Operating Expense Adjustment a. The Base Unit Rate for VAC has been developed as follows:
i. Electrical Energy: An average unit cost of electricity per kilowatt hour, including energy charge, demand charge, fuel adjustments and taxes, from applicable Connecticut Light and Power Company rate schedules in effect as of July 1, 1995.
ii. All Other Expenses: All costs and expenses for operation, administration, insurance, repairs, replacement, maintenance and property taxes accrued to said system, in effect as of July 1, 1995.
b. The VAC Charge shall be adjusted from time to time in accordance with the following provisions:
i. Eighty percent (80%) of the Actual Unit Rate shall be increased by a percentage equal to the percentage increase in the previously defined average cost of electrical power per kilowatt hour.
ii. Twenty percent (20%) of the Actual Unit Rate shall be increased during each annual period by a percentage equal to the percentage increase from the base period of the “Consumer Price Index For All Urban Consumers (1982-1984), U.S. City Average, All Items”, published by the United States Department of Labor, Bureau of Labor Statistics.
iii. Landlord shall have the right to adjust retroactively and increase VAC charges for preceding periods. The adjusted Actual Unit Rate shall become the applicable rate until further adjusted by Landlord. Electronic Record and Signature Disclosure created on: 4/16/2019 1:54:51 PM Parties agreed to: Xxx Xxxxxxx, Xxxxxxx Xxxxxx ELECTRONIC RECORD AND SIGNATURE DISCLOSURE From time to time, The Taubman Company LLC (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system. Getting paper copies At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after the signing session and, if you elect to create a DocuSign account...
Operating Expense Adjustment. Tenant shall pay as additional rent its proportionate share, as defined in paragraph 1 9.2, of the amount by which operating expenses for the Building increase over those experienced by Landlord during the calendar year 1 997 (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 Tenant for any deficienxx xr 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 Basic Annual Rental payable under paragraph 1(f) hereof is based, in part, on operating expenses existing during the calendar year in which the lease commences ("Base Year"). For the purpose of rental escalations under the terms of the Lease, operating expenses are defined as and limited to: (i) ad valorem taxes, for which Landlord is liable, assessed against the Land, Building and improvements and in and upon which the Premises are located, together with any special assessments and other real estate costs in the nature of taxes or assessments for which Landlord is responsible; (ii) expenses of operation, maintenance and repair of the Land, Building, sidewalks and courts adjacent thereto in a manner deemed reasonable and appropriate and for the best interest of the occupants; (iii) actual expenses incurred for employees (as hereinafter defined), such as wages, fringe benefits, taxes, unemployment and disability insurance, workmen's compensation insurance, social security benefits and any other experience incurred in connection with such employees; (iv) actual cost of materials and supplies used and consumed for the benefit of the Building and the occupants; (v) full contract cost of third-party contractors for all of the foregoing, including rubbish removal, elevator maintenance, maintenances of air conditioning, heating and verification equipment, management services, uniform supply, pest control and security services; (vi) all utility services; and (vii) actual cost of insurance, including fire and extended coverage and general liability insurance, but no charge for insurance is included that reflects premiums due to an act or omission of any tenant of the Building for which Landlord would be entitled to reimbursement from such tenant. The term "employees" includes employees such as superintendents, engineers, electricians, clerks, mechanics, helpers, security officers, porters, cleaners, and window washers, as well as contract laborers performing services for the Building and other persons, firms or corporations providing services for the benefit of the Building. Said operating expenses shall not include administrative salaries and wages of persons not involved in the day-to-day operations of the Building, state or federal income taxes or periodic alterations of improvements to the construction of the Building, and in no case shall Tenant be charged additional rent for any operating expense such as painting, repainting, redecorating, special cleanin...
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. 6 5. Use.......................................... 8 6.
Operating Expense Adjustment. 6 5. Use........................................................... 8 6. Maintenance, Repairs and Alterations.......................... 8 7. Insurance: Indemnity.......................................... 10 8.
Operating Expense Adjustment. Section 7.6 of the Lease is hereby amended by adding the following sentence to the end thereof: For purposes of clarification, the adjustment, if any, made to Tenant’s Operating Expenses shall apply only to charges that are variable in direct proportion to occupancy within the Building, and not fixed charges.
Operating Expense Adjustment. 5 B. Real Estate Tax Adjustment................................ 6 4 ELECTRICITY............................................................. 8 5 USE..................................................................... 12 6 REPAIRS, ALTERATIONS AND LIENS.......................................... 13 7 FLOOR LOAD, NOISE, WINDOW CLEANING...................................... 18 8 LAWS, ORDINANCES, REQUIREMENTS OF PUBLIC AUTHORITIES.................... 18 9 INSURANCE, PROPERTY LOSS, REIMBURSEMENT................................. 19 10 DAMAGE OR DESTRUCTION BY FIRE OR OTHER CAUSE............................ 22 11 ASSIGNMENT, SUBLETTING, MORTGAGING...................................... 24
