Common use of Monthly Impound Clause in Contracts

Monthly Impound. Prior to January 1 of each calendar year of the Lease Term after the Base Year, Lessor shall prepare or cause to be prepared in good faith an estimate of the total Operating Costs and Real Estate Taxes for the upcoming calendar year (or the remaining portion thereof). If Lessee’s Pro-Rata Share of the estimated Operating Costs exceeds the Base Year Operating Costs (such excess shall hereinafter be referred to as “Excess Operating Costs”) and/or if Lessee’s Pro-Rata Share of the estimated Real Estate Tax exceeds the Real Estate Tax Expense Stop (such excess shall hereinafter be referred to as “Excess Real Estate Taxes”), Lessee shall pay, concurrently with the monthly Base Rental payments, an amount equal to one-twelfth (1/12) of the estimated amount of Tenant’s Pro-Rata Share of such Excess Operating Costs and Excess Real Estate Taxes. Within five (5) months after the expiration of such calendar year, Lessor shall furnish Lessee with a statement setting forth in reasonable detail the Operating Costs and Real Estate Taxes for such calendar year. If the estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate Taxes for such calendar year as provided for above is greater than Tenant’s Pro-Rata Share of the actual excess as set forth in the statement delivered by Lessor to Tenant for such calendar year, then Lessor shall credit the additional amount paid by Tenant toward the next installments of Base Rental, or, if at the end of the Lease Term, reimburse said amount to Lessee within thirty (30) days after receiving a written request for reimbursement from Lessee. If the estimated amount paid by Lessee is less than the actual amount of Lessee’s Pro-Rata Share of the Excess Operating Costs and/or Excess Real Estate Taxes, then Lessee shall pay the additional amount to Lessor on or before thirty (30) days after receipt by Lessee of said settlement. If the Lease Term terminates on other than the last day of a calendar year, Lessee’s Pro-Rata Share of Excess Operating Costs and Excess Real Estate Taxes for the year in which this Lease terminates shall be prorated on a per diem basis (based on a 365-day year). If Lessor’s statement for said final year of this Lease discloses that Lessee has underpaid or overpaid Tenant’s Pro-Rata Share, then Lessor or Lessee, as the case may be, shall remit the difference to the other party on or before fifteen (15) days after Lessee’s receipt of said statement (or Lessor may apply the same against any past due amounts Lessee may owe to Lessor). The provision of this Section shall survive the expiration or termination of this Lease.”

Monthly Impound. Prior to January 1 1st of each calendar year during the term of the Lease Term after the Base Yearthis Lease, Lessor shall prepare or cause to be prepared in good faith an estimate of the total Operating Costs and Real Estate Taxes for the upcoming calendar year (or for the remaining Building and those Operating Costs for the entire Project allocated to Lessor's portion thereof)of the Project. If Should Lessee’s 's Pro-Rata rata Share of this estimated amount exceed the estimated Operating Costs exceeds the Base Year Operating Costs (such excess shall hereinafter be referred to as “Excess Operating Costs”) and/or if Lessee’s Pro-Rata Share of the estimated Real Estate Tax exceeds the Real Estate Tax Expense Stop (such excess shall hereinafter be referred to as “"Excess Real Estate Taxes”Operating Costs"), Lessee shall pay, concurrently with the monthly Base Rental payments, an amount equal to one-twelfth (1/12) of the estimated amount of Tenant’s Lessee's Pro-Rata rata Share of such Excess Operating Costs and Excess Real Estate TaxesCosts. Within five (5) 3 months after the expiration of such calendar year, Lessor shall furnish Lessee with a statement setting forth in reasonable detail the Operating Costs and Real Estate Taxes for such calendar year, determined on a cash basis, as of December 31. If the estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate Taxes for such calendar year as provided for above is greater than Tenant’s Pro-Rata Lessee's Prorata Share of the actual excess as set forth in the statement delivered by Lessor to Tenant Lessee for such calendar year, then Lessor shall credit the additional amount paid by Tenant Lessee toward the next installments of Base Rental, or, if at the end of the Lease Term, reimburse said amount to Lessee within thirty (30) days after receiving a written request for reimbursement from Lesseethe end of the Term. If the estimated amount paid by Lessee is less than the actual amount of Lessee’s Pro-Rata 's Prorata Share of the Excess Operating Costs and/or Excess Real Estate TaxesCosts, then Lessee shall pay the additional amount to Lessor on or before thirty (30) 30 days after receipt by Lessee of said settlementstatement. If the term of this Lease Term terminates on other than the last day of a calendar year, Lessee’s 's Pro-Rata rata Share of Excess Operating Costs and Excess Real Estate Taxes for the year in which this Lease terminates shall be prorated on a per diem basis (based on a 365-day year). If Lessor’s 's statement for said final year of this the Lease discloses that Lessee has underpaid or overpaid Tenant’s Lessee's Pro-Rata rata Share, then Lessor or Lessee, as the case may be, shall remit the difference to the other party on or before fifteen (15) 15 days after Lessee’s 's receipt of said statement (or Lessor may apply the same against any past due amounts Lessee may owe to Lessor). The provision provisions of this Section shall survive the expiration or termination of this Lease.”

Monthly Impound. Prior to the Commencement Date, and prior to January 1 of each calendar year of thereafter during the Lease Term after the Base YearTerm, Lessor shall prepare or cause to be prepared in good faith an estimate of the total Operating Costs and Real Estate Taxes for the upcoming calendar year (or the remaining portion thereof)) for the Building and those Operating Costs for the entire Project allocated to Lessor’s portion of the Project. If As of the Commencement Date, if Lessee’s Pro-Rata Share of the this estimated Operating Costs amount exceeds the Base Year Operating Costs Expense Stop (such excess shall hereinafter be referred to as “Excess Operating Costs”) and/or if Lessee’s Pro-Rata Share of the estimated Real Estate Tax exceeds the Real Estate Tax Expense Stop (such excess shall hereinafter be referred to as “Excess Real Estate Taxes”), Lessee shall pay, concurrently with the monthly Base Rental payments, an amount equal to one-twelfth (1/12) of the estimated amount of TenantLessee’s Pro-Rata Share of such Excess Operating Costs and Excess Real Estate TaxesCosts. Within five three (53) months after the expiration of such calendar year, Lessor shall furnish Lessee with a statement setting forth in reasonable detail the Operating Costs and Real Estate Taxes for such calendar year, determined on a cash basis, as of December 31. If the estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate Taxes for such calendar year as provided for above is greater than TenantLessee’s Pro-Rata Share of the actual excess as set forth in the statement delivered by Lessor to Tenant Lessee for such calendar year, then Lessor shall credit the additional amount paid by Tenant Lessee toward the next installments of Base Rental, or, if at the end of the Lease Term, reimburse said amount to Lessee within thirty (30) days after receiving a written request for reimbursement from Lessee. If the estimated amount paid by Lessee is less than the actual amount of Lessee’s Pro-Rata Share of the Excess Operating Costs and/or Excess Real Estate TaxesCosts, then Lessee shall pay the additional amount to Lessor on or before thirty (30) days after receipt by Lessee of said settlementstatement. If the term of this Lease Term terminates on other than the last day of a calendar year, Lessee’s Pro-Rata Share of Excess Operating Costs and Excess Real Estate Taxes for the year in which this Lease terminates shall be prorated on a per diem basis (based on a 365-day year). If Lessor’s statement for said final year of this Lease discloses that Lessee has underpaid or overpaid TenantLessee’s Pro-Rata Share, then Lessor or Lessee, as the case may be, shall remit the difference to the other party on or before fifteen (15) days after Lessee’s receipt of said statement (or Lessor may apply the same against any past due amounts Lessee may owe to Lessor). The provision provisions of this Section shall survive the expiration or termination of this Lease.”

Monthly Impound. Prior to the Commencement Date, and prior to January 1 of each calendar year of thereafter during the Lease Term after the Base YearTerm, Lessor shall prepare or cause to be prepared in good faith an estimate of the total Operating Costs and Real Estate Taxes for the upcoming calendar year (or the remaining portion thereof)) for the Building and those Operating Costs for the entire Project allocated to Lessor’s portion of the Project. If As of the Commencement Date, if Lessee’s Pro-Rata Share of the this estimated Operating Costs amount exceeds the Base Year Operating Costs Expense Stop (such excess shall hereinafter be referred to as “Excess Operating Costs”) and/or if Lessee’s Pro-Rata Share of the estimated Real Estate Tax exceeds the Real Estate Tax Expense Stop (such excess shall hereinafter be referred to as “Excess Real Estate Taxes”), Lessee shall pay, concurrently with the monthly Base Rental payments, an amount equal to one-twelfth (1/12) of the estimated amount of TenantLessee’s Pro-Rata Share of such Excess Operating Costs and Excess Real Estate TaxesCosts. Within five three (53) months after the expiration of such calendar year, Lessor shall furnish Lessee with a written statement setting forth in reasonable detail the Operating Costs and Real Estate Taxes for such calendar year, determined on a cash basis, as of December 31. If the estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate estimated amount paid by Lessee towards Excess Operating Costs and/or Excess Real Estate Taxes for such calendar year as provided for above is greater than TenantLessee’s Pro-Rata Share of the actual excess as set forth in the statement delivered by Lessor to Tenant Lessee for such calendar year, then Lessor shall credit the additional amount paid by Tenant Lessee toward the next installments of Base RentalRental and Lessee’s Pro-Rata Share of Excess Operating Costs, or, if at the end of the Lease Term, reimburse said amount to Lessee within thirty fifteen (3015) business days after receiving a written request for reimbursement from Lesseeexpiration of the Lease Term. If the estimated amount paid by Lessee is less than the actual amount of Lessee’s Pro-Rata Share of the Excess Operating Costs and/or Excess Real Estate TaxesCosts, then Lessee shall pay the additional amount to Lessor on or before thirty (30) days after receipt by Lessee of said settlementwritten statement. If the term of this Lease Term terminates on other than the last day of a calendar year, Lessee’s Pro-Rata Share of Excess Operating Costs and Excess Real Estate Taxes for the year in which this Lease terminates shall be prorated on a per diem basis (based on a 365-day year). If Lessor’s statement for said final year of this Lease discloses that Lessee has underpaid or overpaid TenantLessee’s Pro-Rata Share, then Lessor or Lessee, as the case may be, shall remit the difference to the other party on or before fifteen (15) days after Lessee’s receipt of said statement (or Lessor may apply the same against any past due amounts Lessee may owe to Lessor)statement. The provision provisions of this Section shall survive the expiration or termination of this Lease.”