Inspection of Operating Expenses Sample Clauses

Inspection of Operating Expenses. Within one (1) year after receipt of any Actual Statement by Tenant (“Review Period”), Tenant may, after reasonable notice to Landlord and during normal business hours, inspect at Landlord’s offices Landlord’s books and records that relate to Operating Expenses for the period represented by any such Actual Statement and Landlord’s books and records that relate to Operating Expenses for the Base Year, provided, that Tenant shall maintain all information contained in Landlord’s books and records in strict confidence. If after such inspection, Tenant disputes such Additional Rent as set forth in such Actual Statement, a certification as to the proper amount shall be made, at Tenant’s expense (except as provided below), by an independent certified public accountant selected by Tenant and reasonably approved by Landlord. Landlord shall cooperate with Tenant to provide Tenant with the information upon which the certification is based; provided that if such certification proves that the Operating Expenses set forth in any such Actual Statement were overstated by more than five percent (5%), then the reasonable cost of such certification shall be paid for by Landlord. Promptly following the parties’ receipt of such certification, the parties shall make such appropriate payments or reimbursements, as the case may be, to each other, as are determined to be owing pursuant to such certification. In the event Tenant has not challenged any Actual Statement within said one (1) year period, Tenant shall have no further right to inspect or challenge the accuracy of such Actual Statement. Landlord shall be required to maintain records of all such Operating Expenses for a minimum of two (2) years following Landlord’s delivery to Tenant of each Actual Statement and shall be required to maintain records of all such Operating Expenses for the Base Year for a minimum of two (2) years following the expiration or earlier termination of the Lease Term.
Sample 1
AutoNDA by SimpleDocs
Inspection of Operating Expenses. Within the thirty (30) day period following receipt of an Operating Expense Statement ("Review Period"), Subtenant may, after reasonable notice to Sublessor and during normal business hours, inspect at Sublessor's offices Sublessor's books and records that relate to Operating Expenses for the period represented by any such Operating Expense Statement, provided, that Subtenant shall maintain all information contained in Sublessor's books and records in strict confidence. If after such inspection, Subtenant disputes the Operating Expense Statement, a certification as to the proper amount shall be made, at Subtenant's expense (except as provided below), by an independent certified public accountant selected by Subtenant and reasonably approved by Sublessor. Sublessor shall cooperate with Subtenant to provide Subtenant with the information upon which the certification is based; provided that if such certification proves that the Operating Expenses set forth in such Operating Expense were overstated by more than five percent (5%), then the reasonable cost of such certification shall be paid for by Sublessor. Promptly following the parties' receipt of such
Sample 1

Related to Inspection of Operating Expenses

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Definition of Operating Expenses (a) Subject to the exclusions and provisions hereinafter contained, the term "

  • Tenant’s Share of Operating Expenses Tenant shall pay Tenant’s Share of Operating Expenses in the respective shares of the respective categories of Operating Expenses as set forth below.

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

  • Maintenance of Operations The Servicer agrees to continue to operate its distribution system to provide service to its customers so long as it is acting as the Servicer under this Agreement.

  • Common Area Operating Expenses Lessee shall pay to Lessor during the term hereof, in addition to the Base Rent, Lessee's Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar year of the term of this Lease, in accordance with the following provisions:

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Ordinary Operating Expenses For purposes of this Agreement, Ordinary Operating Expenses means all expenses of the Funds other than extraordinary expenses, such as litigation, taxes and brokerage commissions.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Total Operating Expenses All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 14.

Time is Money Join Law Insider Premium to draft better contracts faster.