Payment Obligation. In addition to the Basic Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for the next calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) during such year. Beginning on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis. 2.1.1.1 This subparagraph applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. Within ninety (90) days after the end of each calendar year or as soon thereafter as is reasonably possible, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s actual Additional Rent for the applicable calendar year. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs. 2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord. 2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant of an annual statement or a statement delivered for the final Additional Rent period, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computation.
Appears in 2 contracts
Sources: Master Lease Agreement, Master Lease Agreement
Payment Obligation. In addition to the Basic Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s Tenant’s estimated Additional Rent for the next calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st 15 of each calendar year or as soon thereafter as practicableis reasonably possible. Landlord shall have the right to increase Tenant's ’s estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or or Taxes have increased (or are likely to increase) during such year. Beginning on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.. Tenant Name: Flex Leasing Power & Service LLC Building Name: Plaza Tower One
2.1.1.1 (a) This subparagraph (a) applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date or termination date of this Lease occurs. Within ninety (90) days after the end of each calendar year or as soon thereafter as is reasonably possible, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s Tenant’s actual Additional Rent for the applicable calendar year. If ▇▇▇▇▇▇'s Tenant’s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's ’s actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s Tenant’s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's ’s actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination date occurs.
2.1.1.2 (b) Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicableis reasonably possible, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇Tenant’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate estimate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 (c) Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's ’s obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty sixty (3060) days after delivery to Tenant of an annual statement or a statement delivered for the final Final Additional Rent periodPeriod, such statement shall be considered as final and accepted by Tenant. Within twenty ten (2010) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant Tenant, within ten (10) business days following receipt of such explanation, shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computation. Tenant Name: Flex Leasing Power & Service LLC Building Name: Plaza Tower One
(d) In the event the amount of Tenant’s Share of Operating Expenses increases by five percent (5%) or more over the prior year, Tenant shall have the right to perform, at Tenant’s expense, an audit of Landlord’s books and records to verify Landlord’s calculation of the actual Operating Expenses, provided that such audit shall be conducted by an unrelated, third party certified public accountant who is not a tenant in the Building, reasonably acceptable to Landlord, and not compensated on a contingent fee basis. Any such audit shall be conducted, if at all, (i) no later than one hundred twenty (120) days after delivery to Tenant of the annual statement in question, and within sixty (60) days after Landlord’s receipt of prior written notice that Tenant has decided to perform an audit, (ii) during Landlord’s normal business hours, (iii) at the place where Landlord maintains it records, and (iv) on a confidential basis. The auditor’s report reflecting the results of such audit shall properly apply the definition of “Operating Expenses” set forth in the Lease and include a certification that it was prepared in accordance with such definition of Operating Expenses. Prior to finalizing its report, Tenant’s auditor shall present its findings in draft form to Landlord for review. Landlord may discuss the findings with the auditor and offer comments, explanations and suggested changes to the report as Landlord believes appropriate. The final report of Tenant’s auditor and the determinations set forth therein (“Tenant’s Auditor’s Report”), if prepared in accordance with this subparagraph and if updated as necessary to properly incorporate Landlord’s comments, explanations and suggested changes, shall be binding on Landlord and Tenant. If Tenant’s Auditor’s Report reflects an overcharge in the total actual Operating Expenses of more than five percent (5%) in the aggregate for such audited calendar year, then Landlord shall reimburse Tenant for all actual reasonable out-of-pocket third-party costs (excluding travel costs) incurred by Tenant in connection with Tenant’s Auditor’s Report. If Tenant’s Auditor’s Report reflects that the actual Operating Expenses were overcharged or undercharged in the audited calendar year, Tenant shall, within thirty (30) days after receipt of such report, pay to Landlord the amount of any underpayment or, if applicable, Landlord shall pay to Tenant the amount of any overpayment.
Appears in 2 contracts
Sources: Office Lease (FlexEnergy Green Solutions, Inc.), Office Lease (FlexEnergy Green Solutions, Inc.)
Payment Obligation. In addition (a) Annual Base Rent shall be paid by Tenant to Landlord in advance, in equal monthly installments, in an estimated amount reasonably determined by Landlord prior to the Basic Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for the next calendar year and the amount commencement of the monthly installment of Additional Rent due for such year by December 31st of first Lease Year and each calendar year or as soon thereafter as practicablesubsequent Lease Year . (Landlord shall have the right to increase Tenant's estimated Additional Rent may revise its estimate at any time during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) during such year. Beginning on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occursLease Year). Within ninety (90) days after a reasonable time following the end of each calendar year or as soon thereafter as is reasonably possibleLease Year, Landlord shall prepare and deliver submit to Tenant a statement showing ▇▇▇▇▇▇which shall include a comparison of (i) the Annual Base Rent therefore paid by Tenant for the Lease Year in question on the basis of Landlord's estimate, and (ii) Tenant's actual Additional obligation for Annual Base Rent for the applicable calendar yearLease Year in question as determined by Landlord. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are less than Any excess paid by Tenant, as disclosed by such comparison, shall be credited against Tenant's actual Additional next due installment(s) of Annual Base Rent, then and any additional sums disclosed by such comparison as being due to Landlord by Tenant shall pay be paid to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after following delivery to Tenant of an annual such statement or a (including any statement delivered after the expiration or termination of the Term). However, for the final Additional Lease Year during which the term of this Lease ends, any excess paid by Tenant to Landlord and due to Tenant shall be promptly refunded to Tenant.
(b) Tenant or its accountants shall have the right to inspect, at reasonable times and in a reasonable manner and at the Landlord's offices or such other place designated by Landlord, during the thirty (30) day period following the delivery of Landlord's statement of the actual amount of Tenant's Annual Base Rent for a particular Lease Year, such of Landlord's books of account and records as pertain to and contain information concerning the Operating Expenses, the Manor Care Occupancy Percentage and Third Party Rental Income in order to verify the amounts thereof. In the event Tenant elects not to inspect Landlord's books of account and records during said thirty (30) day period, such statement election or failure to inspect shall constitute Tenant's unconditional waiver of any and all rights to inspect Landlord's books of account and records for the subject period and Tenant shall be considered as forever [GRAPHIC OMITTED]estopped from challenging or questioning the amount of its Annual Base Rent for said period. In the event of any disagreement or dispute between Tenant and Landlord concerning Landlord's statement, the decision of Landlord's Chief Financial Officer shall be final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computationunreviewable.
Appears in 2 contracts
Sources: Office Lease (Manor Care Inc/New), Office Lease (Choice Hotels Holdings Inc)
Payment Obligation. In addition to the Basic Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. Thirty (30) days prior to the Commencement Date, Landlord shall give Tenant written notice of ▇▇▇▇▇▇’s estimated Additional Rent for the remainder of the calendar year in which the Commencement Date occurs and the amount of the monthly installment of Additional Rent due for each month during such year. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s ’s estimated Additional Rent for the next each calendar year thereafter and the amount of the monthly installment of Additional Rent due for such year by December 31st 1 of each the preceding calendar year (or as soon thereafter as practicableis reasonably possible). Landlord shall have the right to increase adjust Tenant's ’s estimated Additional Rent once during any calendar year if Landlord reasonably believes Operating Expenses, Electrical Expenses and/or Taxes have increased (or are likely to increase) during such year. Beginning on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deductiondeduction except as otherwise provided herein, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis. Notwithstanding the foregoing, payments of Additional Rent (other than Electrical Expenses) shall be abated as to the Expansion Premises and the Extension Premises, respectively, when the monthly Basic Rent payments are abated as set forth above in the Basic Lease Information.
2.1.1.1 This subparagraph applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. (a) Within ninety (90) days after the end of each calendar year or as soon thereafter as is reasonably possible, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s ’s actual Additional Rent for the applicable calendar year. If ▇▇▇▇▇▇'s ’s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's ’s actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s Tenant’s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's ’s actual Additional Rent, then Landlord shall pay such amount to Tenant or, at LandlordTenant’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.. Tenant Name: Alkami Technology Building Name: Granite Park Three
2.1.1.2 (b) Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicableis reasonably possible, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate provide a good faith estimate of the actual Operating Expenses Expenses, and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate (c) Tenant shall have the right to audit Landlord’s books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant of an annual statement or a statement delivered for the final Additional Rent period, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computationRider 6 attached hereto.
Appears in 2 contracts
Sources: Office Lease (Alkami Technology, Inc.), Office Lease (Alkami Technology, Inc.)
Payment Obligation. In addition to the Basic Base Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent Rent, in each calendar year or partial calendar year, payable in monthly installments as hereinafter provided. On or prior to the Commencement Date and at least thirty (30) days prior to each calendar year thereafter (or as soon thereafter as is reasonably possible), Landlord shall use reasonable efforts to provide give Tenant with written notice of ▇▇▇▇▇▇Tenant's estimated Additional Rent for the next applicable calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) month during such year. Beginning Tenant shall pay to Landlord on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord thereafter the amount of the applicable monthly installment of Additional Rentinstallment, without notice, demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies . If Landlord fails to each give Tenant notice of its estimated payments of Additional Rent in accordance with this subsection for any calendar year, then Tenant shall continue making monthly estimated payments in accordance with the estimate for the previous calendar year during which until a new estimate is provided by Landlord. If Landlord determines that, because of unexpected increases in Operating Expenses or other reasons, Landlord's estimate of Operating Expenses was too low, then Landlord shall have the right to give a new statement of the estimated Additional Rent is owing except due from Tenant for the applicable calendar year in which or the Expiration Date occursbalance thereof and to bill Tenant for any deficien▇▇ ▇hich may have accrued during such calendar year or portion thereof, and Tenant shall thereafter pay monthly installments of Additional Rent based on such new statement. Within ninety (90) days a reasonable time after the end of each calendar year or as soon thereafter as is reasonably possibleand the Expiration Date, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇Tenant's actual Additional Rent for the applicable calendar year, provided that with respect to the calendar year in which the Expiration Date occurs, (x) that calendar year shall be deemed to have commenced on January 1 of that year and ended on the Expiration Date (the "Final Calendar Year") and (y) Landlord shall have the right to estimate the actual Operating Expenses allocable to the Final Calendar Year. If ▇▇▇▇▇▇Tenant's total monthly payments of estimated Additional Rent for the applicable calendar year are less than Tenant's actual Additional Rent, then Tenant Landlord shall pay to Landlord credit the amount of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than overpayment to Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant orprovided, at Landlord’s optionhowever, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent StatementCalendar Year, Landlord shall pay to Tenant the amount of such excess payments, less any additional amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant the furnishing of an annual statement or a statement delivered for the final Additional Rent periodstatement, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Any amount due Landlord as shown on any such statement shall furnish written explanations to be paid by Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computationafter it is furnished to Tenant.
Appears in 1 contract
Sources: Commercial Lease Agreement (Natural Health Trends Corp)
Payment Obligation. This is a "triple net lease." In addition to the Basic Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. By the Commencement Date (or as soon thereafter as is reasonably possible), Landlord shall use reasonable efforts to provide give Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for the next remainder of the calendar year and in which the amount of Commencement Date occurs. On or before the monthly installment of Additional Rent due for such year by December 31st first day of each ensuing calendar year or as soon thereafter as practicable. year, Landlord shall have the right to increase Tenantgive Tenant written notice of ▇▇▇▇▇▇'s estimated Additional Rent during any for the remainder of such calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) during such year. Beginning on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord the amount of the applicable monthly installment of Additional Rent, without demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 (a) This subparagraph (a) applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. Within ninety one hundred and twenty (90120) days after the end of each calendar year or as soon thereafter as is reasonably possibleyear, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s actual Additional Rent for the applicable calendar year. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇Tenant's total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. .
(b) This provision shall survive the expiration or earlier termination of this Lease with respect subparagraph (b) applies to the calendar year in during which the Expiration Date or termination occurs.
2.1.1.2 occurs (the "Final Calendar Year"). Within ninety One Hundred and Twenty (90120) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicableDate, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s 's actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs Final Calendar Year and ending on the Expiration Date or termination date (such period is herein called the “"Final Additional Rent Period”"). Landlord shall have the right to calculate estimate the actual Rental Tax, Operating Expenses, Taxes and Janitorial Expenses and Additional Rent Premises HVAC Expenses allocable to the Final Additional Rent Period but which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s 's actual Additional Rent for such period as set forth in the Final Additional Rent Statementperiod, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s Tenant's total monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s 's actual Additional Rent for such period as set forth in the Final Additional Rent Statementperiod, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. (c) Unless Tenant takes written exception to any item within thirty ninety (3090) days after delivery to Tenant the furnishing of an annual statement or a statement delivered for the final Final Additional Rent periodPeriod (a “Tenant Dispute Notice”), such statement shall be considered as final and accepted by ▇▇▇▇▇▇. Any amount due Landlord as shown on such statement shall be paid by Tenant within thirty (30) days after it is furnished to Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computation.
Appears in 1 contract
Payment Obligation. In addition to the Basic Base Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent Rent, in each calendar year or partial calendar year, payable in monthly installments as hereinafter provided. On or prior to the Commencement Date and at least thirty (30) days prior to each calendar year thereafter (or as soon thereafter as is reasonably possible), Landlord shall use reasonable efforts to provide give Tenant with written notice of ▇▇▇▇▇▇Tenant's estimated Additional Rent for the next applicable calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) month during such year. Beginning Tenant shall pay to Landlord on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord thereafter the amount of the applicable monthly installment of Additional Rentinstallment, without notice, demand, offset or deductiondeduction except as otherwise provided in this Lease, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies . If Landlord fails to each give Tenant notice of its estimated payments of Additional Rent in accordance with this subsection for any calendar year, then Tenant shall continue making monthly estimated payments in accordance with the estimate for the previous calendar year during which until a new estimate is provided by Landlord. If Landlord determines that, because of unexpected increases in Operating Expenses or other reasons, Landlord's estimate of Operating Expenses was too low, then Landlord shall have the right to give a new statement of the estimated Additional Rent is owing except due from Tenant for the applicable calendar year in which or the Expiration Date occursbalance thereof and to bill Tenant for any deficiency whic▇ ▇▇y have accrued during such calendar year or portion thereof, and Tenant shall thereafter pay monthly installments of Additional Rent based on such new statement. Within ninety (90) days a reasonable time after the end of each calendar year or as soon thereafter as is reasonably possibleand the Expiration Date, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇Tenant's actual Additional Rent for the applicable calendar year, provided that with respect to the calendar year in which the Expiration Date occurs, (x) that calendar year shall be deemed to have commenced on January 1 of that year and ended on the Expiration Date (the "Final Calendar Year") and (y) Landlord shall have the right to estimate the actual Operating Expenses allocable to the Final Calendar Year. If ▇▇▇▇▇▇Tenant's total monthly payments of estimated Additional Rent for the applicable calendar year are less than Tenant's actual Additional Rent, then Tenant Landlord shall pay to Landlord credit the amount of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than overpayment to Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant orprovided, at Landlord’s optionhowever, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent StatementCalendar Year, Landlord shall pay to Tenant the amount of such excess payments, less any additional amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant the furnishing of an annual statement or a statement delivered for the final Additional Rent periodstatement, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Any amount due Landlord as shown on any such statement shall furnish written explanations to be paid by Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computationafter it is furnished to Tenant.
Appears in 1 contract
Payment Obligation. In addition to the Basic Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for the next calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of Premises, in each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any partial calendar year if Landlord reasonably believes during the term of this Lease, an amount equal to Tenant’s Proportionate Share of Operating Expenses and/or Taxes have increased (or are likely to increase) during for such calendar year.
1. Beginning on Payment of Tenant’s Proportionate Share of Operating Expenses: Tenant’s Proportionate Share of Operating Expenses for the remainder of the calendar year after the Commencement Date has been estimated in Item 4b of the Basic Lease Provisions and continuing on the first day of for each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset subsequent calendar year (or deduction, provided, however, if the applicable installment covers a partial month, then such installment calendar year) shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies estimated by Landlord and written notice thereof shall be given to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. Within ninety Tenant at least thirty (9030) days after prior to the end beginning of each calendar year year, or as soon thereafter as is reasonably possiblepractical. For any such remainder of the calendar year after the Commencement Date, Tenant shall pay to Landlord shall prepare and deliver each month, at the same time the Basic Rent is due, an amount equal to Tenant a statement showing ▇▇▇▇▇▇'s actual Additional Rent for the applicable calendar year. If ▇▇▇▇▇▇'s total monthly payments amount of such estimated Additional Rent for the applicable remainder of such calendar year are less than Tenant's actual Additional Rent, then divided by the number of months remaining in such year; and for each calendar year thereafter Tenant shall pay to Landlord each month, at the same time the Basic Rent is due, an amount equal to one-twelfth (1/12) of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of the estimated annual Additional Rent due.
2. Payment of Tenant’s Proportionate Share of Electrical Expenses: Tenant’s Proportionate Share of Electrical Expenses for the applicable year are more than Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount remainder of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year after the Commencement Date has been estimated in which Item 4c of the Expiration Date Basic Lease Provisions and for each subsequent calendar year (or termination occurs.
2.1.1.2 Within ninety partial calendar year) shall be estimated by Landlord and written notice thereof shall be given to Tenant at least thirty (9030) days after prior to the Expiration Date or termination date beginning of this Lease each calendar year, or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant of an annual statement or a statement delivered for the final Additional Rent period, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computation.reasonably
Appears in 1 contract
Sources: Office Lease Agreement (Hallmark Financial Services Inc)
Payment Obligation. In addition to the Basic Base Rent specified in this Lease, Tenant shall shall, in each calendar year or partial calendar year during the Term of this Lease, pay to Landlord the Additional Rent. The Additional Rent shall be paid by Tenant in monthly installments installments, in such amounts as hereinafter provided. are estimated and billed by Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for at the next calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st beginning of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) during such year. Beginning on the Commencement Date and continuing , each installment being due on the first day of each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deduction, provided, however, if the applicable installment covers a partial calendar month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. Within ninety one hundred twenty (90120) days (or such additional time thereafter as is reasonable under the circumstances) after the end of each calendar year or as soon thereafter as is reasonably possibleyear, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s actual Statement of Additional Rent for the applicable such calendar year. If ▇▇▇▇▇▇'s total , and the monthly payments of estimated Additional Rent for installments paid or payable shall be adjusted between Landlord and Tenant, the applicable year are less than Tenant's actual Additional Rent, then parties hereby agreeing that Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than or Landlord shall credit Tenant's actual Additional Rent, then Landlord shall pay account or (if such amount to Tenant or, adjustment is at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 end of the year in which Lease Term) pay Tenant, as the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statementcase may be, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant of an annual statement or a statement delivered for the final Additional Rent period, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faithstatement, such computationamounts as may be necessary to effect adjustment to the actual Additional Rent for such calendar year. If the Commencement Date shall be a day other than the first day of a calendar year, or if the Expiration Date or other date of termination of this Lease shall be a day other than the last day of a calendar year, then the Additional Rent for such partial calendar year shall be prorated on the basis of the number of days during the year this Lease was in effect in relation to the total number of days in such year.
Appears in 1 contract
Sources: Building Lease Agreement (Too Inc)
Payment Obligation. In addition to the Basic Base Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent Rent, in each calendar year or partial calendar year, payable in monthly installments as hereinafter provided. On or prior to the Commencement Date and at least thirty (30) days prior to each calendar year thereafter (or as soon thereafter as is reasonably possible), Landlord shall use reasonable efforts to provide give Tenant with written notice of ▇▇▇▇▇▇Tenant's estimated Additional Rent for the next applicable calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) month during such year. Beginning Tenant shall pay to Landlord on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord thereafter the amount of the applicable monthly installment of Additional Rentinstallment, without notice, demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies . If Landlord fails to each calendar year during which give Tenant notice of its estimated payments of Additional Rent is owing except in accordance with this subsection for the calendar year in which the Expiration Date occurs. Within ninety (90) days after the end of each calendar year or as soon thereafter as is reasonably possible, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s actual Additional Rent for the applicable any calendar year. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's actual Additional Rent, then Tenant shall pay to Landlord continue making monthly estimated payments in accordance with the amount of such underpaymentestimate for the previous calendar year until a new estimate is provided by Landlord. If ▇▇▇▇▇▇Landlord determines that, because of unexpected increases in Operating Expenses or other reasons, Landlord's total monthly payments estimate of estimated Additional Rent for the applicable year are more than Tenant's actual Additional RentOperating Expenses was too low, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant of an annual statement or a statement delivered for the final Additional Rent period, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computation.-------------------------------------------------------------------------------- COMMERCIAL LEASE AGREEMENT
Appears in 1 contract
Sources: Commercial Lease Agreement (Medstone International Inc/)
Payment Obligation. In addition to the Basic Base Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent Rent, in each calendar year or partial calendar year, payable in monthly installments as hereinafter provided. On or prior to the Commencement Date and at least thirty (30) days prior to each calendar year thereafter (or as soon thereafter as is reasonably possible), Landlord shall use reasonable efforts to provide give Tenant with written notice of ▇▇▇▇▇▇'s Tenant’s estimated Additional Rent for the next applicable calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) month during such year. Beginning Tenant shall pay to Landlord on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord thereafter the amount of the applicable monthly installment of Additional Rentinstallment, without notice, demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies . If Landlord fails to each give Tenant notice of its estimated payments of Additional rent in accordance with this subsection for any calendar year, then Tenant shall continue making monthly estimated payments in accordance with the estimate for the previous calendar year during which until a new estimate is provided by Landlord. If Landlord determines that, because of unexpected increases in Operating Expenses or other reasons, Landlord’s estimate of Operating Expenses was too low, then landlord shall have the right to give a new statement of the estimated Additional Rent is owing except due from Tenant for the applicable calendar year in or the balance thereof and to ▇▇▇▇ Tenant for any deficiency which the Expiration Date occursmay have accrued during such calendar year or portion thereof, and Tenant shall thereafter pay monthly installments of Additional Rent based on such new statement. Within ninety (90) days a reasonable time after the end of each calendar year or as soon thereafter as is reasonably possibleand the Expiration Date, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s Tenant’s actual Additional Rent for the applicable calendar year. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease provided that with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety , (90x) days after that calendar year shall be deemed to have commenced on January 1 of that year and ended on the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent StatementCalendar Year”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). y) Landlord shall have the right to calculate estimate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day periodfinal Calendar Year. If the aggregate of Tenant’s total monthly payments of estimated Additional Rent for the Final Additional Rent Period applicable calendar year are less than Tenant’s actual Additional Rent Rent, then Landlord shall ▇▇▇▇ Tenant for such period as set forth in the Final difference. If Tenant’s total monthly payments of Additional Rent Statementexceed actual Additional Rent, then Tenant Landlord shall pay to Landlord credit the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for overpayment to Tenant, provided, however, with respect to the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent StatementCalendar Year, Landlord shall pay to Tenant the amount of such excess payments, less any additional amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (3060) sixty days after delivery to Tenant the furnishing of an annual statement or a statement delivered for the final Additional Rent periodstatement, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Any amount due Landlord as shown on any such statement shall furnish written explanations to be paid by Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafterafter it is furnished to Tenant. Tenant or its authorized representative shall have the right to inspect the books of Landlord, discuss, for the purpose of verifying the information contained in good faith, such computationthe statement.
Appears in 1 contract
Payment Obligation. In addition to the Basic Rent specified in this Lease, Tenant All payments hereunder shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for the next calendar year and the amount never be considered a general obligation of the monthly installment Village, and shall be paid by the Village in favor of Additional Rent due for such year by December 31st of each calendar year or Developer to reimburse and/or pay from Pledged Revenue (as soon thereafter defined in the Existing Development Agreement) and/or Available IPT (as practicable. Landlord shall have defined in the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increaseExisting Development Agreement) during such year. Beginning on the Commencement Date and continuing on the first day of each month thereafterDeveloper Redevelopment Project Costs, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deduction, providedit being acknowledged, however, if the applicable installment covers a partial month, then such installment that payment hereunder shall be prorated on structured as a daily basis.
2.1.1.1 This subparagraph applies “pay as you go” obligation of the Village, and further provided that the aggregate amount of all amounts payable hereunder shall not, in any event, exceed $3.5 million to each calendar year during which Additional Rent is owing except be paid in accordance with the terms of the Development Agreement dated May 22, 2019 between the Village and the Developer. “Available IPT” or “Pledged Revenue” shall mean (as defined in the Existing Redevelopment Agreement), after all funds in the Village’s special tax allocation fund to be used by the Village for (i) the Annual Village Bond Debt Service Amount payments in respect of the Village Bond and (ii) the Annual TIF Administration Costs, seventy-five percent (75%) (such percentage subject to adjustment of the incremental property tax revenue deposited in the Village’s special tax allocation fund for the calendar year in which Antioch Corporate Center Redevelopment Project Area, but solely after all payments under the Expiration Date occurs. Within ninety (90) days after Existing Redevelopment Agreement are paid by the end of each calendar year or as soon thereafter as is reasonably possible, Landlord shall prepare and deliver Village to Tenant a statement showing ▇▇▇▇▇▇'s actual Additional Rent for the applicable calendar yearExisting Developer. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for and to the applicable extent the actual Annual TIF Administration Costs incurred by the Village in any year are less than Tenant's actual Additional Rent$250,000, then Tenant shall pay to Landlord such difference between the amount of so incurred and such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's actual Additional Rent, then Landlord $250,000 shall pay such amount be additional Available IPT or Pledged Revenue to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect be allocated to and applied to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable payment to the Final Additional Rent Period which are not determinable within such ninety Existing Developer. Amounts payable hereunder (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease solely to be maintained made after all payments to the Existing Developer are paid in accordance with the provisions terms of the Existing Development Agreement) shall be paid by the Village to the Developer, annually, no later than March 15 of each year. An audit for the TIF shall be issued (and a copy thereof shall be delivered to Developer) no later than 90 days following the end of the Village’s fiscal year and which audit shall contain (i) a reconciliation of the Annual TIF Administration Costs as incurred, (ii) a calculation of the Annual Village Bond Debt Service Amount, (iii) a calculation of the annual debt service under any Note issued by the Village to the Existing Developer, based upon the amount of Pledged Revenue and Available IPT and the then applicable IPT Percentage and (iv) a calculation of the amount due hereunder to the Developer. The cost of such annual Audits shall be an Annual TIF Administration Cost of the Village. Additional Matters The Village will: (i) waive all fees for any and all Village permits necessary for the construction of the Project, all related improvements and initial occupancy of the Project; (ii) expedite issuance of all such permits following submission of complete applications therefor; (iii) support all efforts of Developer to cause Lake County, Illinois to waive all sanitary sewer connection fees for the Project; and (iv) if and to the extent a zoning variance and/or special use is required to be granted such that the manufacturing activities of Developer are allowed within the M-1 zoning classification, the Village will take all necessary steps to grant such variance and/or otherwise amend the zoning. Requests for Reimbursement To establish its right of reimbursement of Redevelopment Project Costs from Pledged Revenue/Available IPT as provided herein (but such right being subordinate to the rights of the Existing Developer), the Developer shall submit to the Village such documentation as may be reasonably requested by the Village, such as an Owner’s Sworn Statement, to verify total spending for Redevelopment Project Costs for the Project, as well as more reasonably detailed documentation of all costs to be reimbursed with Village funds (including but not limited to sworn statements, lien waivers, cancelled checks, paid invoices, etc.) that the Developer has incurred in connection with the Project. The Village shall agree to keep all documents and costs confidential to the extent provided by law. The request for reimbursement shall utilize the form contained in EXHIBIT D hereof. Reimbursement to Developer of Redevelopment Project Costs shall, provided same qualify under applicable law as reimbursable costs, be on a “gross” basis and not be limited on a “line item” basis as such costs are set forth hereinon the Budget attached hereto as EXHIBIT B, subject to a maximum amount of $3.5 million. Unless Tenant takes written exception to any item within thirty By way of example, if the actual cost of the site preparation/grading work exceeds the budgeted amount by $500,000, the full amount of such costs (30then being approx. $1,000,000) days after delivery to Tenant of an annual statement or a statement delivered for the final Additional Rent period, such statement shall be considered subject to reimbursement without regard to the line item budgeted therefor on the Budget attached hereto as final and accepted by Tenant. Within twenty (20) business days following a request from TenantEXHIBIT B subject, Landlord shall furnish written explanations again, to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt the maximum $3.5 million of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computationRedevelopment Project Costs.
Appears in 1 contract
Sources: Development Agreement
Payment Obligation. In addition to the Basic Rent specified in this Lease, Tenant shall pay to Landlord the Additional Rent in monthly installments as hereinafter provided. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for the next calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) during such year. Beginning on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. Within ninety (90) days after the end of each calendar year or as soon thereafter as is reasonably possible, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s actual Additional Rent for the applicable calendar year. If ▇▇▇▇▇▇Tenant's total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇Tenant's total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after delivery to Tenant of an annual statement or a statement delivered for the final Additional Rent period, such statement shall be considered as final and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations to Tenant in reasonable detail for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, and Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computation.
Appears in 1 contract
Sources: Master Lease Agreement
Payment Obligation. In addition to (a) Tenant shall, for each calendar year after the Basic Rent specified in this LeaseBase Year, Tenant shall pay to Landlord as additional rent an amount equal to the Additional Rent in monthly installments as hereinafter provided. Landlord shall use reasonable efforts to provide Tenant with written notice of ▇▇▇▇▇▇'s estimated Additional Rent for the next calendar year and the amount of the monthly installment of Additional Rent due Annual Rental Adjustment for such year by December 31st of each calendar year or as soon thereafter as practicableyear. Landlord shall have the right to increase Tenant's estimated Additional Rent during For any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) during such following the Base Year that Tenant occupies the Leased Premises for less than the full calendar year. Beginning on the Commencement Date , Tenant’s obligation for taxes and continuing on the first day of each month thereafter, Tenant shall pay to Landlord the applicable monthly installment of Additional Rent, without demand, offset or deduction, provided, however, if the applicable installment covers a partial month, then such installment insurance increases shall be prorated adjusted on a daily proportional basis.
2.1.1.1 This subparagraph applies (b) Prior to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. Within ninety (90) days after the end January of each calendar year or as soon thereafter as is reasonably possibleyear, Landlord shall prepare an estimated calculation of Tenant’s Annual Rental Adjustments, The estimated Annual Rental Adjustments shall be paid by Tenant to Landlord in equal monthly installments, payable in advance and deliver to Tenant at the same time and in the same manner as the Base Rent, commencing with the January payment after the Base Year. Within a statement showing ▇▇▇▇▇▇'s actual Additional Rent for the applicable reasonable period of time after each calendar year. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than compute Tenant’s actual Additional Rent for such period Annual Rental Adjustments and submit a reconciliation statement to Tenant comparing the Annual Rental Adjustments payments made by Tenant during the previous calendar year with the actual Annual Rental Adjustments payable by Tenant as set forth in Article III, Section 3.3. Any excess in the Final Additional Rent Statement, then Annual Rental Adjustment paid by Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than be credited against Tenant’s actual Additional Rent for such period as set forth next due rental payment. However, any excess in the Final Additional Rent Statement, Landlord Annual Rental Adjustment paid by Tenant during the final year of the Lease shall pay be refunded to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item within thirty (30) days after the delivery of the reconciliation statement. Any deficiency in the Annual Rental Adjustments paid by Tenant shall be paid in full by Tenant within thirty (30) days after the delivery of the reconciliation statement. The Tenant’s obligation to Tenant of an annual statement or a statement delivered pay any deficiency in the Annual Rental Adjustments for the final Additional Rent calendar year of the Lease will survive the expiration of the Lease. The Landlord is entitled to the same rights and remedies for Tenant’s failure to pay the Annual Rental Adjustments or any deficiency in the Annual Rental Adjustments as it has with respect to Tenant’s failure to pay the Base Rent. The Annual Rental Adjustments shall be calculated on an accrual basis.
(c) At its own expense, Tenant or its accountants (must be a Certified Public Accountant, licensed as such, in any state of the U.S.), shall have the right to inspect, at reasonable times and in a reasonable manner and at the Landlord’s offices or such other place designated by Landlord, during the thirty (30) day period following the delivery of Landlord’s statement of the actual amount of Tenant’s Annual Rental Adjustments, such of Landlord’s books of account and records as pertain to and contain information concerning the Operating Expenses in order to verify the amounts thereof. In the event Tenant elects not to inspect Landlord’s books of account and records during said thirty (30) day period, such statement election or failure to inspect shall be considered as final constitute Tenant’s unconditional waiver of any and accepted by Tenant. Within twenty (20) business days following a request from Tenant, Landlord shall furnish written explanations all rights to Tenant in reasonable detail inspect Landlord’s books of account and records for any computation made under this Lease. If Tenant questions such computation following receipt of such explanation, Tenant shall give notice thereof to Landlord, the subject period and both Landlord and Tenant shall, within twenty (20) business days thereafter, discuss, in good faith, such computationshall be forever estopped and barred from challenging or questioning the amount of its Annual Rental Adjustments for said period.
Appears in 1 contract
Sources: Commercial Lease (Authentec Inc)
Payment Obligation. In addition to the Basic Rent specified in this Lease, Tenant shall pay to Landlord (a) the Additional Rent Charges monthly in arrears within thirty (30) days after receipt of an invoice thereof and (b) the Additional Rent, in each calendar year or partial calendar year during the term of this Lease, payable in monthly installments as hereinafter provided. On or prior to Commencement Date and at least thirty (30) days prior to each calendar year thereafter (or as soon thereafter as is reasonably possible), Landlord shall use reasonable efforts to provide give Tenant with written notice of ▇▇▇▇▇▇'s Tenant’s estimated Additional Rent for the next applicable calendar year and the amount of the monthly installment of Additional Rent due for such year by December 31st of each calendar year or as soon thereafter as practicable. Landlord shall have the right to increase Tenant's estimated Additional Rent during any calendar year if Landlord reasonably believes Operating Expenses and/or Taxes have increased (or are likely to increase) month during such year. Beginning Tenant shall pay to Landlord on the Commencement Date and continuing on the first day of each month thereafter, Tenant shall pay to Landlord thereafter the amount of the applicable monthly installment of Additional Rent, without demand, offset or deduction, installment; provided, however, if the applicable installment covers a partial month, then such installment shall be prorated on a daily basis.
2.1.1.1 This subparagraph applies to each calendar year during which Additional Rent is owing except for the calendar year in which the Expiration Date occurs. Within ninety one hundred twenty (90120) days after the end of (i) each calendar year and (ii) the Expiration Date or as soon thereafter as is reasonably possible, Landlord shall prepare and deliver to Tenant a statement showing ▇▇▇▇▇▇'s Tenant’s actual Additional Rent for the applicable calendar year, provided that with respect to the calendar year in which the Expiration Date occurs, (x) that calendar year shall be deemed to have commenced on January 1 of that year and ended on the Expiration Date (the “Final Calendar Year”) and (y) Landlord shall have the right to estimate the actual Operating Expenses allocable to the Final Calendar Year but which are not determinable within such 120 day period. If ▇▇▇▇▇▇'s Tenant’s total monthly payments of estimated Additional Rent for the applicable year are less than Tenant's ’s actual Additional Rent, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇'s Tenant’s total monthly payments of estimated Additional Rent for the applicable year are more than Tenant's ’s actual Additional Rent, then Landlord shall pay such amount to Tenant or, at Landlord’s option, credit against the next Additional Rent payment or payments due from Tenant the amount of such overpayment. This provision shall survive the expiration or earlier termination of this Lease ; provided, however, with respect to the calendar year in which the Expiration Date or termination occurs.
2.1.1.2 Within ninety (90) days after the Expiration Date or termination date of this Lease or as soon thereafter as practicable, Landlord shall prepare and deliver to Tenant a statement (the “Final Additional Rent Statement”) showing ▇▇▇▇▇▇’s actual Additional Rent for the period beginning January 1 of the year in which the Expiration Date or termination date occurs and ending on the Expiration Date or termination date (such period is herein called the “Final Additional Rent Period”). Landlord shall have the right to calculate the actual Operating Expenses and Additional Rent allocable to the Final Additional Rent Period which are not determinable within such ninety (90) day period. If the aggregate of Tenant’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are less than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent Statement, then Tenant shall pay to Landlord the amount of such underpayment. If ▇▇▇▇▇▇’s monthly payments of estimated Additional Rent for the Final Additional Rent Period are more than Tenant’s actual Additional Rent for such period as set forth in the Final Additional Rent StatementCalendar Year, Landlord shall pay to Tenant the amount of such excess payments, less any amounts then owed to Landlord.
2.1.1.3 Landlord will cause adequate books and records for Operating Expenses and Taxes and other amounts relevant to Tenant's obligations under this Lease to be maintained in accordance with the provisions set forth herein. Unless Tenant takes written exception to any item or gives Landlord an Audit Notice within thirty (30) days after delivery to Tenant the furnishing of an annual statement or a statement delivered for the final Additional Rent periodstatement, such statement shall be considered as final and accepted by Tenant. Within twenty Any amount due Landlord as shown on any such statement shall be paid by Tenant within thirty (2030) business days following a request from after it is furnished to Tenant, Landlord shall furnish written explanations . If an annual statement is delivered to Tenant in reasonable detail for any computation made under pursuant to this Lease. If Tenant questions such computation following receipt of such explanationsubsection 2.2.3 and is not reviewed or prepared by an independent certified public accountant, Tenant shall give notice thereof have the right to perform an annual audit at Tenant’s expense on Landlord’s books and records to the extent necessary to verify Landlord’s calculation of actual Additional Rent for the prior calendar year, provided (A) that Tenant has paid Landlord the amount shown on the annual statement, (B) that such audit shall be conducted by a certified public accountant on a non-contingency fee basis, and (C) that the auditor’s report reflecting the results of such audit shall be promptly delivered to Landlord. Any such audit shall be conducted, if at all, (i) within sixty (60) days after the receipt of the annual statement of actual Additional Rent from Landlord, (ii) during Landlord’s normal business hours, (iii) at the place where Landlord maintains its records (or such other place as Landlord shall deliver the appropriate records) and (iv) only after Landlord has received fifteen (15) days prior written notice. If the audit report reflects that estimated Additional Rent was overcharged or undercharged in the audited calendar year and provided Landlord agrees with such audit, Tenant shall, shall within twenty (20) business days thereafterafter receipt of such report pay to Landlord the amount of any underpayment or, discussif applicable, Landlord shall allow Tenant a credit against the next accruing installment of Additional Rent in good faith, such computationthe amount of any overpayment.
Appears in 1 contract