Common use of Landlord’s Statement Clause in Contracts

Landlord’s Statement. Each calendar year following the year in which the Commencement Date occurs, Landlord shall send Tenant a statement (“Landlord’s Statement”), setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar year, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; (ii) the total amount of any payments of Tenant’s Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, or portion thereof, based on Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Landlord’s estimate of the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s Statement is given. Landlord shall make a good faith effort to deliver Landlord’s Statement to Tenant by not later than March 15th of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce Tenant’s obligation to pay Tenant’s Proportionate Share of the Operating Expenses and shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent period.

Landlord’s Statement. Each No later than 120 days after the end of each calendar year following within the year in which the Commencement Date occursTerm, Landlord shall send will determine the actual amount of Property Taxes, Operating Expenses and Tenant’s Share of Expenses for the expired calendar year, and will deliver to Tenant a written statement of such amounts (“Landlord’s Statement”); provided, setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar yearhowever, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; (ii) the total amount of any payments of Tenant’s Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, or portion thereof, based on Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Landlord’s estimate of the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s Statement is given. that Landlord shall make a good faith effort use commercially reasonable efforts to deliver each Landlord’s Statement to Tenant by not later than March 15th within 90 days after the end of each calendar year; provided that any delay in delivery or Landlord’s failure to render year within the Term. Each Landlord’s Statement with respect to any period shall not eliminate or reduce be binding on Landlord once delivered (except as provided in Section 3.5.2), and shall contain a reasonably detailed breakdown of the various components of Expenses, showing how Tenant’s obligation to pay Share of Expenses was determined. If Tenant paid less than the actual amount of Tenant’s Proportionate Share of the Operating Expenses and shall not prejudice specified in Landlord’s right Statement, Tenant will pay the difference to render Landlord as Additional Rent within 30 days after its receipt of Landlord’s Statement with respect in the manner Section 2.2 describes. If Tenant paid more than the actual amount of Tenant’s Share of Expenses specified in Landlord’s Statement, Landlord will, at Tenant’s option, either (a) refund the excess amount to Tenant within 30 days after delivery of Landlord’s Statement, or (b) credit the excess amount against Tenant’s next due monthly installment or installments of Rent; provided, however, that if Tenant elects to require Landlord to provide such credit for any subsequent periodsuch excess in lieu of refunding the same to Tenant, but the amount of such credit is in excess of the amount of Rent due for the balance of the Term, then Landlord shall pay the amount by which the total amount of the credit exceeds the remaining Rent to Tenant within 30 days after the end of the Term. If Landlord is delayed in delivering any Landlord’s Statement to Tenant, such delay does not constitute a waiver of either party’s rights under this Section 3.5. The respective obligations of Landlord and Tenant to reconcile the payment of Tenant’s Share of Expenses, as set forth above, shall survive the expiration of the Term or sooner termination of this Lease for a period of one year.

Landlord’s Statement. Each Prior to the commencement of each calendar year following (including the partial year in which commencing on the Commencement Date occursof this Lease), or as soon thereafter as possible, Landlord shall send furnish to Tenant a statement (“Landlord’s Statement”), setting forth: (i) the actual amount of Landlord’s estimate of the Operating Expenses Real Property Taxes and Capital Improvement Amortization expected to be incurred during the preceding calendar year, based on the amount of such Real Property Taxes and Capital Improvement Amortization in the prior calendar year (if any), adjusted for known changes which have or will occur in the Project, the rates charged by suppliers, or other circumstances affecting the amount of such Real Property Taxes or Capital Improvement Amortization during the calendar year in question, and showing the amount, if any, payable by Tenant as additional rent for such calendar year, or portion thereof, pursuant to Sections 4.3.2(b), 4.3.2(c), 4.3.2(d) and any other applicable provisions of this Lease, on the basis of such estimate. Commencing as of January 1st of each calendar year, Tenant shall pay to Landlord one-twelfth (1/12) of the amount of the additional rent estimated for Real Property Taxes and Capital Improvement Amortization, along with the monthly charge for Premises Operating Expenses, on each monthly rent payment date until further adjustment pursuant to this Section 4.3.2. If the Term of the Lease with respect to any space commences or terminates at any time other than the first day of the calendar year, then during such partial calendar year, Tenant shall pay to Landlord, on each of the monthly payment dates during said partial calendar year, the amount of said estimated additional rent with respect to such space, attributable solely to such partial calendar year divided by the number of months in said partial calendar year. If Landlord’s Statement is furnished after January 1st of a calendar year, Tenant shall pay the entire portion of the estimated additional rent attributable to portions of the calendar year prior to Tenant’s Proportionate Share receipt of Landlord’s Statement on the later of fifteen (15) days, or the first monthly rent payment date, after Tenant’s receipt of Landlord’s Statement. Landlord shall have the right, in Landlord’s discretion, to revise Landlord’s estimates during the calendar year to reflect the then current Real Property Taxes and Capital Improvement Amortization, and Landlord shall issue a revised Landlord’s Statement. Tenant’s monthly rent payments shall be further adjusted in accordance with the revised Landlord’s Statement commencing on the first monthly rent payment date following Tenant’s receipt from Landlord of the revised Landlord’s Statement. With reasonable promptness after the expiration of each calendar year, but in any event within one hundred twenty (120) days after the expiration of such calendar year, Landlord shall furnish to Tenant a year-end statement showing: (i) the actual Operating ExpensesReal Property Taxes and Capital Improvement Amortization during the previous calendar year, which such amounts in each such category and the proper allocation thereof to the Project shall be certified by Landlord and the allocation thereof to Tenant shall be certified by Landlord to be proper and in accordance with this Lease; (ii) the total difference, if any, between Landlord’s Statement and the actual amounts; and (iii) the aggregate amount of any payments charge or credit to Tenant necessary to adjust rent previously paid by Tenant to the actual Real Property Taxes and Capital Improvement Amortization. Promptly after the receipt of said statement by Tenant’s Proportionate Share , Tenant shall, in case of Operating Expenses received by any underpayment, pay Landlord during the preceding calendar yearin accordance with Section 4.3.1, or portion thereofin case of an overpayment, based on Tenant shall receive a credit against rents subsequently payable to Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Landlord’s estimate of the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s Statement is given. Landlord shall make a good faith effort to deliver Landlord’s Statement to Tenant by not later than March 15th of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce Tenant’s obligation to pay Tenant’s Proportionate Share of the Operating Expenses and shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent period.

Landlord’s Statement. Each Prior to the commencement of each calendar year following (including the partial year in which commencing on the Commencement Date occursof this Lease), or as soon thereafter as possible, Landlord shall send furnish to Tenant a statement (“"Landlord’s 's Statement”), setting forth: (i") the actual amount of Landlord's estimate of the Operating Expenses Real Property Taxes and Capital Improvement Amortization expected to be incurred during the preceding calendar year, based on the amount of such Real Property Taxes and Capital Improvement Amortization in the prior calendar year (if any), adjusted for known changes which have or will occur in the Project, the rates charged by suppliers, or other circumstances affecting the amount of such Real Property Taxes or Capital Improvement Amortization during the calendar year in question, and showing the amount, if any, payable by Tenant as additional rent for such calendar year, or portion thereof, pursuant to Sections 4.3.2(b), 4.3.2(c), 4.3.2(d) and Tenant’s Proportionate Share any other applicable provisions of this Lease, on the basis of such actual estimate. Commencing as of January 1st of each calendar year, Tenant shall pay to Landlord one-twelfth (1/12) of the amount of the additional rent estimated for Real Property Taxes and Capital Improvement Amortization, along with the monthly charge for Premises Operating Expenses, on each monthly rent payment date until further adjustment pursuant to this Section 4.3.2. If the Term of the Lease with respect to any space commences or terminates at any time other than the first day of the calendar year, then during such partial calendar year, Tenant shall pay to Landlord, on each of the monthly payment dates during said partial calendar year, the amount of said estimated additional rent with respect to such space, attributable solely to such partial calendar year divided by the number of months in said partial calendar year. If Landlord's Statement is furnished after January 1st of a calendar year, Tenant shall pay the entire portion of the estimated additional rent attributable to portions of the calendar year prior to Tenant's receipt of Landlord's Statement on the later of fifteen (15) days, or the first monthly rent payment date, after Tenant's receipt of Landlord's Statement. Landlord shall have the right, in Landlord's discretion, to revise Landlord's estimates during the calendar year to reflect the then current Real Property Taxes and Capital Improvement Amortization, and Landlord shall issue a revised Landlord's Statement. Tenant's monthly rent payments shall be further adjusted in accordance with the revised Landlord's Statement commencing on the first monthly rent payment date following Tenant's receipt from Landlord of the revised Landlord's Statement. With reasonable promptness after the expiration of each calendar year, but in any event within one hundred twenty (120) days after the expiration of such calendar year, Landlord shall furnish to Tenant a year-end statement showing: (i) the actual Real Property Taxes and Capital Improvement Amortization during the previous calendar year, which such amounts in each such category and the proper allocation thereof to the Project shall be certified by Landlord and the allocation thereof to Tenant shall be certified by Landlord to be proper and in accordance with this Lease; (ii) the total difference, if any, between Landlord's Statement and the actual amounts; and (iii) the aggregate amount of any payments charge or credit to Tenant necessary to adjust rent previously paid by Tenant to the actual Real Property Taxes and Capital Improvement Amortization. Promptly after the receipt of said statement by Tenant’s Proportionate Share , Tenant shall, in case of Operating Expenses received by any underpayment, pay Landlord during the preceding calendar yearin accordance with Section 4.3.1, or portion thereofin case of an overpayment, based on Tenant shall receive a credit against rents subsequently payable to Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Landlord’s estimate of the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s Statement is given. Landlord shall make a good faith effort to deliver Landlord’s Statement to Tenant by not later than March 15th of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce Tenant’s obligation to pay Tenant’s Proportionate Share of the Operating Expenses and shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent period.:

Landlord’s Statement. Each calendar year following Within one hundred twenty (120) days after the year in which the Commencement Date occursclose of each Lease Year or as soon thereafter as is practicable, Landlord shall send deliver to Tenant a statement of that year’s Property Taxes and Operating Expenses, and the actual Tax and Operating Expense Adjustment, as determined by Landlord (the “Landlord’s Statement”), setting forth: (i) . No delay in providing the actual amount Landlord Statement shall act as a waiver of the Operating Expenses incurred during the preceding calendar year, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; (ii) the total amount of any payments of Tenant’s Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, or portion thereof, based on Landlord’s estimate (or right to increase in payment pursuant to the Projected Monthly Tax and Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Expense Adjustment. Such Landlord’s estimate of Statement shall be binding upon Tenant, except as specifically provided in Section 4.5 below. If the amount of the actual Tax and Operating Expenses and Expense Adjustment is more than the monthly installment of Tenant’s Proportionate Share thereof estimated payments for the such calendar year in which made by Tenant, Tenant shall pay the deficiency to Landlord within five (5) days after receipt of the Landlord’s Statement Statement. If the amount of the actual Tax and Operating Expense Adjustment is givenless than the estimated payments for such calendar year made by Tenant, any excess shall be credited against the next Rent due (as hereinafter defined) next payable by Tenant under this Lease or, if the Lease Term has expired, any excess shall be paid to Tenant. Landlord For any partial Lease Year at the beginning or end of the Term, the Tax and Operating Expense Adjustment shall make be prorated on the basis of a good faith effort to deliver Landlord’s Statement to Tenant 365-day year by not later than March 15th of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce computing Tenant’s obligation to pay Tenant’s Proportionate Share of the increases in Operating Expenses Costs and shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent periodTaxes for the entire year and then prorating such amount for the number of days during such year included in the Lease Term.

Landlord’s Statement. Each calendar year following After the year in which end of each Lease Year including the Commencement Date occursBase Year for Operating Expenses, Landlord shall send furnish to Tenant a statement (“Landlord’s Statement (a “Landlord Statement”), setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar for such Lease Year. Each such year, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; (ii) the total amount of any payments of Tenant’s Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, or portion thereof, based on -end Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share Statement shall be accompanied by a computation of Operating Expenses for the preceding calendar yearBuilding prepared by Landlord, Landlord’s manager, or portion thereof; by an accountant designated by Landlord from which Landlord shall make the computation of Additional Rent due in respect of Operating Expenses hereunder. The computation of Operating Expenses may be prepared in reliance on Landlord’s good faith estimates and allocations whenever said estimates and allocations are necessary, provided such estimates and allocations (i) are consistently made for the Base Year and each subsequent Lease Year, (ii) are uniformly and consistently made with respect to all office tenants of the Building, and (iviii) are consistent with the procedures applicable to allocations of Operating Expenses and/or Shared Components set forth in the Condominium Documents If the Landlord’s estimate Statement shows that the sums paid by Tenant exceeded amounts required to be paid by Tenant for such Lease Year, Landlord shall credit the amount of such excess against subsequent payments of Rent or, if at the end of the Term there shall not be any further installments of Rent remaining against which Landlord can credit any such overpayments due Tenant, Landlord shall deliver to Tenant a check in the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof refund due Tenant within thirty (30) days after Tenant shall first be entitled to a credit for the calendar year in which overpayment; and if the Landlord’s Statement is given. Landlord shall make a good faith effort to deliver Landlord’s Statement to for such Lease Year shows that the sums so paid by Tenant by not later were less than March 15th of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce Tenant’s obligation to responsibility for such Lease Year, Tenant shall pay Tenant’s Proportionate Share the amount of the Operating Expenses and shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent periodsuch deficiency within thirty (30) days after demand therefor.

Landlord’s Statement. Each (a) Within one hundred twenty (120) days after the end of each calendar year following during the year in which the Commencement Date occursTerm, Landlord shall send furnish Tenant with a statement reflecting the actual Operating Expenses for the prior calendar year (“Landlord’s Statement”). Upon receipt of such statement, setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar year, or portion thereofTenant may request, and Landlord shall within thirty (30) days provide, reasonable back-up documentation for same. If Tenant’s Proportionate Share of such actual Operating Expenses; Expenses for any prior calendar year shall be greater (iiresulting in a deficiency) or shall be less (resulting in an excess), than the total estimated amount of any payments of Tenant’s Proportionate Share of Operating Expenses received actually paid by Landlord Tenant during the preceding such calendar year, or portion thereofthen: (i) Tenant shall, based on Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment in case of Tenant’s Proportionate Share of Operating Expenses such a deficiency, pay to Landlord as Additional Rent for the preceding such calendar year, or portion thereof; and (iv) Landlord’s estimate of year the amount of the Operating Expenses and difference, in a lump sum on the later of (x) the due date of the next succeeding monthly installment of Tenant’s Proportionate Share thereof Fixed Rent after the date of notice to Tenant or (y) 30 days after such notice of deficiency; or (ii) in case of such an excess, Landlord shall credit to Tenant the amount of the difference against the next due payments of Additional Rent, or in the case of the expiration of the Lease, Landlord shall remit Tenant such difference within thirty (30) days. Any adjustment for the calendar final year in which of the Term shall survive the expiration thereof. If Landlord shall fail to deliver a Landlord’s Statement is given. for any year (including the final year of the term of this Lease), Tenant may initiate, and the parties shall join in, an arbitration pursuant to Section 3.2 hereof to obtain disclosure of the information that would have been provided if Landlord shall make a good faith effort to deliver had sent its Landlord’s Statement to Statement. Once Tenant by not later than March 15th has obtained such information in the arbitration, all of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce Tenant’s obligation to pay Tenant’s Proportionate Share rights set forth in the balance of the Operating Expenses and this Section 6.2 shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent periodbe applicable.

Landlord’s Statement. Each calendar year following the year in which the Commencement Date occurs, Landlord shall send Tenant a statement (“Landlord’s Statement”), setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar year, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; (ii) the total amount of any payments of Tenant’s Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, or portion thereof, based on Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Landlord’s estimate of the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s Statement is given. Landlord shall make a good faith effort to deliver Landlord’s Statement to Tenant by not later than March 15th of each calendar year; provided that any delay in delivery or Landlord’s 's failure to render a Landlord’s 's Statement with respect to for any period shall not eliminate Tax Year or reduce Tenant’s obligation to pay Tenant’s Proportionate Share of the Operating Expenses and Operation Year under Article 6 shall not prejudice Landlord’s 's right to thereafter render a Landlord’s 's Statement with respect thereto or with respect to any subsequent periodTax Year or Operation Year, provided if Landlord does not render a Landlord's Statement within six (6) months after the expiration of a Tax or Operation Year, as the case may be, Tenant may give Landlord written notice of such failure and if Landlord does not submit the Landlord's Statement within thirty (30) days after such notice, Landlord shall, subject to Force Majeure, forfeit the right to submit such statement for the applicable Operation or Tax Year. Each Landlord's Statement shall be conclusive and binding upon Tenant unless within six (6) months after receipt thereof, Tenant shall notify Landlord that it disputes the correctness of Landlord's Statement, specifying the particular respects in which the same is claimed to be incorrect, and shall pay Additional Rent in accordance with the applicable Landlord's Statement, without prejudice to Tenant's position. If Landlord fails to render a Landlord's Statement within six (6) months after the expiration of a Tax or Operation Year, as the case may be, and Tenant disputes the estimated amount of Additional Rent paid pursuant to the preceding provisions of this Article 6 in respect of such Tax or Operation Year, Tenant shall notify Landlord that it disputes such amount within six (6) months after the last date that Landlord was entitled to render a Landlord's Statement with respect to such Tax or Operation Year, specifying the particular respects in which it is claimed that Tenant's payments are incorrect. If such dispute shall not be resolved within seven (7) months after the giving of such Landlord's Statement, or if Landlord does not give a Landlord's Statement, seven (7) months after the expiration of the period for Landlord to render such Statement, Tenant shall submit the dispute to arbitration pursuant to Article 7 hereof. After timely notification to Landlord from Tenant, and upon prompt written request from Tenant, Landlord shall permit Tenant or Tenant's accounting firm a period of sixty (60) days in which to inspect and audit the books and records of Landlord which are or could be relevant to the accuracy of said Landlord's Statement or the amounts charged Tenant for the Operation Year. Such inspection shall be conducted at Landlord's office where the records are kept in New York, New Jersey or Connecticut, and shall be at such time or times during business hours as Landlord shall reasonably designate. Tenant shall keep confidential any information obtained from the books and records of Landlord.

Landlord’s Statement. Each Landlord shall maintain books and records showing Operating Expenses in accordance with reasonably sound accounting practices consistently applied throughout the Term of the Lease. By April 1st of each calendar year following the year in which the Commencement Date occursor as soon thereafter as practical, Landlord shall send deliver to Tenant a statement certified by Landlord of the prior calendar year’s Property Taxes, Operating Expenses and Insurance Costs (the “Landlord’s Statement”), setting forth: (i) the actual amount of the . Each statement for Operating Expenses incurred during shall give detailed information as to the preceding calendar year, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; (ii) the total amount of any payments of Tenant’s Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, or portion thereof, based on Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Landlord’s estimate of the amount computation of the Operating Expenses and the monthly components thereof. If the amount of Tax and Operating Expense Rent paid by Tenant during any calendar year is more that the Tenant’s Percentage Share of Property Taxes, Operating Expenses and Insurance Costs for such year, then such excess shall be credited to the next occurring installment of Tax and Operating Expense Rent or refunded to Tenant, at Landlord’s option. If, however, the amount of Tax and Operating Expense Rent paid by Tenant during any calendar year is less that the Tenant’s Proportionate Percentage Share thereof of Property Taxes, Operating Expenses and Insurance Costs for such year, then Tenant shall pay the calendar year in which the deficiency to Landlord within thirty (30) days after receipt of Landlord’s Statement is givenStatement. Landlord shall make a good faith effort to deliver Landlord’s Statement to Tenant by not later than March 15th of each calendar year; provided that any No delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period providing the statement described in this Section shall not eliminate or reduce act as a waiver of Tenant’s obligation to pay Tenant’s Proportionate Share of Tax and Operating Expense Rent; provided, however, Tenant shall have no obligation to reimburse Landlord for any expenses incurred by Landlord reimbursable hereunder if such expenses are not billed to Tenant within two (2) years after the Operating Expenses and shall not prejudice year such expenses are incurred by Landlord’s right to render Landlord’s Statement with respect to any subsequent period.

Landlord’s Statement. Each calendar year following the year in which the Commencement Date occurs, Landlord shall send endeavor to give to Tenant on or before the first (1st) day of April of each year a statement (“Landlord’s Statement”), setting forth: (i) the actual amount of the Operating Expenses incurred during increase in the preceding calendar yearAdditional Rent payable by Tenant hereunder, or portion thereof, and Tenant’s Proportionate Share but failure by Landlord to give such statement by said date shall not constitute a waiver by Landlord of such actual Operating Expenses; (ii) its right to require an increase in the Additional Rent. Such statement shall be in reasonable detail. Upon receipt of the statement Tenant shall pay the total amount of the increase relating to the period prior to the date of the statement in full. For the then current year, an amount equal to one hundred five percent (105%) of any such increase shall be used as an estimate for said current year and this amount shall be divided into twelve (12) equal monthly installments and Tenant shall pay to Landlord concurrently with the regular Basic Monthly Rent payment next due following the receipt of such statement, an amount equal to one (1) monthly installment multiplied by the number of months from January in the calendar year which said statement is submitted to the month of such payment, both months inclusive. Subsequent installments shall be payable concurrently with the regular Basic Monthly Rent payments for the balance of that calendar year and shall continue until the next year's statement is rendered. If the next or any succeeding year results in a greater increase in Landlord's Costs, then upon receipt of a statement from Landlord, Tenant shall pay a lump sum equal to such total increase over the Base Costs, less the total of the monthly installments of estimated increases paid in the previous calendar year for which comparison is then being made; and the estimated monthly installments to be paid for the next year, following said comparison year, shall be adjusted to reflect one hundred five percent (105%) of such increase in the manner set forth above. If in any year Tenant’s Proportionate 's Share of Operating Expenses received by Landlord during shall be less than the preceding calendar year, or portion thereofthen upon receipt of Landlord's statement, based any other payments in respect of Landlord's Costs made by Tenant on the monthly installment basis provided above shall be credited toward the next installment of Basic Monthly Rent falling due and the estimated monthly installments of Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of 's Costs to be paid shall be adjusted to reflect such lower Taxes and Assessments and Operating Expenses for the preceding calendar most recent comparison year, or portion thereof; and (iv) Landlord’s estimate but not less than the Base Costs. Upon termination of this Lease, any money owed by one party to the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s Statement is given. Landlord other shall make a good faith effort to deliver Landlord’s Statement to Tenant by not later than March 15th of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce Tenant’s obligation to pay Tenant’s Proportionate Share of the Operating Expenses and shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent periodbe promptly paid.

Landlord’s Statement. Each (a) Within one hundred fifty (150) days after the end of each calendar year following during the year in which the Commencement Date occursTerm, Landlord shall send furnish Tenant with a statement reflecting the actual Operating Expenses for the prior calendar year (“Landlord’s Statement”). Upon receipt of such statement, setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar year, or portion thereofTenant may request, and Landlord shall within thirty (30) days provide, reasonable back-up documentation for same. If Tenant’s Proportionate Share of such actual Operating Expenses; Expenses for any prior calendar year shall be greater (iiresulting in a deficiency) or shall be less (resulting in an excess), than the total estimated amount of any payments of Tenant’s Proportionate Share of Operating Expenses received actually paid by Landlord Tenant during the preceding such calendar year, or portion thereofthen: (i) Tenant shall, based on Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment in case of Tenant’s Proportionate Share of Operating Expenses such a deficiency, pay to Landlord as Additional Rent for the preceding such calendar year, or portion thereof; and (iv) Landlord’s estimate of year the amount of the Operating Expenses and difference, in a lump sum on the later of (x) the due date of the next succeeding monthly installment of Tenant’s Proportionate Share thereof Fixed Rent after the date of notice to Tenant or (y) 30 days after such notice of deficiency; or (ii) in case of such an excess, Landlord shall credit to Tenant the amount of the difference against the next due payments of Additional Rent, or in the case of the expiration of the Lease, Landlord shall remit Tenant such difference within thirty (30) days. Any adjustment for the calendar final year in which of the Term shall survive the expiration thereof. If Landlord shall fail to deliver a Landlord’s Statement is given. for any year (including the final year of the term of this Lease), Tenant may initiate, and the parties shall join in, an arbitration pursuant to Section 3.2 hereof to obtain disclosure of the information that would have been provided if Landlord shall make a good faith effort to deliver had sent its Landlord’s Statement to Statement. Once Tenant by not later than March 15th has obtained such information in the arbitration, all of each calendar year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall not eliminate or reduce Tenant’s obligation to pay Tenant’s Proportionate Share rights set forth in the balance of the Operating Expenses and this Section 6.2 shall not prejudice Landlord’s right to render Landlord’s Statement with respect to any subsequent periodbe applicable.

Landlord’s Statement. Each Commencing as of the first calendar year following the Base Year and continuing for each calendar year in which throughout the Commencement Date occursLease Term, Landlord shall send Tenant a statement (“Landlord’s Statement”), setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar year, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; (ii) the total amount of any payments of paid, if any, by Tenant during such calendar year as Tenant’s 's Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, or portion thereof, based on Landlord’s estimate (or the Projected Monthly any Excess Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iviii) Landlord’s estimate of the amount of the Excess Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s 's Statement is given. Landlord shall make a good faith effort to deliver Landlord’s Statement to Tenant by not later than March 15th May 1st of each calendar year; provided that any delay in delivery or Landlord’s 's failure to render Landlord’s 's Statement with respect to any period shall not eliminate or reduce Tenant’s 's obligation to pay Tenant’s 's Proportionate Share of the any Excess Operating Expenses and shall not prejudice Landlord’s 's right to render Landlord’s 's Statement with respect to any subsequent period. In the event that less than ninety-five percent (95%) of the total rentable are of the Building is occupied by tenants during any calendar year of the Lease Term, Landlord shall make the necessary adjustments to all Operating Expense items that vary based on Building occupancy so that the actual Operating Expenses used in determining Tenant's Proportionate Share are “grossed up” to reflect a 95% Building occupancy rate.