Common use of Operating Expense Rental and Real Estate Tax Rental Clause in Contracts

Operating Expense Rental and Real Estate Tax Rental. Commencing upon the Rent Commencement Date, Tenant shall pay to Landlord throughout the remainder of the Term, as Additional Rent, (i) Tenant's Proportionate Share of Operating Expenses (as defined in Section 6.1) during each Calendar Year ("Operating Expense Rental"), and (ii) Tenant's Proportionate Share of Taxes (as defined in Article VII) during each Calendar Year ("Real Estate Tax Rental"). In the event the Expiration Date is other than the last day of a Calendar Year, Operating Expense Rental and Real Estate Tax Rental and applicable Calendar Year shall be appropriately prorated. Landlord shall submit to Tenant before the Commencement Date and before the beginning of each Calendar Year, or as soon thereafter as reasonably possible (and in any event by February 1 of the subject Calendar Year), a statement of Landlord's estimate of Operating Expense Rental and Real Estate Tax Rental due from Tenant during such Calendar Year. Commencing upon the Rent Commencement Date and in addition to Basic Rent, Tenant shall pay to Landlord on or before the first day of each month during such Calendar Year an amount equal to 1/12th of Landlord's estimated Operating Expense Rental and estimated Real Estate Tax Rental as set forth in Landlord's statement. If Landlord fails to give Tenant notice of its estimated payments due for any Calendar Year, then Tenant shall continue making monthly estimated Operating Expense Rental and Real Estate Tax Rental payments in accordance with the estimate for the previous Calendar Year until a new estimate is provided. If Landlord determines that, because of unexpected increases in Operating Expenses or Real Estate Taxes, Landlord's estimate of the Operating Expense Rental or Real Estate Tax Rental was too low, then Landlord shall have the right to give a new statement (but in no event may Landlord deliver more than one (1) new statement to Tenant during any Calendar Year) of the estimated Operating Expense Rental and estimated Real Estate Tax Rental due from Tenant for the balance of such Calendar Year and xxxx Tenant for any deficiency. Tenant shall thereafter pay monthly estimated payments based on such new statement. Within 90 days after the expiration of each Calendar Year, or as soon thereafter as is practicable (and in any event by April 15 of the subject Calendar Year), Landlord shall submit a statement to Tenant showing the actual Operating Expenses Rental and the actual Real Estate Tax Rental due from Tenant for such Calendar Year. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments exceed the actual Operating Expense Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's next monthly payment of estimated Operating Expense Rental, or, in the event the Lease has expired or terminated and no Event of Default (as defined in Section 19.1) exists, Landlord shall pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments are less than the actual Operating Expense Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. If for any Calendar Year, Tenant's estimated Real Estate Tax Rental payments exceed the actual Real Estate Tax Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's next monthly payment of estimated Real Estate Tax Rental, or, in the event the Lease has expired or terminated and no Event of Default exists, Landlord shall immediately pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's estimated Real Estate Tax Rental payments are less than the actual Real Estate Tax Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. Landlord's and Tenant's obligations with respect to any overpayment or underpayment of Operating Expense Rental and Real Estate Tax Rental shall survive the expiration or termination of this Lease for a period of two (2) years.

Appears in 1 contract

Samples: Office Lease (Taylor Capital Group Inc)

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Operating Expense Rental and Real Estate Tax Rental. Commencing upon the Rent Commencement Date, Tenant shall pay to Landlord throughout the remainder of the Term, as Additional Rent, (i1) the Amenity Building Rent (as defined in this Section 4.3), the Management Fee (as defined in this Section 4.3), and Tenant's ’s Proportionate Share of Operating Expenses (as defined in Section 6.1) during each Calendar Year ("collectively, the “Operating Expense Rental"), ; and (ii2) Tenant's ’s Proportionate Share of Real Estate Taxes (as defined in Article VII) during each Calendar Year ("Real Estate Tax Rental"). The “Amenity Building Rent” shall be in the amount set forth in schedule in Section 4.5 and included in the Operating Expense Rental. The “Management Fee” shall be equal to three percent (3%) of the total of Basic Rent, Operating Expense Rental (exclusive of the Management Fee component) and Real Estate Tax Rental owed by Tenant for each Calendar Year and will be included in the Operating Expense Rental; provided, however, during the Basic Rent Abatement Period, the amount of $3,792,285.00 shall be used for purposes of calculating the portion of the Management Fee that is based on annual Basic Rent for the Calendar Year of 2020, even though Basic Rent is subject to abatement during the Basic Rent Abatement Period as provided in Section 1.12. In the event the Expiration Date is other than the last day of a Calendar Year, Operating Expense Rental and Real Estate Tax Rental and for the applicable Calendar Year shall be appropriately prorated. Landlord shall submit to Tenant before the Commencement Date and before at the beginning of each Calendar Year, or as soon thereafter as reasonably possible (and in any event by February 1 of the subject Calendar Year)possible, a statement of Landlord's ’s estimate of Operating Expense Rental and Real Estate Tax Rental due from Tenant during such Calendar Year. Commencing upon the Rent Commencement Date and in In addition to Basic Rent, Tenant shall pay to Landlord on or before the first day of each month during such Calendar Year an amount equal to 1/12th l/12th of Landlord's ’s estimated Operating Expense Rental and estimated Real Estate Tax Rental as set forth in Landlord's ’s statement. If Landlord fails to give Tenant notice of its estimated payments due for any Calendar Year, then Tenant shall continue making monthly estimated Operating Expense Rental and Real Estate Tax Rental payments in accordance with the estimate for the previous Calendar Year until a new estimate is provided. If Landlord determines that, because of unexpected increases in Operating Expenses or Real Estate Taxes, Landlord's ’s estimate of the Operating Expense Rental or Real Estate Tax Rental was too low, then Landlord shall have the right to give a new statement (but in no event may Landlord deliver more than one (1) new statement to Tenant during any Calendar Year) of the estimated Operating Expense Rental and estimated Real Estate Tax Rental due from Tenant for the balance of such Calendar Year and xxxx Tenant for any deficiency. Tenant shall thereafter pay monthly estimated payments based on such new statement. Within 90 days after the expiration of each Calendar Year, or as soon thereafter as is practicable (and in any event by April 15 of the subject Calendar Year)practicable, Landlord shall submit a statement to Tenant showing the actual Operating Expenses Rental and the actual Real Estate Tax Rental due from Tenant for such Calendar Year. If for any Calendar Year, Tenant's ’s estimated Operating Expense Rental payments exceed the actual Operating Expense Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's ’s next monthly payment of estimated Operating Expense Rental, or, in the event the this Lease has expired or terminated and no Event of Default (as defined in Section 19.120.1) exists, Landlord shall pay Tenant the total amount of such excess upon within 30 days after delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's ’s estimated Operating Expense Rental payments are less than the actual Operating Expense Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments exceed the actual Real Estate Tax Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's ’s next monthly payment of estimated Real Estate Tax Rental, or, in the event the this Lease has expired or terminated and no Event of Default exists, Landlord shall immediately pay Tenant the total amount of such excess upon within 30 days after delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments are less than the actual Real Estate Tax Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. Landlord's ’s and Tenant's ’s obligations with respect to any overpayment or underpayment of Operating Expense Rental and Real Estate Tax Rental shall survive the expiration or termination of this Lease for a period of two (2) yearsLease.

Appears in 1 contract

Samples: Work Agreement (McAfee Corp.)

Operating Expense Rental and Real Estate Tax Rental. Commencing upon the Rent Commencement Date, Tenant shall pay to Landlord throughout the remainder of the Term, as Additional Rent, (i) Tenant's ’s Proportionate Share of the Operating Expenses (as defined in Section 6.1) during each Calendar Year ("Operating Expense Rental"), ; and (ii) Tenant's ’s Proportionate Share of the Real Estate Taxes (as defined in Article VII) during each Calendar Year ("Real Estate Tax Rental"). In the event the Expiration Date is other than the last day of a Calendar Year, Operating Expense Rental and Real Estate Tax Rental and for the applicable Calendar Year shall be appropriately prorated. Landlord shall submit to Tenant before the Commencement Date and before at the beginning of each Calendar Year, or as soon thereafter as reasonably possible (and in any event by February 1 of the subject Calendar Year)possible, a statement of Landlord's ’s estimate of Operating Expense Rental and Real Estate Tax Rental due from Tenant during such Calendar Year. Commencing upon the Rent Commencement Date and in In addition to Basic Rent, Tenant shall pay to Landlord on or before the first day of each month during such Calendar Year an amount equal to 1/12th of Landlord's ’s estimated Operating Expense Rental and estimated Real Estate Tax Rental as set forth in Landlord's ’s statement. If Landlord fails to give Tenant notice of its estimated payments due for any Calendar Year, then Tenant shall continue making monthly estimated Operating Expense Rental and Real Estate Tax Rental payments in accordance with the estimate for the previous Calendar Year until a new estimate is provided. If Landlord determines that, because of unexpected increases in Operating Expenses or Real Estate Taxes, Landlord's ’s estimate of the Operating Expense Rental or Real Estate Tax Rental was too low, then Landlord shall have the right to give a new statement (but in no event may Landlord deliver more than one (1) new statement to Tenant during any Calendar Year) of the estimated Operating Expense Rental and estimated Real Estate Tax Rental due from Tenant for the balance of such Calendar Year and xxxx Tenant for any deficiency. Tenant shall thereafter pay monthly estimated payments based on such new statement. Within 90 days after the expiration of each Calendar Year, or as soon thereafter as is practicable (and in any event by April 15 of the subject Calendar Year)practicable, Landlord shall submit a statement to Tenant showing the actual Operating Expenses Rental and the actual Real Estate Tax Rental due from Tenant for such Calendar Year. If for any Calendar Year, Tenant's ’s estimated Operating Expense Rental payments exceed the actual Operating Expense Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's ’s next monthly payment of Basic Rental and estimated Operating Expense Rental, or, in the event the this Lease has expired or terminated and no Event of Default (as defined in Section 19.120.1) exists, Landlord shall pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's ’s estimated Operating Expense Rental payments are less than the actual Operating Expense Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments exceed the actual Real Estate Tax Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's ’s next monthly payment of Basic Rental and estimated Real Estate Tax Rental, or, in the event the this Lease has expired or terminated and no Event of Default exists, Landlord shall immediately pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments are less than the actual Real Estate Tax Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. Landlord's ’s and Tenant's ’s obligations with respect to any overpayment or underpayment of Operating Expense Rental and Real Estate Tax Rental shall survive the expiration or termination of this Lease for a period Lease. Park Ten Plaza – RigNet, Inc. Table of two (2) years.Contents

Appears in 1 contract

Samples: Office Lease (RigNet, Inc.)

Operating Expense Rental and Real Estate Tax Rental. Commencing upon the Rent Commencement Date, Tenant shall pay to Landlord throughout the remainder of the Term, as Additional Rent, (i) Tenant's ’s Proportionate Share of Operating Expenses (as defined in Section 6.1) during each Calendar Year ("Operating Expense Rental"), ”) in accordance with Section 6.1; and (ii) Tenant's ’s Proportionate Share of Real Estate Taxes (as defined in Article VII) during each Calendar Year ("Real Estate Tax Rental")”) in accordance with Article VII. In the event the Expiration Date is other than the last day of a Calendar Year, Operating Expense Rental and Real Estate Tax Rental and for the applicable Calendar Year shall be appropriately prorated. Landlord shall submit to Tenant before the Commencement Date and before at the beginning of each Calendar Year, or as soon thereafter as reasonably possible (and in any event by February 1 of the subject Calendar Year)possible, a statement of Landlord's ’s estimate of Operating Expense Rental and Real Estate Tax Rental due from Tenant during such Calendar Year. Commencing upon the Rent Commencement Date and in In addition to Basic Rent, Tenant shall pay to Landlord on or before the first day of each month during such Calendar Year an amount equal to 1/12th of Landlord's ’s estimated Operating Expense Rental and estimated Real Estate Tax Rental as set forth in Landlord's ’s statement. If Landlord fails to give Tenant notice of its estimated payments due for any Calendar Year, then Tenant shall continue making monthly estimated Operating Expense Rental and Real Estate Tax Rental payments in accordance with the estimate for the previous Calendar Year until a new estimate is provided. If Landlord determines that, because of unexpected increases in Operating Expenses or Real Estate Taxes, Landlord's ’s estimate of the Operating Expense Rental or Real Estate Tax Rental was too low, then Landlord shall have the right once per Calendar Year to give a new statement (but in no event may Landlord deliver more than one (1) new statement to Tenant during any Calendar Year) of the estimated Operating Expense Rental and estimated Real Estate Tax Rental due from Tenant for the balance of such Calendar Year and xxxx Tenant for any deficiency. Tenant shall thereafter pay monthly estimated payments based on such new statement. Within 90 days after the expiration of each Calendar Year, or as soon thereafter as is practicable (and in any event by April 15 of the subject Calendar Year)reasonably practicable, Landlord shall submit a statement to Tenant showing the actual Operating Expenses Rental and the actual Real Estate Tax Rental due from Tenant for such Calendar Year. If for any Calendar Year, Tenant's ’s estimated Operating Expense Rental payments exceed the actual Operating Expense Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's ’s next monthly payment of estimated Operating Expense Rental, or, in the event the this Lease has expired or terminated and no Event of Default (as defined in Section 19.120.1) exists, Landlord shall pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's ’s estimated Operating Expense Rental payments are less than the actual Operating Expense Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments exceed the actual Real Estate Tax Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's ’s next monthly payment of estimated Real Estate Tax Rental, or, in the event the this Lease has expired or terminated and no Event of Default exists, Landlord shall immediately pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments are less than the actual Real Estate Tax Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. Landlord's ’s and Tenant's ’s obligations with respect to any overpayment or underpayment of Operating Expense Rental and Real Estate Tax Rental shall survive the expiration or termination of this Lease for a period of two (2) yearsLease.

Appears in 1 contract

Samples: Office Lease (Zscaler, Inc.)

Operating Expense Rental and Real Estate Tax Rental. Commencing upon the Rent Commencement Date, Tenant shall pay to Landlord throughout the remainder of the Term, as Additional Rent, Term (i) Tenant's Proportionate Share of Operating Expenses (as defined in Section 6.12.4.1) during each Calendar Year calendar year ("Operating Expense Rental"), ; and (ii) Tenant's Proportionate Share of Real Estate Taxes (as defined in Article VIISection 2.4.2) during each Calendar Year calendar year ("Real Estate Tax Rental"). In the event the Expiration Date is other than the last day of a Calendar Year, ”; Operating Expense Rental and Real Estate Tax Rental and applicable Calendar Year shall be appropriately proratedRental, collectively, “Tenant's Additional Rental”). Landlord shall submit to Tenant before the Commencement Date and before the beginning of each Calendar Year, or as soon thereafter as reasonably possible (and in any event by February 1 of the subject Calendar Year), a statement of Landlord's estimate of Operating Expense Rental and Real Estate Tax Rental due from Tenant during such Calendar Yeareach applicable calendar year (collectively, “Tenant's Forecast Additional Rental”), which statement shall be comparable in level of detail to the estimate of Tenant's Additional Rental provided by Landlord to Tenant prior to the Lease Date. Commencing upon on the Rent Commencement Date and in addition to Basic RentBase Rental, Tenant shall pay to Landlord on or before the first day of each month during such Calendar Year each calendar year of the Term an amount equal to 1/12th of LandlordTenant's estimated Operating Expense Rental and estimated Real Estate Tax Forecast Additional Rental as set forth in Landlord's statementstatement for such calendar year. If Landlord fails to give Tenant notice of its estimated payments due for any Calendar Yearcalendar year, then Tenant shall continue making monthly estimated Operating Expense payments of Tenant's Forecast Additional Rental and Real Estate Tax Rental payments in accordance with the estimate for the previous Calendar Year calendar year until a new estimate is provided. If at any time and from time to time during the calendar year Landlord reasonably determines that, because of unexpected increases in Operating Expenses or Real Estate Taxes, Landlord's estimate of the Operating Expense Tenant's Forecast Additional Rental or Real Estate Tax Rental for such calendar year was too low, then Landlord shall have the right to give a new statement (but in no event may Landlord deliver more than one (1) new statement to Tenant during any Calendar Year) of the estimated Operating Expense Rental and estimated Real Estate Tax Tenant's Forecast Additional Rental due from Tenant for the balance of such Calendar Year calendar year and xxxx Tenant for any deficiency; provided, however, that Landlord shall have the right to deliver a new statement two (2) times during the first year of the Term, and one (1) time per year each year thereafter. Tenant shall thereafter pay monthly estimated payments installments of Tenant's Forecast Additional Rental based on such new statement. Within 90 ; provided that Tenant has received at least thirty (30) days after the expiration of each Calendar Year, or as soon thereafter as is practicable (and in any event by April 15 prior notice of the subject Calendar Year)new monthly installment. This Lease is a net lease and Base Rental shall be paid to Landlord absolutely net of all costs and expenses, Landlord shall submit a statement to Tenant showing the actual except as set forth in Section 2.4.3. The provisions for payment of Operating Expenses Rental and the actual Real Estate Tax Rental due from Tenant for such Calendar Year. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments exceed the actual Operating Expense Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's next monthly payment of estimated Operating Expense Rental, or, in the event the Lease has expired or terminated and no Event of Default (as defined in Section 19.1) exists, Landlord shall pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments are less than the actual Operating Expense Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. If for any Calendar Year, Tenant's estimated Real Estate Tax Rental payments exceed the actual Real Estate Tax Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's next monthly payment of estimated Real Estate Tax Rental, or, in the event the Lease has expired or terminated and no Event of Default exists, Landlord shall immediately pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's estimated Real Estate Tax Rental payments are less than the actual Real Estate Tax Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. Landlord's and Tenant's obligations with respect to any overpayment or underpayment of Operating Expense Rental and Real Estate Tax Rental shall survive by means of periodic payments of Tenant's Additional Rental are intended to pass on to Tenant and reimburse Landlord for all costs and expenses of the expiration or termination nature described in this Section 2.3 and Section 2.4 incurred in connection with ownership and operation of this Lease for a period of two (2) yearsthe Project and such additional facilities now and in subsequent years as may be determined by Landlord to be necessary to the Project.

Appears in 1 contract

Samples: Office Space Lease Agreement (Extreme Networks Inc)

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Operating Expense Rental and Real Estate Tax Rental. Commencing upon the Rent Commencement Date, Tenant shall pay to Landlord throughout the remainder of the Term, as Additional Rent, Term (i) Tenant's Proportionate Share of Operating Expenses (as defined in Section 6.12.4.1) during each Calendar Year calendar year ("Operating Expense Rental"), ; and (ii) Tenant's Proportionate Share of Real Estate Taxes (as defined in Article VIISection 2.4.2) during each Calendar Year calendar year ("Real Estate Tax Rental"). In the event the Expiration Date is other than the last day of a Calendar Year, ”; Operating Expense Rental and Real Estate Tax Rental and applicable Calendar Year shall be appropriately proratedRental, collectively, “Tenant's Additional Rental”). Landlord shall submit to Tenant before the Commencement Date and before the beginning of each Calendar Year, or as soon thereafter as reasonably possible (and in any event by February 1 of the subject Calendar Year), a statement of Landlord's estimate of Operating Expense Rental and Real Estate Tax Rental due from Tenant during such Calendar Yeareach applicable calendar year (collectively, “Tenant's Forecast Additional Rental”), which statement shall be comparable in level of detail to the estimate of Tenant's Additional Rental provided by Landlord to Tenant prior to the Lease Date. Commencing upon on the Rent Commencement Date and in addition to Basic RentBase Rental, Tenant shall pay to Landlord on or before the first day of each month during such Calendar Year each calendar year of the Term an amount equal to 1/12th of LandlordTenant's estimated Operating Expense Rental and estimated Real Estate Tax Forecast Additional Rental as set forth in Landlord's statementstatement for such calendar year. If Landlord fails to give Tenant notice of its estimated payments due for any Calendar Yearcalendar year, then Tenant shall continue making monthly estimated Operating Expense payments of Tenant's Forecast Additional Rental and Real Estate Tax Rental payments in accordance with the estimate for the previous Calendar Year calendar year until a new estimate is provided. If at any time and from time to time during the calendar year Landlord reasonably determines that, because of unexpected increases in Operating Expenses or Real Estate Taxes, Landlord's estimate of the Operating Expense Tenant's Forecast Additional Rental or Real Estate Tax Rental for such calendar year was too low, then Landlord shall have the right to give a new statement (but in no event may Landlord deliver more than one (1) new statement to Tenant during any Calendar Year) of the estimated Operating Expense Rental and estimated Real Estate Tax Tenant's Forecast Additional Rental due from Tenant for the balance of such Calendar Year calendar year and xxxx Tenant for any deficiency; provided, however, that Landlord shall have the right to deliver a new statement two (2) times during the first year of the Term, and one (1) time per year each year thereafter. Tenant shall thereafter pay monthly estimated payments installments of Tenant's Forecast Additional Rental based on such new statement. Within 90 ; provided that Tenant has received at least thirty (30) days after the expiration of each Calendar Year, or as soon thereafter as is practicable (and in any event by April 15 prior notice of the subject Calendar Year)new monthly installment. This Lease is a net lease and Base Rental shall be paid to Landlord absolutely net of all costs and expenses, Landlord shall submit a statement to Tenant showing the actual except as set forth in Section 2.4.3. The provisions for payment of Operating Expenses Rental and the actual Real Estate Tax Rental due from Tenant for such Calendar Year. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments exceed the actual Operating Expense Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's next monthly payment of estimated Operating Expense Rental, or, in the event the Lease has expired or terminated and no Event of Default (as defined in Section 19.1) exists, Landlord shall pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments are less than the actual Operating Expense Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. If for any Calendar Year, Tenant's estimated Real Estate Tax Rental payments exceed the actual Real Estate Tax Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's next monthly payment of estimated Real Estate Tax Rental, or, in the event the Lease has expired or terminated and no Event of Default exists, Landlord shall immediately pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's estimated Real Estate Tax Rental payments are less than the actual Real Estate Tax Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. Landlord's and Tenant's obligations with respect to any overpayment or underpayment of Operating Expense Rental and Real Estate Tax Rental shall survive by means of periodic payments of Tenant's Additional Rental are intended to pass on to Tenant and reimburse Landlord for all costs and expenses of the expiration or termination nature described in this Section 2.3 and Section 2.4 incurred in connection with ownership and operation of this Lease for a period of two (2) years.the Project and such additional facilities now and in subsequent years as may be determined by Landlord to be necessary to the Project. 2.3.2

Appears in 1 contract

Samples: Office Space Lease Agreement

Operating Expense Rental and Real Estate Tax Rental. Commencing upon the Rent Commencement Date, Tenant shall pay to Landlord throughout the remainder of the Term, as Additional Rent, (i) the Amenity Building Rent (as defined in this Section 4.3), the Management Fee (as defined in this Section 4.3) and Tenant's ’s Proportionate Share of Operating Expenses (as defined in Section 6.1) during each Calendar Year ("collectively, the “Operating Expense Rental"), ; and (ii) Tenant's ’s Proportionate Share of Real Estate Taxes (as defined in Article VII) during each Calendar Year ("Real Estate Tax Rental"). The “Amenity Building Rent” shall be in the amount set forth in schedule in Section 4.5 and included in the Operating Expense Rental. The “Management Fee” shall be equal to three percent (3%) of the total of Basic Rent, Operating Expense Rental (exclusive of the Management Fee component) and Real Estate Tax Rental owed by Tenant for each Calendar Year and will be included in the Operating Expense Rental; provided, however, during the Basic Rent Abatement Period, the amount of $[***] shall be used for purposes of calculating the portion of the Management Fee that is based on annual Basic Rent for the applicable portions of the Calendar Years of 2020 and 2021 occurring during the first Lease Year, even though Basic Rent is subject to abatement during the Basic Rent Abatement Period as provided in Section 1.12. In the event the Expiration Date is other than the last day of a Calendar Year, Operating Expense Rental and Real Estate Tax Rental and for the applicable Calendar Year shall be appropriately prorated. Landlord shall submit to Tenant before the Commencement Date and before at the beginning of each Calendar Year, or as soon thereafter as reasonably possible (and in any event by February 1 of the subject Calendar Year)possible, a statement of Landlord's ’s estimate of Operating Expense Rental and Real Estate Tax Rental due from Tenant during such Calendar Year. Commencing upon the Rent Commencement Date and in In addition to Basic Rent, Tenant shall pay to Landlord on or before the first day of each month during such Calendar Year an amount equal to 1/12th of Landlord's ’s estimated Operating Expense Rental and estimated Real Estate Tax Rental as set forth in Landlord's ’s statement. If Landlord fails to give Tenant notice of its estimated payments due for any Calendar Year, then Tenant shall continue making monthly estimated Operating Expense Rental and Real Estate Tax Rental payments in accordance with the estimate for the previous Calendar Year until a new estimate is provided. If Landlord determines that, because of unexpected increases in Operating Expenses or Real Estate Taxes, Landlord's ’s estimate of the Operating Expense Rental or Real Estate Tax Rental was too low, then Landlord shall have the right to give a new statement (but in no event may Landlord deliver more than one (1) new statement to Tenant during any Calendar Year) of the estimated Operating Expense Rental and estimated Real Estate Tax Rental due from Tenant for the balance of such Calendar Year and xxxx Tenant for any deficiency, which deficiency Tenant shall pay within 30 days’ after receipt of Landlord’s invoice. Tenant shall thereafter pay monthly estimated payments based on such new statement. Within 90 days after the expiration of each Calendar Year, or as soon thereafter as is practicable (and in any event by April 15 of the subject Calendar Year)reasonably practicable, Landlord shall submit a statement to Tenant showing the actual Operating Expenses Rental and the actual Real Estate Tax Rental due from Tenant for such Calendar Year. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments exceed the actual Operating Expense Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's next monthly payment of estimated Operating Expense Rental, or, in the event the this Lease has expired or terminated and no Event of Default (as defined in Section 19.120.1) exists, Landlord shall pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's estimated Operating Expense Rental payments are less than the actual Operating Expense Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments exceed the actual Real Estate Tax Rental due from Tenant, then Landlord shall immediately give Tenant a credit in the amount of the overpayment toward Tenant's ’s next monthly payment of estimated Real Estate Tax Rental, or, in the event the this Lease has expired or terminated and no Event of Default exists, Landlord shall immediately pay Tenant the total amount of such excess upon delivery of the reconciliation to Tenant. If for any Calendar Year, Tenant's ’s estimated Real Estate Tax Rental payments are less than the actual Real Estate Tax Rental due from Tenant, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the reconciliation from Landlord. Landlord's and Tenant's obligations with respect to any overpayment or underpayment of Operating Expense Rental and Real Estate Tax Rental shall survive the expiration or termination of this Lease Lease, provided Tenant shall not be responsible for a period of two (2) yearsOperating Expense Rental or Real Estate Tax Rental which are first billed to Tenant more than 24 months after the Expiration Date.

Appears in 1 contract

Samples: Office Lease (Bill.com Holdings, Inc.)

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