Common use of Escalation Reconciliation Clause in Contracts

Escalation Reconciliation. As soon as practicable following the end of each calendar year, Landlord shall submit to Tenant a statement setting forth the Estimated Escalation Increase, if any (the "Escalation Statement"). Beginning with the Escalation Statement for the second calendar year of the Lease Term, it shall also set forth the Escalation Reconciliation for the calendar year just completed. To the extent that the increase in either Taxes or Operating Expenses (the "Operating Expense or Tax Escalation", as applicable) is greater than the Estimated Escalation Increase upon which Tenant paid Rent during the calendar year just completed, Tenant shall pay Landlord the difference in cash within thirty (30) days following receipt by Tenant from Landlord of the Escalation Statement. If the Operating Expense or Tax Escalation is less, then Tenant shall receive a credit on future Rent owing hereunder (or cash if there is no future Rent owing hereunder) as the case may be. Until Tenant receives the Escalation Statement, Tenant's Rent for the new Lease Year shall continue to be paid at the rate being paid for the particular Lease Year just completed. Tenant shall commence payment to Landlord of the monthly installment of Additional Rent on the basis of said Escalation Statement beginning on the first day of the month following the month in which Tenant receives the Escalation Statement.

Escalation Reconciliation. As soon as practicable following Within sixty (60) days after the end last day of each calendar yearComparison Year, Landlord shall submit to Tenant a statement setting forth the Estimated Escalation Increase, if any (the "“Escalation Statement"”). Beginning with the Escalation Statement for the second calendar year of the Lease TermComparison Year, it each such statement shall also set forth the Escalation Reconciliation for the calendar year Comparison Year just completed. To the extent that the increase Escalation Increase in either Taxes or Operating Expenses (the "“Operating Expense Escalation” or “Tax Escalation"”, as applicable) is greater than exceeds the Estimated Escalation Increase upon which Tenant paid Rent during the calendar year Comparison Year just completed, Tenant shall pay Landlord the difference difference, in cash within thirty (30) days following receipt by Tenant from Landlord of the Escalation Statement. If the Operating Expense or Tax Escalation is lessless than the Estimated Escalation Increase, then Tenant shall receive a credit on future Rent owing hereunder under this Lease (or cash if there is no future Rent owing hereunder) or, at Tenant’s option, a refund), as the case may be. Until Tenant receives the Escalation Statement, Tenant's Rent ’s Estimated Escalation Increases for the new Lease Comparison Year shall continue to be paid at the rate being paid for the particular Lease Comparison Year just completed. , and Tenant shall commence payment to Landlord of the monthly installment of Additional Rent on the basis of said the Escalation Statement beginning on the first day of the month following the month in which Tenant receives the Escalation Statement.

Escalation Reconciliation. As soon as practicable following the end of each calendar year, Landlord shall submit to Tenant a statement setting forth the Estimated Escalation Increase, if any the (the "Escalation Statement"). Beginning with the Escalation Statement for the second calendar year of the Lease Term, it if shall also set forth the Escalation Reconciliation for the calendar year just completed. To the extent that the increase in either Taxes or Operating Expenses (the "Operating Expense or Tax Escalation", as applicable) is greater than the Estimated Escalation Increase upon which Tenant paid Rent during the calendar year just completed, Tenant shall pay Landlord the difference in cash within thirty (30) days following receipt by Tenant from Landlord of the Escalation Statement. If the Operating Expense Expenses or Tax Escalation is less, then Tenant shall receive a credit on future Rent owing hereunder (or cash if there is if no future Rent owing hereunder) as the case may be. Until Tenant receives the Escalation Statement, Tenant's Rent for the new Lease Year shall continue to be paid at the rate being paid for the particular Lease Year just completed. Tenant shall commence payment to Landlord of the monthly installment of Additional Rent on the basis of said Escalation Statement beginning on the first day of the month following the month in which Tenant receives the Escalation Statement.

Escalation Reconciliation. As soon as practicable following the end of each calendar yearComparison Year with good faith efforts to provide such statement within one hundred twenty (120) days after the last day of such Comparison Year, Landlord shall submit to Tenant a statement setting forth the actual Escalation Increase for the Comparison Year which was just completed and the Estimated Escalation Increase, if any Increase for the current Comparison Year (the "“Escalation Statement"”). Beginning with In the event that Landlord does not provide Tenant a statement within three hundred sixty-five (365) days after the last day of such Comparison Year, then the Estimated Escalation Statement for Increase shall be eliminated until the second calendar year of the Lease Term, it shall also set forth the Escalation Reconciliation for the calendar year just completednext Comparison Year Statement. To the extent that the increase in either Taxes or Operating Expenses (the "Operating Expense or Tax Escalation", as applicable) is greater than actual Escalation Increase exceeds the Estimated Escalation Increase upon which paid by Tenant paid Rent during for the calendar year Comparison Year just completed, Tenant shall pay Landlord the difference difference, in cash within thirty (30) days following receipt by Tenant from Landlord of the Escalation Statement. If the Operating Expense or Tax actual Escalation Increase for the Comparison Year just completed is lessless than the Estimated Escalation Increase paid by Tenant for such year, then Tenant shall receive a credit on future Rent owing hereunder under this Lease (or cash cash, if there is no future Rent owing hereunder) as the case may be). Until Tenant receives the Escalation Statement, Tenant's Rent ’s Estimated Escalation Increases for the new Lease Comparison Year shall continue to be paid at the rate being paid for the particular Lease Comparison Year just completed. Tenant shall commence payment to Landlord of the monthly installment of Additional Rent on Estimated Escalation Increase for the basis of said Escalation Statement then current Comparison Year, beginning on the first (1st) day of the month following the month in which Tenant receives the applicable Escalation Statement.

Escalation Reconciliation. As soon as practicable following the end of each calendar yearComparison Year but in any event within one hundred twenty (120) days after the last day of such Comparison Year, Landlord shall submit to Tenant a statement setting forth the actual Escalation Increase for the Comparison Year which was just completed and the Estimated Escalation Increase, if any Increase for the current Comparison Year (the "“Escalation Statement"”). Beginning with the , which Escalation Statement for shall be substantially in the second calendar year of the Lease Term, it shall also set forth the Escalation Reconciliation for the calendar year just completed. form attached hereto as Exhibit I. To the extent that the increase in either Taxes or Operating Expenses (the "Operating Expense or Tax Escalation", as applicable) is greater than actual Escalation Increase exceeds the Estimated Escalation Increase upon which paid by Tenant paid Rent during for the calendar year Comparison Year just completed, Tenant shall pay Landlord the difference difference, in cash within thirty (30) days following receipt by Tenant from Landlord of the Escalation Statement. If the Operating Expense or Tax actual Escalation Increase for the Comparison Year just completed is lessless than the Estimated Escalation Increase paid by Tenant for such year, then Tenant shall receive a credit on future Rent owing hereunder under this Lease (or cash within thirty (30) days of delivery of the Escalation Statement to Tenant, if there is no future Rent owing hereunder) as the case may be). Until Tenant receives the Escalation Statement, Tenant's Rent ’s Estimated Escalation Increases for the new Lease Comparison Year shall continue to be paid at the rate being paid for the particular Lease Comparison Year just completed. Tenant shall commence payment to Landlord of the monthly installment of Additional Rent on Estimated Escalation Increase for the basis of said Escalation Statement then current Comparison Year, beginning on the first (1st) day of the month following the month in which Tenant receives the applicable Escalation Statement.

Escalation Reconciliation. As soon as practicable following Within one hundred twenty (120) days after the end last day of each calendar yearsuch Comparison Year, Landlord shall submit to Tenant a statement setting forth the actual Escalation Increase for the Comparison Year which was just completed and the Estimated Escalation Increase, if any Increase for the current Comparison Year (the "“Escalation Statement"”). Beginning with the Escalation Statement for the second calendar year of the Lease Term, it shall also set forth the Escalation Reconciliation for the calendar year just completed. To the extent that the increase in either Taxes or Operating Expenses (the "Operating Expense or Tax Escalation", as applicable) is greater than actual Escalation Increase exceeds the Estimated Escalation Increase upon which paid by Tenant paid Rent during for the calendar year Comparison Year just completed, Tenant shall pay Landlord the difference difference, in cash within thirty (30) days following receipt by Tenant from Landlord of the Escalation Statement. If the Operating Expense or Tax actual Escalation Increase for the Comparison Year just completed is lessless than the Estimated Escalation Increase paid by Tenant for such year, then Tenant shall receive a credit on future Rent owing hereunder under this Lease (or cash cash, if there is no future Rent owing hereunder) as the case may be). Until Tenant receives the Escalation Statement, Tenant's Rent ’s Estimated Escalation Increases for the new Lease Comparison Year shall continue to be paid at the rate being paid for the particular Lease Comparison Year just completed. Tenant shall commence payment to Landlord of the monthly installment of Additional Rent on Estimated Escalation Increase for the basis of said Escalation Statement then current Comparison Year, beginning on the first (1st) day of the month following the month in which Tenant receives the applicable Escalation Statement. Any amount described in this Article 4 that is not billed to Tenant within two (2) years after the end of the Comparison Year in question shall be deemed forever waived by Landlord, and Tenant shall have no further obligation therefor.