common Area Charges, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s 's reasonable estimate of such amount. Within ninety (90) days following the end of each calendar year during the Term or as soon thereafter as is reasonably possible, Lessor shall furnish Lessee with a statement of all actual Total Common Area Charges for the Project for the previous calendar year indicating the computation of Lessee’s 's proportionate share of the CAM Amount Total Common Area Charges for such calendar year and the payments made by Lessee during such calendar year. If Lessee’s 's aggregate estimated monthly payments actually paid to Lessor paix xx Xessor for the calendar year are greater than Lessee’s 's proportionate share of the CAM Amount Total Common Area Charges for such calendar year, Lessor shall shall, at Lessee's option, promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if the payments made are less than Lessee’s 's proportionate share, Lessee shall pay the difference to Lessor within ten (10) days of its receipt of such statement. Total Common Area Charges shall consist of all costs and expenses of every type associated with the management, repair, maintenance, and insuring maintenance of the Common Areas including, without limitation, costs and expenses for the following: gardening and landscaping; utilities, water and sewer charges; premiums for liability, property damage and casualty insurance and xxxxxxx’x workman's compensation insurance; all personal property taxes levied on xxxxxx xx or attributable to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property used in the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; exterior painting of the Project; fees Please Initial Lessor G Lessee G paid to property managers which fee shall not exceed rates paid to comparable property managers by other landlords to manage comparable properties in the Tucson, Arizona area (including, without limitation, an amount equal to the fair rental value of any on-site manager's office); amortization of capital expenses, including financing costs at then market rates if (i) required by a governmental entity for energy conservation, life safety, ADA or environmental purposes, or (ii) such capital expenses reduce Total Common Area Charges; compensation (including employment taxes) of all persons who perform duties connected with the operation, maintenance, or repair of the Project, but only to the extent of the time performed working on the Project; repair and maintenance of exterior roofs roofs; and reserves for roof replacement, including the repair and replacement and exterior painting of the Project coating, membrane, and other appropriate reserves; and fees paid to property managersdecking of the roof, but excluding any costs incurred in connection with any repairs or improvements with the roof structure. Said Total Common Area Charges shall further include all charges for semi-annual utilities supplied to the Premises and to other tenants of the Project which are not separately metered, all charges for regular preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to serves the ProjectCommon Areas, and the cost of lighting, maintenance and repair of the Project identification signs, all charges for repair and maintenance of mechanical equipment, including, without limitation, heating, ventilating and air conditioning equipment which is attributable to the Project, and the cost of repairing and maintaining the plumbing, electrical and other off-Premises facilities serving the Premises or the Project. The Total Common Area Charges that vary with occupancy and that are attributable to any part of the Term in which less than ninety-five percent (95%) of the rentable area of the Project is occupied by tenants will be adjusted by Lessor to the amount that Lessor reasonably believes they would have been if ninety-five percent (95%) of the rentable area of the Project had been so occupied. Notwithstanding any provision to the contrary contained in this Lease, during the initial Term of this Lease (excluding however any Extension Term), that portion of the CAM Amount that is within the reasonable control of Lessor (the "Controllable CAM Amount") for a calendar year shall not increase by more than seven and seventy seven hundredths percent (7.77%) over the Controllable CAM Amount for the previous calendar year during the years 2000, 2001, and 2002 and shall not increase by more than ten percent (10%) over the Controllable CAM Amount for the previous calendar year during the years 2003, 2004 and January and February of the year 2005. Notwithstanding the foregoing, the CAM Amount shall not include:
(a) any leasing or brokerage commissions;
(b) expenses which relate to preparation of rental space for a tenant;
(c) legal fees and disbursements relating to other tenants;
(d) costs of repair to the extent actually reimbursed by payment received by Lessor of insurance proceeds;
(e) interest and prxxxxxxl upon loans to Lessor or secured by mortgages or deeds of trust covering the Project or a portion thereof;
(f) salaries of executive officers of Lessor;
(g) depreciation claimed by Lessor for tax purposes;
(h) the costs of any service provided to any other tenant or occupant of the Project which either (1) is not supplied or furnished to Lessee or (2) is supplied or furnished to Lessee pursuant to the terms of this Lease for a separate or additional charge;
(i) payments made to Lessor or a company or other entity affiliated with Lessor for goods and services to the extent that such payments exceed the amounts that would have been paid to independent third parties for goods and services of like kind in connection with the repair, cleaning, maintenance and security of the Project;
(j) the costs of any addition to the Project;
(k) the costs of any sale, financing, or refinancing of the Project;
(l) fines or penalties incurred due to a violation by Lessor of any governmental law, rule or regulation or due to the gross negligence of Lessor or any of its agents, representatives; Please Initial Lessor G Lessee G
(m) capital costs incurred by Lessor to comply with any government laws, rules and regulations, unless such capital costs arise from Lessee's particular use of the Premises or are Lessee's responsibility pursuant to PARAGRAPH 6.2(a) or unless such capital costs are specifically included in this PARAGRAPH 11;
(n) except as expressly permitted above in this PARAGRAPH 11, costs for off-site management and overhead;
(o) costs which are covered by and reimbursable under any contractor, manufacturer or supplier warranty of service contracts;
(p) except for reserves for the repair and maintenance of the roof as expressly permitted above in this PARAGRAPH 11, reserves of any kind, including, but not limited to, replacement reserves, reserves for bad debts or lost rent or any similar charge not involving the payment of money to third parties;
(q) any tax or assessment expense: (1) in excess of the amount which would be payable if such tax or assessment expense (including carrying costs) were paid in installments over the longest permitted term without becoming delinquent; (2) imposed on land and improvements other than the Project; (3) occasioned by Lessor's failure to pay timely or perform any obligation of Lessor except to the extent such delay is attributable to Lessee; or (4) consisting of a tax or assessment for the investigation, remediation or removal of any Hazardous Material attributable to another tenant of the Project and/or existing prior to Lessee taking possession of the Premises;
(r) the costs, including, without limitation, of repairs, maintenance, improvements, replacements, premiums, claims, losses, fees, commissions, charges, disbursements, attorneys' fees, experts' fees, costs and expenses (collectively, the "Costs"):
(1) occasioned by fire or other casualty, or by the exercise of the power of eminent domain, but only to the extent covered and paid for by insurance or condemnation proceeds; (2) for which Lessor is actually reimbursed from other tenants of the Project; or Costs which Lessee pays directly to a third person; (3) incurred in connection with any tenant improvement, alteration or redecorating of space leased or held for lease in the Project; (4) to the extent arising from the materially disproportionate use of any utility or service supplied by Lessor to any other occupant of the Project or associated with separately metered utilities to another occupant of the Premises or with utilities and services to another occupant of the Project of a type not provided to Lessee; (5) arising from any remediation of any Hazardous Material in the Projet which is required to be remediated under applicable law; (6) arising from the abatement of asbestos containing material in the Project; and (7) of any mortgage or debt secured by the Project, including, without limitation, interest, principal, charges and fees, and any rent under ground leases;
(s) costs of advertising and public relations and promotions associated with the promotion or leasing of the Project and costs of signs in or on the Project identifying the owners of the Project or any tenant of the Project;
(t) costs incurred in connection with disputes with tenants, other occupants, or prospective tenants, or costs and expenses incurred in connection with negotiations or disputes with employees, management agents, leasing agents, purchasers or mortgagees of the Project;
(u) costs of repairing, replacing or otherwise correcting defects (including latent defects) in or inadequacies of (excluding, however, the costs of ordinary and customary maintenance and repair) the initial design or construction of the Project or the costs of repairing, replacing or correcting defects in the initial design or construction of any tenant improvements originally constructed by Lessor ;
(v) increased insurance premiums caused by Lessor's or any other tenant's hazardous acts;
(w) costs of overtime HVAC service provided to any other tenant of the Project and, to the extent Lessor has billed Lessee directly for such costs separate from the CAM Amount, to Lessee;
(x) fees for management of the Project in excess of the management fees provided for hereinabove;
(y) the cost of any judgment, settlement, or arbitration award resulting from any liability of Lessor; Please Initial Lessor G Lessee G
(z) the cost of providing any service customarily provided by a managing agent and the cost of which is customarily included in management fees (e.g., bookkeeping and accounting costs);
(aa) the cost of any separate electrical meter cost or any survey Lessor may provide to any other tenant in the Project;
(bb) costs relating to withdrawal liability or unfunded pension liability under the Multi-Employer Pension Plan Act or similar law;
(cc) amounts payable pursuant to any operating agreement or reciprocal easement agreement (excluding, however, any amounts or assessments payable pursuant to the covenants, conditions and restrictions (as may be amended or supplemented) of Butterfield Business Center which currently affects the Project);
(dd) any costs arising from any charitable or political contributions;
(ee) the entertainment and travel expenses of Lessor, its employees, agents, officers, directors, partners and affiliates;
(ff) any costs, fees, dues, contributions or similar expenses for industry associations or similar organizations in which the Project is a member; and
(gg) any cost expressly excluded from the CAM Amount elsewhere in this Lease.
Appears in 1 contract
Samples: Triple Net Lease (Luxtec Corp /Ma/)
Common Area Charges. In addition to the rental and other charges herein provided to be paid by Lessee to Lessor, Lessee Tenant shall pay to Lessor, as additional rent and as Lessee’s its pro rata share of all common area charges for the cost of maintaining, operating, repairing maintenance and managing the Project, Lessee’s proportionate share (as defined in Section 12) upkeep of the Total Common Area Charges (common areas, such as hereinafter defined) for any calendar year during the Term (the “CAM Amount”)parking lots, security, landscaping and lighting. Lessee Such common area charges shall pay Lessor in advance its monthly estimated proportionate share (as described in Section 12) of the CAM Amountinclude, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) days following the end of each calendar year during the Term or as soon thereafter as is reasonably possible, Lessor but shall furnish Lessee with a statement of all Total Common Area Charges for the Project for the previous calendar year indicating the computation of Lessee’s proportionate share of the CAM Amount for such calendar year and the payments made by Lessee during such calendar year. If Lessee’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if the payments made are less than Lessee’s proportionate share, Lessee shall pay the difference to Lessor within ten (10) days of its receipt of such statement. Total Common Area Charges shall consist of all costs and expenses of every type associated with the management, repair, maintenance, and insuring of the Common Areas including, without limitation, costs and expenses for the following: gardening and landscaping; utilitiesnot be limited to, water and sewer charges; premiums for liability, property damage utilities and casualty utility system installation charges, maintenance and repairs, insurance premiums, taxes and xxxxxxx’x compensation insurance; all personal property taxes levied on or attributable to personal property used in connection with the Common Areas; straight line assessments, licenses, permits, management fees, and reasonable depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property equipment used in the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project common areas; provided, however, costs of equipment properly chargeable to capital account and other appropriate reserves; depreciation of the original cost of constructing the common areas shall be excluded. Landlord shall be entitled to estimate the amount payable by Tenant pursuant to this Section 3.5 so long as said amount is based on the ratio of the square footage of the Premises to the total leasable square footage of the Resort (which shall be deemed to be the total square footage of the Resort, including space occupied by Landlord, that, under commercially reasonable terms, conditions and fees circumstances, could be leased to a tenant). The amounts so estimated shall be payable by Tenant in equal monthly installments in advance over the period covered by the estimate and each such installment shall be paid by Tenant together with the monthly installments of Rent. From time to property managerstime, Landlord may reasonably re-estimate the amount payable under this Section 3.5 and the monthly installments paid by Tenant hereunder shall be adjusted accordingly. Said Total Common Area Charges Tenant shall further include all be directly responsible for any expenses relating to the use of the common areas by Tenant, its employees, agents and invitees. Notwithstanding anything contained in this Lease to the contrary, in no event shall Tenant be required to pay an amount of common area charges for semi-annual preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, per square foot which is attributable greater than any other occupant of the Resort. Within sixty (60) days after the end of each accounting year, the parties shall determine if the estimated common area charges paid by Tenant resulted in overpayment or underpayment of the amount due. Any amounts underpaid shall be immediately paid by Tenant to the ProjectLandlord, and the cost of lighting, maintenance and repair of the Project identification signsany amounts overpaid shall be immediately reimbursed by Landlord to Tenant.
Appears in 1 contract
Samples: Agreement of Limited Partnership (Resort at Summerlin Inc)
Common Area Charges. In addition to Commencing with the rental Rental Commencement Date and other charges herein provided to be paid by Lessee to Lessorthereafter during the Term hereof, Lessee shall will pay to Lessor, as additional rent and as Lessee’s share rent, an annual amount, without deduction or setoff, equal to such proportion of "Lessor's Operating Cost of the cost Common Areas" as the Floor Area of maintainingthe Demised Premises bears to total floor space leasable in the Shopping Center. For the purposes of this Section 2.7, operating"Lessor's Operating Cost of the Common Areas" is defined as including all of Lessor's costs and expenses of operating and maintaining the Common Areas in the Shopping Center, repairing and managing the Projectshall be deemed to include, Lessee’s proportionate share without limitation, landscaping, sanitary control, cleaning, utilities, snow removal, resurfacing, painting, fire protection, security, traffic control, repairs, policing and Lessor's overhead expenses for administering same in an amount not to exceed fifteen percent (as defined in Section 1215%) of the Total Common Area Charges total of such costs. The annual charge shall be computed on the basis of periods of twelve (12) consecutive calendar months as hereinafter defined) for designated by Lessor, and shall be paid by Lessee in equal installments in advance on the first day of each calendar month in an amount reasonably estimated by Lessor. For any calendar year during period within the Term which is less than a full year, the annual charge shall be appropriately prorated. Within sixty (60) days after the “CAM Amount”)end of each such twelve (12) month period, Lessor will furnish to Lessee a statement showing in reasonable detail the amount of Lessor's operating costs for the preceding period, any necessary adjustments shall thereupon be made, and the monthly payments to be made by Lessee for the ensuing year shall be estimated accordingly. Changes in applicable Floor Areas shall result in corresponding pro rata adjustments. Subject to adjustment as herein contemplated, Lessee shall pay Lessor in advance its monthly estimated proportionate share (as described in Section 12) of on the CAM Amount, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) days following the end first day of each calendar year during the Term or month as soon thereafter as is reasonably possible, Lessor shall furnish Lessee with a statement an initial estimate of all Total Lessee's share of Common Area Charges for charges the Project for amount equal to 1/12 of an amount computed by multiplying the previous calendar year indicating annual rate of approximately eighty cents ($0.80) times the computation total square feet of Lessee’s proportionate share Floor Area of the CAM Amount for such calendar year and the payments made by Lessee during such calendar year. If Lessee’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if the payments made are less than Lessee’s proportionate share, Lessee shall pay the difference to Lessor within ten (10) days of its receipt of such statement. Total Common Area Charges shall consist of all costs and expenses of every type associated with the management, repair, maintenance, and insuring of the Common Areas including, without limitation, costs and expenses for the following: gardening and landscaping; utilities, water and sewer charges; premiums for liability, property damage and casualty insurance and xxxxxxx’x compensation insurance; all personal property taxes levied on or attributable to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property used in the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project and other appropriate reserves; and fees paid to property managers. Said Total Common Area Charges shall further include all charges for semi-annual preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to the Project, and the cost of lighting, maintenance and repair of the Project identification signsDemised Premises.
Appears in 1 contract
Samples: Shopping Center Lease (Futurus Financial Services Inc)
Common Area Charges. In addition to the rental and other charges herein provided to be paid by Lessee to Lessor, Lessee shall pay to Lessor, as additional rent and as Lessee’s Xxxxxx's share of the cost of maintaining, operating, repairing and managing the Project, Lessee’s proportionate share (as defined in Section 12) of the Total Common Area Charges (as hereinafter defined) for any calendar year during the Term (the “CAM Amount”). Lessee shall pay Lessor in advance its monthly estimated proportionate share (as described in Section 12) on the 1st of the CAM Amount, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) days following the end of each calendar year during the Term or month as soon thereafter its share as is reasonably possible, Lessor shall furnish Lessee with a statement of all Total Common Area Charges for the Project for the previous calendar year indicating the computation of Lessee’s proportionate share of the CAM Amount for such calendar year and the payments made by Lessee during such calendar year. If Lessee’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if the payments made are less than Lessee’s proportionate share, Lessee shall pay the difference to Lessor within ten (10) days of its receipt of such statement. follows: Months 01-24 $146.16 Total Common Area Charges shall consist of all costs and expenses of every type associated with the management, repair, maintenance, and insuring of the Common Areas including, including without limitation, costs and expenses for the following: gardening and landscaping; utilities, water and sewer charges; : premiums for liability, property damage and casualty casualty, worker's compensation and other insurance and xxxxxxx’x compensation insuranceas required by Lessor or its lenders; all personal property taxes levied on or attributable to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property used in the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, maintaining the parking lots; painting, lighting, cleaning, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project and other appropriate reserves; and , fees paid to property managers. managers (including, without limitation, an amount equal to the fair rental value of any on-site manager's office); amortization of capital expenses, including financing costs if (i) required by a governmental entity for energy conservation, life safety, ADA, or environmental purposes, or (ii) made by Lessor to reduce Total Common Area Charges; compensation (including employment taxes and fringe benefits) of all persons who perform duties connected with the operation, maintenance, repair or overhaul of the Project, but only to the extent of the time performed working on the Project; and other similar costs and expenses relating to the Common Areas, Said Total Common Area Charges shall further include all charges for semi-annual utilities supplied to the Premises and to other tenants of the Project which are not separately metered, all charges for regular preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which serves the Common Areas, the cost of lighting, maintenance and repair of the Project identification signs, all charges for repair and maintenance of mechanical equipment, including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to the Project, and the cost of lightingrepairing and maintaining the plumbing, maintenance electrical and repair of other off-Premises facilities serving the Project identification signsPremises or the Project.
Appears in 1 contract
Samples: Standard Commercial Industrial Lease (On Site Sourcing Inc)
Common Area Charges. In addition to the rental and other charges herein provided to be paid by Lessee to LessorLessor for the Expansion Premises, Lessee shall pay to Lessor, as additional rent and as Lessee’s share of the cost of maintaining, operating, repairing and managing the Projectbuilding of which the Premises are a part, LesseeXxxxxx’s proportionate share (as defined in Section 12Paragraph 32) of the Total Common Area Charges (as hereinafter defined) for any calendar year during the Term (the “CAM Amount”) (as hereinafter defined). Lessee shall pay Lessor in advance its monthly estimated proportionate share (as described in Section 12Paragraph 32) of the CAM Amount, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) days following the end of each calendar year during the Term or as soon thereafter as is reasonably possible, . Lessor shall furnish Lessee with a statement of all Total Common Area Charges for the Project for the previous calendar year indicating the computation of LesseeXxxxxx’s proportionate share of the CAM Amount for such calendar year and the payments made by Lessee during such calendar year. If LesseeXxxxxx’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; , if the payments made are less than Lessee’s proportionate share, Lessee shall pay the difference to Lessor within ten (10) days of its receipt of such statement. Total Common Area Charges shall consist of all costs and expenses of every type associated with the management, repair, maintenance, and insuring of the Common Areas including, without limitation, costs and expenses for the following: gardening and landscaping; utilities, water and sewer charges; premiums for liability, property damage and casualty insurance and xxxxxxx’x compensation insurance; all personal property taxes levied on or attributable to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property used in the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repavingrepaying, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project and other appropriate reserves; and fees paid to property managers; and other similar costs and expenses relating to the Common Areas. Said Total Common Area Charges shall further include all charges for semi-annual preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to the Project, and the cost of lighting, maintenance and repair of the Project identification signs.
Appears in 1 contract
Common Area Charges. In addition to Beginning on the rental and other charges herein provided to be paid by Lessee to LessorCommencement Date, Lessee Tenant shall pay to Lessorpay, as additional rent and as LesseeAdditional Rent, Tenant’s pro rata share of the cost of maintainingcommon area maintenance charges for Landlord’s Building (“CAM”). Tenant’s pro rata share is 53.57% (i.e., operating, repairing and managing 61,600 sq. ft. ÷ 115,000 sq. ft.). For the Project, Lessee’s proportionate share (as defined in Section 12) first year of the Total Common Area Charges Lease, Tenant shall pay estimated CAM in the amount of: Year CAM ($/SF) Monthly CAM Annual CAM 1 $0.75 $3,850.00 $46,200.00 CAM includes all municipal charges and taxes assessed against the real estate upon which the Premises are located (including municipal and state-wide property tax assessments), insurance premiums for all insurance carried by the Landlord with respect to the real estate and the building within which the Premises are located, all common utility costs such as hereinafter defined) costs for lighting, electricity, water, sewer, gas and other utility expenses charged to Landlord and not separately metered to Tenant, all common maintenance costs, including maintenance of and snow removal from the parking lot and walkways, rubbish removal for the building (except that Tenant may be charged a reasonable surcharge for rubbish removal if its refuse exceeds the capacity allowed under the rubbish removal contract for Landlord’s Building), landscaping and lawn maintenance, parking lot maintenance, common signage, and all other costs reasonably incurred by the Landlord in connection therewith including a reasonable management fee, but excluding legal fees, brokerage fees, accounting fees, leasing costs or advertising costs relating to the leasing of additional spaces within Landlord’s Building and excluding any calendar separately metered water, sewer or utility costs. For the convenience of the Landlord, CAM shall be paid in monthly installments due and payable at the time of the payment of Minimum Rent. For the second and third years of the Term, Landlord shall determine a reasonable estimate of the CAM and shall advise Tenant of the estimated amount of CAM and Tenant’s pro rata share of CAM. Not less frequently than once each year during the Term (the “CAM Amount”). Lessee shall pay Lessor in advance its monthly estimated proportionate share (as described in Section 12) second and third years of the Term, Landlord shall compare the actual expense for CAM Amount, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) days following to the end of each calendar year during the Term or as soon thereafter as is reasonably possible, Lessor estimated expenses and shall furnish Lessee provide Tenant with a statement of all Total Common Area Charges for indicating whether the Project for estimated CAM was greater or less than the previous calendar actual CAM. To the extent the actual CAM was less than the estimated CAM, Landlord will credit the excess against future CAM payments due from Tenant. To the extent actual CAM in year indicating the computation of Lessee’s proportionate share 1 of the CAM Amount for such calendar year and Term exceeds the payments made by Lessee during such calendar year. If Lessee’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount for such calendar yearCAM, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if the payments made are less than Lessee’s proportionate share, Lessee Tenant shall pay the difference to Lessor Landlord within ten twenty (1020) days of its receipt the date of such the statement. Total Common Area Charges shall consist of all costs and expenses of every type associated with Landlord will preserve the management, repair, maintenance, and insuring records of the Common Areas including, without limitation, costs and expenses actual CAM for inspection by Tenant for two (2) years from the following: gardening and landscaping; utilities, water and sewer charges; premiums for liability, property damage and casualty insurance and xxxxxxx’x compensation insurance; all personal property taxes levied on or attributable to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance date of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property used in annual statement to which the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project and other appropriate reserves; and fees paid to property managers. Said Total Common Area Charges shall further include all charges for semi-annual preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to the Project, and the cost of lighting, maintenance and repair of the Project identification signsreceipts apply.
Appears in 1 contract
Common Area Charges. In addition Certain of the Leases and Specialty License Agreements provide for reimbursement to the rental landlord thereunder of certain expenses relating to common areas ("COMMON AREA EXPENSES"), including, but without limitation, the expenses of operating and maintaining certain improvements located on the Real Property, including exterior parking, roadways, landscaping, sidewalks and other charges herein areas provided for the common use or benefit of Tenants, Parties to be paid by Lessee to Lessor, Lessee shall pay to LessorSpecialty License Agreements and their patrons, as additional rent well as insurance, real estate taxes, heating and cooling charges, and various services with respect thereto including the management and administration thereof, which may be computed as Lessee’s share a percentage of other costs of operating and maintaining the common areas (the "ADMINISTRATIVE FEES"). Common Area Expenses are determined on an annual basis, but the anticipated amount thereof may be estimated and paid in monthly or other installments of the cost of maintaining, operating, repairing and managing estimated amount during the Project, Lessee’s proportionate share (as defined in Section 12) course of the Total Common Area Charges (as hereinafter defined) for any calendar year during with a final adjustment made after the Term (the “CAM Amount”). Lessee shall pay Lessor in advance its monthly estimated proportionate share (as described in Section 12) close of the CAM Amount, together with all applicable rental taxes due thereon, within ten (10) days after receipt of an invoice from Lessor setting forth Lessor’s estimate of year when such amount. Within ninety (90) days following the end of each calendar year during the Term or as soon thereafter as is reasonably possible, Lessor shall furnish Lessee with a statement of all Total Common Area Charges for the Project for the previous calendar year indicating the computation of Lessee’s proportionate share of the CAM Amount for such calendar year and the payments made by Lessee during such calendar year. If Lessee’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if the payments made are less than Lessee’s proportionate share, Lessee shall pay the difference to Lessor within ten (10) days of its receipt of such statement. Total Common Area Charges shall consist of all costs and expenses of every type associated have been finally determined. Seller and Purchaser have agreed as follows with respect to Common Area Expenses:
(i) Except as hereinafter provided, Seller shall be responsible for all Common Area Expenses through the management, repair, maintenanceCutoff Date, and insuring shall be entitled to retain reimbursements thereof collected through the Cutoff Date and to receive reimbursements therefor collected after the Cutoff Date, up to the aggregate amount of such Common Area Expenses for which Seller is responsible. Purchaser shall be responsible for all Common Area Expenses after the Cutoff Date and shall be entitled to receive and retain all remaining reimbursements of Common Area Expenses collected from Tenants or Parties to Specialty License Agreements with respect thereto after payment to Seller of reimbursements for periods prior to the Cutoff Date.
(ii) Upon issuance of the Common Areas including, without limitation, costs and expenses for the following: gardening and landscaping; utilities, water and sewer charges; premiums for liability, property damage and casualty insurance and xxxxxxx’x compensation insurance; all personal property taxes levied on or attributable Final Proration Statement referred to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common Areas; rental or lease payments paid by Lessor for rented or leased personal property used in the operation or maintenance of Common Areas; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project and other appropriate reserves; and fees paid to property managers. Said Total Common Area Charges shall further include all charges for semi-annual preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to the Project, and the cost of lighting, maintenance and repair of the Project identification signs.Section 7.4(b) hereof:
Appears in 1 contract
Samples: Purchase and Sale Agreement (First Union Real Estate Equity & Mortgage Investments)
Common Area Charges. In addition to the rental and any other charges herein provided to be paid by Lessee to Lessor, Lessee shall pay to Lessor, as additional rent Rent and as Lessee’s share of the cost of maintaining, operating, repairing and managing the Project, LesseeLxxxxx’s proportionate share (as defined calculated in the manner described in Section 12) of the Total Common Area Charges (as hereinafter defined) for any calendar year during the Term (the “CAM Amount”). Lessee shall pay Lessor in advance its monthly estimated proportionate share (as calculated in the manner described in Section 12) of the CAM AmountTotal Common Area Charges, together with all applicable rental taxes due thereon, at the same time as Lessee pays Monthly Base Rent, or if no Monthly Base Rent is due, within ten (10) 15 days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) 90 days following the end of each calendar year during the Term or as soon thereafter as is reasonably possible, Lessor shall furnish Lessee with a statement of all Total Common Area Charges for the Project for the previous calendar year indicating the computation of Lessee’s proportionate share of the CAM Amount Total Common Area Charges for such calendar year and the payments made by Lessee during such calendar year. If LesseeLxxxxx’s aggregate estimated monthly payments actually paid to Lessor for the calendar year are greater than Lessee’s proportionate share of the CAM Amount Total Common Area Charges for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from Lessee to Lessor; if Lessor or, in the event no such past due amounts are then owing, Lessor shall credit such excess to amounts to become due from Lessee under this Section 11. If the payments made are less than Lessee’s proportionate share, Lessee shall pay the difference to Lessor within ten (10) 30 days of its receipt of such statement. “Total Common Area Charges Charges” shall consist of all customary costs and expenses of every type associated with the management, repair, maintenance, and insuring of the Common Areas Project during the Term including, without limitation, costs and expenses for the following: gardening and landscaping; utilities, water and sewer charges; actual premiums for liability, property damage and casualty casualty, wxxxxxx’x compensation and other insurance and xxxxxxx’x compensation insuranceas required by Lessor or its lenders; all personal property taxes levied on or attributable to personal property used in connection with the Common Areas; straight line depreciation on personal property owned by Lessor which is consumed in the operation or maintenance of the Common AreasProject; rental or lease payments paid by Lessor for rented or leased personal property used in the operation or maintenance of Common AreasProject; fees for required licenses and permits; refuse disposal charges; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, janitorial, refuse removal, security and similar items; repair and maintenance of exterior roofs and reserves for roof replacement and exterior painting of the Project and other appropriate reserves; and fees paid to property managers; amortization of capital expenses, including financing costs if (i) required by a governmental entity for energy conservation, life safety, ADA, or environmental purposes, (ii) reasonably made by Lessor to reduce Total Common Area Charges, or (iii) the replacement of the HVAC systems under Section 7.2 above, the cost of which capital expenses shall be reasonably amortized by Lessor over the useful life of the improvement, in accordance with generally accepted accounting principles; compensation (including employment taxes and fringe benefits) of all persons who perform duties connected with the operation, maintenance, repair or overhaul of the Project, but only to the extent of the time performed working on the Project; and other similar costs and expenses relating to the operation and maintenance of the Project. Said Total Common Area Charges shall further include all charges for semi-annual utilities supplied to the Premises and to other Lessees of the Project which are not separately metered, all charges for regular preventive maintenance service of mechanical equipment including, without limitation, heating, ventilating and air conditioning equipment, which is attributable to serves the ProjectCommon Areas, and the cost of lighting, maintenance and repair of the Project identification signs, all charges for repair and maintenance of mechanical equipment, including, without limitation, heating, ventilating and air conditioning equipment which is attributable to the Project, and the cost of repairing and maintaining the plumbing, electrical and other off-Premises facilities serving the Premises or the Project. The Total Common Area Charges will also include an administrative fee equal to 4% of all other common area charges for the Project under this Lease, the Insurance Amount and the Real Property Taxes. Common Area Charges shall not include interest, amortization or other payments on loans required to be paid by Lessor; leasing commissions; income, excess profits or franchise taxes or other such taxes imposed on or measured by the income of Lessor from the operation of the Premises or the Project; the cost of providing tenant improvements to any tenants or the cost of renovating space leased to new tenants or space vacated by any tenant; goods or materials provided to any tenant for which separate charge to such tenant is made; advertising costs incurred in renting space in the Building or Project; any costs or expenses for which Lessor is or will otherwise be reimbursed or indemnified (whether by an insurer, condemnor, tenant or otherwise); overhead and administrative costs of Lessor not directly incurred in the operation and maintenance of the Project; depreciation or amortization of the Building or its contents or components; expenses for repairs or other work the cost of which is covered by insurance carried by Lessor or required to be carried by Lessor hereunder; expenses in addition to leasing commissions incurred in leasing or obtaining new tenants or retaining existing tenants, including legal expenses, entertaining or promotion; interest, amortization or other costs, including legal fees, associated with any mortgage, loan or refinancing of the Project or any interest of Lessor in the Project; transfer or recordation taxes and other charges in connection with the transfer of ownership in the Building, or land trust fees; expenses incurred for any necessary replacement of any item to the extent that it is covered under warranty, provided the warranty is honored; the cost of any item or service for which Lessee separately reimburses Lessor, or which Lessor provides selectively to one or more tenants of the Project, other than Lessee, whether or not Lessor is reimbursed by such other tenant(s); legal fees relating to the ownership, construction, leasing, sale of or relating to any litigation in any way involving the Project, or to the enforcement of the terms of any lease; any interest or penalty incurred due to the late payment of any operating expense and/or real estate tax; the cost of any penalty or fine incurred for noncompliance with any applicable building or fire code or any other applicable law relating to the Project, any personal property taxes of the Lessor for equipment or items not used directly in the operation or maintenance of the Project, nor connected therewith; Lessor’s general office expenses, and expenses for travel, entertainment, gifts, dues, subscriptions, memberships, tuition, seminars, errors and omissions insurance, automobile allowances, and charitable or political donations, provided that in no event shall the payroll, payroll related and other expenses related to any employees of Lessor above the building manager or equivalent operational level or not working full-time on the management or operation of the Project be included in Common Area Charges, and further provided that such expenses of part-time workers may be included if equitably allocated to reflect actual time spent on the Project; the cost of overtime or other expense to Lessor in performing work expressly provided in this Lease to be borne at Lessor’s expense; all bad debt loss, rent loss, or reserve for bad debt or rent loss; and any amount paid to an entity related to Lessor which exceed the amount that would have been paid for comparable goods or services in an arms-length transaction between unrelated parties in the greater Phoenix metropolitan area. Lessee shall have the right, at Lxxxxx’s cost, to audit Lessor’s books and records relating to Total Common Area Charges, Real Property Taxes and the Insurance Amount. Lessee shall provide not less than thirty (30) days’ prior written notice of its intent to audit. Lxxxxx’s right to audit Lessor’s books and records may be exercised no more than once per calendar year. Lxxxxx’s written notice of its intent to audit must be received by Lessor no later than 60 days after Lxxxxx’s receipt of the statement(s) from Lessor relating to Total Common Area Charges, Real Property Taxes and the Insurance Amount. Lessee shall provide the results of such audit to the Lessor immediately upon receipt by Lxxxxx. If such audit reveals that Lessor has over-charged Lxxxxx, then within thirty (30) days after the results of such audit are delivered to Lessor, Lessor shall reimburse to Lessee the amount of such over-charge. If such audit reveals that Lessor has under-charged Lxxxxx, then within thirty (30) days after the results of such audit are delivered to Lessor, Lessee shall pay to Lessor the amount of such under-charge. Lessee agrees to pay the cost of such audit unless it is subsequently determined that Lxxxxx’s original statement(s) relating to Total Common Area Charges, Real Property Taxes and the Insurance Amount overstated such costs by five percent (5%) or more of the actual Total Common Area Charges, Real Property Taxes and Insurance Amount verified by such audit, in which case Lessor shall reimburse Lessee for the reasonable cost of such audit (but in no event shall such reimbursement exceed the amount the Total Common Area Charges, Real Property Taxes and the Insurance Amount were overstated). Lessee shall be specifically restricted and prohibited from engaging an auditor pursuant to this Section 11 on any sort of fee-for-results or contingent fee arrangement basis.
Appears in 1 contract
Samples: Commercial Industrial Triple Net Lease (PLBY Group, Inc.)