Common use of Estimated Monthly Payments of Operating Costs Clause in Contracts

Estimated Monthly Payments of Operating Costs. Tenant shall make estimated monthly payments to Landlord on account of the amount by which Operating Costs that are expected to be incurred during each subsequent calendar year (or portion thereof) would exceed the Operating Costs Base Amount. On or about the first day of the second (2nd) calendar year (i.e. January 1, 2007), and at the beginning of each calendar year thereafter, Landlord may submit a statement setting forth Landlord’s reasonable estimate of such excess and Tenant’s Proportionate Share thereof. Tenant shall pay to Landlord on the first day of each month after receipt of such statement, until Tenant’s receipt of the succeeding annual statement, an amount equal to one-twelfth (1/12th) of such share (estimated on an annual basis without proration. From time to time during any calendar year, but not more than two (2) times in any calendar year, Landlord may revise its estimate and adjust Tenant’s monthly payments to reflect Landlord’s revised estimate.