Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“Expense Adjustment Amount”) which is Tenant’s Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year. (ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accounting practices. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ is not then in default hereunder. Tenant’s obligations to pay the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease.
Appears in 3 contracts
Sources: Office Lease Agreement (Semper Paratus Acquisition Corp), Office Lease Agreement (Semper Paratus Acquisition Corp), Office Lease Agreement (Semper Paratus Acquisition Corp)
Expense Adjustment. (i) Commencing on the Commencement Date and continuing throughout the remainder of the Term, Tenant shall pay to Landlord as additional rent for each Calendar YearAdditional Rent, that amount (“Expense Adjustment Amount”) which is Tenant’s Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during month, an amount equal to one-twelfth (1/12) of Tenant's Proportionate Share of the course total amount of such year, the Basic Costs incurred with respect to each Calendar Year in amounts the Term of this Lease (the total amount paid by the Tenant in each Calendar Year being referred to herein as the "Expense Adjustment Amount"). The Expense Adjustment Amount for each Calendar Year shall be estimated from time to time by Landlord and communicated by written notice to TenantTenant not more frequently than quarterly. Landlord shall cause to be kept books and records showing Operating Expenses Basic Costs in accordance with generally applied real estate accepted accounting practicesprincipals and industry standard account practices consistently maintained. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount which should have been paid by Tenant for such Calendar Year (the "Final Expense Amount") to be computed based on Operating Expenses the basis of the actual Basic Costs for such each Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and Final Expense Amount. If the Final Expense Amount exceeds the Expense Adjustment Amount, Tenant shall pay any such deficiency as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statementFinal Expense Statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Yearexceeds the Final Expense Amount, then, then at Landlord’s option, 's option such excess shall be either credited against payments of Additional Rent next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ is not then no Tenant Event of Default exists hereunder which extends beyond the applicable notice and cure period. Delay in default hereunder. Tenant’s obligations to pay computation of the Final Expense Amount or any Expense Adjustment Amount and shall not be deemed a default hereunder or a waiver of Landlord’s obligations 's right to refund any excess amount shall survive collect the expiration Final Expense Amount or earlier termination of this LeaseExpense Adjustment Amount, as the case may be.
Appears in 1 contract
Expense Adjustment. (i) Tenant shall pay to Landlord as additional rent for each Calendar YearRent, that in addition to the Base Rent required by Section 3 hereof, an amount (“Expense Adjustment Amount”) which is to Tenant’s 's Proportionate Share of the amount by which the total of Taxes paid during each Calendar Year and Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year said amounts shall be paid in in-monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord but not to exceed twice per Calendar Year, and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses and Taxes in accordance with generally applied real estate an appropriate system of accounts and 4 28 accounting practicespractices consistently maintained. Following As promptly as practicable following the close of each Calendar Year. Landlord shall cause a firm of independent public accountants to review such books and records (and to do such other work as may be necessary to enable such firm to give the certificate hereinafter required) and to deliver to Landlord its certificate specifying the amount of Operating Expenses and Taxes for such Calendar Year for the Building. After receipt of such certificate, Landlord shall cause the amount of the Expense Adjustment Amount total of taxes and operating expenses for such Calendar Year calendar year to be computed based on Operating Expenses and Taxes for such Calendar Year, Year for the Building as specified in such firm's certificate and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. The certificate of such independent accounting firm as to the amount of Operating Expenses and Taxes for such Calendar Year for the Building shall constitute a determination which is final and conclusive on Tenant. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed exceeds the actual Expense Expenses Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s 's option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default hereunder. Tenant’s obligations The amount of any refund of Taxes received by Landlord shall be credited against Taxes for the year in which such refund is received. In determining the amount of Taxes for any year, the amount of special assessments to be included shall be limited to the amount of the installment (plus any interest payable thereon) of such special assessment required to be paid during such year if the Landlord had elected to have such special assessment paid over the maximum period of time permitted by law. All references to Taxes "for" a particular year shall be deemed to refer to Taxes paid during such year without regard to when such Taxes are assessed or levied. Notwithstanding the contents of the above paragraph, Tenant shall have the right to pay the Expense its Expenses Adjustment Amount under protest and cause an audit of Landlord’s obligations 's books and records to be conducted by Tenant's certified public accountant at its own expenses. If the result of that audit shows a variance exceeding 3% from the results of Landlord's certificate, Landlord shall pay the reasonable cost of Tenant's audit and refund any excess amount shall survive Tenant's share of the expiration or earlier termination of this Leasevariance, together with interest at the then-current prime rate as published and utilized by First National Bank, Chicago, plus two (2) per cent.
Appears in 1 contract
Sources: Sublease (SPR Inc)
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that Additional Rent an amount (“the "Expense Adjustment Amount”") which is equal to Tenant’s Proportionate 's Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Lease Year, if less than 95% of except that the Rentable Area of the Building shall have been occupied at Expense Adjustment Amount for any time during such Calendar Year, Operating Expenses Lease Year that is not a complete twelve month year shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Yearprorated on a daily basis.
(ii) The On or about the commencement of each Lease Year, Landlord shall notify Tenant of Landlord's estimate of the Expense Adjustment Amount with respect to each Calendar for such Lease Year and Tenant shall be paid pay such amount in equal monthly installments, payable in advance installments on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Lease Year. If at one or more times during any such Lease Year Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accounting practices. Following the close of each Calendar Year, Landlord shall cause the amount revises its estimate of the Expense Adjustment Amount for such Calendar Lease Year, Landlord may notify Tenant of such revised estimate and of the increase or decrease in such monthly payments thereafter payable during such Lease Year necessary to cause the total monthly payments during such Lease Year to be computed based on Operating Expenses equal Landlord's then current estimate of the Expense Adjustment Amount for such Calendar Lease Year, and Tenant shall thereafter pay such revised monthly payment amount on the first day of each calendar month thereafter during such Lease Year. Each such estimate provided by Landlord shall deliver show separately the amount thereof allocable to Taxes and the amount thereof allocable to Operating Expenses other than Taxes.
(iii) Following the close of each Lease Year, Landlord shall furnish to Tenant a statement setting forth the actual Expense Adjustment Amount for such Lease Year (exclusive of such amount and Tenant shall pay any deficiency as shown by such statement to Landlord Taxes) and, within 30 thirty (30) days after receipt of such statement. , Tenant shall pay the excess, if any, of such actual Expense Adjustment Amount (exclusive of Taxes) for such Lease Year as shown in said statement over the amount of the payments theretofore made by Tenant with respect to the Expense Adjustment Amount (exclusive of Taxes) for such Lease Year based upon Landlord's estimates.
(iv) After Landlord receives the relevant tax bills for each Lease Year, Landlord shall also furnish to Tenant a statement setting forth the actual amount of Taxes for such Lease Year and, within thirty (30) days after receipt of such statement, Tenant shall pay the excess, if any, of such actual amount of Taxes for such Lease Year as shown in said statement over the amount of the payments theretofore made by Tenant with respect to Taxes for such Lease Year based upon Landlord's estimates.
(v) If the total of the estimated monthly installments payments paid by Tenant during for any Calendar Lease Year exceed exceeds the actual Expense Adjustment Amount due from Tenant for such Calendar Lease Year, then, at Landlord’s option, such excess shall be either credited against payments due or next becoming due hereunder or refunded by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ is not then in default hereunder. Tenant or its representative shall have the right to examine Landlord's books and records relative to Operating Expenses during normal business hours at any time within ten (10) business days following the furnishing by Landlord to Tenant of such statement. Unless Tenant shall, by notice to Landlord, take exception to any item in such statement within twenty (20) business days after the furnishing of said statement, said statement shall be final and binding upon Tenant’s obligations . Any amount due to Landlord as shown in said statement, whether or not written exception is taken hereto, shall be paid by Tenant within thirty (30) days after Landlord shall have submitted the notice, without prejudice to any such written exception. If Tenant timely gives notice of such exception, a statement as to the proper amount of Additional Rent shall be given by Landlord's independent certified public accountant which shall be final and conclusive. Tenant agrees to pay the Expense Adjustment Amount and cost of such statement unless it is determined Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination 's original determination of this Leaseactual (as distinguished from estimated) Operating Expenses was in error by more than five percent (5%) of said actual Operating Expenses.
Appears in 1 contract
Sources: Office Lease (Universal Access Inc)
Expense Adjustment. (i) Tenant shall pay to Landlord as additional rent for each Calendar YearRent, that in addition to the Base Rent required by Section 3 hereof, an amount (“Expense Adjustment Amount”) which is to Tenant’s 's Proportionate Share of the amount by which the total of Taxes paid during each Calendar Year and Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year said amounts shall be paid in in-monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord but not to exceed twice per Calendar Year, and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses and Taxes in accordance with generally applied real estate an appropriate system of accounts and 4 26 accounting practicespractices consistently maintained. Following As promptly as practicable following the close of each Calendar Year. Landlord shall cause a firm of independent public accountants to review such books and records (and to do such other work as may be necessary to enable such firm to give the certificate hereinafter required) and to deliver to Landlord its certificate specifying the amount of Operating Expenses and Taxes for such Calendar Year for the Building. After receipt of such certificate, Landlord shall cause the amount of the Expense Adjustment Amount total of taxes and operating expenses for such Calendar Year calendar year to be computed based on Operating Expenses and Taxes for such Calendar Year, Year for the Building as specified in such firm's certificate and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. The certificate of such independent accounting firm as to the amount of Operating Expenses and Taxes for such Calendar Year for the Building shall constitute a determination which is final and conclusive on Tenant. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed exceeds the actual Expense Expenses Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s 's option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default hereunder. Tenant’s obligations The amount of any refund of Taxes received by Landlord shall be credited against Taxes for the year in which such refund is received. In determining the amount of Taxes for any year, the amount of special assessments to be included shall be limited to the amount of the installment (plus any interest payable thereon) of such special assessment required to be paid during such year if the Landlord had elected to have such special assessment paid over the maximum period of time permitted by law. All references to Taxes "for" a particular year shall be deemed to refer to Taxes paid during such year without regard to when such Taxes are assessed or levied. Notwithstanding the contents of the above paragraph, Tenant shall have the right to pay the Expense its Expenses Adjustment Amount under protest and cause an audit of Landlord’s obligations 's books and records to be conducted by Tenant's certified public accountant at its own expenses. If the result of that audit shows a variance exceeding 3% from the results of Landlord's certificate, Landlord shall pay the reasonable cost of Tenant's audit and refund any excess amount shall survive Tenant's share of the expiration or earlier termination of this Leasevariance, together with interest at the then-current prime rate as published and utilized by First National Bank, Chicago, plus two (2) per cent.
Appears in 1 contract
Sources: Sublease (SPR Inc)
Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord's agent as additional rent for each Calendar YearAdditional Rent, that amount a sum (“"Expense Adjustment Amount”") which is Tenant’s Proportionate Share of equal to the amount by which (i) the product of (a) Tenant's Proportionate Share and (b) Operating Expenses (subject to adjustment pursuant to Para▇▇▇▇▇ ▇▇ ▇▇▇eof) incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
exceeds (ii) Base Year Operating Expenses. The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord and communicated by written notice to Tenant, which estimate may be revised to reflect, without limitation, increases in Taxes during any period. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following the close of each Calendar Year, . Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s option, 's option such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default hereunder. Tenant’s obligations to pay Delay in computation of the Expense Adjustment Amount and Landlord’s obligations or failure to refund any excess deliver a statement of such amount shall survive not be deemed a default hereunder or a waiver of Landlord's right to collect the expiration Expense Adjustment Amount. In computing the Expense Adjustment Amount, the following provisions relating to Taxes shall be applicable: The amount of any refund of Taxes received by Landlord shall be credited against Taxes for the Calendar Year in which such refund is received; provided, however, that in the event Landlord receives a refund of Taxes after the termination date (as the same may be accelerated or earlier termination of extended as provided elsewhere in this Lease) which refund relates to a Calendar Year during the Term hereof, the amount of such refund fairly allocable to Tenant shall be refunded to Tenant by Landlord (net of Tenant's allocated share of the cost of obtaining such refund and the cost, if any, of making such refund); and further provided that if Tenant expands into space formerly occupied by other tenants, which expansion space becomes subject to this Lease, Tenant shall not be entitled to any refund or credit in connection with a refund or abatement of Taxes for periods prior to Tenant's occupancy of such expansion space. All references to Taxes "for" a particular Calendar Year shall be deemed to refer to Taxes due and payable during such Calendar Year without regard to when such Taxes are assessed or levied.
Appears in 1 contract
Sources: Office Lease (Artificial Life Inc)
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“"Expense Adjustment Amount”") which is Tenant’s 's Proportionate Share of the amount of by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided. If the occupancy at anytime during the Base Year or any Calendar Year is less than ninety-five percent (95%), however, then Operating Expenses for that in determining the Base Year or Calendar Year shall be "grossed up" to that amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount that Landlord reasonably determined by Landlord to be equal to that amount of like expenses which projects would normally would be expected to be incurred had such occupancy been during the Base Year or Calendar Year if the Building were ninety-five percent (95% throughout such %) occupied during the entire Base Year or Calendar Year. Landlord shall provide in Landlord's annual statement of the Expense Adjustment Amount a reasonably detailed description of the methodology employed by Landlord to achieve the gross up of the Operating Expenses. Only those component expenses that are affected by variations in occupancy levels shall be grossed up. Taking account of the different Base Year Operating Expenses for the tenants of the Building, if during any Calendar Year, as a result of the foregoing "gross up" provision, the total increases charged to tenants in the Building exceed one hundred percent (110%) of the actual increase in Operating Expenses paid by the Landlord over the Base Year Operating Expenses, then Tenant's Proportionate Share of the amount in excess of one hundred percent (100%), as grossed up, shall be returned to Tenant.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accepted accounting practicesprinciples. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement of such amount (based upon generally accepted accounting principles, to the extent applicable) and Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. Landlord shall use reasonable efforts to deliver such statement by April 1 of the immediately following Calendar Year (provided Landlord's failure to deliver the statement by such date shall not affect Landlord's or Tenant's obligations in this clause (ii)). If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s 's option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default Default hereunder. Tenant’s 's obligations to pay the Expense Adjustment Amount and Landlord’s 's obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease.
Appears in 1 contract
Sources: Office Lease (Sapient Corp)
Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord's agent as additional rent for each Calendar YearAdditional Rent, that an amount (“"Expense Adjustment Amount”") which is equal to Tenant’s 's Proportionate Share of the amount by which the of Operating Expenses incurred with respect to such each Calendar Year exceed plus Tenant's pro rata share of the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount special allocation of Operating Expenses to occupied premises if Section 3B is applicable for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) . The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable installments during such Calendar Year in advance on the first day of each calendar month during the course of such year, in amounts an amount reasonably estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of such amount and plus a statement of all estimated installments paid by Tenant with respect to such Calendar Year. Tenant shall pay to Landlord any deficiency as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount amount due from Tenant for such Calendar Year, then, at Landlord’s option, (such excess is sometimes referred to herein as the "Expense Credit Amount"), Landlord shall be either credited credit the Expense Credit Amount against payments next due hereunder or refunded to Landlord from Tenant hereunder; provided that, if the Expense Credit Amount exceeds the amount of payments next due to Landlord from Tenant hereunder, Landlord shall promptly pay Tenant the amount by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ is not then in default which the Expense Credit Amount exceeds the amount of payments next due to Landlord from Tenant hereunder. Tenant’s obligations to pay Delay in computation of the Expense Adjustment Amount and shall not be deemed a default hereunder or a waiver of Landlord’s obligations 's right to refund any excess amount shall survive collect the expiration or earlier termination of this LeaseExpense Adjustment Amount.
Appears in 1 contract
Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord's agent as additional rent for each Calendar YearAdditional Rent, that an amount (“"Expense Adjustment Amount”") which is equal to Tenant’s 's Proportionate Share of the amount by which the of Operating Expenses plus Tenant's pro rata share of the special allocation of Variable Operating Expenses (as defined in Section 3(c)) incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at or any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) portion thereof. The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable installments during that Calendar Year in advance on the first day of each calendar month during the course of such year, in amounts an amount reasonably estimated from time to time by Landlord and communicated by written notice to Tenant. Following the close of each Calendar Year, Landlord shall compute the Expense Adjustment Amount for that Calendar Year based on the Operating Expenses (and any special allocation of Variable Operating Expenses) for that Calendar Year and shall deliver to Tenant a statement of the Expense Adjustment Amount plus a statement of all estimated installments paid by Tenant with respect to that Calendar Year. Tenant shall pay to Landlord any deficiency shown by the statement within thirty (30) days after Tenant receives the statement. If the installments paid exceed the amounts due, Landlord shall either credit the excess against Rent or any other payment next due to Landlord from Tenant hereunder or at Landlord's option, and if Tenant is not then in Default hereunder, refund the excess to Tenant. If Tenant is then in Default hereunder, Landlord shall apply the difference first to any delinquent Rent hereunder (including interest thereon) and then to the next succeeding payments of Rent coming due hereunder. The foregoing obligations of Landlord and Tenant shall survive the expiration of the Term. Delay in computation of the Expense Adjustment Amount shall not be deemed a default hereunder or a waiver of Landlord's right to collect the Expense Adjustment Amount. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following Tenant shall have the close right to audit or cause to be audited by a firm of each Calendar Yearcertified public accountants designated by Tenant, Landlord’s books and records in respect of Operating Expenses, the cost (including, without limitation, the charges of such accountants) of which shall be borne by Tenant unless it is demonstrated that Landlord shall cause the amount of the has overstated Tenant’s Expense Adjustment Amount for such Calendar Year by more than five percent (5%), in which case Landlord shall bear the reasonable cost of the audit. Notwithstanding anything contained herein to be computed based the contrary, any audit by Tenant (or by Tenant’s accountants, but not by an independent consultant on a contingency fee basis) of Operating Expenses for any calendar year must occur during normal business hours upon at least two (2) weeks prior written notice; such Calendar Year, and Landlord shall deliver to Tenant a audit must be commenced within the three (3) month period following Tenant’s receipt of Landlord’s statement of Operating Expenses and completed within the six (6) month period following Tenant’s receipt of Landlord’s statement of Operating Expenses. Any overpayment by Tenant, if Tenant is not then in Default hereunder, shall be credited against the next payment of Rent due to Landlord from Tenant hereunder and if such amount and Tenant shall pay any deficiency as shown by such statement to exceeds the next payment of Rent due Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s option, hereunder such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ to Tenant. If Tenant is not then in default Default hereunder, Landlord shall apply the difference first to any delinquent Rent hereunder (including interest thereon) and then to the next succeeding payment of Rent coming due hereunder. Tenant’s obligations to pay All information obtained by Tenant in connection with such audit shall be utilized by Tenant and its accountants and attorneys on a confidential basis and shall not be shared with other tenants in the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration Building or earlier termination of this Leasetheir representatives.
Appears in 1 contract
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“Expense Adjustment Amount”) which is Tenant’s Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year after 2003 shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord not more often than once per calendar year and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accepted accounting practicesprinciples. Following Within 240 days, following the close of each Calendar YearYear after December 31, 2004, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and including a reasonably detailed description of the items of Operating Expenses incurred; thereupon Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s 's option, such excess shall be either credited against payments any Rent then owed or next subsequently due hereunder by Tenant to Landlord or promptly refunded by L▇▇▇▇▇▇▇Landlord. Notwithstanding any provision contained in this Lease to the contrary, provided T▇▇▇▇▇ is Tenant shall not then in default hereunder. Tenant’s obligations be obligated to pay the any Expense Adjustment Amount for or during Calendar Years 2002 and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease2003.
Appears in 1 contract
Sources: Lease Agreement (KBS Real Estate Investment Trust II, Inc.)
Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord's agent as additional rent for each Calendar YearAdditional Rent, that an amount (“"Expense Adjustment Amount”") which is equal to Tenant’s 's Proportionate Share of the amount by which the of Operating Expenses incurred with respect to such each Calendar Year exceed plus Tenant's pro rata share of the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount special allocation of Operating Expenses to occupied premises if Section 3D is applicable for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) . The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable installments during such Calendar Year in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord (but in no event shall Landlord revise such estimate more than two (2) times in any Calendar Year) and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following Within six (6) months following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of such amount and plus a statement of all estimated installments paid by Tenant with respect to such Calendar Year. Tenant shall pay to Landlord any deficiency as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from amount due, and if Tenant for such Calendar Year, then, at Landlord’s option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ is not then in default (beyond the expiration of any applicable cure period) hereunder, Landlord shall either credit the excess against payments of Base Rent and Additional Rent next due to Landlord from Tenant hereunder or, at Tenant's option, refund the excess to Tenant within thirty (30) days following Landlord's determination. Tenant’s obligations Delay in computation of the -5- Expense Adjustment Amount shall not be deemed a default hereunder or a waiver of Landlord's right to pay collect the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this LeaseAmount.
Appears in 1 contract
Sources: Lease (Orbitz Inc)
Expense Adjustment. Subtenant shall pay to Sublessor in the manner hereinafter provided the amount, if any, by which Taxes allocable to the Demised Premises (determined as below provided) for each tax year after the “Tax Base Year” (hereinafter defined) included within the term of this Sublease exceed the Taxes allocable to the Demised Premises for the Tax Base Year; for the last tax year included in part within the term of this Sublease, Subtenant shall pay to Sublessor a pro rata share of such excess for such tax year, based upon the portion of such tax year included within the term of this Sublease. The “Tax Base Year” is Fiscal Year 2014. Subtenant shall pay to Sublessor in the manner hereinafter provided the amount, if any, by which Operating Expenses allocable to the Demised Premises (determined as below provided) for each calendar year after the “Operating Base Year” (hereinafter defined) included within the term of this Sublease exceed the Operating Expenses allocable to the Demised Premises for the Operating Base Year; for the last calendar year included in part within the term of this Sublease, Subtenant shall pay to Sublessor a pro rata share of such excess for such calendar year, based upon the portion of such year included within the term of this Sublease. The “Operating Base Year” is calendar year 2013. Subtenant shall pay to Sublessor, as additional rent a sum equal to (i) Tenant shall pay as additional rent for each Calendar Year, that amount the product of (“Expense Adjustment Amount”a) which is TenantSubtenant’s Operating Expenses Proportionate Share of the amount by which (as defined below) and (b) the Operating Expenses incurred with respect to such Calendar each Expense Year that exceed the amount thereof Operating Base Year plus (ii) the product of (c) Subtenant’s Tax Proportionate Share (as defined below) and (d) the real estate taxes incurred with respect to each Expense Year that exceed the Tax Base Year; providedYear (collectively, howeverthe “Expense Adjustment Amount”). Subtenant’s Operating Expenses Proportionate Share is a fraction the numerator of which shall be the floor area of the Demised Premises and the denominator of which shall be the floor area of the premises leased by Sublessor under the Parent Lease in Building A. Subtenant’s Tax Proportionate Share is a fraction, that the numerator of which shall be the floor area of the Demised Premises and the denominator of which shall be the floor area leased by the Sublessor under the Parent Lease. The amounts payable by Subtenant under this Section 6 shall be payable monthly, on account, at the times minimum rent is payable hereunder, in determining equal monthly installments of one-twelfth (1/12th) of the annual estimated amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid actually payable by Sublessor under the Parent Lease (except as otherwise set forth in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accounting practicesthis Sublease). Following the close of each Calendar YearExpense Year and after receipt by Sublessor of evidence of the Operating Expenses and Taxes from Parent Landlord, Landlord Sublessor shall cause the amount of the Expense Adjustment Amount for such Calendar Expense Year to be computed based on Operating Expenses for such Calendar Year, Expense Year and Landlord Sublessor shall deliver to Tenant Subtenant a statement of such amount and Tenant Subtenant shall pay any deficiency to Sublessor as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant Subtenant during any Calendar Expense Year exceed exceeds the actual Expense Adjustment Amount due from Tenant Subtenant for such Calendar Expense Year, then, at LandlordSublessor’s option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Sublessor, provided T▇▇▇▇▇ Subtenant is not then in default hereunder, in which event such credit or refund shall not take place until such default has been cured. Tenant’s obligations to pay Delay in computation of the Expense Adjustment Amount and Landlord’s obligations or failure to refund any excess deliver a statement of such amount shall survive not be deemed a default hereunder or a waiver of Sublessor’s right to collect the expiration Expense Adjustment Amount. Notwithstanding anything to the contrary contained in this Sublease, in no event shall Subtenant be responsible to pay or earlier termination reimburse Sublessor for any late charges, penalties, or other amounts due by Sublessor under the Parent Lease as a result of a breach of the Parent Lease by Sublessor or for any losses, liability or similar items (including without limitation indemnities under the Parent Lease) caused by any act or omission by Sublessor or any party other than Subtenant. The provisions of the fourth (4th) paragraph of the definition of Operating Expenses in the Parent Lease shall be applicable to this Sublease. For purposes of clarification, Subtenant shall pay Subtenant’s Operating Expenses Proportionate Share of premiums for casualty and liability insurance carried by Parent Landlord, but not for casualty, liability or other insurance carried (or required to be carried pursuant to the Parent Lease) by Sublessor.
Appears in 1 contract
Expense Adjustment. (i) Tenant shall pay to Landlord, as additional rent for each Calendar YearAdditional Rent, that an amount (“"Expense Adjustment Amount”") which is equal to Tenant’s 's Proportionate Share of the amount by which the Shared Operating Expenses incurred with respect to such Calendar Year exceed each Lease Year. The Tenant's Proportionate share of the amount thereof incurred with respect to Shared Operating Expenses, for the Base Year; providedfourth floor premises, however, that in determining shall be twenty-five percent (25%) of the amount of total Shared Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% building. If space on the third floor is leased (in accordance with section 18.2) Tenant shall pay its proportionate share of the Rentable Area third floor expenses. These expenses are stipulated to be twenty-five percent (25%) of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the total shared operating expenses. This amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Lease Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts an amount reasonably estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accounting practices. Following Not later than ninety (90) days after the close end of each Calendar Lease Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Lease Year to be computed based on Operating Expenses for such Calendar Year, Lease Year for the Building and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 ninety (90) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Lease Year exceed pursuant to this Section 5.3 exceeds the actual Expense Adjustment Amount due from Tenant for such Calendar Lease Year, then, at Landlord’s option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord within thirty (30) days after the end of the previous Lease Year. Tenant shall also pay to Landlord, provided T▇▇▇▇▇ is not then in default hereunder. as Additional Rent, an amount equal to the costs for the Exclusive Operating Expenses and the Additional Operating Expenses, except to the extent such items are metered or submetered to Tenant and paid directly by Tenant’s obligations to pay the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Us Xchange LLC)
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that Lease Year an amount (“the "Expense Adjustment Amount”") which is equal to Tenant’s Proportionate 's Share of the amount by which increase in such Operating Expenses for such Lease Year above the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, and if less the Term shall terminate on a date other than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar YearDecember 31, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accounting practices. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar the last Lease Year of the Term shall be an amount equal to be computed based on Tenant's Share of Operating Expenses for the full calendar year in which the Term ends multiplied by a fraction, the numerator of which shall be the number of months and partial months during such Calendar Yearcalendar year which coincide with the Term, and the denominator of which shall be twelve. Tenant shall also pay to Landlord (in the manner as set forth below) Tenant's Share of the excess, if any, of Taxes for such calendar year over Taxes for the Base Year. Within a reasonable amount of time after the end of the calendar year, Landlord shall deliver to furnish Tenant with a statement of such amount and the Taxes incurred by Landlord for the prior calendar year and, after the end of the first calendar year only, a statement of the Taxes incurred by Landlord for the Base Year. If the Taxes incurred by Landlord for any year subsequent to the Base Year exceed the Taxes incurred by Landlord during the Base Year, then Tenant shall pay any deficiency as shown by to the Landlord the Tenant's Share of such increase in Taxes, without demand, within thirty (30) days from the sending of such statement by Landlord to Landlord within 30 days after receipt Tenant. The amount of such statement. If the total of the estimated monthly installments said deficiency to be paid by Tenant during any Calendar Year exceed shall hereafter be referred to as the actual Expense "Tax Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ is not then in default hereunder. Tenant’s obligations to pay the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this LeaseAmount".
Appears in 1 contract
Sources: Lease Agreement (Sonic Foundry Inc)
Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord's agent as additional rent for each Calendar YearAdditional Rent, that amount a sum (“"Expense Adjustment Amount”") which is equal to Tenant’s 's Proportionate Share of the amount by which the (i) Operating Expenses (subject to adjustment pursuant to Paragraph 36C hereof) incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
exceeds (ii) Base Year Operating Expenses. The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord and communicated by written notice to Tenant, which estimate may be revised to reflect, without limitation, increases in Taxes during any period. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s option, 's option such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default hereunder. Tenant’s obligations to pay Delay in computation of the Expense Adjustment Amount and Landlord’s obligations or failure to refund any excess deliver a statement of such amount shall survive not be deemed a default hereunder or a waiver of Landlord's right to collect the expiration Expense Adjustment Amount. In computing the Expense Adjustment Amount, the following provisions relating to Taxes shall be applicable: The amount of any refund of Taxes received by Landlord shall be credited against Taxes for the Calendar Year in which such refund is received; provided, however, that in the event Landlord receives a refund of Taxes after the Termination Date (as the same may be accelerated or earlier termination of extended as provided elsewhere in this Lease) which refund relates to a Calendar Year during the Term hereof, the amount of such refund fairly allocable to Tenant shall be refunded to Tenant by Landlord (net of Tenant's allocated share of the cost of obtaining such refund and the cost, if any, of making such refund); and further provided that if Tenant expands into space formerly occupied by other tenants, which expansion space becomes subject to this Lease, Tenant shall not be entitled to any refund or credit in connection with a refund or abatement of Taxes for periods prior to Tenant's occupancy of such expansion space. All references to Taxes "for" a particular Calendar Year shall be deemed to refer to Taxes due and payable during such Calendar Year without regard to when such Taxes are assessed or levied.
Appears in 1 contract
Sources: Office Lease (Oxigene Inc)
Expense Adjustment. (i) Tenant shall pay pay, as additional rent for each Calendar YearAdditional Rent, that an amount (“hereinafter referred to as the "(Expense Adjustment Amount”") which is equal to Tenant’s Proportionate 's Share of the amount by which the Operating Expenses (subject to adjustment pursuant to ▇▇▇▇▇▇▇▇▇ ▇▇ hereof) incurred with respect to such Calendar each Lease Year after the first Lease Year exceed the amount thereof incurred with respect to Operating Expense Stop set forth in the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if Schedule. If less than ninety-five percent (95% %) of the Rentable Area of the Building Building's total rentable area shall have been occupied by tenants at any time during such Calendar any Lease Year, Operating Expenses then the Expense Adjustment Amount shall be deemed increased to an amount which Landlord in good faith and in accordance with sound accounting principles, consistently applied, determines the Expense Adjustment Amount would have been for such Calendar Lease Year to be in had occupancy of the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy Building been ninety-five percent (95% %) throughout such Calendar Lease Year.
. if the Lease Year in which the last day of the Term occurs is shorter than twelve (ii12) months, the Operating Expense Stop shall be prorated based on the number of days in such Lease Year. The Expense Adjustment Amount with respect to each Calendar Lease Year shall be paid in monthly installments, payable installments in advance on the first day of each and every calendar month during the course of such yearLease Year, in amounts an amount estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate sound accounting practicesprinciples, consistently applied. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a reasonably detailed statement setting forth (a) the actual Operating Expenses and Expense Adjustment Amount for such Lease Year; (b) the total of the estimated monthly installments of the Operating Expense Adjustment Amount paid to Landlord for such Lease Year; and (c) the amount and of any excess or deficiency of Expense Adjustment Amount previously paid with respect to such Lease Year. Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. Upon Tenant's written request, Landlord shall furnish Tenant with copies of all relevant tax bills with such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Lease Year exceed exceeds the actual Expense Adjustment Amount due from Tenant for such Calendar Lease Year, then, at Landlord’s option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord within thirty (30) days after delivery to Tenant of such statement, provided T▇▇▇▇▇ Tenant is not then in default hereunder. In lieu of receiving such overpayment, provided Tenant is not then in default hereunder, Tenant’s obligations , upon Landlord's prior written approval, may deduct the amount of such overpayment from the succeeding installment of Annual Base Rent or Additional Rent coming due hereunder. Tenant shall have no right to pay audit or inspect the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive records of Landlord or the expiration or earlier termination of this LeaseProperty, except as expressly provided in Exhibit C attached hereto.
Appears in 1 contract
Sources: Office Lease (Hagler Bailly Inc)
Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord's ------------------ agent as additional rent for each Calendar YearAdditional Rent, that an amount (“"Expense Adjustment Amount”") which is equal to Tenant’s 's Proportionate Share of the amount by which the of Operating Expenses incurred with respect to such each Calendar Year exceed plus Tenant's pro rata share of the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount special allocation of Operating Expenses to occupied premises if Section 3D is applicable for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) . The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable installments during such Calendar Year in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord and communicated by written notice to Tenant▇▇▇▇▇▇. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following Within three (3) months after the close of each Calendar YearYear or as soon thereafter as is reasonably practicable, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of such amount and plus a statement of all estimated installments paid by Tenant with respect to such Calendar Year. Tenant shall pay to Landlord any deficiency as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from amount due, and if Tenant for such Calendar Yearis not then in default hereunder, then, at Landlord’s option, such Landlord shall either credit the excess shall be either credited against payments next due to Landlord from Tenant hereunder or refunded by Lor, at ▇▇▇▇▇▇▇▇'s option, provided Trefund the excess to Tenant within thirty (30) days following ▇▇▇▇▇ is not then ▇▇▇▇'s determination. Delay in default hereunder. Tenant’s obligations to pay computation of the Expense Adjustment Amount and shall not be deemed a default hereunder or a waiver of Landlord’s obligations 's right to refund collect the Expense Adjustment Amount. In no event shall Landlord recover the cost of any excess amount shall survive the expiration or earlier termination item of this LeaseOperating Expenses more than once.
Appears in 1 contract
Sources: Lease (Tenfold Corp /Ut)
Expense Adjustment. (i) Tenant shall pay pay, as additional rent for each Calendar YearAdditional Charges, that an amount (hereinafter referred to as the “Expense Adjustment Amount”) which is equal to Tenant’s Proportionate Expense Share of the amount by which the of Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base each Lease Year; provided, however, except that in determining the Tenant shall be required to pay only a pro rata amount of Operating Expenses the Expense Adjustment Amount for each Calendar Year subsequent to the Base Year, if less than 95% Lease Years in which the first and last days of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) Term occur pro rated on a per diem basis. The Expense Adjustment Amount with respect to each Calendar Lease Year shall be paid in monthly installments, payable installments in advance on the first day of each and every calendar month during such Lease Year, commencing on the course of such yearCommencement Date, in amounts an amount estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Tenant shall not, however, have any right to audit Landlord’s books and records pertaining to Operating Expenses. Following the close of each Calendar Lease Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement setting forth (i) the actual Expense Adjustment Amount for such Lease Year; (ii) the total of the estimated monthly installments of the Operating Expense Adjustment Amount paid to Landlord for such Lease Year; and (iii) the amount and of any excess or deficiency with respect to such Lease Year. Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Lease Year exceed exceeds the actual Expense Adjustment Amount due from Tenant for such Calendar Lease Year, then, at Landlord’s option, option such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default hereunder. Tenant’s obligations to pay the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Stockeryale Inc)
Expense Adjustment. (i) Commencing on the Commencement Date and continuing throughout the remainder of the Term, Tenant shall pay to Landlord as additional rent for each Calendar YearAdditional Rent, that amount (“Expense Adjustment Amount”) which is Tenant’s Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during month, an amount equal to one-twelfth (1/12) of Tenant’s Proportionate Share of the course total amount of such year, the Basic Costs incurred with respect to each Calendar Year in amounts the Term of this Lease (the total amount paid by the Tenant in each Calendar Year being referred to herein as the “Expense Adjustment Amount”). The Expense Adjustment Amount for each Calendar Year shall be estimated from time to time by Landlord and communicated by written notice to TenantTenant not more frequently than quarterly. Landlord shall cause to be kept books and records showing Operating Expenses Basic Costs in accordance with generally applied real estate accounting practicesan appropriate system of accounts and account practices consistently maintained. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount which should have been paid by Tenant for such Calendar Year (the “Final Expense Amount”) to be computed based on Operating Expenses the basis of the actual Basic Costs for such each Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and Final Expense Amount. If the Final Expense Amount exceeds the Expense Adjustment Amount, Tenant shall pay any such deficiency as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Yearexceeds the Final Expense Amount, then, then at Landlord’s option, option such excess shall be either credited against payments of Additional Rent next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ is not then in default no Tenant Event of Default exists hereunder. Tenant’s obligations to pay Delay in computation of the Final Expense Amount or any Expense Adjustment Amount and shall not be deemed a default hereunder or a waiver of Landlord’s obligations right to refund any excess amount collect the Final Expense Amount or Expense Adjustment Amount, as the case may be. Landlord estimates that Tenant’s Expense Adjustment Amount as of the Commencement Date will be $0.21 per Rentable Square Foot of the Premises per month provided, however that the foregoing is an estimate only and shall survive be subject to adjustment during the expiration or earlier termination of Term as provided in this LeaseSection 4.3.
Appears in 1 contract
Sources: Office Building Lease (Flexpoint Sensor Systems Inc)
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“"Expense Adjustment Amount”") which is Tenant’s 's Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Operating Expense Base YearAmount; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 9595 % of the Rentable Area rentable office area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy Occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accepted accounting practicesprinciples. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and amount; thereupon Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s 's option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default hereunder. Tenant’s obligations to pay the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease.
Appears in 1 contract
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“"Expense Adjustment Amount”") which is Tenant’s 's Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year. Landlord represents that the Operating Expenses for the Base Year have been or will be adjusted to reflect an occupancy level of ninety five percent (95%) as aforesaid.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate generally-accepted accounting practicesprinciples. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s 's option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ Tenant is not then in default hereunder. Tenant’s 's obligations to pay the Expense Adjustment Amount and Landlord’s 's obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease. In the event a refund is due Tenant after the expiration or earlier termination of this Lease, such refund shall be paid upon the final reconciliation of the Expense Adjustment Amount for such Calendar Year provided that Tenant is not in default of any obligations under this Lease.
Appears in 1 contract
Sources: Lease Agreement (Owosso Corp)
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“"Expense Adjustment Amount”") which is Tenant’s 's Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for the Base Year and for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Office Portion of the Building shall have been occupied at any time during such Base Year or Calendar Year, Operating Expenses (including without limitation management fees) shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Base Year or Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to TenantTenant in accordance with the procedures hereinafter set forth. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accounting practicesSound Accounting Practices. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement ("Annual Statement") of such amount and Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statementAnnual Statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s 's option, such excess shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ is not then in default hereunderLandlord. Tenant’s 's obligations to pay the Expense Adjustment Amount and Landlord’s 's obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease, subject to the limitations set forth in subclauses (vi) and (vii) below. Tenant shall not be deemed to be in default of this Lease if Tenant shall, within forty five (45) days after its receipt of the Annual Statement, notify Landlord that it disputes same (setting forth with reasonable particularity the basis for the dispute) and shall pay to Landlord the portion thereof that is not then in dispute plus 50% of the amount in dispute, and if Tenant thereafter proceeds in good faith to resolve the dispute in accordance with the provisions of this Lease and pays any sums ultimately determined to be payable by Tenant together with interest at the Lease Interest Rate.
(iii) Landlord's estimate of Tenant's Expense Adjustment Amount shall be based on the budgeted expenses of the Building for the year in question, and Landlord shall notify Tenant as to such estimate (which shall not constitute a guarantee by Landlord) as soon as is practicable. Until such time as Landlord delivers to Tenant a statement setting forth a new estimate of Tenant's Proportionate Share of Operating Expenses, Tenant shall pay towards its Proportionate Share of Operating Expenses at the rate due from Tenant during the prior Calendar Year. Such estimate furnished to Tenant shall show with reasonable detail and by category the various expenses for the previous year and those budgeted for the upcoming year, and shall include a supporting explanation for any cost categories which are anticipated to increase by more than five percent (5%) over the previous year. Landlord may adjust its estimate of the excess Operating Expenses from time to time, and Tenant shall commence payment of monthly installments at the adjusted estimate upon not less than thirty (30) days prior to written notice thereof from Landlord.
(iv) Landlord's Annual Statement shall (1) be certified to be accurate and complete to the knowledge of Landlord or Landlord's managing agent responsible for the preparation of such statement (provided that such certification shall not prevent Landlord from correcting errors thereon as allowed by this Lease) and (2) set forth with reasonable detail the assumptions and methodology utilized for making the occupancy adjustment set forth in subsection (b)(i) above for each item of expense which is so adjusted.
(v) Landlord's Annual Statement, including corrected statements described below, shall be binding and conclusive upon Tenant (subject to the permissible adjustments of prior statements as set forth below) unless Tenant shall dispute such statement in writing (specifying in detail the basis for such assertion) within nine (9) months after such Annual Statement has been rendered. At Tenant's written request, Landlord shall provide Tenant with reasonable back up information regarding any disputed amount. In the event such dispute is not amicably settled between Landlord and Tenant within sixty (60) days after Tenant's notice of dispute, either party may refer the dispute to a mutually acceptable independent certified public accountant knowledgeable in high quality Center City Philadelphia office buildings and the decision of such accountant shall be final, conclusive and binding upon Landlord and Tenant. In the event either party requests such determination, Landlord shall submit a list of three (3) independent certified public accountants which shall be other than the regular certified public accountant used by Landlord or its affiliates, and Tenant shall select the certified public accountant to be used from such list within twenty (20) days thereafter. In the event such accountant determines that any item of expense or gross-up was treated or reflected incorrectly by Landlord, the appropriate adjustment shall be made and shall likewise be made in the previous two (2) Annual Statements if the same or substantially similar incorrect determination appeared. Any adjustment required by such decision shall be made within thirty (30) days after such decision has been rendered. The expenses (other than the costs of Tenant's auditor if paid on a contingency basis) involved in such determination shall be borne by Tenant unless such accountant determines that Landlord has overstated Tenant's Proportionate Share of Operating Expenses for the applicable Calendar Year by more than five percent (5%), in which case Landlord shall pay for such expenses. If Tenant shall not so dispute any item or items of any Annual Statement within nine (9) months after Landlord has delivered such Annual Statement to Tenant, Tenant shall be deemed to have approved such Annual Statement (subject, however to the adjustment for prior incorrect items which may be ascertained in a future review as set forth in this subclause). If as a result of the foregoing process a party is obligated to pay to the other party any sum, the party owing said sum shall render payment within 30 days after receipt of such determination.
(vi) Without limiting the foregoing, Tenant shall have the right once during each nine (9) month period referred to in subparagraph (v) above, and regardless of whether Tenant disputes a statement of Landlord, to audit and/or review the books and records of Landlord through a firm of accountants or other qualified lease analysts selected by Tenant and at Tenant's cost, provided, however, Landlord may condition any such audit or review upon Tenant and such firm signing a confidentiality agreement reasonably satisfactory in form and substance to Landlord. Such audit or review shall be conducted at Landlord's Philadelphia office or such other office in Philadelphia where the books and records of the Building are made available during Landlord's regular business hours and upon reasonable notice. Landlord may adopt reasonable regulations or impose reasonable charges (in order to reimburse Landlord for reasonable out-of-pocket expenses) with respect to any such audit or review.
(vii) Landlord shall have the right, for a period of nine (9) months after the rendering of any Annual Statement, to send corrected statements to Tenant, and any payments required thereby to or from Tenant shall be made within thirty (30) days thereafter. In the event Landlord shall determine that any item of expense or gross-up was treated or reflected incorrectly in prior statements prepared by Landlord, Landlord shall have the right to make such adjustment in the corrected statement and in the previous two (2) Annual Statements in which the same or substantially similar incorrect determination occurred, and any payments required thereby to or from Tenant shall be made within thirty (30) days thereafter. The correction made in any such corrected statement shall be subject to Tenant's audit or review rights as set forth above.
Appears in 1 contract
Sources: Lease Agreement (American Business Financial Services Inc /De/)
Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord’s agent as additional rent for each Calendar YearAdditional Rent, that an amount (“Expense Adjustment Amount”) which is equal to Tenant’s Proportionate Share of the amount by which the of Operating Expenses incurred with respect to such each Calendar Year exceed plus Tenant’s pro rata share of the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount special allocation of Operating Expenses to occupied premises if Paragraph 3.B. is applicable for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) . The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable installments during such Calendar year in advance on the first day of each calendar month during the course of such year, in amounts an amount reasonably estimated from time to time by Landlord and communicated by written notice to Tenant. The monthly estimated installments shall not be changed more than twice in any Calendar Year. Such estimates shall be computed in a reasonable manner and shall take into account actual increases in Operating Expenses for the preceding Calendar Year. In no event shall such estimates exceed the maximum Additional Rent that could be payable by Tenant as a result of the operation of the applicable Additional Rent Limitation, if any, for such Calendar Year. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of such amount plus a statement of all estimated installments paid by Tenant with respect to such Calendar Year. Such statement shall be prepared and certified by a certified public accountant, setting forth in detail the computation of the Expense Adjustment Amount. Tenant shall pay to Landlord any deficiency as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Yearamount due, then, at Landlord’s option, such Landlord shall either credit the excess shall be either credited against payments next due to Landlord from Tenant hereunder or refunded by L▇▇▇▇▇▇▇or, provided T▇▇▇▇▇ if such credit is in excess of payments due within thirty (30) days thereafter and if Tenant is not then in default hereunder, refund the excess to Tenant within fifteen (15) days thereafter. Tenant’s obligations The obligation of Landlord to pay refund excess amounts shall survive expiration of the Term. Delay in computation of the Expense Adjustment Amount and shall not be deemed a default hereunder or a waiver of Landlord’s obligations right to refund collect the Expense Adjustment Amount; however, in the event of such a delay which extends more than ninety (90) days after Landlord has received all bills and invoices necessary to so compute the Expense Adjustment Amount, Landlord shall pay or credit to Tenant interest at the rate of one percent (1%) plus Prime Rate on any excess amount shall survive which Landlord is obligated to credit or refund to Tenant calculated from such 90th day until the expiration amount is so credited or earlier termination of this Leaserefunded to Tenant.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“Expense Adjustment Amount”) which is Tenant’s Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) Replaced per 2nd amendment. The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord in good faith and communicated by written notice to Tenant, which estimate may be revised to reflect, without limitation, increases in Taxes during any period. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following Within twelve (12) months after the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s option, such excess amount shall be either credited against payments next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord within thirty (30) days of the delivery of the statement to Tenant, provided T▇▇▇▇▇ Tenant is not then in monetary default hereunderhereunder or in other than monetary default beyond applicable periods of notice and cure. Tenant shall have the right to audit Landlord’s books and records relating to Operating Expenses incurred during the Term provided such audit shall be conducted by professional auditors; may occur not more often than once in a year; shall be conducted within twelve months (plus any period for which Landlord defers the audit as provided in this sentence) of receipt of a statement of Operating Expense Adjustment for the Calendar Year being audited; shall be conducted during regular business hours of Landlord on not less than fifteen (15) business days’ notice and may be deferred by Landlord by notice given at least ten (10) business days before the date proposed by Tenant, for up to three (3) months to a date convenient to Landlord. In the event the results of such audit disclose an overcharge of Tenant, Landlord shall promptly refund the amount of such overcharge to Tenant. In addition, if as a result of such audit, Operating Expenses are found to be overstated by more than ten percent (10%), Landlord shall pay to Tenant, Tenant’s obligations to pay reasonable cost of conducting such audit. Delay in computation of the Expense Adjustment Amount and or failure to deliver a statement of such amount shall not be deemed a default hereunder or a waiver of Landlord’s obligations right to collect the Expense Adjustment Amount. In computing the Expense Adjustment Amount, the following provisions relating to Taxes shall be applicable: The amount of any refund any excess amount of Taxes received by Landlord shall survive be credited against Taxes for the expiration Calendar Year in which such refund is received; provided, however, that in the event Landlord receives a refund of Taxes after the Termination Date (as the same may be accelerated or earlier termination of extended as provided elsewhere in this Lease) which refund relates to a Calendar Year during the Term hereof, the amount of such refund fairly allocable to Tenant shall be refunded to Tenant by Landlord within ninety (90) days of Landlord’s receipt of same (net of Tenant’s allocated share of the cost of obtaining such refund and the cost, if any, of making such refund); and further provided that if Tenant expands into space formerly occupied by other tenants, which expansion space becomes subject to this Lease, Tenant shall not be entitled to any refund or credit with respect to such expansion space in connection with a refund or abatement of Taxes for periods prior to Tenant’s occupancy of such expansion space. All references to Taxes “for” a particular Calendar Year shall be deemed to refer to Taxes due and payable during such Calendar Year without regard to when such Taxes are assessed or levied.
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Expense Adjustment. (i) Tenant shall pay to Landlord or Landlord's agent as additional rent for each Calendar YearAdditional Rent, that an amount (“"Expense Adjustment Amount”") which is equal to the Tenant’s 's Proportionate Share of the amount by which the total Operating Expenses (as such total may be adjusted) incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% . Tenant shall pay Landlord’s reasonable estimate of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts an amount estimated from time to time by Landlord and communicated by written notice to Tenant, or, at Landlord’s option, Tenant shall pay the Expense Adjustment Amount annually within fifteen (15) business days of demand. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate an appropriate system of accounts and accounting practicespractices consistently maintained. Following Within a reasonable time following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on the actual Operating Expenses for such Calendar Year, Year and Landlord shall deliver to Tenant a statement of the actual Operating Expenses and the Expense Adjustment Amount for such amount Calendar Year and Tenant shall pay any deficiency to Landlord as shown by such statement to Landlord within 30 fifteen (15) business days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed exceeds the actual Expense Adjustment Amount due from Tenant for such Calendar Year, thenprovided Tenant is not in default of its obligations hereunder, any such excess shall be, at Landlord’s option: (i) refunded to Tenant within thirty (30) business days of Landlord’s delivery of the notice regarding such amounts, such excess shall be either or (ii) credited against any amount then due to Landlord or, if none, against payments next due hereunder or refunded by L▇▇▇▇▇▇▇, provided T▇▇▇▇▇ is not then in default hereunder. TenantTenant agrees that if less than 95% of the Building’s obligations rentable area shall have been occupied by tenants at any time during any Calendar Year, Operating Expenses shall be determined for such Calendar Year to pay be an amount equal to the Expense Adjustment Amount and Landlord’s obligations like expense which would normally be expected to refund any excess amount shall survive the expiration or earlier termination of this Leasebe incurred had such occupancy been 95% throughout such Calendar Year.
Appears in 1 contract
Sources: Lease Agreement (Quantum-Si Inc)
Expense Adjustment. (i) Commencing on the Commencement Date and continuing throughout the remainder of the Term, Tenant shall pay to Landlord as additional rent for each Calendar YearAdditional Rent, that amount (“Expense Adjustment Amount”) which is Tenant’s Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during month, an amount equal to one-twelfth (1/12) of Tenant’s Proportionate Share of the course total amount of such year, the Basic Costs incurred with respect to each Calendar Year in amounts the Term of this Lease (the total amount paid by the Tenant in each Calendar Year being referred to herein as the “Expense Adjustment Amount”). The Expense Adjustment Amount for each Calendar Year shall be estimated from time to time by Landlord and communicated by written notice to TenantTenant not more frequently than quarterly. Landlord shall cause to be kept books and records showing Operating Expenses Basic Costs in accordance with generally applied real estate accounting practicesan appropriate system of accounts and account practices consistently maintained. Following Within one hundred and twenty (120) days following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount which should have been paid by Tenant for such Calendar Year (the “Final Expense Amount”) to be computed based on Operating Expenses the basis of the actual Basic Costs for such each Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and Final Expense Amount. If the Final Expense Amount exceeds the Expense Adjustment Amount, Tenant shall pay any such deficiency as shown by such statement to Landlord within 30 thirty (30) days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Yearexceeds the Final Expense Amount, then, then at Landlord’s option, option such excess shall be either credited against payments of Additional Rent next due hereunder or refunded by L▇▇▇▇▇▇▇Landlord, provided T▇▇▇▇▇ is not then in default no Tenant Event of Default exists hereunder. Tenant’s obligations to pay Delay in computation of the Final Expense Amount or any Expense Adjustment Amount and shall not be deemed a default hereunder or a waiver of Landlord’s obligations right to refund any excess amount shall survive collect the expiration Final Expense Amount or earlier termination of this LeaseExpense Adjustment Amount, as the case may be.
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