Operating Expense Adjustment Sample Clauses
Operating Expense Adjustment. Tenant shall pay to Landlord as Additional Rent, in addition to the Base Rent required by Article 3 hereof, an amount (“Expense Adjustment Amount”) equal to Tenant’s Proportionate Share of the combined total of Operating Expenses (determined on an accrual basis) paid or incurred during each Calendar Year. The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments in an amount from time to time estimated 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 accepted accounting principles, consistently applied. As promptly as practical 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 upon the actual Operating Expenses paid or incurred for such Calendar Year and Landlord shall deliver to Tenant a statement of such amount and the amount of all estimated installments paid by Tenant for such Calendar Year. Tenant shall pay to Landlord any deficiency as shown by such statement within thirty (30) days after receipt of such statement. This statement as to the amount of Operating Expenses for such Calendar Year for the Building shall constitute a determination which is final and conclusive on Tenant subject to Section 4E below. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceeds the actual amount due from Tenant for such Calendar Year, at Landlord’s option, such excess shall be either credited against payments next due hereunder or refunded by Landlord within thirty (30) days, provided Tenant is not then in default hereunder. In determining the amount of Operating Expenses for the purposes of this paragraph, if less than 95 percent of the rentable area of the Building shall have been occupied by tenants and fully used by them during the year, Operating Expenses shall be deemed for the purposes of this paragraph to be increased to the amount of operating expenses that would normally be expected to be incurred had occupancy been 95 percent and had full use been made during the entire period.
Operating Expense Adjustment. Tenant shall pay as additional rent Tenant's Proportionate Share of the amount by which operating expenses for the Building increase over those experienced by Landlord during the calendar year N/A (base year). Effective January 1 of each year Landlord shall estimate the amount by which operating expenses are expected to increase, if any, over those incurred in the base year. Monthly rental for that year shall be increased by one-twelfth of Tenant's share of the estimated increase. Following the end of each calendar year, Landlord shall compute the actual increase in operating expenses and bill Xxxant for any deficiency or credit Tenant with any excess collected. As used herein "operating expenses" shall mean all costs of operating and maintaining the Building as determined by standard real estate accounting practice, including, but not limited to: all water and sewer charges; the cost of natural gas and electricity provided to the Building; janitorial and cleaning supplies and services; administration costs and management fees; superintendent fees; security services, if any; insurance premiums; licenses, permits for the operation and maintenance of the Building and all of its component elements and mechanical systems; the annual amortized capital improvement cost (amortized over such a period as Landlord may select but not shorter than the period allowed under the Internal Revenue Code and at a current market interest rate) for any capital improvements to the Building required by any governmental authority or those which have a reasonable probability of improving the operating efficiency of the Building.
Operating Expense Adjustment. At the end of the first four (4) Contract Quarters during the Applicable Term, HEP Operating shall calculate the aggregate operating expenses incurred in the operation of the Tulsa West Tankage (but such calculation shall not include extraordinary and non-recurring items of expense that are not reasonably expected to recur in future periods during the Applicable Term) (“Initial OPEX”). In the event that the Initial OPEX exceeds the Assumed OPEX for the Tulsa West Tankage set forth on Exhibit C, (A) HFRM shall, within ten (10) days of receiving an invoice from HEP Operating, reimburse HEP Operating an amount equal to (i) the Initial OPEX minus (ii) the Assumed OPEX (the “OPEX Reimbursement Amount”), and (B) from and after the first four (4) Contract Quarters during the Applicable Term, HEP Operating shall, increase the Base Tariff for the Tulsa West Tankage by the amount necessary to allow HEP Operating to recover the OPEX Reimbursement Amount during each subsequent four (4) Contract Quarter period for the remainder of the Applicable Term, and the Parties shall execute an amended, modified, revised or updated Exhibit C reflecting such aggregate OPEX as the new Assumed OPEX for the Tulsa West Tankage. In the event that the Initial OPEX is less than the Assumed OPEX for the Tulsa West Tankage, HEP Operating shall decrease the Base Tariff for the Tulsa West Tankage by the amount necessary to account for the difference between the Assumed OPEX for the Tulsa West Tankage and the Initial OPEX for each subsequent four (4) Contract Quarter Period for the remainder of the Applicable Term, and the Parties shall execute an amended, modified, revised or updated Exhibit C reflecting the Initial OPEX as the new Assumed OPEX for the Tulsa West Tankage.
Operating Expense Adjustment. If during all or part of any Lease Year, Landlord does not furnish any work or services that were included in Base Operating Expenses, Landlord will have the right to reduce the Base Operating Expenses by an amount equal to the additional costs and expenses Landlord would have incurred if Landlord furnished such work or services during such Lease Year.
Operating Expense Adjustment. The parties each acknowledge that the Rent specified in Item 3 of the Lease does not provide for increases in operating expenses, real estate taxes and utility costs which may hereafter affect the Premises or the Building: accordingly, during the term of this Lease, and any renewals thereof, Tenant shall pay to Landlord, in addition to the Annual Escalator described in Item 4 hereof, in the form of Additional Rent (plus any applicable tax), its Proportionate Share of increased expenses over the base amount as defined in item 1, Section (i). (Should Tenant exercise any expansion option under the Lease, the foregoing proportionate share shall be adjusted accordingly). Within thirty (30) days after the first twelve (12) months of the term or such calendar year as may be selected, and each anniversary thereafter, Landlord shall deliver to Tenant a statement setting forth the amount of increases for the preceding twelve (12) month period, together with an invoice showing the amount due Landlord from Tenant under such increases. Tenant shall pay any increases over the base amount within (30) days from receipt of the statement and invoice, whether or not Tenant disputes the accuracy of such statement, Tenant reserving the right at its expense to audit Landlord's records in support of such statement.
Operating Expense Adjustment. If the Operating Expenses (defined below) for the Building for any calendar year, expressed on a per square foot basis, exceed the Base Operating Expense Factor specified in Subsection 2.01(e) Lessee shall pay to Lessor increased Rent (an "Operating Expense Adjustment") in an amount equal to the product of such excess times the square feet of the Leased Premises as stated in Subsection 2.01 (b)). The Operating Expense Adjustment shall be payable in monthly installments on the first day of each calendar month based on Lessor's estimate of the Operating Expenses for the then current year. Lessor may at any time give Lessee written notice specifying Lessor's estimate of the Operating Expenses for the then current calendar year or the subsequent calendar year and specifying the Operating Expense Adjustment to be paid by Lessee for each such year. Within one hundred twenty (120) days after the end of each calendar year, Lessor shall give written notice to Lessee specifying the actual Operating Expenses for the prior calendar year and any necessary adjustment to the Operating Expense Adjustment paid by Lessee for that calendar year. Lessee shall pay any deficit amount to Lessor within fifteen (15) days after receipt of Lessor's written notice. Any excess payment by Lessee for the prior calendar year shall reduce the Operating Expense Adjustment for the following calendar year. (For purposes herein, for any calendar year, any such deficit amount Lessee is to pay Lessor, or any excess payment Lessee may reduce its Operating Expense Adjustment for the following calendar year by shall be deemed the "tru-up".) In the event the tru- up for any calendar year is five percent (5%) of the Operating Expenses or less. Lessee shall tru-up its Operating Expenses as set forth above; provided, however, if the tru-up for any calendar year is greater than five percent (5%) of the Operating Expenses, then Lessee may amortize such amount into its Operating Expense payments for the following calendar year. The provisions of this paragraph shall survive the cancellation or termination of this Lease Lessee shall have the right, one (1) time per year. with written notice to Lessor, to request Lessor to provide Lessee with a detailed itemization of the Operating Expenses for any calendar year.
Operating Expense Adjustment. In determining the Tenant's proportionate share of increases in Operating Expenses and Taxes for the purpose of this Section 4, if less than 95% of the Building shall have been occupied by tenants and fully used by them, at any time during the year, Operating Expenses and Taxes shall be adjusted to an amount equal to the Operating Expense and Tax that would normally be expected to be incurred, had such occupancy been 95% and had full utilization been made during the entire period.
Operating Expense Adjustment. (i) The term "Base Year" shall refer to the Calendar Year of 1996. Tenant's proportionate share of Operating Expense Differential (as such term is hereinafter defined in paragraph (a) (ii) of the Article 4) shall be 3.4%; such share is a fraction, the numerator of which is the rentable square footage of the Leased Premises and the denominator is the total rentable square footage of the Building. For purposes of this article, the term "Operating Expenses" shall mean any and all costs and expenses paid or incurred by Landlord, or its agents, for any calendar year in connection with the operation, servicing, maintenance and repair of the Building, determined in accordance with generally accepted accounting principles, property taxes, insurance (including public liability, property damage, and fire and extended coverage insurance for the full replacement cost of the Building), management fees, if included in the Operating Expenses for the Base Year in an amount not to exceed management fees charged in comparable office buildings in St. Tammany Parish, Louisiana, and any tax imposed upon gross receipt of rents, but shall exclude:
Operating Expense Adjustment. Tenant shall pay as additional rent Tenant's Proportionate Share of the amount by which operating expenses for the Building increase over those experienced by Landlord during the calendar year 1988 (base year). Effective January 1 of each year Landlord shall estimate the amount by which operating expenses are expected to increase, if any, over those incurred in the base year. Monthly rental for that year shall be increased by one-twelfth of Please initial KTL -------- ------ Landlord Tenant
Operating Expense Adjustment. Tenant shall pay as additional rent Tenant's Proportionate Share of the amount by which operating expenses for the Building increase over those experienced by Landlord during the calendar year 1999 (base year). Effective February 1, 2004 the base year for operating expenses will be the calendar year 2004. Effective January 1 of each year Landlord shall estimate the amount by which operating expenses are expected to increase, if any, over those incurred in the base year. Monthly rental for that year shall be increased by one-twelfth of Tenant's share of the estimated increase provided that Landlord may revise its estimate during any year with reasonable cause and the additional estimates shall be payable as equal additions to rent for the remainder of the calendar year. Following the end of each calendar year, Landlord shall compute the actual increase in operating expenses and bill Tenant for any deficiency or credit Tenant with any excess xxxlected. Tenant shall pay any such deficiency within 30 days after Landlord's billing, whether or not this Lease shall have expired or terminated at the time of such billing. As used herein "