Estimated Payments. During each calendar year or partial calendar year after the Base Year, in addition to Monthly Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expenses.
Appears in 4 contracts
Samples: Lease Agreement (World Wide Magic Net Inc), Lease Agreement (World Wide Magic Net Inc), Lease Agreement (World Wide Magic Net Inc)
Estimated Payments. During each calendar year or partial calendar year after in the Base YearTerm beginning as of the Commencement Date, in addition to Monthly Base Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenant's ’s Proportionate Share multiplied by the "Estimated Operating Expenses" (, defined below) , for such calendar year and 1/12 of the product of Tenant’s Proportionate Share multiplied by the Estimated Taxes, defined below, for such calendar year. "Estimated Operating Expenses" Expenses for any calendar year means the Landlord's ’s reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall will be subject to revision according to the further provisions of this Section Article 5.2 and Section Article 5.3. Estimated Taxes for any calendar year means Landlord’s reasonable estimate of Taxes for such calendar year, and will be subject to revision according to the further provisions of this Article 5.2 and Article 5.3. During any partial calendar yearyear during the Term, Estimated Operating Expenses shall and Estimated Taxes will be estimated on a full-year basis. During each December in which this Section 5.2 is applicableduring the Term, or as soon after each December as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses and Estimated Taxes for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term Term, if the Term will expire before the end of the a partial calendar year), Tenant shall pay to Landlord one-twelfth (1/12) 1/12 of the product of Tenant's ’s Proportionate Share multiplied by the Estimated Operating Expenses for such calendar year and 1/12 of the product of Tenant’s Proportionate Share multiplied by the Estimated Taxes for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's ’s Estimated Operating Expenses and Estimated Taxes until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating ExpensesExpenses and the revised Estimated Taxes. In the month Tenant is first required to make makes a payment based upon the revised Estimated Operating ExpensesExpenses and the revised Estimated Taxes, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the revised Estimated Taxes and the amount payable based upon the prior year's ’s Estimated Operating ExpensesExpenses and Estimated Taxes, respectively. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses or the actual Taxes for any calendar year will vary from the Estimated Operating Expenses or Estimated Taxes, respectively for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses or the Estimated Taxes, as the case may be, for such calendar year, and subsequent payments by Tenant in such calendar year shall will be based upon such revised Estimated Operating ExpensesExpenses or revised Estimated Taxes.
Appears in 3 contracts
Samples: Office Lease (Blue Water Acquisition Corp.), Office Lease (Clarus Therapeutics Inc), Office Lease (Clarus Therapeutics Inc)
Estimated Payments. During Tenant shall pay Landlord’s reasonable estimate of Tenant’s Cost Allocation for each calendar year of the Term (the “Estimated Payment”) in advance, in monthly installments, commencing on the first (1st) day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first (1st) day of the month following the month in which Landlord notifies Tenant of any revised Estimated Payment, provided Tenant shall not be required to make such payments or partial adjustments thereto on less than thirty (30) days’ notice. Landlord shall estimate from time to time the amount of Tenant’s Cost Allocation for each calendar year of the Term, make an adjustment to the Estimated Payment due for such calendar year and notify Tenant of the revised Estimated Payment in writing. Within thirty (30) days after Tenant’s receipt of notice of such adjustment and the Base Year, in addition to Monthly Rentrevised Estimated Payment, Tenant shall pay to Landlord on the first day a fraction of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "such revised Estimated Operating Expenses" (defined below) Payment for such calendar year. "Estimated Operating Expenses" for year (reduced by any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according amounts paid pursuant to the further provisions first sentence of this Section 5.2 and Section 5.34.2.1). During any partial calendar year, Estimated Operating Expenses Such fraction shall be estimated on a full-year basis. During each December have as its numerator the number of months which have elapsed in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing such calendar year (or each month to the date of the Term if the Term will expire before the end of the calendar year)such payment, Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar yearboth months inclusive, and shall have twelve (12) as its denominator. All subsequent payments by Tenant in for such calendar year shall be based upon such adjustment and the revised Estimated Operating ExpensesPayment. In the event of any fractional calendar month, Tenant shall pay a prorated Estimated Payment for each day in such partial month based on the actual number of days in such month.
Appears in 2 contracts
Samples: Office Lease (Shockwave Medical, Inc.), Office Lease (ShockWave Medical, Inc.)
Estimated Payments. During each calendar year or partial calendar year after the Base Year, in addition to Monthly Rent, Tenant shall pay to Landlord currently accounts for Common Expenses on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar April 1—March 31 fiscal year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar Each year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses estimated amount payable by Tenant under this Section for the ensuing calendar fiscal year, which estimate Landlord shall endeavor to provide by March 1 of each year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year)thereafter, Tenant shall pay to Landlord one-twelfth (1/12) 1/12th of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; howeverestimated amounts, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, provided Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and its estimate whereupon subsequent payments by Tenant in such calendar for the remainder of the year shall be based upon such revised Estimated Operating Expensesestimate. If the notice of the annual estimate is given after commencement of the applicable year, then Tenant's first payment of the new monthly amount shall be accompanied by payment of the difference between the new estimate and all estimated payments previously made by Tenant for that year. After the close of each fiscal year during the term of this Lease, Landlord shall deliver to Tenant a statement setting forth the total amount of Tenant's Share of Common Expenses for such year, whereupon there shall be a final adjustment between Landlord and Tenant in connection with amounts due Landlord under this Section and Tenant shall pay Landlord any amount due Landlord within 30 days of receipt of such statement, and any amount due Tenant shall be credited to the next accruing amounts due Landlord pursuant to this Section or if the Lease has terminated or expired, such amount shall be credited against any amounts still due Landlord and the balance shall be refunded to Tenant. Landlord shall use reasonable efforts to provide such statement by June 30 of each year following the relevant expense year. Landlord shall not be entitled to revise its final determination of Common Expenses at any time after the one-year anniversary of such June 30 deadline.
Appears in 2 contracts
Samples: Office Lease (Seattle Genetics Inc /Wa), Seattle Genetics Inc /Wa
Estimated Payments. During each calendar year or partial calendar year after of the Base YearSublease Term, in addition to Base Monthly Rent, Tenant shall Subtenant will pay to Landlord Sublandlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Subtenant’s Share of Master Premises Operating Expenses multiplied by the "“Estimated Operating Expenses" (defined below) ” for the Master Premises for such calendar year. "“Estimated Operating Expenses" ” for any calendar year means Landlord's shall mean Sublandlord’s reasonable estimate of Operating Expenses for such the Master Premises for the ensuing calendar year, less which estimate shall be based on the Master Landlord’s Statement received by Sublandlord from Master Landlord pursuant to Section 4.05 of the Master Lease. Sublandlord and Subtenant agree that the initial Estimated Operating Expenses for the Base Year and calendar year 2005 shall be subject to revision according to $0.78 per rentable square foot of the further provisions of this Section 5.2 and Section 5.3Premises per month. During any partial calendar yearyear during the Sublease Term, Estimated Operating Expenses shall will be estimated on a full-year basis. During the last month of each December in which this Section 5.2 is applicableof Sublandlord’s fiscal years during the Term, or as soon after each December thereafter as practicable, Landlord shall Sublandlord will give Tenant Subtenant written notice of the Estimated Operating Expenses for the Building and the Master Premises for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term Term, if the Term will expire before the end of the a partial calendar year), Tenant shall Subtenant will pay to Landlord one-twelfth (1/12) of Sublandlord the product of Tenant's Subtenant’s Share of Master Premises Operating Expenses multiplied by the Estimated Operating Expenses for the Master Premises for such calendar year; however, if such written notice is not given in Decemberthe last month of Sublandlord’s fiscal year, Tenant shall Subtenant will continue to make monthly payments on the basis of the prior year's ’s Estimated Operating Expenses for the Master Premises until the month after such written notice is given, at which time Tenant shall Subtenant will commence making monthly payments based upon the revised Estimated Operating ExpensesExpenses for the Master Premises. In the month Tenant is Subtenant first required to make makes a payment based upon the revised Estimated Operating ExpensesExpenses for the Master Premises, Tenant shall Subtenant will pay to Landlord for each month which has elapsed since December Sublandlord the difference between the amount payable based upon the revised Estimated Operating Expenses for the Master Premises and the amount payable based upon the prior year's ’s Estimated Operating ExpensesExpenses for the Master Premises, for each month which has elapsed since the last month of Sublandlord’s fiscal year, or, if Subtenant’s payments of the prior year’s estimate exceeded the revised or actual Estimated Operating Expenses for the year in question, Sublandlord shall credit the excess to Estimated Operating Expenses next coming due until credited in full. If at any time or times it reasonably appears to Landlord Sublandlord that the actual Operating Expenses for the Master Premises for any calendar year will vary from the Estimated Operating Expenses for the Master Premises for such calendar year, Landlord Sublandlord may, by written notice to TenantSubtenant, revise the Estimated Operating Expenses for the Master Premises for such calendar year, and subsequent payments by Tenant Subtenant in such calendar year shall will be based upon such revised Estimated Operating ExpensesExpenses for the Master Premises.
Appears in 2 contracts
Samples: Agreement and Certificate (Openwave Systems Inc), Agreement and Certificate (Openwave Systems Inc)
Estimated Payments. During Commencing on the Rent Commencement Date, and on the first day of each month thereafter, Tenant shall make estimated monthly payments to Landlord on account of the Operating Expenses that are expected to be incurred during each calendar year falling entirely or partial partially within the Lease Term. The amount of such monthly payments shall be determined as follows: commencing with the Rent Commencement Date and at the beginning of each calendar year after thereafter, Landlord shall submit to Tenant a statement setting forth Landlord’s reasonable estimate of the Base YearOperating Expenses that are expected to be incurred during such calendar year and Tenant’s Pro Rata Share thereof (as determined in accordance with Section 4.1 hereof), in addition provided that, if Landlord has not provided Tenant with the estimated Operating Expenses prior to Monthly Rentthe beginning of any calendar year, Tenant shall continue to pay Tenant’s Pro Rata Share thereof at the same rate as Tenant paid for the prior calendar year until Landlord shall have delivered an estimate for that year. Tenant shall pay to Landlord on the first day of each month following receipt of such statement during such calendar year an amount equal to one-twelfth (1/12) Tenant’s Pro Rata Share of the product of Tenant's Share anticipated Operating Expenses multiplied by a fraction, the "Estimated numerator of which is one (1) and the denominator of which is twelve (12). Not more than one time per year of the Term, Landlord may modify the amount of the anticipated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Expenses to reflect Landlord's ’s reasonable estimate of Operating Expenses such expenses for such the year. As soon as reasonably practicable after the expiration of each calendar year, less but in any event no later than April 30th of each calendar year, Landlord shall submit to Tenant a statement (the “Reconciliation Statement”), showing (i) the Operating Expenses actually incurred during the preceding calendar year and Tenant’s Pro Rata Share thereof, and (ii) the aggregate amount of the estimated payments made by Tenant on account thereof. If the aggregate amount of such estimated payments exceeds Tenant’s actual liability for such Operating Expenses, then Landlord shall, at Landlord’s option, either credit such excess against the Base Year and next rent payment or payments due from Tenant, or pay Tenant the excess at the time Landlord furnishes the Reconciliation Statement. If the adjustment is to be made following the expiration or termination of the Lease Term, then Landlord shall be subject to revision according to pay Tenant the further provisions of this Section 5.2 and Section 5.3excess. During any partial calendar year, Estimated If Tenant’s actual liability for such Operating Expenses shall be exceeds the estimated payments made by Tenant on a full-year basis. During each December in which this Section 5.2 is applicableaccount thereof, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), then Tenant shall pay to Landlord one-twelfth the total amount of such deficiency within ninety (1/1290) days after Tenant’s receipt of the product Reconciliation Statement from Landlord. Provided, however, that notwithstanding anything to the contrary set forth in this Lease, the total amount of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, liability of Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from shall not exceed the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise limits described in Section 4.4 hereof. The provisions of this Section 4.5 shall survive the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expensesexpiration or earlier termination of this Lease.
Appears in 2 contracts
Samples: Lease (Fisher Communications Inc), Purchase and Sale Agreement (Fisher Communications Inc)
Estimated Payments. During each calendar fiscal year of Landlord or partial calendar fiscal year after of Landlord in the Base YearTerm, in addition to Monthly Base Rent, Tenant shall will pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's ’s Proportionate Share for each of the Office Space and the Lab/Clean Rooms of the Building multiplied by the "“Estimated Operating Expenses" ” (defined below) for each such calendar yearportion of the Building for such fiscal year or partial fiscal year of Landlord. "“Estimated Operating Expenses" ” for any calendar fiscal year means of Landlord shall mean Landlord's ’s reasonable estimate of Operating Expenses for the Office Space and the Lab/Clean Rooms of the Building for such calendar year, less the Operating Expenses for the Base Year fiscal year of Landlord and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3Section. During any partial calendar yearfiscal year of Landlord during the Term, Estimated Operating Expenses shall will be estimated on a full-year basisbases. During the last month of each December in which this Section 5.2 is applicableof Landlord’s fiscal years during the Term, or as soon after each December thereafter as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses for each portion of the Building for the ensuing calendar yearfiscal year of Landlord. On or before the first day of each month during the ensuing calendar fiscal year (or of Landlord(or each month of the Term Term, if the Term will expire before the end a partial fiscal year of the calendar yearLandlord), Tenant shall will pay to Landlord one-twelfth (1/12) of the product of Tenant's ’s Proportionate Share of each of the Office Space and the Lab/Clean Rooms in the Building multiplied by the Estimated Operating Expenses for such calendar yearportion of the Building for such fiscal year of Landlord; however, if such written notice is not given in Decemberthe last month of Landlord’s fiscal year, Tenant shall will continue to make monthly payments on the basis of the prior year's ’s Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall will commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make makes a payment based upon the revised Estimated Operating Expenses, Tenant shall will pay to Landlord for each month which has elapsed since December the difference between any increase in the amount payable based upon the revised Estimated Operating Expenses and over the amount payable based upon the prior year's ’s Estimated Operating Expenses, for each month which has elapsed since the last month of Landlord’s fiscal year. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar fiscal year of Landlord will vary from the Estimated Operating Expenses for such calendar yearfiscal year of Landlord, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar yearfiscal year of Landlord, and subsequent payments by Tenant in such calendar fiscal year shall of Landlord will be based upon such revised Estimated Operating Expenses. Within a reasonable period of time (not to exceed 120 days) following the end of each fiscal year of Landlord during the Term hereof, Landlord shall submit to Tenant a statement showing actual Operating Expenses for each of the Office Space and the Lab/Clean Rooms portions of the Building incurred by Landlord during the preceding fiscal year and a calculation based thereon. In the event that actual Tenant’s Proportionate Share of Operating Expenses exceed the payments made by Tenant on account of Tenant’s Proportionate Share of Operating Expenses for such year, Tenant shall pay such difference to Landlord, as Additional Rent hereunder, such amount to be paid within thirty (30) days after the date of receipt of the statement of actual Operating Expenses. If the actual Tenant’s Proportionate Share of Operating Expenses are less than the payments made by Tenant on account of Tenant’s Proportionate Share of Operating Expenses for such year, an amount equal to such difference shall by credited to Tenant against the monthly installments of Rent next thereafter coming due (or promptly refund the difference if the Term has ended and Tenant has no further obligation to Landlord). Tenant shall have the right, at its expense, exercisable upon reasonable prior written notice to Landlord, to inspect at Landlord’s office, during normal business hours, Landlord’s books and records as they relate to Landlord’s determination of Operating Expenses. Such inspection must be within ninety (90) days of Tenant’s receipt of Landlord’s annual statement for same, and shall be limited to verification of the charges contained in such statement. Tenant may not withhold payment of such xxxx pending completion of such inspection. The provisions of this section shall survive termination or expiration of this Lease and Landlord and Tenant shall make adjustment for any such expenses as soon as reasonably practical after expiration or termination of this Lease. The parties acknowledge that Landlord’s fiscal year currently ends December 31, and is subject to change.
Appears in 2 contracts
Samples: Lease (Plures Technologies, Inc./De), Lease (CMSF Corp)
Estimated Payments. During each calendar year Landlord will use commercially reasonable efforts to deliver to Tenant, prior to or partial calendar year as soon as practicable after the Base Year, in addition to Monthly Rent, Tenant shall pay to Landlord on the first day beginning of each month an amount equal Fiscal Year subsequent to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to but in no event later than four months after the further provisions beginning of this Section 5.2 and Section 5.3. During any partial calendar yeareach Fiscal Year, Estimated Operating a line by line item statement reasonably detailing all actual Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicableincurred during the immediately preceding Fiscal Year, or as soon after each December as practicable, Landlord shall give Tenant written notice Tenant’s Share of the Estimated Operating Additional Expenses (if any) for the preceding Fiscal Year, Landlord’s good faith estimate of the Expenses to be incurred during the ensuing Fiscal Year and Tenant’s Share of the estimated Additional Expenses (if any) for the ensuing calendar yearFiscal Year. On or before the first day of each calendar month following receipt of such notice, and during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year)Fiscal Year, Tenant shall pay to Landlord one-twelfth Landlord, in advance, an amount equal to (1/12i) the difference between (A) Tenant’s Share of the product Landlord’s estimate of Tenant's Share multiplied by the Estimated Operating Additional Expenses for such Fiscal Year and (B) all Additional Rent paid to date by Tenant attributable to such Fiscal Year, divided by (ii) the number of full calendar year; however, if months remaining in such written Fiscal Year. Until such notice is not given in Decemberwith respect to the ensuing Fiscal Year, Tenant shall will continue to make monthly payments pay on the basis of the prior year's Estimated Operating Expenses Fiscal Year’s estimate until the month after the month in which such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating times, in Landlord’s good faith, reasonable judgment, Tenant’s Share of Additional Expenses for any calendar year the then-current Fiscal Year will vary from the Estimated Operating Expenses for such calendar yearLandlord’s estimate by more than five percent (5%), Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses its estimate for such calendar year, Fiscal Year and subsequent payments by Tenant in for such calendar year shall Fiscal Year will be based upon such the revised Estimated Operating Expensesestimate.
Appears in 2 contracts
Samples: Lease Agreement (Adept Technology Inc), Lease Agreement (Adept Technology Inc)
Estimated Payments. During each calendar year If Tenant has at any time during the Term of this Lease committed a default under paragraph 17 of this Lease by failing to pay when due and prior to the expiration of any applicable cure period any monetary amount to be paid by Tenant under this Lease, Landlord may require that Tenant thereafter during the remaining Term of this Lease pay to Landlord, in monthly payments due at the time payments of Fixed Rent are due hereunder, the estimated amounts of the annual premiums for all or partial calendar year a portion of the insurance to be carried by Tenant and payments of Property Taxes to be made by Tenant under this Lease; provided, however, if the Landlord requires such estimated payments and Tenant, for a period of twenty-four (24) consecutive months after the Base Yearfirst time Landlord requires such estimated payments, does not commit a default under paragraph 17 of this Lease by failing to pay when due and prior to the expiration of any applicable cure period any monetary amount to be paid by Tenant under this Lease (including but not limited to such estimated payments), Tenant, except as otherwise provided in subparagraph 14(a), shall no longer be required to make such estimated payments unless and until Tenant at any time thereafter commits a default under paragraph 17 of this Lease by failing to pay when due and prior to expiration of any applicable cure period any monetary amount to be paid by Tenant under this Lease. The estimated payments required by this subparagraph (y) shall be in addition to Monthly Rentany impound payments required by subparagraph 14(a), but Tenant may credit against payments due under this subparagraph (y) any impound payments made by Tenant pursuant to subparagraph 14(a) to the extent such impound payments apply to the same expense item as an estimated payment under this subparagraph (y). The amount of each estimated monthly payment shall be determined by dividing the Landlord's estimate of the annual amount of the applicable payment, as determined in the exercise of Landlord's reasonable discretion, by twelve (12). Landlord shall then use the estimated payments to pay the amounts owing if Tenant is not in default under this Lease; provided, however, Tenant shall remain fully obligated to pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according or directly to the further provisions of this Section 5.2 and Section 5.3. During applicable entity, as Landlord may direct, any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference deficiency between the amount payable based upon owing for the revised Estimated Operating Expenses applicable insurance premium or Property Tax and the amount payable based upon of the prior year's Estimated Operating Expensesestimated payments held by Landlord for application to such premium or Property Tax. If at The amount of estimated payments paid and to be paid by Tenant shall be reconciled on an annual basis, with appropriate deficiency payments and adjustments to be made or credits given in the event that the estimated payments result in any time underpayment or times it reasonably appears overpayment to Landlord that by Tenant when the amount of the actual Operating Expenses charges for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expensesapplicable premiums and/or Property Taxes are actually determined.
Appears in 2 contracts
Samples: Extend Lease Term (Action Performance Companies Inc), Action Performance Companies Inc
Estimated Payments. During each calendar year or partial calendar year after Estimated payments for taxes, insurance maintenance of common areas, management of the Base Year, property and common area utilities and services are set forth in addition to Monthly Rent, Paragraph 1.5. Tenant shall pay to Landlord the estimated payments together with the monthly rent in advance on the first day of each calendar month an amount equal to one-twelfth (1/12) of the product term, without deduction, offset, prior notice or demand, except as provided herein. Landlord may increase or decrease the estimated payments upon 30 days' written notice to Tenant based upon statements received or charges incurred by Landlord, information available to Landlord as to the probable cost of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means expected charges and expenses, or Landlord's reasonable estimate of Operating Expenses for the probable amount of expected charges or expenses. In the event that any taxes payable in respect of the property are levied or assessed against the property and other property, or in the event that any property insurance carried by Landlord is carried under a policy or policies covering the property and other properties, the amounts payable by Tenant hereunder in respect of such calendar year, less the Operating Expenses for the Base Year and taxes or such insurance shall be subject determined by reference to revision according allocations or any such taxes and any such insurance to the further provisions of this Section 5.2 and Section 5.3property reasonably made by Landlord. During any partial calendar year, Estimated Operating Expenses Landlord shall be estimated on entitled to retain the monies received from such payments in a full-year basisfund pending payment of all such costs and charges. During No more frequently than once each December in which this Section 5.2 is applicable, or as soon after each December as practicablecalendar quarter, Landlord shall give Tenant written notice determine the actual costs of operation and maintenance of the Estimated Operating Expenses for the ensuing calendar yearproperty. On or before the first day of each month during the ensuing calendar year (or each month Tenant shall remit to Landlord on demand its unpaid pro rata share of the Term if actual expense. In the Term will expire before the end event Tenant paid more than its pro rata share of the calendar year)actual expenses for such period of time, Landlord shall apply such overpayment towards the next estimated payments owing by Tenant. At the termination of this Lease, an accounting for such charges and expenses shall be made to the nearest practical accounting period, and Tenant shall pay to Landlord one-twelfth any balance due or shall be entitled to a prompt refund of any excess amount paid. Landlord shall furnish to Tenant, within sixty (1/1260) days after the end of each calendar year, a statement in reasonable detail, including supportive documentation, setting forth (a) Landlord's actual costs of operation and maintenance with respect to the product property (including taxes and insurance) for that year by category and amount; (b) the amount of Tenant's Share multiplied additional rent for that year; and (c) the sum of Tenant's monthly estimated rent payments made during that year. Tenant shall have the right to audit Landlord's records respecting for each calendar year during the term of this Lease by notifying Landlord within 120 days following the Estimated Operating Expenses for end of each such calendar year; however, if such written notice is not given in December, . If an audit (performed by a certified public accountant on behalf of Tenant) reveals that Landlord has overcharged Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated for Operating Expenses, Landlord shall refund the amount overcharged within ten days after such determination has been made. If Landlord has overcharged Tenant by more than 5%, Landlord shall refund the overcharge amount and, in addition, shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior yearreasonable costs of Tenant's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expensesaudit.
Appears in 2 contracts
Samples: Lease Agreement (Dynavax Technologies Corp), Laboratory Lease (Dynavax Technologies Corp)
Estimated Payments. During Prior to or as soon as practicable after the beginning of each calendar year or partial calendar year after Fiscal Year subsequent to the Base Year, in addition to Monthly Rent, Landlord will notify Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Tenaxx'x Building 100 Share of Additional Building 100 Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses Additional Building 100 Taxes for the ensuing calendar yearFiscal Year and Landxxxx'x reasonable estimate of Tenaxx'x Xuilding 300 Share of Additional Building 300 Expenses and Additional Building 300 Taxes for the ensuing Fiscal Year. Landlord will endeavor to provide Tenant with such notifications prior to June 1 of each Fiscal Year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year)Fiscal Year, Tenant shall will pay to Landlord one-twelfth (1/12) Landlord, in advance, 1/12 of such estimated amounts, provided that until such notice 9 21 is given with respect to the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; howeverensuing Fiscal Year, if such written notice is not given in December, Tenant shall Tenaxx xxxl continue to make monthly payments pay on the basis of the prior yearFiscal Year's Estimated Operating Expenses estimate until the first day of a month that is at least 30 days after such written the date said notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment pays based upon the revised Estimated Operating Expenseson Landlord's new estimate, Tenant shall will pay to Landlord 1/12 of the difference between the new estimate and the prior year's estimate for each month which has elapsed since December the difference between beginning of the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expensescurrent Fiscal Year. If at any time or times it reasonably appears to Landlord Landlord, in Landlord's reasonable judgment, that Tenaxx'x Building 100 Share of Additional Building 100 Expenses or Additional Building 100 Taxes or that Tenant's Building 300 Share of Additional Building 300 Expenses or Additional Building 300 Taxes, or both, for the actual Operating Expenses for any calendar year then-current Fiscal Year will vary from the Estimated Operating Expenses for such calendar yearLandlord's estimate by more than 5%, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses its estimate for such calendar year, year and subsequent payments by Tenant in for such calendar year shall will be based upon the revised estimate. Landlord agrees not to make such revised Estimated Operating Expensesmid-Fiscal Year adjustment to the estimate of Tenaxx'x Xuilding 100 Share of Additional Building 100 Expenses or Additional Building 100 Taxes more than one (1) time during any Fiscal Year and agrees not to make such mid-Fiscal Year adjustment to the estimate of Tenaxx'x Xuilding 300 Share of Additional Building 300 Expenses or Additional Building 300 Taxes more than one (1) time during any Fiscal Year.
Appears in 1 contract
Estimated Payments. During (i) Prior to the Commencement Date and prior to January 1 of each subsequent calendar year during the Term of this Lease, or partial as soon thereafter as possible, Landlord shall deliver to Tenant an estimate of (A) the Tax Charges for that calendar year after (the "Tax Estimate"), (B) the Insurance Charges for that calendar year (the "Insurance Estimate"), and (C) the total CAM Charges for that calendar year (the "CAM Estimate") and Tenant's Share thereof. Landlord shall use commercially reasonable efforts to deliver such estimate to Tenant by no later than April 1 of each year during the Term. The Tax Estimate, the Insurance Estimate and the CAM Estimate are sometimes referred to hereinafter collectively as the "Common Cost Estimates". The initial Common Cost Estimates for calendar year 2000 is $1.41 per rentable square foot of the Premises. The Common Cost Estimates for any subsequent calendar year shall not exceed 103% of the Common Cost Estimates for the immediately preceding calendar year, on an aggregate basis (as opposed to a line-by-line or component basis), unless there is a reason for a greater percentage increase and Landlord provides Tenant with information relating thereto. The preceding sentence is not intended and shall not be construed to limit or cap in any way the amount of Additional Rent which may become due and payable pursuant to the provisions of subsection 4(e)(ii) below. Tenant shall thereafter during that calendar year pay to Landlord one-twelfth (1/12) of the amount of Tenant's Share of the Common Cost Estimates at the same time its monthly installments of Base YearRent hereunder are due and payable. In the event Landlord shall not have furnished the Common Cost Estimates to Tenant by January 1 of any calendar year, then until the first day of the second month next following the month in addition which the Common Cost Estimates are furnished to Monthly RentTenant, Tenant shall pay to Landlord on the first day of each calendar month an amount equal to one-twelfth (1/12) of the product aggregate monthly installment of Tenant's Share multiplied of the Tax Charges, Insurance Charges and CAM Charges which was payable by Tenant to Landlord with respect to the "Estimated Operating Expenses" (defined below) for such last month of the preceding calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for In such calendar yearevent, less at such time as Landlord furnishes the Operating Expenses for the Base Year and shall be subject Common Cost Estimates to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicableTenant, Landlord shall give Tenant written notice stating whether the aggregate amount of the Estimated Operating Expenses installments of Tenant's Share of the Tax Charges, Insurance Charges and CAM Charges previously paid for such calendar year is more or less than the ensuing aggregate amount of the installments due for such portion of the calendar year. On or before year as computed in accordance with the Common Cost Estimates, and (A) if there shall be a deficiency, then within thirty (30) days after the Tenant receives the Common Cost Estimates, Tenant shall pay the amount of such deficiency, (B) if there shall have been an overpayment, Landlord shall credit Tenant in the amount thereof toward the subsequent installments of the Tax Charges, Insurance Charges and CAM Charges, and (C) on the first day of each the second month during next following the ensuing calendar year (or each month in which the Common Cost Estimates are furnished to Tenant, and monthly thereafter for the balance of the Term if the Term will expire before the end of the such calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product amount of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until Tax Charges, Insurance Charges and CAM Charges as set forth in the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating ExpensesCommon Cost Estimates.
Appears in 1 contract
Samples: Lease Agreement (Serologicals Corp)
Estimated Payments. During each calendar year or partial calendar year Beginning ninety (90) days after the Base YearCommencement Date (currently projected to be September 1, in addition to Monthly Rent2003), Tenant shall pay to Landlord Landlord, as additional rent, an amount equal to 1112th of Tenant's Proportionate Share of the Estimated Operating Expenses (collectively, the "Estimated Payments"). Tenant shall make its Estimated Payments on the first day of each month an calendar month. Tenant shall pay the amount equal to one-twelfth (1/12) of the product Estimated Payments until the amount is adjusted, effective the first day of Tenant's Share multiplied by the "Estimated Operating Expenses" next succeeding calendar month (defined belowprovided Tenant shall have been given at least ten (10) for days prior written notice of such calendar year. "Estimated Operating Expenses" for any calendar year means adjustment), based upon Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice determination of the Estimated Operating Expenses for the ensuing applicable calendar year. On or before Landlord shall not adjust the amount of Estimated Payments more than once per year, excluding any adjustments made effective January 1 for the upcoming year. In the event of such a mid-year adjustment, in the month Tenant first day of each month during makes a payment based on the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year)adjusted Estimated Payment, Tenant shall pay to Landlord one-twelfth the difference between the lesser of: i) the amount payable based on the adjusted Estimated Payments, and ii) the amount finally determined by Landlord (1/12if such amount has been determined) of as the product of Tenant's Share multiplied by the Estimated actual Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until ; less the month after such written notice is given, at which time Tenant shall commence making monthly payments amount payable based upon the revised Estimated Operating Expenses. In Payments in effect prior to the month Tenant is first required to make a payment based upon the revised Estimated Operating Expensesadjustment, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon of the prior year's . Notwithstanding anything contained herein to the contrary, for the period consisting of the 91" day of the Lease Term through the 165& day of the Lease Term, Tenant shall only be obligated to pay an Estimated Operating Expenses. If at any time or times it reasonably appears Payment* of $9.46 per rentable square foot of the Premises subject to Landlord that adjustment pursuant to the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expensesterms of this Article 2.
Appears in 1 contract
Samples: Office Lease (Xedar Corp)
Estimated Payments. During Prior to the commencement of each calendar year Lease Year during the Term, or partial calendar year after as soon thereafter as is practicable, Landlord shall estimate the Base Year, in addition Operating Expenses payable by Tenant pursuant to Monthly Rent, this Section 6.a and Tenant shall pay to Landlord on the first day of each month an amount equal to month, in advance, one-twelfth (1/12) of the product Landlord's estimated amount of Tenant's Share multiplied by the ("Estimated Tenants Share") of Building 2 Operating Expenses" (defined below) for such calendar year. "Estimated , Building 3 Operating Expenses and Project Operating Expenses" for any calendar year means . Subject to the provisions of Section 6.a(xii), if Landlord's reasonable estimate is given at any time after the beginning of a Lease Year, the first payment after delivery of the estimate shall include the aggregate of the underpayments for the prior months in the Lease Year as if the applicable statement of estimated Operating Expenses been timely given prior to the beginning of the Lease Year and as if the adjusted amounts of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before had been due from the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end Lease Year. Landlord's estimate shall include a comparison, by each category, of the calendar year)prior Lease Year's Operating Expenses (in terms of both dollars and percentages) and, if requested by Tenant, shall include a reasonably detailed description of the reasons for increases to support Landlord's estimate. If Landlord does not provide an estimate (and, if requested by Tenant, a reasonably detailed description) to Tenant prior to the commencement of a Lease Year, Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; howevercontinue, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon receives Landlord's estimate of the revised Estimated Operating Expenses (and, if requested by Tenant, reasonable, detailed documentation), to pay the Operating Expenses based on the prior Lease Year's estimate. After a Lease Year has commenced, Landlord may revise its estimate of Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant ; provided that Landlord shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at not revise its estimate more than twice during any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating ExpensesLease Year.
Appears in 1 contract
Estimated Payments. During Prior to or within 60 days after the beginning of each calendar year or partial calendar year after the Base Yearyear, in addition to Monthly Rent, Landlord will notify Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable ’s estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the Term, Tenant will pay to Landlord, in advance, 1/12 of Tenant’s Share of such estimated Operating Expenses; provided that until such notice is given with respect to the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall will continue to make monthly payments pay on the basis of the prior calendar year's Estimated Operating Expenses ’s estimate until the month after the month in which such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating ExpensesWithin thirty (30) days after Tenant’s receipt of Landlord’s new estimate, Tenant shall will pay to Landlord 1/12 of the difference between the new estimate and the prior year’s estimate for each month which has elapsed since December the difference between beginning of the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior current calendar year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any the then-current calendar year will vary from the Estimated Operating Expenses for such calendar yearLandlord’s estimate by more than 5%, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses its estimate for such calendar year, and subsequent payments by Tenant in for such calendar year shall will be based upon the revised estimate. If Tenant’s share of Operating Expenses for any year are expected to be more than 105% of Tenant’s Share of Operating Expenses for the preceding year, Tenant may require Landlord (at no cost to Tenant) to obtain bids for all Operating Expenses which constitute 5% or more of the aggregate Operating Expenses (other than insurance) for which Landlord may reasonably be expected to be able to obtain bids. Such bids will be from reputable providers of such revised Estimated services. Landlord shall then reasonably select the providers of such services included within Operating ExpensesExpenses based on the bid amount and the quality and experience of such provider, subject to Tenant’s right to review the bids with Landlord.
Appears in 1 contract
Samples: Lease Agreement (Encision Inc)
Estimated Payments. During Prior to the commencement of each calendar year or partial calendar year after of Landlord’s accounting years of the Base YearTerm, in addition Landlord may reasonably estimate the Allocated Cost payable by Tenant for such years pursuant to Monthly Rentthis provision and, commencing on the Lease Term Commencement Date, Tenant shall pay to Landlord on the first day of each month an amount equal to in advance, one-twelfth (1/12) of Landlord’s estimated amount. At the product end of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" each year there shall be an adjustment made to account for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less difference between the actual and the estimated Operating Expenses for the Base Year and previous year. Landlord shall be subject to revision according to provide Tenant with a statement of actual Operating Expenses no later than ninety (90) days after year-end. In the further provisions event of this Section 5.2 and Section 5.3. During any partial dispute regarding the amount due as Tenant’s Share of Operating Expenses, Tenant shall have the right, not more often than once per calendar year, Estimated to audit the Operating Expenses shall be estimated on a full-year basisand to retain an independent company to audit and/or review Landlord’s records to determine the proper amount of Tenant’s Share of Operating Expenses. During each December in which this Section 5.2 is applicableIf such audit or review reveals that Landlord has overcharged Tenant, or as soon then within five (5) days after each December as practicablethe results of such audit are made available to Landlord, Landlord shall give reimburse Tenant written notice the amount of such overcharge plus interest at the Interest Rate. If the audit reveals that Tenant was undercharged, then within five (5) days after the results of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year)audit are made available to Tenant, Tenant shall pay reimburse Landlord the amount of such undercharge plus interest thereon at the Interest Rate. If Landlord desires to contest such audit results, Landlord one-twelfth (1/12) may do so by submitting the results of the product audit to arbitration pursuant to Section 19.1 within five (5) days of receipt of the results of the audit, and the arbitration shall be final and binding upon Landlord and Tenant. Tenant agrees to pay the cost of such audit, provided that, if the audit reveals that Landlord’s determination of Tenant's ’s Share multiplied by the Estimated of Operating Expenses as set forth in any statement sent to Tenant was in error in Landlord’s favor by more than two percent (2%), Landlord shall pay the cost of such audit. Landlord shall be required to maintain records of all Operating Expenses and other Rent adjustments for such calendar year; howeverthree (3) years following Landlord’s delivery to Tenant of each actual statement setting forth Tenant’s Share of Operating Expenses (the “Review Period”). The payment by Tenant of any amounts pursuant to this Article 6 shall not preclude Tenant from questioning the correctness of any statement of actual Operating Expenses provided by Landlord at any time during the Review Period, if such written notice is not given in December, but the failure of Tenant shall continue to make monthly payments on object thereto prior to the basis expiration of the prior year's Estimated Operating Expenses until Review Period shall be conclusively deemed Tenant’s approval of the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated statement of actual Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated event that any other tenant audits or reviews Operating Expenses and an adjustment is made, the amount payable based upon the prior year's Estimated Operating Expenses. If at results of such audit or review shall be sent to Tenant to allow Tenant to determine whether Tenant is to be permitted a corresponding adjustment; provided, however, that under no circumstances shall Tenant be required to supplement any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments previously paid by Tenant in such calendar year shall be based upon such revised Estimated Operating Expensesas the result of any audit conducted by another tenant.
Appears in 1 contract
Samples: Office Lease (Annie's, Inc.)
Estimated Payments. During Tenant shall pay Landlord’s reasonable estimate of Tenant’s Cost Allocation for each calendar year or partial of the Term (the “Estimated Payment”) in advance, in monthly installments, commencing on the first (1st) day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first (1st) day of the month following the month in which Landlord notifies Tenant of any revised Estimated Payment. Landlord shall estimate from time to time the amount of Tenant’s Cost Allocation for each calendar year of the Term, make an adjustment to the Estimated Payment due for such calendar year and notify Tenant of the revised Estimated Payment in writing. Within fifteen (15) days after Tenant’s receipt of notice of such adjustment and the Base Year, in addition to Monthly Rentrevised Estimated Payment, Tenant shall pay to Landlord on the first day a fraction of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "such revised Estimated Operating Expenses" (defined below) Payment for such calendar year. "Estimated Operating Expenses" for year (reduced by any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according amounts paid pursuant to the further provisions first sentence of this Section 5.2 and Section 5.34.2.1). During any partial calendar year, Estimated Operating Expenses Such fraction shall be estimated on a full-year basis. During each December have as its numerator the number of months which have elapsed in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing such calendar year (or each month to the date of the Term if the Term will expire before the end of the calendar year)such payment, Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar yearboth months inclusive, and shall have twelve (12) as its denominator. All subsequent payments by Tenant in for such calendar year shall be based upon such adjustment and the revised Estimated Operating ExpensesPayment. In the event of any fractional calendar month, Tenant shall pay for each day in such partial month a rental equal to 1/30 of the Estimated Payment.
Appears in 1 contract
Samples: Office Lease (HF Enterprises Inc.)
Estimated Payments. During Tenant shall pay Landlord’s reasonable estimate of Tenant’s Cost Allocation for each calendar year or partial of the Term (the “Estimated Payment”) in advance, in monthly installments, commencing on the first (1st) day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first (1st) day of the month following the month in which Landlord notifies Tenant of any revised Estimated Payment. Landlord shall estimate from time to time the amount of Tenant’s Cost Allocation for each calendar year of the Term, make an adjustment to the Estimated Payment due for such calendar year and notify Tenant of the revised Estimated Payment in writing. Within ten (10) days after Tenant’s receipt of notice of such adjustment and the Base Year, in addition to Monthly Rentrevised Estimated Payment, Tenant shall pay to Landlord on the first day a fraction of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "such revised Estimated Operating Expenses" (defined below) Payment for such calendar year. "Estimated Operating Expenses" for year (reduced by any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according amounts paid pursuant to the further provisions first sentence of this Section 5.2 and Section 5.34.2.1). During any partial calendar year, Estimated Operating Expenses Such fraction shall be estimated on a full-year basis. During each December have as its numerator the number of months which have elapsed in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing such calendar year (or each month to the date of the Term if the Term will expire before the end of the calendar year)such payment, Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar yearboth months inclusive, and shall have twelve (12) as its denominator. All subsequent payments by Tenant in for such calendar year shall be based upon such adjustment and the revised Estimated Operating ExpensesPayment. In the event of any fractional calendar month, Tenant shall pay for each day in such partial month a rental equal to 1/30 of the Estimated Payment.
Appears in 1 contract
Estimated Payments. During Prior to the Commencement Date and prior to January 1 of each subsequent calendar year during the Lease Term, or partial as soon thereafter as possible, Landlord shall deliver to Tenant an estimate of: (1) the Property Taxes for that calendar year after (the “Tax Estimate”); (2) the Insurance costs for that calendar year (the “Insurance Estimate”); and (3) the total CAM Charges for that calendar year (the “CAM Estimate”) and Txxxxx’s Share thereof. (The Tax Estimate, the Insurance Estimate and the CAM Estimate are sometimes referred to hereinafter collectively as the “Common Cost Estimates”.) Tenant shall thereafter during that calendar year pay to Landlord one-twelfth (1/12) of the amount of Tenant’s Share of the Common Cost Estimates at the same time its monthly installments of Base YearRent hereunder are due and payable. In the event Landlord shall not have furnished the Common Cost Estimates to Tenant by January 1 of any calendar year, then until the first day of the month following the month in addition which the Common Cost Estimates are furnished to Monthly RentTenant, Tenant shall continue to pay to Landlord on the first day of each calendar month an amount equal to one-twelfth (1/12) its share of the product of Common Cost Estimates based on the previous year’s estimate. At such time as Landlord furnishes the Common Cost Estimates to Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice stating whether the aggregate amount of the Estimated Operating Expenses installments of Tenant’s Share of Tax Increase, Insurance Increase and CAM Charges previously paid for such calendar year is more or less than the ensuing aggregate amount of the installments due for such portion of the calendar year. On or before year as computed in accordance with the Common Cost Estimates, and (1) if there shall be a deficiency, then within ten (10) days after the Tenant receives the Common Cost Estimates, Tenant shall pay the amount of such deficiency, (2) if there shall have been an overpayment, Landlord shall credit Tenant in the amount thereof toward the subsequent installments of the Common Cost Estimates, and (3) on the first day of each the first month during next following the ensuing calendar year (or each month in which the Common Cost Estimates are furnished to Tenant, and monthly thereafter for the balance of the Term if the Term will expire before the end of the such calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product amount of Tenant's ’s Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating ExpensesCommon Cost Estimates. In the month Tenant is first required Tenant’s right to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year contest Common Cost Estimates shall be limited to six months from date of notification by Landlord. Current monthly Common Cost Estimates, based upon such revised Estimated Operating Expenseson one hundred percent of building occupancy, are Four Thousand Two Hundred Twenty-Nine Dollars ($4,229.00).
Appears in 1 contract
Samples: Lease (Xg Sciences Inc)
Estimated Payments. During each calendar year or partial calendar year after in the Base YearTerm, in addition to Monthly Rent, Tenant shall will pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenant's Share share multiplied by the "Estimated Operating Expensesestimated operating expenses" (defined below) for such calendar year. "Estimated Operating Expensesoperating expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses operating expenses for such calendar year, less the Operating Expenses for product of the Base Year operating expenses base, multiplied by the rentable area of the building and shall will be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar yearyear during the Term, Estimated Operating Expenses shall estimated operating expenses will be estimated on a full-year basis. During each December in which this Section 5.2 is applicableduring the Term, or as soon after each December as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses estimated operating expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term Term, if the Term will expire before the end of the a partial calendar year), Tenant shall will pay to Landlord one-twelfth (1/12) 1/12 of the product of Tenant's Share share multiplied by the Estimated Operating Expenses estimated operating expenses for such calendar year; however, if such written notice is not given in December, Tenant shall will continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses estimated operating expenses until the month after such written notice is given, at which time Tenant shall will commence making monthly payments based upon the revised Estimated Operating Expensesestimated operating expenses. In the month Tenant is first required to make makes a payment based upon the revised Estimated Operating Expensesestimated operating expenses, Tenant shall will pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses estimated operating expenses and the amount payable based upon the prior year's Estimated Operating Expensesestimated operating expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses operating expenses for any calendar year will vary from the Estimated Operating Expenses estimated operating expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses estimated operating expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall will be based upon such revised Estimated Operating Expensesestimated operating expenses.
Appears in 1 contract
Samples: Office Lease (Eloquent Inc)
Estimated Payments. During Prior to or as soon as practicable after the beginning of each calendar year or partial calendar year after subsequent to the Base Year, in addition to Monthly Rent, Landlord will notify Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Tenant's Share of Additional Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses Additional Taxes for the ensuing calendar year. On Landlord shall use commercially reasonable efforts to give Tenant such estimate not later than one hundred twenty (120) days following the end of the prior calendar year. Such statement shall be reasonably itemized on a line-item by line-item basis, and the estimated Additional Expenses and Additional Taxes shall be calculated by comparing the estimated Expenses and Taxes for the coming year to the amount of actual Expenses and actual Taxes for the Base Year. Commencing on the one (1) year anniversary of the Initial Occupancy Date and on or before the first day of each month thereafter during the ensuing calendar year but not sooner than twenty (or each month 20) days after receipt of the Term if statement referenced above, Tenant will pay to Landlord, in advance, 1/12 of such estimated amounts, provided that until such notice is given with respect to the Term will expire before the end of the ensuing calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall will continue to make monthly payments pay on the basis of the prior calendar year's Estimated Operating Expenses estimate until the month after the month in which such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment pays based upon the revised Estimated Operating Expenseson Landlord's new estimate, Tenant shall will pay to Landlord 1/12 of the difference between the new estimate and the prior year's estimate for each month which has elapsed since December the difference between beginning of the amount payable based upon current calendar year or the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating ExpensesInitial Occupancy Date, as applicable. If at any time or times it reasonably appears to Landlord that Tenant's Share of Additional Expenses or Tenant's Share of Additional Taxes for the actual Operating Expenses for any then-current calendar year will vary from the Estimated Operating Expenses for such calendar yearLandlord's estimate by more than 5%, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses its estimate for such calendar year, year and subsequent payments by Tenant in for such calendar year shall will be based upon such the revised Estimated Operating Expensesestimate.
Appears in 1 contract
Samples: Lease Agreement (Tickets Com Inc)
Estimated Payments. During (I) Prior to January 1 of each calendar year during the term of this Lease, or partial as soon thereafter as possible, Lessor shall deliver to Lessee an estimate of (A) the Tax Increase for that calendar year after (the Base Year"Tax Estimate"), in addition (B) the Insurance Increase for that calendar year (the "Insurance Estimate"), and (C) the total CAM Charges for that calendar year (the "CAM Estimate") and Lessee's Share thereof, along with a calculation of, and evidence which reasonably supports, Lessee's Share thereof. (The Tax Estimate, the Insurance Estimate and the CAM Estimate are sometimes referred to Monthly Rent, Tenant hereinafter collectively as the "Common Cost Estimates".) Lessee shall thereafter during that calendar year pay to Landlord on the first day of each month an amount equal to Lessor one-twelfth (1/12) of the product amount of TenantLessee's Share multiplied of the Common Cost Estimates at the same time its monthly installments of Base Rent hereunder are due and payable. In the event Lessor shall not have furnished the Common Cost Estimates to Lessee by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for January 1 of any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less then until the Operating Expenses for first day of the Base Year and shall be subject to revision according to first month next following the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December month in which this Section 5.2 is applicablethe Common Cost Estimates are furnished to Lessee, or as soon after each December as practicable, Landlord Lessee shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before pay to Lessor on the first day of each calendar month during an amount equal to the ensuing calendar year (or each aggregate monthly installment of Lessee's Share of the Tax Increase, Insurance Increase and CAM Charges which was payable by Lessee to Lessor with respect to the last month of the Term if preceding calendar year. In such event, at such time as Lessor furnishes the Term will expire before Common Cost Estimates to Lessee, Lessor shall give Lessee notice stating whether the end aggregate amount of the installments of Lessee's Share of the Tax Increase, Insurance Increase and CAM Charges previously paid for such calendar year is more or less than the aggregate amount of the installments due for such portion of the calendar year as computed in accordance with the Common Cost Estimates, and (A) if there shall be a deficiency, then within ten (10) days after the Lessee receives the Common Cost Estimates, Lessee shall pay the amount of such deficiency, (B) if there shall have been an overpayment, Lessor shall promptly submit such overpayment to Lessee, and (C) on the first day of the first month next following the month in which the Common Cost Estimates are furnished to Lessee, and monthly thereafter for the balance of such calendar year), Tenant Lessee shall pay to Landlord Lessor one-twelfth (1/12) of the product amount of TenantLessee's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until Tax Increase, Insurance Increase and CAM Charges as set forth in the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating ExpensesCommon Cost Estimates.
Appears in 1 contract
Samples: Computone Corp
Estimated Payments. During Landlord or its agent shall furnish to Tenant, prior to the Commencement Date and prior to the commencement of each calendar year or partial calendar year after the Base Year, in addition to Monthly Rent, a written statement setting forth Landlord's estimate of Tenant's Proportionate Share of the Project Operating Costs (the "Estimated Operating Statement") for such ensuing calendar year. Tenant shall pay to Landlord Landlord, on the first day of each month month, as Additional Rent, an amount equal to one-twelfth (1/121/12th) of the product at Landlord's estimate of Tenant's Proportionate Share multiplied by of such Project Operating Costs If, however, Landlord shall fail to furnish any such estimated Operating Statement subsequent to the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for commencement of any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less during the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions term of this Section 5.2 and Section 5.3. During any partial calendar yearLease, than until the first day of the month following the month in which such Estimated Operating Expenses shall be estimated Statement is furnished to Tenant, Tenant shell pay to Landlord, on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during month, an amount equal to the ensuing calendar year (or each monthly installment of estimated Project Operating Costs payable under this section with respect to the last month of the Term if the Term will expire before the end of the immediately preceding calendar year). Upon furnishing such Estimated Operating Statement to Tenant, Landlord shall give notice to Tenant stating whether the Monthly installments of Project Operating Costs which Tenant has paid to date during the current calendar year are more or less than the estimated sums which Tenant should have been paying to Landlord for the current calendar year, based on that Estimated Operating Statement. In the event there is a deficiency with respect to the estimated amounts paid by Tenant to date in the current calendar year, Tenant shall pay the amount of such deficiency within ten (10) days after demand therefore; in the event there shall have been an over-payment, Landlord shall permit Tenant to credit the amount thereof against the subsequent payments of Additional Rent next due during the calendar year in which Landlord onenotifies Tenant of such over-twelfth (1/12) of payment. If there shall be any increase or decrease in the product of Tenant's Share multiplied by the Estimated estimated Project Operating Expenses Costs for such calendar year; howeverany Lease Year, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month whether during or after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice may furnish to Tenant, revise the Tenant a revised interim Estimated Operating Expenses for such calendar year, Statement and subsequent payments by Tenant in such calendar year the Additional Rent shall be based upon adjusted and paid, or refunded by way of credits against future payments, as the case may be, or Landlord may wait and make such revised Estimated Operating Expensesadjustments as per subparagraph (2) below. Notwithstanding the foregoing, Landlord may adjust its estimate for Taxes at such time as actual tax bills become available.
Appears in 1 contract
Samples: Ampersand Medical Corp
Estimated Payments. During each calendar year or partial calendar year after the Base Year, in addition Prior to Monthly Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon as practicable after the beginning of each December as practicableFiscal Year subsequent to the Base Expense Year, Landlord shall give notify Tenant written notice of the Estimated Operating Landlord’s estimate of Tenant’s Expense Share of Additional Expenses for the ensuing calendar yearFiscal Year (“Landlord’s Estimate”). On or before the first day of each month during the Fiscal Year with respect to which Landlord shall have given Tenant a Landlord’s Estimate, Tenant shall pay to Landlord, in advance, the monthly amount set forth on Landlord’s Estimate (the “Monthly Estimated Expense Payment”), provided that until Landlord shall give Tenant a new Landlord’s Estimate with respect to the ensuing calendar year (or each month Fiscal Year, Tenant shall continue to pay the Monthly Estimated Expense Payment on the basis of the Term if prior Fiscal Year’s Landlord’s Estimate until the Term will expire before month after the end of month in which Landlord shall have given Tenant a new Landlord’s Estimate. In the calendar year)first month in which Tenant shall be obligated to pay a new Monthly Estimated Expense Payment based on the new Landlord’s Estimate, Tenant shall pay to Landlord one-twelfth (1/12) of a sum equal to the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December (x) the difference between the amount payable based upon the revised new Monthly Estimated Operating Expenses Expense Payment and the amount payable based upon the prior year's ’s Monthly Estimated Operating ExpensesExpense Payment multiplied by (y) the number of months which shall have elapsed since the beginning of the then current Fiscal Year. If at any time or times it reasonably appears to Landlord that the actual Operating Tenant’s Expense Share of Additional Expenses for any calendar year will the then-current Fiscal Year shall vary from the Estimated Operating Expenses for such calendar yearLandlord’s Estimate by more than 5%, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses Landlord’s Estimate for such calendar year, Fiscal Year and subsequent payments Monthly Estimated Expense Payments by Tenant in for such calendar year Fiscal Year shall be based upon such revised Estimated Operating ExpensesLandlord’s Estimate.
Appears in 1 contract
Samples: Lease Agreement (GrubHub Inc.)
Estimated Payments. During Prior to the first day of the second Lease Year and prior to the first day of each calendar year or partial calendar year after Calendar Year thereafter during the Base Term, Landlord shall submit to Tenant a statement of Landlord's estimate of the monthly amount of Tenant's Share of Operating Expenses for such Calendar Year, in . In addition to Monthly the Basic Rent, Tenant shall pay to Landlord Landlord, beginning on the first day of the second Lease Year and continuing on the first day of each month an thereafter during each Calendar Year during the Term, the monthly amount equal to one-of the estimated Tenant's Share of Operating Expenses payable for such Calendar Year as set forth in Landlord's statement, plus one twelfth (1/12) of the product Management Fee payable for that Calendar Year. However, if the first day of the second Lease Year is a day other than the first day of a calendar month, then the installment of Tenant's Share multiplied of Operating Expenses and Management Fee for the first month of the Term shall be pro rated on the basis of a thirty (30) day month. If Landlord fails to give Tenant notice of its estimated payments due under this Section for any Calendar Year, then Tenant shall continue making monthly estimated payments in accordance with the estimate for the previous Calendar Year until a new estimate is provided. When the new estimate is provided, Tenant shall pay, at the time its first monthly payment is due in accordance with the new estimate, any deficiency in monthly payments made during the preceding months of the Calendar Year in question. No delay by Landlord in providing any estimate under this Section or any statement under Section 7.5 shall excuse Tenant from paying Tenant's Share of Operating Expenses for any period within the "Estimated Term. If Landlord determines during any Calendar Year that, because of unexpected increases in Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means , Landlord's reasonable estimate of the Operating Expenses for that Calendar Year was too low, then Landlord shall have the right to give a new statement of the estimated Tenant's Share of Operating Expenses for such calendar yearCalendar Year or the balance thereof and to bill Tenant for any deficiency which may have accrued during such Caxxxxar Year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant shall thereafter pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly estimated payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for on such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expensesnew statement.
Appears in 1 contract
Samples: Lease Agreement (Gene Logic Inc)
Estimated Payments. During each calendar year or partial calendar year after in the Base YearTerm beginning as of the Commencement Date, in addition to Monthly Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenant's Proportionate Share multiplied by the "Estimated Operating Expenses" (, defined below) , for such calendar year. "Estimated Operating Expenses" Expenses for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year year and shall will be subject to revision according to the further provisions of this Section Article 5.2 and Section Article 5.3. During any partial calendar yearyear during the Term, Estimated Operating Expenses shall will be estimated on a full-year basis. During each December in which this Section 5.2 is applicableduring the Term, or as soon after each December as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term Term, if the Term will expire before the end of the a partial calendar year), Tenant shall pay to Landlord one-twelfth (1/12) 1/12 of the product of Tenant's Proportionate Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make makes a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall will be based upon such revised Estimated Operating Expenses.
Appears in 1 contract
Estimated Payments. During (i) Prior to the Commencement Date and prior to January 1 of each subsequent calendar year during the Term, or partial as soon thereafter as possible, Lessor shall deliver to Lessee an estimate of (A) the Tax Increase for that calendar year after (the Base Year"Tax Estimate"), in addition (B) the Insurance Increase for that calendar year (the "Insurance Estimate"), and (C) the total CAM Charges for that calendar year (the "CAM Estimate") and Xxxxxx's Share thereof. (The Tax Estimate, the Insurance Estimate and the CAM Estimate are sometimes referred to Monthly Rent, Tenant hereinafter collectively as the "Common Cost Estimates".) Lessee shall thereafter during that calendar year pay to Landlord on the first day of each month an amount equal to Lessor one-twelfth (1/12) of the product amount of TenantXxxxxx's Share multiplied of the Common Cost Estimates at the same time its monthly installments of Base Rent hereunder are due and payable. In the event Lessor shall not have furnished the Common Cost Estimates to Lessee by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for January 1 of any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less then until the Operating Expenses for first day of the Base Year and shall be subject to revision according to first month next following the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December month in which this Section 5.2 is applicablethe Common Cost Estimates are furnished to Lessee, or as soon after each December as practicable, Landlord Lessee shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before pay to Lessor on the first day of each calendar month during an amount equal to the ensuing calendar year (or each aggregate monthly installment of Lessee's Share of the Tax Increase, Insurance Increase and CAM Charges which was payable by Lessee to Lessor with respect to the last month of the Term if preceding calendar year. In such event, at such time as Lessor furnishes the Term will expire before Common Cost Estimates to Lessee, Lessor shall give Lessee notice stating whether the end aggregate amount of the installments of Lessee's Share of the Tax Increase, Insurance Increase and CAM Charges previously paid for such calendar year is more or less than the aggregate amount of the installments due for such portion of the calendar year as computed in accordance with the Common Cost Estimates, and (A) if there shall be a deficiency, then within ten (10) days after the Lessee receives the Common Cost Estimates, Lessee shall pay the amount of such deficiency, (B) if there shall have been an overpayment, Lessor shall credit Lessee in the amount thereof toward the subsequent installments of the Tax Increase, Insurance Increase and CAM Charges, and (C) on the first day of the first month next following the month in which the Common Cost Estimates are furnished to Lessee, and monthly thereafter for the balance of such calendar year), Tenant Lessee shall pay to Landlord Lessor one-twelfth (1/12) of the product amount of TenantXxxxxx's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until Tax Increase, Insurance Increase and CAM Charges as set forth in the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating ExpensesCommon Cost Estimates.
Appears in 1 contract
Estimated Payments. During each calendar calender year or partial calendar year after in the Base Yearterm, in addition to Monthly Rentmonthly rent, Tenant shall tenant will pay to Landlord landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenanttenant's Share share multiplied by the "Estimated Operating Expensesestimated operating expenses" (defined below) for such calendar year. "Estimated Operating Expensesoperating expenses" for any calendar year means Landlordlandlord's reasonable estimate of Operating Expenses operating expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3operating expenses base. During any partial calendar yearyear during the term, Estimated Operating Expenses shall estimated operating expenses will be estimated on a full-year basis. During each December in which this Section 5.2 is applicableduring the term, or as soon after each December as practicable, Landlord shall landlord will give Tenant tenant written notice of the Estimated Operating Expenses estimated operating expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term term, if the Term will expire before the end of the a partial calendar year), Tenant shall tenant will pay to Landlord one-twelfth (1/12) landlord 1/12 of the product of Tenantthe tenant's Share share multiplied by the Estimated Operating Expenses estimated operating expenses for such calendar year; , however, if such written notice is not given in December, Tenant shall tenant will continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses estimated operating expenses until the month after such written notice is given, at which time Tenant shall tenant will commence making monthly payments based upon the revised Estimated Operating Expenses. In estimated operating expenses, together with any arrange really to the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expensesearlier months. If at any time or times it reasonably appears to Landlord landlord that the actual Operating Expenses operating expenses for any calendar year will vary from the Estimated Operating Expenses estimated operating expenses for such calendar year, Landlord landlord may, by written notice to Tenanttenant, revise the Estimated Operating Expenses estimated operating expenses for such calendar year, and subsequent payments by Tenant tenant in such calendar year shall will be based upon such revised Estimated Operating Expensesestimated operating expenses.
Appears in 1 contract
Samples: Lease Agreement (Pc Tel Inc)
Estimated Payments. During each calendar year or partial calendar year after in the Base Yearterm, in addition to Monthly Rentmonthly rent, Tenant shall will pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenant's Share multiplied tenant’s hare multiplies by the "Estimated Operating Expenses" (defined below) “estimated operating expenses” for any calendar year. This shall mean Landlord’s reasonable estimate of operating expenses for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for product of the Base Year operating expenses base multiplies by the rentable area of the building and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3article. During any partial calendar yearyear during the term, Estimated Operating Expenses shall estimates operating expenses will be estimated on a full-full year basis. During each December in which this Section 5.2 is applicableduring the term, or as soon after each December as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term term, if the Term will expire before the end of the a partial calendar year), Tenant shall will pay to Landlord one-twelfth (1/12) 1/12 of the product of Tenant's Tenants Share multiplied multiplies by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall will continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised ’s Estimated Operating Expenses, Tenant shall will pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's years Estimated Operating Expenses, for each month, which has elapsed since December. If at any time or times it reasonably is reasonable appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall will be based upon such revised Estimated Operating Expenses.
Appears in 1 contract
Samples: Lease Agreement (PSM Holdings Inc)
Estimated Payments. During each calendar year or partial calendar year after the Base YearTenant shall make monthly installment payments on an estimated basis toward (i) Costs of Electricity, and (ii) Tenant's Share of Expense Increases, in addition to Monthly Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year Costs of Electricity and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of Landlord's estimate of the product of Tenant's Share multiplied by of Expense Increases for the Estimated Operating Expenses then-current calendar year. Tenant's obligation to make monthly installment payments toward Costs of Electricity shall commence on first (1st) day of the first (1st) full calendar month of the Term, and Tenant's obligation to make monthly installment payments toward Tenant's Share of Expense Increases shall not commence until the first (1st) day of the thirteenth (13th) full calendar month of the Term. The foregoing estimate(s) shall be based on Landlord's reasonable estimate of Costs of Electricity and Expense Increases for such calendar year; however, if such written notice is year (which shall not given in December, Tenant shall continue to make monthly payments on the basis exceed 105% of the prior year's Estimated Operating Expenses Costs of Electricity and Expense Increases in the absence of evidence that a larger estimate is warranted). Landlord shall endeavor to communicate such estimate to Tenant on or before the date Landlord provides Tenant with the Expense Statement referenced in Section 9.4, below, provided that until the month after Landlord provides such written notice is givenestimate to Tenant, at which time Tenant shall commence making monthly Tenant's estimated payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable will be based upon the prior year's Estimated Operating Expensesestimate. Landlord currently estimates Costs of Electricity to equal $1.00 per square foot per year. If at any time or times during such calendar year, it reasonably appears to Landlord that the actual Operating Expenses Costs of Electricity or Tenant's Share of Expense Increases for any such calendar year will vary from the Estimated Operating Expenses for such calendar yearLandlord's estimate by more than five percent (5%) on an annualized basis, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses its estimate for such calendar year, year and subsequent Tenant's estimated payments by Tenant in hereunder for such calendar year shall thereupon be based on such revised estimate. The foregoing notwithstanding, to the extent determined on the basis of submetering or measuring devices, Costs of Electricity shall be paid by Tenant within thirty (30) days after Landlord's written invoice therefor, and shall be based upon Tenant's actual consumption at the actual cost charged for such revised Estimated Operating Expenseselectrical service by the utility provider.
Appears in 1 contract
Samples: MCK Communications Inc
Estimated Payments. During Landlord or its agent shall furnish to Tenant, prior to the Commencement Date and prior to the commencement of each calendar year or partial calendar year after the Base Year, in addition to Monthly Rent, a written statement setting forth Landlord's estimate of Tenant's Proportionate Share of the Project Operating Costs (the "Estimated Operating Statement") for such ensuing calendar year. Tenant shall pay to Landlord Landlord, on the first day of each month month, as Additional Rent, an amount equal to one-twelfth (1/121112th) of the product Landlord's estimate of Tenant's Proportionate Share multiplied by the "of such Project Operating Costs. If, however, Landlord shall fail to furnish any such Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for Statement subsequent to the commencement of any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less during the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions term of this Section 5.2 and Section 5.3. During any partial calendar yearLease, then until the first day of the month following the month in which such Estimated Operating Expenses Statement is furnished to Tenant, Tenant shall be estimated pay to Landlord, on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during month, an amount equal to the ensuing calendar year (or each monthly installment of estimated Project Operating Costs payable under this section with respect to the last month of the Term if the Term will expire before the end of the immediately preceding calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the . Upon furnishing such Estimated Operating Expenses for such Statement to Tenant, Landlord shall give notice to Tenant stating whether the monthly installments of Project Operating Costs which Tenant has paid to date during the current calendar year; however, if such written notice is not given in December, year are more or less than the estimated sums which Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay should have been paying to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such current calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expenses.on that
Appears in 1 contract
Samples: Ampersand Medical Corp
Estimated Payments. During each calendar year or partial calendar year after in the Base YearTerm, in addition to Monthly Rentmonthly rent, Tenant shall pay to will pa: Landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenant's Share share multiplied by the "Estimated Operating Expensesestimated operating expenses" (defined below) for such calendar year. "Estimated Operating Expensesoperating expenses" for any calendar year means Landlord's Landlor reasonable estimate of Operating Expenses operating expenses for such calendar year, less the Operating Expenses for product of the Base Year operating expenses base, multiplied by the rentable area of the Building and shall will be subject to revision according to the further provisions of this Section 5.2 and Section 5.353. During any partial calendar yearyear during the Term, Estimated Operating Expenses shall estimated operating expenses will be estimated on a full-full year basis. During each December in which this Section 5.2 is applicableduring the Term, or as soon after each December as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses estimated operating expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each e~ month of the Term term, if the Term will expire before the end of the a partial calendar year), Tenant shall will pay to Landlord one-twelfth (1/12) 1/12 of the product of Tenant's Share share multiplied by the Estimated Operating Expenses estimated operating expenses for such calendar year; ', however, if such written notice is not given in December, Tenant shall will continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses estimated operating expenses until the month after such written notice is given, g at which time Tenant shall will commence making monthly payments based upon the revised Estimated Operating Expensesestimated operating expenses. In the month more Tenant is first required to make makes a payment based upon the revised Estimated Operating Expensesestimated operating expenses, Tenant shall will pay to Landlord for each month which `~ has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses estimated operating expenses and the amount payable based upon the prior year's Estimated Operating Expensesestimated operating expenses. If at any time or times it reasonably appears to Landlord Landlord: that the actual Operating Expenses operating expenses for any calendar year will vary from the Estimated Operating Expenses estimated operating expenses for such calendar year, Landlord may, . by written notice to Tenant, revise the Estimated Operating Expenses estimated operating expenses for such calendar year, and subsequent payments payment by Tenant in such calendar year shall will be based upon such revised Estimated Operating Expensesestimated operating expenses.
Appears in 1 contract
Samples: Office Lease (Virage Logic Corp)
Estimated Payments. During each calendar year or partial calendar year after the Base YearTenant shall make monthly installment payments on an estimated basis toward (i) Costs of Electricity, and (ii) Tenant's Share of Expense IncreasfS, in addition to Monthly Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/121112) of Landlord's estimate of Costs of Electricity and one-twelfth (1112) of Landlord's estimate of the product of Tenant's Share multiplied by of Expense Increases for the "Estimated Operating Expenses" (defined below) for such theri-current calendar year. "Estimated Operating Expenses" for any Tenant's obligation to make monthly installment payments toward Costs of Electricity shall commence on first (1st) day of the first (1st) month of the Term, and Tenant's obligation to make monthly installment payments toward Tenant's Share of Expense lncreakes shall not commence until the first (1st) day of calendar year means 2004. The foregoing estimate(s) ishall be based on Landlord's reasonable estimate of Operating Expenses Costs of Electricity and Expense Increases for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar suchIcalendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant which shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis exceed 105% of the prior year's Estimated Operating Expenses Costs of Electricity and Expense Increases in the absence of evidence that a larger estimate is warranted). Landlord shall ehdeavor to communicate such estimate to Tenant on or before the date Landlord provides Tenant fvith the Expense Statement referenced in Section 9.4, below, provided that until the month after Landlord provides such written notice is givenestimate to Tenant, at which time Tenant shall commence making monthly Tenant's estimated payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable will be based upon the prior year's Estimated Operating Expensesestimate. If at Ifat any time or times during such calendar year, it reasonably appears to Landlord that the actual Operating Expenses Costs of Electricity or Tenant's Share of Expense Increases for any such calendar year will vary from the Estimated Operating Expenses for such calendar yearLandlord's estimate by more than five percent (5%) on an annualized basis, Landlord may, by written notice to TenanttolTenant, revise the Estimated Operating Expenses its estimate for such calendar yearyear and Tenant's estimated payments hereunder for sU9hcalen- dar year shall thereupon be based on such revised estimate. The foregoing notwithstanding, to the extent determined on the basis of submetering or measuring devices, Costs of Electricity ishall be paid by Tenant within thirty (30) days after Landlord's written invoice therefor, and subsequent payments by Tenant in such calendar year shall be based upon Tenant's actual consumption at the actual cost charged for such revised Estimated Operating Expenses.electrical service by me utility provider. 9.4
Appears in 1 contract
Samples: Lease (OMNICELL, Inc)
Estimated Payments. During Prior to the Commencement Date and prior to January 1 of each subsequent calendar year during the Lease Term, or partial as soon thereafter as possible, Landlord shall deliver to Tenant an estimate of; (1) the Property Taxes for that calendar year after (the “Tax Estimate”); (2) the Insurance costs for that calendar year (the “Insurance Estimate”); and (3) the total CAM Charges for that calendar year (the “CAM Estimate”) and Tenant’s Share thereof. (The Tax Estimate, the Insurance Estimate and the CAM Estimate are sometimes referred to hereinafter collectively as the “Common Cost Estimates”.) Tenant shall thereafter during that calendar year pay to Landlord one-twelfth (1/12) of the amount of Tenant’s Share of the Common Cost Estimates at the same time its monthly installments of Base YearRent hereunder are due and payable. In the event Landlord shall not have furnished the Common Cost Estimates to Tenant by January 1 of any calendar year, then until the first day of the month following the month in addition which the Common Cost Estimates are furnished to Monthly RentTenant, Tenant shall continue to pay to Landlord on the first day of each calendar month an amount equal to one-twelfth (1/12) its share of the product of Common Cost Estimates based on the previous year’s estimate. At such time as Landlord furnishes the Common Cost Estimates to Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice stating whether the aggregate amount of the Estimated Operating Expenses installments of Tenant’s Share of Tax Increase, Insurance Increase and CAM Charges previously paid for such calendar year is more or less than the ensuing aggregate amount of the installments due for such portion of the calendar year. On or before year as computed in accordance with the Common Cost Estimates, and (1) if there shall be a deficiency, then within ten (10) days after the Tenant receives the Common Cost Estimates, Tenant shall pay the amount of such deficiency, (2) if there shall have been an overpayment, Landlord shall credit Tenant in the amount thereof toward the subsequent installments of the Common Cost Estimates, and (3) on the first day of each the first month during next following the ensuing calendar year (or each month in which the Common Cost Estimates are furnished to Tenant, and monthly thereafter for the balance of the Term if the Term will expire before the end of the such calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product amount of Tenant's ’s Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating ExpensesCommon Cost Estimates. In the month Tenant is first required Tenant’s right to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year contest Common Cost Estimates shall be limited to six months from date of notification by Landlord. Current monthly Common Cost Estimates, based upon such revised Estimated Operating Expenseson one hundred percent of building occupancy, are Four Thousand Two Hundred Twenty-Nine Dollars ($4,229.00).
Appears in 1 contract
Samples: Lease Agreement (Xg Sciences Inc)
Estimated Payments. During Prior to the Commencement Date and prior to January 1 of each subsequent calendar year during the Lease Term, or partial as soon thereafter as possible, Landlord shall deliver to Tenant an estimate of: (1) the Insurance costs for that calendar year after (the “Insurance Estimate”); and (2) the total CAM Charges for that calendar year (the “CAM Estimate”) and Tenant’s Share thereof. (The Insurance Estimate and the CAM Estimate are sometimes referred to hereinafter collectively as the “Common Cost Estimates”.) Tenant shall thereafter during that calendar year pay to Landlord one-twelfth (1/12) of the amount of Tenant’s Share of the Common Cost Estimates at the same time its monthly installments of Base YearRent hereunder are due and payable. In the event Landlord shall not have furnished the Common Cost Estimates to Tenant by January 1 of any calendar year, then until the first day of the month following the month in addition which the Common Cost Estimates are furnished to Monthly RentTenant, Tenant shall continue to pay to Landlord on the first day of each calendar month an amount equal to one-twelfth (1/12) its share of the product of Common Cost Estimates based on the previous year’s estimate. At such time as Landlord furnishes the Common Cost Estimates to Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice stating whether the aggregate amount of the Estimated Operating Expenses installments of Tenant’s Share of Insurance Increase and CAM Charges previously paid for such calendar year is more or less than the ensuing aggregate amount of the installments due for such portion of the calendar year. On or before year as computed in accordance with the Common Cost Estimates, and (1) if there shall be a deficiency, then within ten (10) days after the Tenant receives the Common Cost Estimates, Tenant shall pay the amount of such deficiency, (2) if there shall have been an overpayment, Landlord shall credit Tenant in the amount thereof toward the subsequent installments of the Common Cost Estimates, and (3) on the first day of each the first month during next following the ensuing calendar year (or each month in which the Common Cost Estimates are furnished to Tenant, and monthly thereafter for the balance of the Term if the Term will expire before the end of the such calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product amount of Tenant's ’s Share multiplied of the Common Cost Estimates. Tenant’s right to contest Common Cost Estimates shall be limited to six months from date of notification by Landlord. Landlord and Tenant further have agreed that, in the Estimated Operating Expenses for such calendar year; howeverthird line of Par. 8(A) following the word “due” and before the period, if such the following shall be deemed inserted: “or the appropriate taxing authority fails to receive any payment of Taxes within ten (10) days after written notice from either Landlord or the taxing authority that such payment is not given in December, Tenant shall continue to make monthly payments on the basis past due.” All other terms and conditions of the prior year's Estimated Operating Expenses until the month after such original Lease Agreement shall remain in effect as first written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expensesand previously amended. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year The effective date of this First Amendment shall be based upon such revised Estimated Operating Expenses.August 15, 2011, regardless of the date written below. Each party executing this Amendment warrants that it has the requisite power and authority to do so. XG SCIENCES, INC. a Michigan corporation (Tenant)
Appears in 1 contract
Samples: Lease Agreement (Xg Sciences Inc)
Estimated Payments. During each calendar year or partial calendar year after Estimated payments for taxes, insurance, maintenance of common areas, management of the Base Year, property and common area utilities and services are set forth in addition to Monthly Rent, Paragraph 1.5. Tenant shall pay to Landlord the estimated payments together with the monthly rent in advance on the first day of each calendar month an amount equal to one-twelfth (1/12) of the product term, without deduction, offset, prior notice or demand, except as provided herein. Landlord may increase or decrease the estimated payments upon 30 days' written notice to Tenant based upon statements received or charges incurred by Landlord, information available to Landlord as to the probable cost of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means expected charges and expenses, or Landlord's reasonable estimate of Operating Expenses for the probable amount of expected charges or expenses. In the event that any taxes payable in respect of the property are levied or assessed against the property and other property, or in the event that any property insurance carried by Landlord is carried under a policy or policies covering the property and other properties, the amounts payable by Tenant hereunder in respect of such calendar year, less the Operating Expenses for the Base Year and taxes or such insurance shall be subject determined by reference to revision according allocations or any such taxes and any such insurance to the further provisions of this Section 5.2 and Section 5.3property reasonably made by Landlord. During any partial calendar year, Estimated Operating Expenses Landlord shall be estimated on entitled to retain the monies received from such payments in a full-year basisfund pending payment of all such costs and charges. During No more frequently than once each December in which this Section 5.2 is applicable, or as soon after each December as practicablecalendar quarter, Landlord shall give Tenant written notice determine the actual costs of operation and maintenance of the Estimated Operating Expenses for the ensuing calendar yearproperty. On or before the first day of each month during the ensuing calendar year (or each month Tenant shall remit to Landlord on demand its unpaid pro rata share of the Term if actual expense. In the Term will expire before the end event Tenant paid more than its pro rata share of the calendar year)actual expenses for such period of time, Landlord shall apply such overpayment towards the next estimated payments owing by Tenant. At the termination of this Lease, an accounting for such charges and expenses shall be made to the nearest practical accounting period, and Tenant shall pay to Landlord one-twelfth any balance due or shall be entitled to a prompt refund of any excess amount paid. Landlord shall furnish to Tenant, within sixty (1/1260) days after the end of each calendar year, a statement in reasonable detail, including supportive documentation, setting forth (a) Landlord's actual costs of operation and maintenance with respect to the product property (including taxes and insurance) for that year by category and amount; (b) the amount of Tenant's Share multiplied additional rent for that year; and (c) the sum of Tenant's monthly estimated rent payments made during that year. Tenant shall have the right to audit Landlord's records respecting for each calendar year during the term of this Lease by notifying Landlord within 120 days following the Estimated Operating Expenses for end of each such calendar year; however, if such written notice is not given in December, . If an audit (performed by a certified public accountant on behalf of Tenant) reveals that Landlord has overcharged Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated for Operating Expenses, Landlord shall refund the amount overcharged within ten days after such determination has been made. If Landlord has overcharged Tenant by more than 5%, Landlord shall refund the overcharge amount and, in addition, shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior yearreasonable costs of Tenant's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expensesaudit.
Appears in 1 contract
Estimated Payments. During Prior to the Commencement Date and prior to January 1 of each calendar year during the Lease Term, or partial as soon as possible thereafter, Landlord shall deliver to Tenant an estimate of: (1) the total Taxes assessed for that calendar year after (the "Tax Estimate"); (2) the total Insurance rates for that calendar year (the "Insurance Estimate"); and (3) the total CAM Charges for that calendar year (the "CAM Estimate"). (The Tax Estimate, the Insurance Estimate and the CAM Estimate are sometimes referred to hereinafter collectively as the "Common Cost Estimates".) In addition, at that time, Landlord shall provide Tenant with a statement of Tenant's estimated prorata share of the foregoing charges due pursuant to subsections (A) and (B) above and subject to the proration described in subsection (D) below and any proration due as a result of an incomplete calendar year at the commencement or end of the Lease Term. Tenant shall thereafter during that calendar year pay to Landlord one-twelfth (1/12) of the amount of Tenant's Share of the Common Cost Estimates at the same time its monthly installments of Base YearRent hereunder are due and payable. In the event Landlord shall not have furnished the Common Cost Estimates to Tenant by January 1 of any calendar year, then until the first day of the month following the month in addition which the Common Cost Estimates are furnished to Monthly RentTenant, Tenant shall continue to pay to Landlord on the first day of each calendar month an amount equal to one-twelfth (1/12) its share of the product of Common Cost Estimates based on the previous year's estimate. At such time as Landlord furnishes the Common Cost Estimates to Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice stating whether the aggregate amount of the Estimated Operating Expenses installments of Tenant's Share of Tax Increase, Insurance Increase and CAM Charges previously paid for such calendar year is more or less than the ensuing aggregate amount of the installments due for such portion of the calendar year. On or before year as computed in accordance with the Common Cost Estimates, and (1) if there shall be a deficiency, then within thirty (30) days after the Tenant receives the Common Cost Estimates, Tenant shall pay the amount of such deficiency, (2) if there shall have been an overpayment, Landlord shall credit Tenant in the amount thereof toward the subsequent installments of the Tax Increase, Insurance Increase and CAM Charges, and (3) on the first day of each the first month during next following the ensuing calendar year (or each month in which the Common Cost Estimates are furnished to Tenant, and monthly thereafter for the balance of the Term if the Term will expire before the end of the such calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product amount of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior yearTax Increase, Insurance Increase and CAM Charges as set forth in the Common Cost Estimates. Tenant's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required right to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year contest CAM Charges shall be based upon such revised Estimated Operating Expenses.limited to six months from
Appears in 1 contract
Samples: Lease (Genomic Solutions Inc)
Estimated Payments. During Tenant shall pay Landlord’s reasonable estimate of Xxxxxx’s Cost Allocation for each calendar year or partial of the Term (the “Estimated Payment”) in advance, in monthly installments, commencing on the first (1st) day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first (1st) day of the month following the month in which Landlord notifies Tenant of any revised Estimated Payment. Landlord shall estimate from time to time the amount of Tenant’s Cost Allocation for each calendar year of the Term, make an adjustment to the Estimated Payment due for such calendar year and notify Tenant of the revised Estimated Payment in writing. Within thirty (30) days after Xxxxxx’s receipt of notice of such adjustment and the Base Year, in addition to Monthly Rentrevised Estimated Payment, Tenant shall pay to Landlord on the first day a fraction of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "such revised Estimated Operating Expenses" (defined below) Payment for such calendar year. "Estimated Operating Expenses" for year (reduced by any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according amounts paid pursuant to the further provisions first sentence of this Section 5.2 and Section 5.34.2.1). During any partial calendar year, Estimated Operating Expenses Such fraction shall be estimated on a full-year basis. During each December have as its numerator the number of months which have elapsed in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing such calendar year (or each month to the date of the Term if the Term will expire before the end of the calendar year)such payment, Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar yearboth months inclusive, and shall have twelve (12) as its denominator. All subsequent payments by Tenant in for such calendar year shall be based upon such adjustment and the revised Estimated Operating ExpensesPayment. In the event of any fractional calendar month, Tenant shall pay for each day in such partial month a rental equal to 1/30 of the Estimated Payment.
Appears in 1 contract
Samples: Office Lease
Estimated Payments. During Prior to the Commencement Date and, thereafter, prior to the beginning of each calendar year or partial calendar year after of the Base YearTerm, in addition to Monthly RentLandlord shall make a reasonable estimate of the Operating Expenses. Beginning on the Commencement Date, Tenant shall pay to Landlord on the first day of each month an amount equal to month, in advance, one-twelfth (1/12) of Landlord's estimated amount of the product of Tenant's Share multiplied by Operating Expense for the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate in question. Within ninety (90) days after the end of each calendar year during the Term, Landlord shall forward to Tenant a statement of the actual Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and which statement shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on include a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year), Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis summary of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated actual Operating Expenses. In Within five (5) days after notice from Tenant, Landlord shall submit to Tenant invoices or other proof of payment reasonably acceptable to Tenant to evidence the month Tenant is first required to make a actual payment based upon the revised Estimated by Landlord of any Operating Expenses. All statements, invoices and correspondence regarding Operating Expenses shall be sent to Tenant at Tenant's address for notice as set forth in Section 32 below and shall contain thereon or therein, for reference purposes, the address of the Premises. Within thirty (30) days after Landlord's delivery of such statement of Operating Expenses there shall be an adjustment made to account for any difference between the actual and the estimated Operating Expenses for the previous calendar year. If Tenant has overpaid the amount of Operating Expenses owing pursuant to this provision, Tenant shall subtract the amount of such overpayment from the next payment of Rent; provided, however, that in the case of an overpayment for the portion of the calendar year in which this Lease terminates, Landlord shall refund such overpayment to Tenant within thirty (30) days following the end of such final calendar year. If Tenant has underpaid the amount owing pursuant to this provision, Tenant shall pay the amount of such underpayment to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated within thirty (30) days after receipt of Landlord's written statement of Operating Expenses and following the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for end of such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall be based upon such revised Estimated Operating Expenses.
Appears in 1 contract
Samples: Lease (Impax Laboratories Inc)
Estimated Payments. During each calendar year or partial calendar year after the Base Year, in addition to Monthly Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during after the ensuing calendar year (or each month of the Term if the Term will expire before the end of the calendar year)Rent Commencement Date, Tenant shall pay to Landlord one-twelfth the Estimated Insurance Cost (1/12as defined below) for that month. If the Rent Commencement Date starts on any day other than the first day of the product month, Landlord will provide to Tenant, within 30 days after the first day of Tenant's Share multiplied by the next month or as soon thereafter as practicable, a statement of the actual Insurance Cost for the period of time from the Rent Commencement Date to the first day of the next month, and Tenant shall pay to Landlord the amount due as actual Insurance Cost. The “Estimated Insurance Cost” for each month of Lease Year One shall be $332.25. The Estimated Insurance Cost is subject to revision according to this Section 10.1.1 and Section 10.1.2. Within 60 days of the last day of each Lease Year of the Term, or as soon thereafter as practicable, Landlord will give Tenant written notice of Landlord’s Estimated Insurance Cost for each month of the ensuing Lease Year. On or before the first day of the month during that ensuing Lease Year, Tenant will pay to Landlord the Estimated Operating Expenses Insurance Cost for such calendar yearthat month; however, if such written notice is not given in Decemberuntil after the new Lease Year has begun, Tenant shall will continue to make monthly payments pay on the basis of the prior Lease Year’s Estimated Insurance Cost until the month after such notice is given. In the month Tenant first pays Landlord’s new Estimated Insurance Cost, Tenant will pay to Landlord the difference between the new Estimated Insurance Costs and the amount paid to Landlord on the basis of the prior year's ’s Estimated Operating Expenses until the month after such written notice is givenInsurance Cost, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expensesnew Lease Year began. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses amount payable for any calendar year the Insurance Cost will vary from the Estimated Operating Expenses for such calendar yearLandlord’s estimate, then Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses Landlord’s estimate for such calendar yearLease Year, and subsequent payments by Tenant in for such calendar year shall Lease Year will be based upon such Landlord’s reasonable revised Estimated Operating Expensesestimate. All moneys paid to Landlord under this Section 10 may be intermingled with other moneys of Landlord and shall not bear interest. In the event of a default by Tenant in the performance of its obligations under this Lease, then any balance of funds paid to Landlord under the provisions of this Section may, at the option of Landlord, be treated as an additional Security Deposit.
Appears in 1 contract
Estimated Payments. During each calendar year or partial calendar year after the Base Year, in addition Prior to Monthly Rent, Tenant shall pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar year, Estimated Operating Expenses shall be estimated on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon as practicable after the beginning of each December as practicableFiscal Year subsequent to the Base Expense Year, Landlord shall give notify Tenant written notice of the Estimated Operating Landlord’s estimate of Tenant’s Expense Share of Additional Expenses for the ensuing calendar yearFiscal Year (“Landlord’s Estimate”). On or before the first day of each month during the Fiscal Year with respect to which Landlord shall have given Tenant a Landlord’s Estimate, Tenant shall pay to Landlord, in advance, the monthly amount set forth on Landlord’s Estimate (the “Monthly Estimated Expense Payment”), provided that until Landlord shall give Tenant a new Landlord’s Estimate with respect to the ensuing calendar year (or each month Fiscal Year, Tenant shall continue to pay the Monthly Estimated Expense Payment on the basis of the Term if prior Fiscal Year’s Landlord’s Estimate until the Term will expire before month after the end of month in which Landlord shall have given Tenant a new Landlord’s Estimate (provided that Tenant shall not be obligated to commence paying the calendar yearnew Monthly Estimated Expense Payment less than fifteen (15) days after Landlord shall have given Tenant the new Landlord’s Estimate). In the first month in which Tenant shall be obligated to pay a new Monthly Estimated Expense Payment based on the new Landlord’s Estimate, Tenant shall pay to Landlord one-twelfth (1/12) of a sum equal to the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December (x) the difference between the amount payable based upon the revised new Monthly Estimated Operating Expenses Expense Payment and the amount payable based upon the prior year's ’s Monthly Estimated Operating ExpensesExpense Payment multiplied by (y) the number of months which shall have elapsed since the beginning of the then current Fiscal Year. If at any time or times it Landlord reasonably appears to Landlord estimates that the actual Operating Tenant’s Expense Share of Additional Expenses for any calendar year will the then-current Fiscal Year shall vary from the Estimated Operating Expenses for such calendar yearLandlord’s Estimate by more than 5%, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses Landlord’s Estimate for such calendar year, Fiscal Year and subsequent payments Monthly Estimated Expense Payments by Tenant in for such calendar year Fiscal Year shall be based upon such revised Estimated Operating ExpensesLandlord’s Estimate.
Appears in 1 contract
Estimated Payments. During each calendar year or partial calendar year after in the Base YearLease Term, in addition to Monthly Rent, Tenant shall will pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenant's Share share multiplied by the "Estimated Operating Expensesestimated operating expenses" (defined below) for such calendar year. "Estimated Operating Expensesoperating expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses operating expenses for such calendar year, less the Operating Expenses for product of the Base Year operating expenses base, multiplied by the rentable area of the Building and shall will be subject to revision according to the further provisions of this Section Article 5.2 and Section Article 5.3. During any partial calendar yearyear during the Lease Term, Estimated Operating Expenses shall estimated operating expenses will be estimated on a full-full year basis. During each December in which this Section 5.2 is applicableduring the Lease Term, or as soon after each December as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses estimated operating expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term Lease Term, if the Term will expire before the end of the a partial calendar year), Tenant shall will pay to Landlord one-twelfth (1/12) 1/12 of the product of Tenant's Share share multiplied by the Estimated Operating Expenses estimated operating expenses for such calendar year; however, if such written notice is not given in December, Tenant shall will continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses estimated operating expenses until the month after such written notice is given, at which time Tenant shall will commence making monthly payments based upon the revised Estimated Operating Expensesestimated operating expenses. In the month Tenant is first required to make makes a payment based upon the revised Estimated Operating Expensesestimated operating expenses, Tenant shall will pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses estimated operating expenses and the amount payable based upon the prior year's Estimated Operating Expensesestimated operating expenses. If at any time or times In the event it reasonably appears to Landlord that the actual Operating Expenses operating expenses for any calendar year will vary from the Estimated Operating Expenses estimated operating expenses for such calendar year, Landlord may, not more than twice in any calendar year, by written notice to Tenant, revise the Estimated Operating Expenses estimated operating expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall will be based upon such revised Estimated Operating Expensesestimated operating expenses.
Appears in 1 contract
Estimated Payments. During At Landlord's request, during each calendar year or partial calendar year after in the Base YearTerm, in addition to Monthly Rent, Tenant shall will pay to Landlord on the first day of each month an amount equal to one-twelfth (1/12) 1/12 of the product of Tenant's Share multiplied by the "Estimated Operating Expensesestimated operating expenses" (defined below) for such calendar year. Subject to the limitation set forth in Section 5.1(a) "Estimated Operating Expensesoperating expenses" for any calendar year means Landlord's reasonable estimate of Operating Expenses operating expenses for such calendar year, less the product of the Operating Expenses for Expense Base, multiplied by the Base Year Rentable Area of the Building and shall will be subject to revision according to the further provisions of this Section 5.2 and Section 5.3. During any partial calendar yearyear during the Term, Estimated Operating Expenses shall estimated operating expenses will be estimated on a full-year basis. During each December in which this Section 5.2 is applicableduring the Term, or as soon after each December as practicable, Landlord shall will give Tenant written notice of the Estimated Operating Expenses estimated operating expenses for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year (or each month of the Term Term, if the Term will expire before the end of the a partial calendar year), Tenant shall will pay to Landlord one-twelfth (1/12) 1/12 of the product of Tenant's Share multiplied by the Estimated Operating Expenses estimated operating expenses for such calendar year; however, if such written notice is not given in December, ___________________________________________________________________________ Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall will commence making monthly payments based upon the revised Estimated Operating Expensesestimated operating expenses. In the month Tenant is first required to make makes a payment based upon the revised Estimated Operating Expensesestimated operating expenses, Tenant shall will pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses estimated operating expenses and the amount payable based upon the prior year's Estimated Operating Expensesestimated operating expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses operating expenses for any calendar year will vary from the Estimated Operating Expenses estimated operating expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses estimated operating expenses for such calendar year, and subsequent payments by Tenant in such calendar year shall will be based upon such revised Estimated Operating Expensesestimated operating expenses.
Appears in 1 contract
Estimated Payments. During Landlord or its agent shall furnish to Tenant, prior to the Commencement Date and prior to the commencement of each calendar year or partial calendar year after the Base Year, in addition to Monthly Rent, a written statement setting forth Landlord’s estimate of Tenant’s Proportionate Share of the Project Operating Costs (the “Estimated Operating Statement”) for such ensuing calendar year. Tenant shall pay to Landlord Landlord, on the first day of each month month, as Additional Rent, an amount equal to one-one twelfth (1/12( l/ 12) of the product Landlord’s estimate of Tenant's ’s Proportionate Share multiplied by the "of such Project Operating Costs. If, however, Landlord shall fail to furnish any such Estimated Operating Expenses" (defined below) for such calendar year. "Estimated Operating Expenses" for Statement subsequent to the commencement of any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less during the Operating Expenses for the Base Year and shall be subject to revision according to the further provisions term of this Section 5.2 and Section 5.3. During any partial calendar yearLease, then until the first day of the month following the month in which such Estimated Operating Expenses Statement is furnished to Tenant, Tenant shall be estimated pay to Landlord, on a full-year basis. During each December in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during month, an amount equal to the ensuing calendar year (or each monthly installment of estimated Project Operating Costs payable under this section with respect to the last month of the Term if the Term will expire before the end of the immediately preceding calendar year). Upon furnishing such Estimated Operating Statement to Tenant, Landlord shall give notice to Tenant stating whether the monthly installments of Project Operating Costs which Xxxxxx has paid to date during the current calendar year are more or less than the estimated sums which Tenant should have been paying to Landlord for the current calendar year, based on that Estimated Operating Statement. In the event there is a deficiency with respect to the estimated amounts paid by Tenant to date in the current calendar year, Tenant shall pay the amount of such deficiency within thirty (30) days after demand therefor; in the event there shall have been an overpayment, Landlord shall permit Tenant to credit the amount thereof against the subsequent payments of Additional Rent next due during the calendar year in which Landlord one-twelfth (1/12) notifies Tenant of such overpayment. If there shall be any increase or decrease in the product of Tenant's Share multiplied by the Estimated estimated Project Operating Expenses Costs for such calendar year; howeverany Lease Year, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month whether during or after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice may furnish to Tenant, revise the Tenant a revised interim Estimated Operating Expenses for such calendar year, Statement and subsequent payments by Tenant in such calendar year the Additional Rent shall be based upon adjusted and paid, or refunded by way of credits against future payments, as the case may be, or Landlord may wait and make such revised Estimated Operating Expensesadjustments as per subparagraph (b) below. Notwithstanding the foregoing, Landlord may adjust its estimate for Taxes at such time as actual tax bills become available, but no more frequently than once per year.
Appears in 1 contract
Samples: Lease Agreement (Cardio Diagnostics Holdings, Inc.)
Estimated Payments. During Tenant shall pay Landlord’s reasonable estimate of Tenant’s Cost Allocation for each calendar year or partial of the Term (the “Estimated Payment”) in advance, in monthly installments, commencing on the first (1st) day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first (1st) day of the month following the month in which Landlord notifies Tenant of any revised Estimated Payment. Landlord shall estimate from time to time, but not more than twice per calendar year, the amount of Tenant’s Cost Allocation for each calendar year of the Term, make an adjustment to the Estimated Payment due for such calendar year and notify Tenant of the revised Estimated Payment in writing. Within ten (10) days after Tenant’s receipt of notice of such adjustment and the Base Year, in addition to Monthly Rentrevised Estimated Payment, Tenant shall pay to Landlord on the first day a fraction of each month an amount equal to one-twelfth (1/12) of the product of Tenant's Share multiplied by the "such revised Estimated Operating Expenses" (defined below) Payment for such calendar year. "Estimated Operating Expenses" for year (reduced by any calendar year means Landlord's reasonable estimate of Operating Expenses for such calendar year, less the Operating Expenses for the Base Year and shall be subject to revision according amounts paid pursuant to the further provisions first sentence of this Section 5.2 and Section 5.34.2.1). During any partial calendar year, Estimated Operating Expenses Such fraction shall be estimated on a full-year basis. During each December have as its numerator the number of months which have elapsed in which this Section 5.2 is applicable, or as soon after each December as practicable, Landlord shall give Tenant written notice of the Estimated Operating Expenses for the ensuing calendar year. On or before the first day of each month during the ensuing such calendar year (or each month to the date of the Term if the Term will expire before the end of the calendar year)such payment, Tenant shall pay to Landlord one-twelfth (1/12) of the product of Tenant's Share multiplied by the Estimated Operating Expenses for such calendar year; however, if such written notice is not given in December, Tenant shall continue to make monthly payments on the basis of the prior year's Estimated Operating Expenses until the month after such written notice is given, at which time Tenant shall commence making monthly payments based upon the revised Estimated Operating Expenses. In the month Tenant is first required to make a payment based upon the revised Estimated Operating Expenses, Tenant shall pay to Landlord for each month which has elapsed since December the difference between the amount payable based upon the revised Estimated Operating Expenses and the amount payable based upon the prior year's Estimated Operating Expenses. If at any time or times it reasonably appears to Landlord that the actual Operating Expenses for any calendar year will vary from the Estimated Operating Expenses for such calendar year, Landlord may, by written notice to Tenant, revise the Estimated Operating Expenses for such calendar yearboth months inclusive, and shall have twelve (12) as its denominator. All subsequent payments by Tenant in for such calendar year shall be based upon such adjustment and the revised Estimated Operating ExpensesPayment. In the event of any fractional calendar month, Tenant shall pay for each day in such partial month a rental equal to 1/30 of the Estimated Payment. During the first full calendar year of the Term, Tenant’s Cost Allocation is estimated to be [***] per rentable square foot in the Premises.
Appears in 1 contract
Samples: Office Lease (Biodesix Inc)