Other Tenant Charges. Where the Leases contain Tenant obligations for taxes, common area expenses, operating expenses or additional charges of any nature, and where Seller shall have collected on an estimated basis any portion thereof in excess of amounts owed by Seller for such items for the period prior to the date of Closing, then there shall be an adjustment and credit given to Purchaser on the date of Closing for such excess amounts collected. Purchaser shall apply all such excess amounts to the charges owed by Purchaser for such items for the period after the date of Closing, and if required by the Leases, shall rebate or credit Tenants with any remainder. If it is determined subsequent to the Closing that the amount collected during Seller's ownership period exceeded expenses incurred during the same period by more than the amount previously credited to Purchaser at Closing, then Seller shall promptly pay to Purchaser the deficiency. If it is determined subsequent to Closing that the amount collected during Seller's ownership period exceeded expenses incurred during the same period by less than the amount previously credited to Purchaser at Closing, then Purchaser shall promptly pay to Seller the overpayment.
Other Tenant Charges. The Leases contain tenant obligations for payment of various items on a monthly estimated basis subject to a reconciliation following the end of each applicable period (i.e., annual calendar year in most cases and semi-annually for most estimated monthly payments of property taxes) (the "TENANT CHARGES"). Rentals and Rent Arrears, as defined above, include Tenant Charges. Examples of Tenant Charges are taxes, common area expenses, maintenance, utilities and HVAC charges. Percentage rent, fixed rent, minimum rent and promotional fund contributions are not Tenant Charges. Such monthly xxxxxxxx are referred to as "ESTIMATED TENANT CHARGES" and the actual amount of the Tenant Charges owed under the Leases based on the landlord's actual expenditures are referred to herein as the "ACTUAL TENANT CHARGES". As promptly as possible after the Closing Date, but in no event later than ninety (90) days thereafter, Seller shall deliver to Buyer (a) a schedule of the expenses, costs and charges (the "EXPENSE ITEMS") relating to that portion of the current applicable period prior to the Close of Escrow (such period of time being referred to herein as the "PARTIAL YEAR") which constitute the basis for Actual Tenant Charges along with appropriate backup information on such Expense Items and (b) a reconciliation of (i) the Estimated Tenant Charges owed under each Lease during the Partial Year, and (ii) the Actual Tenant Charges payable under each Lease for Expense Items relating to the Partial Year. For the purpose of this Paragraph 10(b)(v), those, and only those, Estimated Tenant Charges allocated to Seller pursuant to Paragraph 10(b)(i) above shall be considered as owed by the subject tenant and collected by Seller during the month of the Close of Escrow. Seller's reconciliation statement for the Partial Year shall reflect, on a Lease by Lease basis, (i) the amount by which Actual Tenant Charges exceed the Estimated Tenant Charges owed under the Lease (the "PRE-CLOSING UNDERPAYMENT"), being the sum owed to Seller or (ii) the amount by which the Estimated Tenant Charges exceed the Actual Tenant Charges owed under the Lease (the "PRE-CLOSING OVERPAYMENT"), being the sum owed to Buyer. Concurrent with Xxxxx's receipt of Seller's reconciliation statement, Seller shall pay to Buyer the aggregate amount of all Pre-closing Overpayments less any Rent Arrears (other than those then subject to dispute by the Tenant) that remain payable by the Tenants who are subject to the Pre-closi...
Other Tenant Charges. For all items subject to proration for which the landlord receives reimbursement from the tenants as common area maintenance charges ("CAM Charges"), it is acknowledged that Seller has prepaid certain CAM Charges and already received reimbursement on account of certain estimated CAM Charges for the period prior to Closing and Purchaser will similarly make certain payments and receive reimbursements on account of CAM Charges for the period after Closing. Seller shall be responsible for collection of all estimated CAM Charges, including all delinquent amounts, payable by the tenants prior to Closing, and Purchaser shall be responsible for collection of all estimated CAM Charges, including delinquent amounts, payable by the tenants after Closing. Consistent with the foregoing sentence, Purchaser and Seller shall prorate the expense items which are subject to reimbursement pursuant to the CAM Charges in such a way that Seller shall be responsible for the payment of all costs and expenses which are intended to be reimbursed by such CAM Charges for the period prior to Closing and Purchaser shall be responsible for all such costs and expenses after Closing. At the end of the fiscal year
Other Tenant Charges. Any amounts payable by the Occupants under the Leases for taxes, common area expenses, operating expenses, or any other additional rent and charges of a similar nature relating to the Real Property (“Expense Reimbursements”), if any, shall be prorated as of the Pro-Ration Date with Seller retaining rights to Expense Reimbursements relating to periods on or before the Pro-Ration Date and Buyer being entitled to Expense Reimbursements relating to periods after the Pro-Ration Date. If the Expense Reimbursements are required to be reconciled by the landlord at the end of the calendar year or other specified time period, Buyer shall perform such reconciliation as and when required and shall deliver a copy thereof to Seller. In such event, Seller shall reimburse Buyer, or Buyer shall reimburse Seller, as appropriate, for any amounts that such party is responsible to pay or is entitled to receive as the result of any underpayments or overpayments and based on the timing of the collection of Expense Reimbursements. All Expense Reimbursements that are due but uncollected as of the Closing Date shall not be prorated at Closing, but shall be considered Delinquent Rents.
Other Tenant Charges. Notwithstanding Section 9.1.1 and Section 9.1.2 above, any amounts payable by the Tenants under the Magma Lease for taxes, common area expenses, operating expenses, or additional charges of any other nature relating to the Property, if any, shall be prorated as of the Closing ("Expense Reimbursements"), with Seller retaining rights to Expense Reimbursements relating to periods before the Closing and Buyer being entitled to Expense Reimbursements relating to periods after the Closing. If the Expense Reimbursements are required to be reconciled by the landlord at the end of the calendar year or other specified time period, Buyer shall perform such reconciliation as and when required and shall deliver a copy thereof to Seller. In such event, Seller shall reimburse Buyer, or Buyer shall reimburse Seller, as appropriate, for any amounts that such party is responsible to pay or is entitled to receive as the result of underpayments or overpayments of Expense Reimbursements.
Other Tenant Charges. At Closing Seller shall deliver to Purchaser all expense deposits collected from Tenants (other than any relating to Taxes) for the year in which the Closing occurs less only the amount of expenses for such year actually paid by Seller (including those sums properly paid the property manager). Seller shall be responsible for preparing any required expense or Tax pass through reconciliation for each calendar year prior to the calendar year in which the Closing occurs, and if Seller owes any Tenant any funds for the period, Seller shall forthwith pay the same to Purchaser for reimbursement to the Tenant. Purchaser shall be responsible for preparing any required expense or Tax pass through reconciliation for the calendar year in which the Closing occurs. Purchaser shall use commercially reasonable efforts to bxxx Tenants in accordance with their respective Leases for expense or Tax pass throughs for the period of the current calendar year during Seller’s ownership and upon receipt of the same from Tenants shall reimburse Seller for Seller’s proportionate share based on the expenses or Taxes for the respective periods of ownership. Upon Purchaser completing the reconciliation, if Seller owes any Tenant any funds for the period of its ownership, Seller shall forthwith pay the same to Purchaser for reimbursement to the Tenant.
Other Tenant Charges. All charges due from tenant under the Existing Lease that are not treated as rent or additional rent;
Other Tenant Charges. Where the Approved Leases contain tenant obligations for taxes, common area expenses, operating expenses or additional charges of any other nature, and where Seller shall have collected any portion thereof in excess of amounts owed by Seller for such items for the period prior to the Closing Date, there shall be an adjustment and credit given to City on the Closing Date for such excess amounts collected. City shall apply all such excess amounts to the charges owed by City for such items for the period after the Closing Date and, if required by the Leases, shall rebate or credit tenants with any remainder. If it is determined that the amount collected during Seller's ownership period exceeded expenses incurred during the same period by more than the amount previously credited to City at Closing, then Seller shall promptly pay the deficiency to City.
Other Tenant Charges. Where the Existing Leases contain tenant obligations for taxes, common area expenses, operating expenses or additional charges of any other nature, and where Seller shall have collected any portion thereof in excess of amounts owed by tenants for such items with respect to the period prior to the Closing, then there shall be an adjustment and credit given to Buyer on the Closing Date for such excess amounts collected, if any. Buyer shall apply all such excess amounts to the charges owed by Buyer for such items for the period for which they were due and, if required by the Existing Leases, shall rebate or credit the tenants with any remainder and Buyer shall indemnify, defend and hold Seller harmless with respect to any sums as to which Buyer received a credit at Closing. If more amounts have been incurred for the operating expenses and other items listed above than have been collected from tenants for such items, Buyer shall pay such difference to Seller at such time as Buyer has recovered such amount from the tenants.
Other Tenant Charges. Where the Existing Leases contain tenant obligations for taxes, common area expenses, operating expenses or additional charges of any other nature, and where Seller shall have collected any portion thereof in excess of amounts owed by tenants for such items with respect to the period prior to the Closing, then there shall be an adjustment and credit given to Buyer on the Closing Date for such excess amounts collected, if any. Buyer shall apply all such excess amounts to the charges owed by tenants for such items for the period after the Closing Date and, if required by the Existing Leases, shall rebate or credit the tenants with any remainder. As and when Buyer receives each such amount, Buyer shall pay to Seller an amount payable by tenants on account of taxes, common area expenses, operating expenses and additional charges of any kind with respect to periods prior to Closing to the extent such amounts have been incurred but have not yet been billed to tenants. In the event that any tenant shall, following Closing, seek to audit or to challenge Seller’s calculation of rent or additional rent actually paid by such tenant during the period of Seller’s ownership of the Property, to the extent such reimbursement is required under the lease, Seller shall reimburse such tenant to the extent of any over-payment of rent or additional rent actually received by Seller, together with any applicable interest or other costs set forth in such tenant’s lease.
