Operating Expense Adjustment. In the event that Tenant's proportionate share of projected operating expenses for common area services as described in Paragraphs 4, 6, and 10 exceeds the amount specified in Paragraph 4 (a), (such excess to be called "Excess Operating Expenses"), Tenant agrees to pay Landlord monthly, as an additional rental, one twelfth (1/12) of the projection of "Excess Operating Expenses". The most recent projection for "Excess Operating Expenses" for the building and/or project is $1.27 per square foot per year. Tenant's proportionate share of this projection of "Excess Operating Expenses" amounts to a monthly charge of $15,629.47, for which the Tenant will be separately billed. On or about April 15 of each calendar year during Tenant's occupancy and the calendar year following termination of this lease, or as soon thereafter as is practical, Landlord shall furnish to Tenant a statement in reasonable detail of the actual Operating Expenses for the previous year. If for any calendar year Tenant's payments on account for Excess Operating Expenses exceeds Tenant's proportionate share of the actual Excess Operating Expenses, Landlord shall either credit the overpayment against the next installment of rent due from Tenant or promptly refund to Tenant the overpayment. Conversely, if the payments made by Tenant on account of the prior year's Excess Operating Expenses are less than Tenant's proportionate share of the actual Excess Operating Expenses, Tenant shall pay to Landlord, within thirty (30) days after receipt of such statement, as additional rent, the underpayment with respect to Tenant's Proportionate Share of the Excess Operating Expenses for the prior year. Landlord, upon notice to Tenant, may elect to lower or raise the projected cost paid monthly by Tenant so that Tenant's payments are equal to the adjusted projection of "Excess Operating Expenses".
Operating Expense Adjustment a. The Base Unit Rate for VAC has been developed as follows:
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. 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. 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. 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 1998 (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 xxxx Tenant for any deficiency or credit Tenant with any excess collected. As used herein "
Operating Expense Adjustment. Tenant's Share of the amount by which Operating Expenses for any Operating Year exceeds the Operating Expense Allowance. Operating Expense Allowance. The actual Operating Expenses for the Operating Year 2006. Operating Expense Estimate. Landlord's estimate of the Operating Expense Adjustment for an Operating Year. Operating Expense Statement. A written statement from Landlord setting forth (a) the amount of Operating Expenses for the preceding Operating Year, (b) the Operating Expense Adjustment for such Operating Year, (c) all amounts paid by Tenant on account of the Operating Expense Adjustment, and (d) the amount due from or to be credited to Tenant for the Operating Year.
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.
