Estimates and Payments. Commencing on the first day of the month following the expiration of the Base Year and on the first day of each month thereafter during the term of this Lease, Tenant agrees to pay monthly, as Additional Rent, one-twelfth (1/12) of Landlord’s estimate of Tenant’s Share of the total dollar increase, if any, in Operating Expenses to be paid or incurred by Landlord during the current calendar year in excess of the Base Year Operating Expenses. At the beginning of each calendar year, Landlord shall give Tenant written notice of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month during the year, Tenant shall pay to Landlord one-twelfth (1/12) of such estimated amount, provided that if such notice is delayed for any reason, Tenant shall continue to pay on the basis of the prior year's estimate until the month after such notice is given. If at any time or times it appears to Landlord that the amounts payable under Section 3.03 for the current calendar year will vary from its estimate by more than five percent (5%), Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate. Within ninety (90) days after the close of each calendar year, or as soon thereafter as practicable, Landlord shall deliver to Tenant a statement (“Operating Statement”) indicating the Operating Expenses for the Building paid or incurred by Landlord for the prior calendar year, Tenant’s Share thereof, and the amount that Tenant owes, or is to be credited, for the prior year. The Operating Statement shall be final and binding upon Landlord and Tenant. Within thirty (30) days after receipt of an Operating Statement, Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating Statement. Any monies owed Tenant by Landlord shall be applied by Landlord against the next accruing monthly installment(s) of Operating Expenses due from Tenant, or if the Lease Term has expired, shall be paid to Tenant. Any payments due under this Article 3 shall be prorated for any partial calendar year occurring during the Lease Term. Tenant’s obligation to pay any amounts due under this Article 3 and Landlord’s obligation to refund any overpayments made by Tenant under this Article 3 for the final year of the Lease Term shall survive the Expiration Date or earlier termination of this Lease. Unless Tenant shall take written exception to any item contained in an Operating Statement within thirty (30) days after delivery thereof, the Operating Statement shall be deemed final and accepted by Tenant.
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Estimates and Payments. Commencing on Landlord will estimate the first day amount of the month following the expiration of the Base Year and on the first day of each month thereafter during the term of this Lease, Tenant agrees to pay monthly, as Additional Rent, one-twelfth (1/12) of Landlord’s estimate of Tenant’s Share of the total dollar increase, if any, in Operating Expenses to be paid or incurred by Landlord during for the current ensuing calendar year and Tenant's pro rata share of same. Landlord will give Tenant notice of such estimated amounts and Tenant shall pay said amounts monthly to Landlord in excess of the Base Year Operating Expensessame manner as Minimum Rent. At Within one hundred twenty (120) days after the beginning end of each calendar year, Landlord shall give Tenant written notice of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month during the year, Tenant shall pay to Landlord one-twelfth (1/12) of such estimated amount, provided that if such notice is delayed for any reason, Tenant shall continue to pay on the basis of the prior year's estimate until the month after such notice is given. If at any time or times it appears to Landlord that the amounts payable under Section 3.03 for the current calendar year will vary from its estimate by more than five percent (5%), Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate. Within ninety (90) days after the close of each calendar year, or as soon thereafter as practicable, Landlord shall deliver submit to Tenant a statement (“Operating Statement”) indicating showing in reasonable detail the Operating Expenses for the Building paid or incurred preceding calendar year along with a reconciliation of estimated payments made by Tenant compared to Tenant's actual pro rata share. Failure by Landlord for to provide to tenant such statement within said one hundred twenty (120) days shall not constitute a waiver by Landlord of its right to collect the prior calendar year, Tenant’s Share thereof, and the amount that Tenant owes, or is amounts due to be credited, for the prior year. The Operating Statement shall be final and binding upon Landlord and Tenantunder this Section 3.04. Within thirty (30) days after of receipt of an Operating Statement, such statement and reconciliation Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating StatementLandlord. Any monies owed Tenant by Landlord as a result of said reconciliation shall be applied by Landlord against the next accruing monthly installment(s) of Additional Rent due by Tenant under the terms of this Lease. Tenant or its representative shall have the right, at its expense during normal business hours and at the location of Landlord's books and records, to audit Landlord's books and records with respect to Operating Expenses due from Tenantat any time within fifteen (15) days following the delivery by Landlord to Tenant of the statement and reconciliation. Unless Tenant shall take written exception to any item contained therein within twenty (20) days after delivery of the statement and reconciliation, or if the Lease Term has expired, such shall be paid considered final and accepted by Tenant. If Tenant disputes such statement and reconciliation, Tenant shall pay the monies set forth thereon and any other monies owed by Tenant under this Lease as a condition precedent to Tenantcontesting said obligation. Any payments due under this Article 3 shall be prorated for any partial calendar the final year occurring during of the Lease TermTerm on the per diem basis in such proportion as Tenant's tenancy of the Premises bears to 365 days. Tenant’s 's obligation to pay any amounts due under this Article 3 and Landlord’s 's obligation to refund any overpayments made by Tenant under this Article 3 for the final year of the Lease Term shall survive the Expiration Date or earlier termination of this Lease. Unless Tenant shall take written exception to any item contained in an Operating Statement within thirty (30) days after delivery thereof, the Operating Statement shall be deemed final and accepted by Tenant.Article
Appears in 1 contract
Estimates and Payments. Commencing on the first day of the month following the expiration of the Base Year and on the first day of each month thereafter during the term of this Lease, Tenant agrees to pay monthly, as Additional Rent, one-twelfth (1/12) of Landlord’s 's estimate of Tenant’s Share of 's Operating Payment for the total dollar increase, if any, in Operating Expenses to be paid or incurred by Landlord during the then current calendar year year. Landlord will give Tenant thirty (30) days written notice from time to time of such estimated amounts, and Tenant shall pay such amounts monthly to Landlord in excess of the same manner and at the same time as Base Year Operating ExpensesRent. At the beginning of each calendar year, Landlord shall give Tenant written notice of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month year during the yearTerm, Tenant shall pay until Landlord furnishes a new estimate to Landlord one-twelfth (1/12) of such estimated amount, provided that if such notice is delayed for any reasonTenant, Tenant shall continue to pay on the basis monthly, one-twelfth (1/12th) of the prior yearLandlord's estimate until of Tenant's Operating Payment for the month after previous calendar year. At such notice is given. If at any time or times it appears to as Landlord that the amounts payable under Section 3.03 furnishes Tenant a revised estimate statement for the current calendar year will vary from year, Tenant shall pay, with its next installment of Base Rent, the amount necessary to bring the Tenant current with the revised estimate by as though the revised estimate had been delivered at the beginning of the current calendar year; provided, however, that such estimate may be adjusted no more than five percent twice in any twelve (5%), Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate12) month period. Within ninety (90) days after As soon as reasonably possible following the close end of each calendar year, or as soon thereafter as practicable, Landlord shall deliver will submit to Tenant a statement itemized on a major line item by line item basis (“each, an "Operating Statement”) indicating "). However, the Operating Expenses for the Building paid failure or incurred delay by Landlord to provide Tenant with an Operating Statement shall, unless it continues for more than two (2) years following the prior end of the applicable calendar year, Tenant’s Share thereof, and the amount that Tenant owes, or is to be credited, for the prior year. The Operating Statement shall be final and binding upon Landlord and Tenant. Within thirty (30) days after receipt of an Operating Statement, Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating Statement. Any monies owed Tenant not constitute a waiver by Landlord shall be applied by Landlord against the next accruing monthly installment(s) of Operating Expenses due from Tenant, or if the Lease Term has expired, shall be paid to Tenant. Any payments due under this Article 3 shall be prorated for any partial calendar year occurring during the Lease Term. Tenant’s 's obligation to pay any amounts due under this Article 3 and its Operating Payment or of Landlord’s obligation 's rights to refund any overpayments made by Tenant under this Article 3 for the final year send such a statement or a waiver of the Lease Term shall survive the Expiration Date or earlier termination of this Lease. Unless Tenant shall take written exception its right to any item contained in an Operating Statement within thirty (30) days after delivery thereof, the Operating Statement shall be deemed final and accepted by reconcile Tenant.'s Operating
Appears in 1 contract
Estimates and Payments. Commencing on the first day of the month following the expiration of the Base Year and on the first day of each month thereafter during the term of this Lease, Tenant agrees to pay monthly, as Additional Rent, one-twelfth (1/12) of Landlord’s estimate of Tenant’s Share of the total dollar increase, if any, in Operating Expenses to be paid or incurred by Landlord during for the then current calendar year in excess of the Base Year Operating Expensesyear. At the beginning of each calendar year, Landlord shall will give Tenant written notice from time to time of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month during the yearsuch estimated amounts determined in good faith by Landlord based upon Landlord’s operating budget, and Tenant shall pay such amounts monthly to Landlord one-twelfth (1/12) in the same manner and at the same time as Base Rent. Landlord will use reasonable efforts to submit to Tenant by May 1 of such estimated amount, provided that if such notice is delayed for any reason, Tenant shall continue to pay each year a statement showing in reasonable detail Operating Expenses on the a per rentable square foot basis of the prior year's estimate until the month after such notice is given. If at any time or times it appears to Landlord that the amounts payable under Section 3.03 for the current preceding calendar year will vary from its estimate along with a reconciliation of estimated payments made by more than five percent (5%), Landlord may, by written notice Tenant as compared to Tenant, revise its estimate ’s actual payments for such yearcalendar year (each, and subsequent payments by Tenant for such year shall be based upon such revised estimate. Within ninety (90) days after the close of each calendar year, or as soon thereafter as practicable, Landlord shall deliver to Tenant a statement (an “Operating Statement”) indicating ). However, the Operating Expenses for the Building paid failure or incurred delay by Landlord for the prior calendar year, Tenant’s Share thereof, and the amount that to provide Tenant owes, or is to be credited, for the prior year. The with an Operating Statement shall be final and binding upon not constitute a waiver by Landlord and of Tenant’s obligation to pay Operating Expenses or of Landlord’s rights to send an Operating Statement or a waiver of its right to reconcile payments of Operating Expenses. Within thirty (30) days after receipt of an Operating Statement, Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating StatementStatement and Landlord shall refund to Tenant any overage held by Landlord which exceeds one thousand dollars ($1,000). Any monies under $1,000 owed Tenant by Landlord shall be applied by Landlord against the next accruing monthly installment(s) of Operating Expenses due from Tenant, or and if the Lease Term has expired, shall be paid to Tenant. Tenant or its representative shall have the right, upon not less than ten (10) days’ prior notice rendered no later than twenty (20) days after delivery of an Operating Statement (the “Review Period”), to review, at Tenant’s sole cost, Landlord’s books and records with respect to Operating Expenses during normal business hours, at the location of Landlord’s books and records, but no more than once annually with respect to any given calendar year. Unless Tenant shall take written exception to any item contained in the Operating Statement before the expiration of the Review Period, then Tenant will be deemed to have waived any right to object to or challenge the Operating Statement. If timely objection is made by Tenant under this Section 3.3, Landlord and Tenant shall use reasonable good faith efforts to resolve any such objections within thirty (30) calendar days after the date on Table of Contents which the notice of objection was given by Tenant. If Landlord and Tenant are unable to resolve such objection within such thirty (30) day period, Landlord and Tenant shall select a mutually acceptable independent certified property manager that has experience in these matters (the “Property Manager”) who shall resolve such dispute. If Landlord and Tenant fail to agree on a Property Manager, each party shall identify its own independent certified property manager and those two property managers shall mutually identify the Property Manager. Tenant shall prepare a written summary (the “Summary”) of its position regarding the proper resolution of the items in dispute. Promptly after the Property Manager has been selected, the parties shall deliver to the Property Manager copies of the Operating Statement initially submitted by Landlord and the Summary prepared by Tenant and shall specify to the Property Manager the individual items still in dispute. Landlord may also elect to submit its own written summary to the Property Manager. The Property Manager shall resolve each item in dispute and give written notice of his decision to Landlord and Tenant within thirty (30) calendar days after his appointment. The determination made as to any items in accordance with the foregoing procedures shall be final and binding on both Landlord and Tenant as to such items. Any adjustment required to be made to any previous payment made by Tenant by reason of such decision shall be made by Tenant or Landlord within ten (10) business days after notice of the final decision has been given to Landlord and Tenant; provided, however, maintenance and operating costs have been overstated, Landlord may elect to offset the amounts against the next installment of Additional Rent. Landlord will bear the cost of the Property Manager if it is determined that Landlord has overstated Tenant’s Share of Maintenance and Operating Costs for the applicable calendar year in excess of $0.25 per square foot of Rentable Area of the Leased Premises. Otherwise, the costs of the Property Manager will be paid by Tenant. Any payments due under this Article 3 shall be prorated for any partial calendar year occurring during the Lease Term. Tenant’s obligation to pay any amounts due under this Article 3 and Landlord’s obligation to refund any overpayments made by Tenant under this Article 3 for the final year of the Lease Term shall survive the Expiration Date or earlier termination of this Lease. Unless Tenant shall take written exception to any item contained in an Operating Statement within thirty (30) days after delivery thereof, the Operating Statement shall be deemed final and accepted by Tenant.
Appears in 1 contract
Samples: Building Lease (Health Grades Inc)
Estimates and Payments. Commencing on the first day of the month following the expiration of the Base Year and on the first day of each month thereafter during the term of this Lease, Tenant agrees to pay monthly, as Additional Rent, one-twelfth (1/12) of Landlord’s estimate of Tenant’s Share of the total dollar increase, if any, in Operating Expenses to be paid or incurred by Landlord during for the then current calendar year in excess of the Base Year Operating Expensesyear. At the beginning of each calendar year, Landlord shall will give Tenant written notice from time to time of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month during the yearsuch estimated amounts determined in good faith by Landlord based upon Landlord’s operating budget, and Tenant shall pay such amounts monthly to Landlord one-twelfth (1/12) in the same manner and at the same time as Base Rent. Landlord will use reasonable efforts to submit to Tenant by May 1 of such estimated amount, provided that if such notice is delayed for any reason, Tenant shall continue to pay each year a statement showing the Operating Expenses on the a per rentable square foot basis of the prior year's estimate until the month after such notice is given. If at any time or times it appears to Landlord that the amounts payable under Section 3.03 for the current preceding calendar year will vary from its estimate along with a reconciliation of estimated payments made by more than five percent (5%), Landlord may, by written notice Tenant as compared to Tenant, revise its estimate ’s actual payments for such yearcalendar year (each, and subsequent payments by Tenant for such year shall be based upon such revised estimate. Within ninety (90) days after the close of each calendar year, or as soon thereafter as practicable, Landlord shall deliver to Tenant a statement (an “Operating Statement”) indicating ). However, the Operating Expenses for the Building paid failure or incurred delay by Landlord for the prior calendar year, Tenant’s Share thereof, and the amount that to provide Tenant owes, or is to be credited, for the prior year. The with an Operating Statement shall be final and binding upon not constitute a waiver by Landlord and of Tenant’s obligation to pay Operating Expenses or of Landlord’s right to send an Operating Statement, nor shall it constitute a waiver of its right to reconcile payments of Operating Expenses. Within thirty (30) days after receipt of an Operating Statement, Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating Statement. Any monies owed Tenant by Landlord shall be applied by Landlord against the next accruing monthly installment(s) of Operating Expenses due from Tenant, or if the Lease Term has expired, shall be paid to Tenant. Any payments due under this Article 3 III shall be prorated for any partial calendar year occurring during the Lease Term. Tenant’s obligation to pay any amounts due under this Article 3 III and Landlord’s obligation to refund any overpayments made by Tenant under this Article 3 III for the final year of the Lease Term shall survive the Lease Expiration Date or earlier termination of this Lease. Unless Tenant shall take written exception to any item contained in an Operating Statement within thirty (30) days after delivery thereof, the Operating Statement shall be deemed final and accepted by Tenant.
Appears in 1 contract
Samples: Lease Agreement (Spacedev, Inc.)
Estimates and Payments. Commencing on Tenant covenants and agrees to pay to Landlord, as additional rent, Tenant’s Pro Rata Share of any Operating Expenses, in accordance with the first day of provisions hereof (the month following the expiration of the Base Year and on the first day of each month thereafter during the term of this Lease, “Operating Payment”). Tenant agrees to pay monthly, as Additional Rentadditional rent, one-twelfth (1/12) of Landlord’s estimate of Tenant’s Share of Operating Payment for the total dollar increasethen current calendar year. Commencing upon Tenant’s occupancy, if any, in Tenant’s initial monthly Operating Expenses Payment shall be based on 52,000 rentable square feet and is estimated to be paid or incurred $12,957.00. Landlord will give Tenant written notice from time to time of such estimated amounts determined in good faith by Landlord during based upon Landlord’s operating budget, and Tenant shall pay such amounts monthly to Landlord in the current calendar year in excess of same manner and at the same time as Base Year Operating ExpensesMonthly Rent. At As soon as is reasonably practicable following the beginning end of each calendar year, Landlord shall give Tenant written notice of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month during the year, Tenant shall pay to Landlord one-twelfth (1/12) of such estimated amount, provided that if such notice is delayed for any reason, Tenant shall continue to pay on the basis of the prior year's estimate until the month after such notice is given. If at any time or times it appears to Landlord that the amounts payable under Section 3.03 for the current calendar year will vary from its estimate by more than five percent (5%), Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate. Within ninety (90) days after the close of each calendar year, or as soon thereafter as practicable, Landlord shall deliver submit to Tenant a statement showing in reasonable detail Operating Expenses on a per rentable square foot basis for the preceding calendar year along with a reconciliation of estimated payments made by Tenant as compared to Tenant’s actual Operating Payment for such calendar year (each, an “Operating Statement”) indicating ). However, the Operating Expenses for the Building paid failure or incurred delay by Landlord for the prior calendar year, Tenant’s Share thereof, and the amount that to provide Tenant owes, or is to be credited, for the prior year. The with an Operating Statement shall be final and binding upon not constitute a waiver by Landlord and of Tenant’s obligation to pay its Operating Payment or of Landlord’s rights to send an Operating Statement or a waiver of its right to reconcile Tenant’s Operating Payment. Within thirty (30) days after receipt of an Operating Statement, Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating Statement. Any monies owed Tenant by Landlord shall be applied by Landlord against the next accruing monthly installment(s) of the Operating Expenses Payment due from Tenant. Tenant or its representative shall have the right, or if upon not less than ten (10) days’ prior notice to review, at Tenant’s sole cost, Landlord’s books and records with respect to Operating Expenses during normal business hours, at the Lease Term has expired, location of Landlord’s books and records. Tenant’s right of inspection and review with respect to any such books and records shall be paid a one (1) time right annually, and shall be limited to TenantLandlord’s books and records with respect to Operating Expenses for only the immediately preceding calendar year. Any payments due under this Article 3 paragraph 5 shall be prorated for any partial calendar year occurring during the Lease Term. Tenant’s obligation to pay any amounts due under this Article 3 paragraph 5 and Landlord’s obligation to refund any overpayments made by Tenant under this Article 3 paragraph 5 for the final year of the Lease Term shall survive the Expiration Date expiration or earlier termination of this Lease. Unless Tenant shall take written exception to any item contained in an Operating Statement within thirty (30) days after delivery thereof, the Operating Statement shall be deemed final and accepted by Tenant.
Appears in 1 contract
Estimates and Payments. Commencing (A) For each Escalation Year commencing during the Term, Tenant shall pay ("Tenant's Operating Payment") to Landlord, as additional rent, a sum equal to Tenant's OE Proportionate Share of the amount by which Operating Expenses for such Escalation Year exceeds the Operating Expenses for the Base Year.
(B) Landlord shall furnish to Tenant, prior to the commencement of each Escalation Year, a written statement setting forth Landlord's reasonable estimate of Tenant's Operating Payment for such Escalation Year, and the method of calculation of Tenant's Operating Payment for such Escalation Year. Tenant shall pay to Landlord on the first day of each month during such Escalation Year an amount equal to one twelfth (1/12th) of Landlord's estimate of Tenant's Operating Payment for such Escalation Year. If, however, Landlord shall furnish any such estimate for an Escalation Year subsequent to the commencement thereof, then (a) until the first day of the month following the month in which such estimate is furnished to Tenant, Tenant shall pay to Landlord on the first day of each month an amount equal to the monthly sum payable by Tenant to Landlord under this Section 6.04 in respect of the last month of the preceding Escalation Year; (b) promptly after such estimate is furnished to Tenant or together therewith, Landlord shall give notice to Tenant stating whether the installments of Tenant's Operating Payment previously made for such Escalation Year were greater or less than the installments of the Tenant's Operating Payment to be made for such Escalation Year in accordance with such estimate, and (i) if there shall be a deficiency, Tenant shall pay the amount thereof within ten (10) days after demand therefor, or (ii) if there shall have been an overpayment, Landlord shall either refund to Tenant the amount thereof or permit Tenant to credit the amount thereof against subsequent payments under this Section; and (c) on the first day of the month following the expiration month in which such estimate is furnished to Tenant, and monthly thereafter throughout the remainder of the Base Year and on the first day of each month thereafter during the term of this Lease, Tenant agrees to pay monthly, as Additional Rent, one-twelfth (1/12) of Landlord’s estimate of Tenant’s Share of the total dollar increase, if any, in Operating Expenses to be paid or incurred by Landlord during the current calendar year in excess of the Base Year Operating Expenses. At the beginning of each calendar year, Landlord shall give Tenant written notice of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month during the yearsuch Escalation Year, Tenant shall pay to Landlord one-an amount equal to one twelfth (1/121/12th) of Tenant's Operating Payment shown on such estimated amount, provided that if such notice is delayed for any reason, Tenant shall continue to pay on the basis of the prior year's estimate until the month after such notice is givenestimate. If Landlord may at any time or times it appears from time to Landlord that the amounts payable under Section 3.03 for the current calendar year will vary from its estimate by time (but not more than five percent (5%), Landlord may, by written notice twice during any Escalation Year) furnish to Tenant a revised statement of Landlord's estimate of Tenant, revise its estimate 's Operating Payment for such yearEscalation Year, and subsequent payments by Tenant in such case, Tenant's Operating Payment for such year Escalation Year shall be based upon adjusted and paid or refunded, as the case may be, substantially in the same manner as provided in the preceding sentence.
(C) After the end of each Escalation Year Landlord shall furnish to Tenant a statement of the amount of Tenant's Operating Payment for such revised estimateEscalation Year ("Landlord's Operating Statement"). Within ninety Landlord shall use commercially reasonable efforts to send Tenant a Landlord’s Statement within one hundred and eighty (90180) days after the close end of each calendar year, or as soon thereafter as practicable, Landlord Escalation Year. Each such year end Landlord's Operating Statement shall deliver to Tenant be accompanied by a statement (“Operating Statement”) indicating the computation of Operating Expenses for the Building paid prepared by a certified public accountant or incurred managing agent designated by Landlord for from which Landlord shall make the prior calendar year, Tenant’s Share thereof, and computation of Operating Expenses hereunder. If the amount that Tenant owes, or is to be credited, for the prior year. The Landlord's Operating Statement shall show that the sums paid by Tenant under this Section exceeded Tenant's Operating Payment payable by Tenant for such Escalation Year, Landlord shall either refund to Tenant the amount of such excess or permit Tenant to credit the amount of such excess against subsequent payments under this Section provided that if the Term has expired, any such amounts shall be final and binding upon Landlord and Tenant. Within refunded to Tenant no later than thirty (30) days after receipt following the completion of an Landlord’s Operating Statement; and if the Landlord's Operating Statement for such Escalation Year shall show that the sums so paid by Tenant were less than Tenant's Operating Payment payable by Tenant for such Escalation Year, Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating Statement. Any monies owed Tenant by Landlord shall be applied by Landlord against the next accruing monthly installment(s) amount of Operating Expenses due from Tenant, or if the Lease Term has expired, shall be paid to Tenant. Any payments due under this Article 3 shall be prorated for any partial calendar year occurring during the Lease Term. Tenant’s obligation to pay any amounts due under this Article 3 and Landlord’s obligation to refund any overpayments made by Tenant under this Article 3 for the final year of the Lease Term shall survive the Expiration Date or earlier termination of this Lease. Unless Tenant shall take written exception to any item contained in an Operating Statement such deficiency within thirty (30) days after delivery thereofdemand therefor.
(D) The computation under this Article is intended to constitute a formula for an agreed rental escalation and may or may not constitute an actual reimbursement to Landlord for its costs and expenses paid by Landlord with respect to the Real Property and Building.
(E) If the Commencement Date or the Expiration Date shall occur on a date other than January 1 or December 31, respectively, any additional rent under this Article for the Operating Statement Escalation Year in which such Commencement Date or Expiration Date shall occur shall be deemed final apportioned in that percentage which the number of days in the period from the Commencement Date to December 31 or from January 1 to the Expiration Date, as the case may be, both inclusive, shall bear to the total number of days in such Escalation Year. In the event of a termination of this lease, any additional rent under this Article shall be paid or adjusted within thirty (30) days after submission of a Landlord's Operating Statement. In no event shall fixed rent ever be reduced by operation of this Article and accepted by Tenantthe rights and obligations of Landlord and Tenant under the provisions of this Article with respect to any additional rent shall survive the termination of this lease.
Appears in 1 contract
Samples: Lease Agreement (Original Bark Co)
Estimates and Payments. Commencing on Tenant covenants and agrees to pay to Landlord, as additional rent, Tenant’s Pro Rata Share of any Operating Expenses, in accordance with the first day of provisions hereof (the month following the expiration of the Base Year and on the first day of each month thereafter during the term of this Lease, “Operating Payment”). Tenant agrees to pay monthly, as Additional Rentadditional rent, one-twelfth (1/12) of Landlord’s estimate of Tenant’s Share of Operating Payment for the total dollar increasethen current calendar year. Commencing upon Tenant’s occupancy, if any, in Tenant’s initial monthly Operating Expenses Payment shall be based on 63,627 rentable square feet and is estimated to be paid or incurred $19,881.00. Landlord will give Tenant written notice from time to time of such estimated amounts determined in good faith by Landlord during based upon Landlord’s operating budget, and Tenant shall pay such amounts monthly to Landlord in the current calendar year in excess of same manner and at the same time as Base Year Operating ExpensesMonthly Rent. At As soon as is reasonably practicable following the beginning end of each calendar year, Landlord shall give Tenant written notice of its estimate of amount payable under Section 3.03 for the ensuing calendar year. On or before the first day of each month during the year, Tenant shall pay to Landlord one-twelfth (1/12) of such estimated amount, provided that if such notice is delayed for any reason, Tenant shall continue to pay on the basis of the prior year's estimate until the month after such notice is given. If at any time or times it appears to Landlord that the amounts payable under Section 3.03 for the current calendar year will vary from its estimate by more than five percent (5%), Landlord may, by written notice to Tenant, revise its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate. Within ninety (90) days after the close of each calendar year, or as soon thereafter as practicable, Landlord shall deliver submit to Tenant a statement showing in reasonable detail Operating Expenses on a per rentable square foot basis for the preceding calendar year along with a reconciliation of estimated payments made by Tenant as compared to Tenant’s actual Operating Payment for such calendar year (each, an “Operating Statement”) indicating ). However, the Operating Expenses for the Building paid failure or incurred delay by Landlord for the prior calendar year, Tenant’s Share thereof, and the amount that to provide Tenant owes, or is to be credited, for the prior year. The with an Operating Statement shall be final and binding upon not constitute a waiver by Landlord and of Tenant’s obligation to pay its Operating Payment or of Landlord’s rights to send an Operating Statement or a waiver of its right to reconcile Tenant’s Operating Payment. Within thirty (30) days after receipt of an Operating Statement, Tenant shall pay to Landlord as Additional Rent, any additional amounts owed to Landlord as shown on the Operating Statement. Any monies owed Tenant by Landlord shall be applied by Landlord against the next accruing monthly installment(s) of the Operating Expenses Payment due from Tenant. Tenant or its representative shall have the right, or if upon not less than ten (10) days’ prior notice to review, at Tenant’s sole cost, Landlord’s books and records with respect to Operating Expenses during normal business hours, at the Lease Term has expired, location of Landlord’s books and records. Tenant’s right of inspection and review with respect to any such books and records shall be paid a one (1) time right annually, and shall be limited to TenantLandlord’s books and records with respect to Operating Expenses for only the immediately preceding calendar year. Any payments due under this Article 3 paragraph 5 shall be prorated for any partial calendar year occurring during the Lease Term. Tenant’s obligation to pay any amounts due under this Article 3 paragraph 5 and Landlord’s obligation to refund any overpayments made by Tenant under this Article 3 paragraph 5 for the final year of the Lease Term shall survive the Expiration Date expiration or earlier termination of this Lease. Unless Tenant shall take written exception to any item contained in an Operating Statement within thirty (30) days after delivery thereof, the Operating Statement shall be deemed final and accepted by Tenant.
Appears in 1 contract
