Common use of Other Tenant Charges Clause in Contracts

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-closing Overpayment. At such time after the Close of Escrow as Xxxxx reconciles Tenant Charges under the Leases, the reconciliations prepared by Xxxxx and sent to the Tenants shall incorporate the result of Seller's reconciliation statement. As promptly as possible following Xxxxx's receipt of payment from Tenants of Pre-closing Underpayments, Buyer shall remit the same to Seller less the reasonable collection costs incurred by Buyer, if any, that are reasonably allocated to collections payable to Seller, provided, however, any sums collected by Buyer with respect to Tenant Charges shall be applied first to Tenant Charges accruing after the Closing Date. If, as a result of Xxxxx's annual reconciliation of Tenant Charges, any tenants are entitled to payments or credits by the landlord (other than a return of security deposits) for the calendar year in which the Close of Escrow occurs for overpayment of Estimated Tenant Charges, Buyer shall be solely responsible for such payment or credit. Notwithstanding anything contained herein to the contrary, if the Actual Tenant Charges payable by a Tenant is subject to a cap which is lower than such Tenant's share of Estimated Tenant Charges or Actual Tenant Charges for the applicable period, such cap shall be prorated on the number of days Seller is the owner of the Property during the applicable period and in no event shall Seller receive or retain Estimated Tenant Charges from such Tenant in excess of the prorated cap. In the event Xxxxxx's collection of Estimated Tenant Charges from such Tenant is in excess of the prorated cap, Seller's reconciliation statement shall reflect a sum owed to Buyer in the amount of such excess which payment Seller shall make concurrent with the delivery of Seller's reconciliation statement. In the event Seller's collection of Estimated Tenant Charges from such Tenant is less than the prorated cap (and the Actual Tenant Charges are greater than the prorated cap), Seller's reconciliation statement shall reflect a sum owed to Seller in the amount of the difference between the prorated cap and the total of such invoices, which Buyer shall remit to Seller when collected from the subject Tenant.

Other Tenant Charges. The Leases contain tenant obligations 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, and the parties agree to cooperate with each other to the extent reasonably necessary to enable a party to collect such CAM Charges. 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 various items on a monthly estimated basis subject all costs and expenses which are intended to a reconciliation following 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 each the fiscal year applicable period (i.e.to the CAM Charges described in the preceding sentences of this subparagraph, annual calendar year in most cases to the extent that the landlord has received excess CAM Charges and semi-annually for most estimated monthly payments of property taxes) (is obligated to reimburse to 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 tenants any portion of the Tenant excess CAM charges collected by Seller, Seller shall, within ten (10) days of written demand therefor (together with reasonably satisfactory supporting evidence), reimburse to Purchaser the portion of such excess CAM Charges owed which have been paid to and retained by Seller, and Purchaser shall thereafter assume the obligation under the Leases based to return such amounts to the Tenants. In the event that at the end of the fiscal year applicable to such CAM Charges, tenants on the landlord's actual expenditures Property are referred obligated to herein as pay to the "ACTUAL TENANT CHARGES". As landlord any sums on account of an underpayment of CAM Charges, Purchaser shall pay to Seller 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 receipt thereof Seller’s portion of such reimbursement by the current applicable tenants that relates to the 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-closing Overpayment. At such time after the Close of Escrow as Xxxxx reconciles Tenant Charges under the Leases, the reconciliations prepared by Xxxxx and sent to the Tenants shall incorporate the result of Seller's reconciliation statement. As promptly as possible following Xxxxx's receipt of payment from Tenants of Pre-closing Underpayments, Buyer shall remit the same to Seller less the reasonable collection costs incurred by Buyer, if any, that are reasonably allocated to collections payable to Seller, provided, however, any sums collected by Buyer with respect to Tenant Charges shall be applied first to Tenant Charges accruing after the Closing Date. If, as a result of Xxxxx's annual Purchaser shall deliver to Seller at the same time that such notices are delivered to the tenants any accounting or reconciliation of Tenant Charges, any tenants are entitled to payments or credits by the landlord (other than a return of security deposits) CAM Charges for the calendar fiscal year in which the Close of Escrow occurs for overpayment of Estimated Tenant Charges, Buyer shall be solely responsible for such payment or credit. Notwithstanding anything contained herein to the contrary, if the Actual Tenant Charges payable by a Tenant is subject to a cap which is lower than such Tenant's share of Estimated Tenant Charges or Actual Tenant Charges for the applicable period, such cap shall be prorated on the number of days Seller is the owner of the Property during the applicable period and in no event shall Seller receive or retain Estimated Tenant Charges from such Tenant in excess of the prorated cap. In the event Xxxxxx's collection of Estimated Tenant Charges from such Tenant is in excess of the prorated cap, Seller's reconciliation statement shall reflect a sum owed to Buyer in the amount of such excess which payment Seller shall make concurrent with the delivery of Seller's reconciliation statement. In the event Seller's collection of Estimated Tenant Charges from such Tenant is less than the prorated cap (and the Actual Tenant Charges are greater than the prorated cap), Seller's reconciliation statement shall reflect a sum owed to Seller in the amount of the difference between the prorated cap and the total of such invoices, which Buyer shall remit to Seller when collected from the subject TenantClosing occurs.

Other Tenant Charges. The Leases contain tenant obligations 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 XXX Xxxxxxx 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, and the parties agree to cooperate with each other to the extent reasonably necessary to enable a party to collect such CAM Charges. 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 various items on a monthly estimated basis subject all costs and expenses which are intended to a reconciliation following 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 each the fiscal year applicable period (i.e.to the CAM Charges described in the preceding sentences of this subparagraph, annual calendar year in most cases to the extent that the landlord has received excess CAM Charges and semi-annually for most estimated monthly payments of property taxes) (is obligated to reimburse to 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 tenants any portion of the Tenant excess CAM charges collected by Seller, Seller shall, within ten (10) days of written demand therefor (together with reasonably satisfactory supporting evidence), reimburse to Purchaser the portion of such excess CAM Charges owed which have been paid to and retained by Seller, and Purchaser shall thereafter assume the obligation under the Leases based to return such amounts to the Tenants. In the event that at the end of the fiscal year applicable to such CAM Charges, tenants on the landlord's actual expenditures Property are referred obligated to herein as pay to the "ACTUAL TENANT CHARGES". As landlord any sums on account of an underpayment of CAM Charges, Purchaser shall pay to Seller 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 receipt thereof Seller’s portion of such reimbursement by the current applicable tenants that relates to the 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-closing Overpayment. At such time after the Close of Escrow as Xxxxx reconciles Tenant Charges under the Leases, the reconciliations prepared by Xxxxx and sent to the Tenants shall incorporate the result of Seller's reconciliation statement. As promptly as possible following Xxxxx's receipt of payment from Tenants of Pre-closing Underpayments, Buyer shall remit the same to Seller less the reasonable collection costs incurred by Buyer, if any, that are reasonably allocated to collections payable to Seller, provided, however, any sums collected by Buyer with respect to Tenant Charges shall be applied first to Tenant Charges accruing after the Closing Date. If, as a result of Xxxxx's annual Purchaser shall deliver to Seller at the same time that such notices are delivered to the tenants any accounting or reconciliation of Tenant Charges, any tenants are entitled to payments or credits by the landlord (other than a return of security deposits) CAM Charges for the calendar fiscal year in which the Close of Escrow occurs for overpayment of Estimated Tenant Charges, Buyer shall be solely responsible for such payment or credit. Notwithstanding anything contained herein to the contrary, if the Actual Tenant Charges payable by a Tenant is subject to a cap which is lower than such Tenant's share of Estimated Tenant Charges or Actual Tenant Charges for the applicable period, such cap shall be prorated on the number of days Seller is the owner of the Property during the applicable period and in no event shall Seller receive or retain Estimated Tenant Charges from such Tenant in excess of the prorated cap. In the event Xxxxxx's collection of Estimated Tenant Charges from such Tenant is in excess of the prorated cap, Seller's reconciliation statement shall reflect a sum owed to Buyer in the amount of such excess which payment Seller shall make concurrent with the delivery of Seller's reconciliation statement. In the event Seller's collection of Estimated Tenant Charges from such Tenant is less than the prorated cap (and the Actual Tenant Charges are greater than the prorated cap), Seller's reconciliation statement shall reflect a sum owed to Seller in the amount of the difference between the prorated cap and the total of such invoices, which Buyer shall remit to Seller when collected from the subject TenantClosing occurs.

Other Tenant Charges. The Leases contain tenant Where the Lease contains 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, maintenanceoperating expenses or additional charges of any nature, 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, where Seller shall deliver to Buyer (a) a schedule have collected on an estimated basis any portion thereof in excess of amounts owed by Seller for such items for the expenses, costs and charges (the "EXPENSE ITEMS") relating to that portion of the current applicable period prior to the Close date of Escrow (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 time being referred Closing, and if required by the Lease, shall rebate or credit Tenant with any remainder. If it is determined subsequent to herein as the "PARTIAL YEAR") which constitute Closing that 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 amount collected during Seller's ownership period exceeded expenses incurred during the Partial Yearsame period by more than the amount previously credited to Purchaser at Closing, and (ii) then Seller shall promptly pay to Purchaser the Actual Tenant Charges payable 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. The obligations of the parties 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 14 shall be considered as owed by survive 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-closing Overpayment. At such time after the Close of Escrow as Xxxxx reconciles Tenant Charges under the Leases, the reconciliations prepared by Xxxxx and sent to the Tenants shall incorporate the result of Seller's reconciliation statement. As promptly as possible following Xxxxx's receipt of payment from Tenants of Pre-closing Underpayments, Buyer shall remit the same to Seller less the reasonable collection costs incurred by Buyer, if any, that are reasonably allocated to collections payable to Seller, provided, however, any sums collected by Buyer with respect to Tenant Charges shall be applied first to Tenant Charges accruing after the Closing Date. If, as a result of Xxxxx's annual reconciliation of Tenant Charges, any tenants are entitled to payments or credits by the landlord (other than a return of security deposits) for the calendar year in which the Close of Escrow occurs for overpayment of Estimated Tenant Charges, Buyer shall be solely responsible for such payment or creditClosing. Notwithstanding anything contained herein in this Agreement to the contrary, if the Actual Tenant Charges payable by Closing occurs on the last day of a Tenant is subject to a cap which is lower than such Tenant's share of Estimated Tenant Charges or Actual Tenant Charges for month, the applicable period, such cap foregoing items shall be prorated on the number and/or credited between Seller and Purchaser as of days Seller is the owner Midnight of the Property during date of Closing (instead of Midnight preceding the applicable period date of Closing), and in no event such case (i) the Purchase Price shall Seller receive or retain Estimated Tenant Charges from such Tenant be reduced by $5,000.00, and (ii) appropriate changes shall be made in excess the assumption and indemnity provisions of the prorated cap. In Blanket Transfer and Assignment and the event Xxxxxx's collection Assignment and Assumption of Estimated Tenant Charges from such Tenant is in excess of Lease to the prorated cap, Seller's reconciliation statement shall reflect a sum owed to Buyer in the amount of such excess which payment end that Seller shall make concurrent with be responsible thereunder for the delivery period through the date of Seller's reconciliation statement. In Closing, and Purchaser shall be responsible thereunder for the event Seller's collection period after the date of Estimated Tenant Charges from such Tenant is less than the prorated cap (and the Actual Tenant Charges are greater than the prorated cap), Seller's reconciliation statement shall reflect a sum owed to Seller in the amount of the difference between the prorated cap and the total of such invoices, which Buyer shall remit to Seller when collected from the subject TenantClosing.