Common use of Monthly Impound Clause in Contracts

Monthly Impound. Prior to the Commencement Date, and prior to January 1 of each calendar year thereafter during the Lease Term, Lessor shall prepare or cause to be prepared in good faith an estimate of the total Operating Costs 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. As of the Commencement Date, if Lessee’s Pro-Rata Share of this estimated amount exceeds the Expense Stop (such excess shall hereinafter be referred to as “Excess 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 Lessee’s Pro-Rata Share of such Excess Operating Costs. Within three (3) months after the expiration of such calendar year, Lessor shall furnish Lessee with a statement setting forth in reasonable detail the Operating Costs for such calendar year, determined on a cash basis, as of December 31. If the estimated amount paid by Lessee towards Excess Operating Costs for such calendar year as provided for above is greater than Lessee’s Pro-Rata Share of the actual excess as set forth in the statement delivered by Lessor to Lessee for such calendar year, then Lessor shall credit the additional amount paid by 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, then Lessee shall pay the additional amount to Lessor on or before thirty (30) days after receipt by Lessee of said statement. If the term of this Lease terminates on other than the last day of a calendar year, Lessee’s Pro-Rata Share of Excess Operating Costs 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 Lessee’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 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 thereafter during of the Lease TermTerm 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) for ). If Lessee’s Pro-Rata Share of the Building and those estimated Operating Costs for exceeds the entire Project allocated Base Year Operating Costs (such excess shall hereinafter be referred to Lessor’s portion of the Project. As of the Commencement Date, as “Excess Operating Costs”) and/or if Lessee’s Pro-Rata Share of this the estimated amount Real Estate Tax exceeds the Real Estate Tax Expense Stop (such excess shall hereinafter be referred to as “Excess Operating CostsReal 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 LesseeTenant’s Pro-Rata Share of such Excess Operating CostsCosts and Excess Real Estate Taxes. Within three five (35) 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 LesseeTenant’s Pro-Rata Share of the actual excess as set forth in the statement delivered by Lessor to Lessee Tenant for such calendar year, then Lessor shall credit the additional amount paid by Lessee 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 CostsCosts 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 statementsettlement. 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 LesseeTenant’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 provisions provision of this Section shall survive the expiration or termination of this Lease.”

Monthly Impound. Prior to the Commencement Date, and prior to January 1 1st of each calendar year thereafter during the Lease Termterm of this Lease, Lessor shall prepare or cause to be prepared in good faith an estimate of the total Operating Costs 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 's portion of the Project. As of the Commencement Date, if Should Lessee’s 's Pro-Rata rata Share of this estimated amount exceeds exceed the Expense Stop (such excess shall hereinafter be referred to as “"Excess 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 Lessee’s 's Pro-Rata rata Share of such Excess Operating Costs. Within three (3) 3 months after the expiration of such calendar year, Lessor shall furnish Lessee with a statement setting forth in reasonable detail the Operating Costs for such calendar year, determined on a cash basis, as of December 31. If the estimated amount paid by Lessee towards Excess Operating Costs for such calendar year as provided for above is greater than Lessee’s Pro-Rata 's Prorata Share of the actual excess as set forth in the statement delivered by Lessor to Lessee for such calendar year, then Lessor shall credit the additional amount paid by 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, then Lessee shall pay the additional amount to Lessor on or before thirty (30) 30 days after receipt by Lessee of said statement. If the term of this Lease terminates on other than the last day of a calendar year, Lessee’s 's Pro-Rata rata Share of Excess Operating Costs 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 Lessee’s '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 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 thereafter during the Lease Term, Lessor shall prepare or cause to be prepared in good faith an estimate of the total Operating Costs 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. As of the Commencement Date, if Lessee’s Pro-Rata Share of this estimated amount exceeds the Expense Stop (such excess shall hereinafter be referred to as “Excess 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 Lessee’s Pro-Rata Share of such Excess Operating Costs. Within three (3) months after the expiration of such calendar year, Lessor shall furnish Lessee with a written statement setting forth in reasonable detail the Operating Costs for such calendar year, determined on a cash basis, as of December 31. If the estimated amount paid by Lessee towards Excess Operating Costs for such calendar year as provided for above is greater than Lessee’s Pro-Rata Share of the actual excess as set forth in the statement delivered by Lessor to Lessee for such calendar year, then Lessor shall credit the additional amount paid by 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, then Lessee shall pay the additional amount to Lessor on or before thirty (30) days after receipt by Lessee of said written statement. If the term of this Lease terminates on other than the last day of a calendar year, Lessee’s Pro-Rata Share of Excess Operating Costs 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 Lessee’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 provisions of this Section shall survive the expiration or termination of this Lease.