Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates. (ii) (a) Tenant's obligations with respect to increases in Labor Rates shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent.
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Samples: Lease Agreement (Intralinks Inc), Lease Agreement (Intralinks Inc)
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates Operating Expenses for the Comparison Year year with the Base Labor RatesOperating Expenses, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates.
(ii) (a) Tenant's obligations with respect to increases in Labor Rates Operating Expenses and Taxes, shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates Operating Expenses and/or Taxes, as applicable, in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase in Operating Expenses and/or Taxes, as the case may be, is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month month, following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increaseincrease in Operating Expenses and/or Taxes, as the case may be. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent.
(b) If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as to tax escrow payments to a mortgagee or ground lessor) in full or in monthly, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord's option, Tenant's Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant's Proportionate Share is due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee or ground lessor, as the case may be.
(c) Following each Landlord's Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord's Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within twenty (20) days next following rendition by Landlord, either in accordance with the provisions of Article 27 hereof or by personal delivery to the Premises, of an invoice for such net debit balance; any net credit balance shall be applied against the next accruing monthly installment of Rent.
(a) As used in this subsection C(iii), the words "Tentative Monthly Expense Charge" shall mean a sum equal to one-twelfth (1/12th) of Tenant's Proportionate Share multiplied by the difference between (i) the Base Operating Expenses and (ii) one hundred and six percent (106%) of the Operating expenses for (1) the Base Expense Year with respect to the first Comparison Year during the Term or (2) the immediately preceding Comparison Year with respect to the second Comparison Year and each Comparison Year thereafter during the Term.
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Samples: Assignment and Amendment of Lease (Talkpoint Communications Inc), Lease Agreement (Nextvenue Inc)
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates; provided, however, each Landlord's Statement shall be rendered within one (1) year of the Comparison Year to which it pertains.
(ii) (a) Tenant's obligations with respect to increases in Labor Rates shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent.
Appears in 2 contracts
Samples: Lease Agreement (Predictive Systems Inc), Lease Agreement (Predictive Systems Inc)
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premiseshereof, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisonscomparison. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Additional Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor RatesTaxes.
(ii) (a) With respect to an increase in the Additional Rent resulting from an increase in the Taxes for any Comparison Year above the Base Taxes, Tenant shall pay to Landlord Tenant's obligations Proportionate Share with respect to increases Taxes so that such payments correspond to Landlord’s payment of Taxes (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee) in Labor Rates full or in semi-annual installments, and Tenant's Proportionate Share shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth due at least thirty (1/12th30) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect days prior to the month following date payments are due to the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with taxing authorities or the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding superior mortgagee.
(iii) Following each Landlord's Statement, the monthly installments of Rent a reconciliation shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any made as follows: Tenant shall be debited with any increase in the Additional Rent shown on such Landlord's Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within thirty (30) days next following rendition by Landlord, either in accordance with the provisions of Article 27 hereof, of an invoice for such net debit balance; any net credit balance shall be collectible by Landlord in applied against the same manner as next accruing monthly installment of Additional Rent.
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Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premiseshereof, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisonscomparison. LandlordXxxxxxxx's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes. Notwithstanding the foregoing, Tenant shall be relieved of any obligation to pay Tenant’s Proportionate Share of Taxes and for a Comparison Year in question if a Landlord’s Statement is not delivered by Landlord to Tenant within three (b3) a comparison years of the Labor Rates due date for the Comparison Year with the Base Labor RatesTaxes.
(ii) (a) Tenant's obligations with With respect to increases in Labor Rates shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied resulting from an increase in the Taxes for any Comparison Year above the Base Taxes, Tenant shall pay to Landlord Tenant's Proportionate Share with respect to Taxes so that such payments correspond to Landlord’s payment of Taxes (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee) in full or in semi-annual installments, and Tenant's Proportionate Share shall be due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee.
(iii) Following each Landlord's Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord's Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the number provisions of months (and any fraction thereofsubsection C(ii) of the Term then elapsed since the commencement of for the Comparison Year for which the increase is applicablein question; Tenant shall pay any net debit balance to Landlord within thirty (30) days next following rendition by Landlord, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing in accordance with the provisions of Article 27 hereof, of an invoice for such net debit balance; any net credit balance shall be applied against the next succeeding accruing monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by an amount equal or refunded to one-twelfth (1/12th) of such increase. Any increase Tenant in case in the Rent shall be collectible by Landlord in event the same manner as RentTerm has expired or terminated.
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Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, Tenant a Landlord's ’s Statement or Statements showing separately or together (ai) a comparison of the Taxes payable for the Comparison Year with the Base TaxesTax Amount, (bii) a comparison of the Labor Rates Operating Expenses payable for the Comparison Year with the Base Labor RatesOperating Factor, and (ciii) the amount of the increase in the Rent resulting from each of such comparisonstherefrom. Landlord's ’s failure to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's ’s right to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's ’s obligation to pay increases in the Rent pursuant to this Article 28 3 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes Tax Amount and (b) a comparison of the Labor Rates Operating Expenses for the Comparison Year with the Base Labor RatesOperating Factor.
(ii) With respect to an increase in the Rent resulting from an increase in the Taxes for any Comparison Year above the Base Tax Amount, Tenant shall pay to Landlord a sum equal to one-half (a1⁄2) of such amount on the first day of June and a sum equal to one-half (1⁄2) of such amount on the first day of December of each calendar year. If Landlord’s Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (I) until Landlord’s Statement is rendered for such Comparison Year, Tenant shall pay Tenant’s Proportionate Share of increases in Taxes for such Comparison Year in semi-annual installments, as described above, based upon the last prior Landlord’s Statement rendered to Tenant with respect to Taxes, and (II) Tenant shall pay to Landlord an amount equal to any underpayment of the Tax Payment theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments under this Subsection the amount of such overpayment. At Landlord’s option, Landlord may deliver to Tenant a statement setting forth Landlord’s estimate of the Tax Payment for the next succeeding Tax Year (the “Estimated Amount”). In such event, Tenant shall pay the Estimated Amount in advance in equal monthly installments together with that month’s installment of Minimum Rent. In the event of an overpayment or underpayment by Tenant, the difference shall be adjusted in accordance with the terms of this Article 3. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from the Tax Payment. Tenant shall be obliged to pay the Tax Payment regardless of whether Tenant is exempt, in whole or in part, from the payment of any Taxes by reason of Tenant’s diplomatic status or otherwise. (iii) Tenant's ’s obligations with respect to increases in Labor Rates Operating Expenses shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's ’s Statement with respect to Labor Rates the Operating Expenses in an amount equal to one-one twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-one twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's ’s Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's ’s Statement, the monthly installments of Rent shall be increased by an amount equal to one-one twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent. At Landlord’s option, Landlord may deliver to Tenant a statement setting forth Landlord’s estimate of the Operating Expenses for the next succeeding Comparison Year (the “Estimated Amount”). In such event, Tenant shall pay the Estimated Amount in advance in equal monthly installments together with that month’s installment of Minimum Rent. In the event of an overpayment or underpayment by Tenant, the difference shall be adjusted in accordance with the terms of this Article 3.
Appears in 1 contract
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates Operating Expenses for the Comparison Year year with the Base Labor RatesOperating Expenses, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates.
(ii) (a) Tenant's obligations with respect to increases in Labor Rates Operating Expenses and Taxes, shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates Operating Expenses and/or Taxes, as applicable, in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase in Operating Expenses and/or Taxes, as the case may be, is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month month, following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increaseincrease in Operating Expenses and/or Taxes, as the case may be. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent.
(b) If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as to tax escrow payments to a mortgagee or ground lessor) in full or in monthly, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord's option, Tenant's Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant's Proportionate Share is due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee or ground lessor, as the case may be.
(c) Following each Landlord's Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord's Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within fifteen (15) days next following rendition by Landlord, either in accordance with the provisions of Article 27 hereof or by personal delivery to the Premises, of an invoice for such net debit balance; any net credit balance shall be applied against the next accruing monthly installment of Rent or if at the end of the term, refunded to Tenant.
(a) As used in this subsection C(iii), the words "TENTATIVE MONTHLY EXPENSE CHARGE" shall mean a sum equal to one-twelfth (1/12th) of Tenant's Proportionate Share multiplied by the difference between (i) the Base Operating Expenses and (ii) one hundred and six percent (106%) of the Operating Expenses for (1) the Base Expense Year with respect to the first Comparison Year during the Term or (2) the immediately preceding Comparison Year with respect to the second Comparison Year and each Comparison Year thereafter during the Term.
(b) At any time in any Comparison Year (any part or all of which falls within the term), Landlord, at its option, in lieu of the payments required under subsection C(ii)(a) of this Article 28 with respect to Operating Expenses only, may demand and collect from Tenant, as additional rent, a sum equal to the Tentative Monthly Expense Charge multiplied by the number of months in said Comparison Year preceding the demand, and thereafter; commencing with the month in which the demand is made and continuing thereafter for each month remaining in said Year, the monthly installments of Rent shall be deemed increased by the Tentative Monthly Expense Charge. Any amount due to Landlord under this subsection C(iii)(b) may be included by Landlord in any Landlord's Statement rendered to Tenant as provided in subsection C(i) of this Article 28.
(c) After the end of the Comparison Year in which a demand is made pursuant to the provisions of subsection C(iii)(b) of this Article 28 and at any time that Landlord renders a Landlord's Statement or Statements to Tenant as provided in subsection C(i) of this Article 28 in respect of Operating Expenses, the amounts, if any, collected by Landlord from Tenant under subsection C(iii)(b) hereof on account of Tentative Monthly Expense Charge shall be adjusted, and, if the amount so collected is less than or exceeds the amount actually due under said Landlord's Statement for the Comparison Year, a reconciliation shall be made in the same manner as provided in subsection C(ii)(c) of this Article 28.
Appears in 1 contract
Samples: Lease Agreement (Viatel Inc)
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent additional rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent additional rent pursuant to this Article 28 for such Comparison Year; provided however, each Landlord's Statement shall be rendered within two (2) years of the Comparison Year to which it pertains. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the CONFORMED COPY Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates; provided however, a Landlord's Statement shall be deemed binding on Landlord on the first (1st) anniversary of the date any such Landlord's Statement is furnished to Tenant, except for any items includible in Labor Rates or Taxes that Landlord could not reasonably foresee or previously ascertain, subject to the provisions of subsection D(i)(b) of this Article 28.
(ii) (a) Tenant's obligations with respect to increases in Labor Rates shall be payable by Tenant on the first (1st) day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent additional rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-twelfth (1/12th) of such increase additional rent with respect to the month following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, Tenant shall pay as additional rent, together with the monthly installments of Rent shall be increased by Rent, an amount equal to one-twelfth (1/12th) of such increase. Any additional rent attributable to such increase in the Rent shall be collectible by Landlord in the same manner as Rent.
(b) With respect to additional rent payable as a result of an increase in the Taxes for any Comparison Year above the Base Taxes, Tenant shall pay to Landlord a sum equal to one-twelfth (1/12th) of the additional rent attributable to such increase on the first (1st) day of the month following the date when such increase shall occur and a sum equal to one-twelfth (1/12th) of such increase on the first (1st) day of each calendar month during the Term hereof thereafter occurring, payable together with the monthly installments of the Rent coming due and payable hereunder. If Landlord's Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (1) until Landlord's Statement is rendered for such Comparison Year, Tenant shall pay Tenant's Proportionate Share of Taxes for such Comparison Year in monthly installments, as described above, based upon the last prior Landlord's Statement rendered to Tenant with respect to Taxes, and (2) Tenant shall, within ten (10) days after Landlord's Statement is furnished to Tenant, pay to Landlord an amount equal to any underpayment of the installments of Taxes theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments of additional rent under this subsection (C)(ii)(b) of this Article 28 the amount of such overpayment. If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee or ground lessor) in full or in semi-annual, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord's option, Tenant's Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant's Proportionate Share is due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee or ground lessor, as the case may be. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from Tenant's Proportionate Share of such Taxes.
(c) Following each Landlord's Statement, a reconciliation shall be made as follows: Tenant shall be debited with any additional rent that is payable as shown on such Landlord's Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) or C(ii)(b) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within fifteen (15) days next following rendition by Landlord, either in accordance with the provisions of Article 27 hereof or by personal delivery to the Premises, of an invoice for such net debit balance; any net credit balance shall be applied against the next accruing installments of additional rent.
Appears in 1 contract
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premiseshereof, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent additional rent resulting from each of such comparisonscomparison. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent additional rent pursuant to this Article 28 for such Comparison Year; provided however, if Tenant has not received a Landlord's Statement within thirty-six (36) months following the year in which the Taxes are payable by Landlord, Landlord agrees that Landlord shall be deemed to have waived its claim against Tenant for Tenant's Proportionate Share of any increase in Taxes for such year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor RatesTaxes.
(ii) (a) Tenant's obligations with With respect to increases additional rent payable as a result of an increase in Labor Rates the Taxes for any Comparison Year above the Base Taxes, Tenant shall be payable by Tenant on the first day of the month following the furnishing pay to Tenant of Landlord a Landlord's Statement with respect to Labor Rates in an amount sum equal to one-twelfth half (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof1/2th) of the Term then elapsed since additional rent attributable to such increase twice annually within thirty (30) days of Landlord's demand, but not earlier than thirty (30) days prior to the date the Taxes are payable to the taxing authorities. If Landlord's Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (1) until Landlord's Statement is rendered for which such Comparison Year, Tenant shall pay Tenant's Proportionate Share of Taxes for such Comparison Year in bi-annual installments, as described above, based upon the increase is applicable, together with a sum equal last prior Landlord's Statement rendered to one-twelfth (1/12th) of such increase Tenant with respect to the month following the furnishing to Taxes, and (2) Tenant of a shall, within ten (10) days after Landlord's Statement; and thereafterStatement is furnished to Tenant, commencing with pay to Landlord an amount equal to any underpayment of the next succeeding monthly installment installments of Taxes theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments of Rent the amount of such overpayment. If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities) in full or in quarterly, monthly or other installments, on any other date or dates than as presently required, then, at Landlord's option, Tenant's Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant's Proportionate Share is due not more than thirty (30) days prior to the date payments are due to the taxing authorities. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and continuing monthly thereafter until rendition such discount shall not be subtracted from Tenant's Proportionate Share of the next succeeding such Taxes.
(b) Following each Landlord's Statement, a reconciliation shall be made as follows: Tenant shall be debited with any additional rent that is payable as shown on such Landlord's Statement and credited with the monthly aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within fifteen (15) days next following rendition by Landlord, in accordance with the provisions of Article 27 hereof, of an invoice for such net debit balance; any net credit balance shall be applied against the next accruing installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rentadditional rent.
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Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, . and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's ’s failure to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's ’s right to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's ’s obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and Taxes. Landlord shall have deemed to waive its rights to receive any payment for any Comparison Year if the applicable Landlord Statement is not delivered to Landlord prior to the two (b2) a comparison year anniversary of the Labor Rates for the Comparison Year with the Base Labor RatesExpiration Date.
(ii) (a) Tenant's obligations with With respect to increases an increase in Labor Rates the Rent resulting from an increase in the Taxes for any Comparison Year above the Base Taxes, Tenant shall be payable by Tenant pay to Landlord a sum equal to one-half (%) of such increase on the first day of the month following the furnishing to Tenant of June and a Landlord's Statement with respect to Labor Rates in an amount sum equal to one-twelfth half (1/12thY,) of such increase in on the Rent multiplied by the number first day of months (and any fraction thereof) December of the Term then elapsed since each calendar year. If Landlord’s Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (1) until Landlord’s Statement is rendered for which such Comparison Year, Tenant shall pay Tenant’s Proportionate Share of Taxes for such Comparison Year in semi-annual installments, as described above, based upon the increase is applicable, together with a sum equal last prior Landlord’s Statement rendered to one-twelfth (1/12th) of such increase Tenant with respect to the month following the furnishing Taxes, and (2) Tenant shall, within thirty (30) days after Landlord’s Statement is furnished to Tenant of a Landlord's Statement; and thereafterTenant, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by pay to Landlord an amount equal to one-twelfth any underpayment of the installments of Taxes theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments under this subsection (1/12thC)(ii)(b) of this Article 28 the amount of such increaseoverpayment or, at Tenant’s election, refund the same to Tenant. Any increase If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee or ground lessor) in the Rent full or in monthly, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord’s option, Tenant ‘s Proportionate Share with respect to Taxes shall be collectible by Landlord in correspondingly accelerated or revised so that Tenant’s Proportionate Share is due at least thirty (30) days prior to the same manner date payments are due to the taxing authorities or the superior mortgagee or ground lessor, as Rentthe case may be. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from Tenant’s Proportionate Share of such Taxes.
Appears in 1 contract
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premiseshereof, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates.
(ii) (ai) Tenant's obligations with respect to increases in Labor Rates shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent.
(a) With respect to an increase in the Rent resulting from an increase in the Taxes for any Comparison Year above the Base Taxes, Tenant shall pay to Landlord a sum equal to one-half (1/2) of such increase on the first day of June and a sum equal to one-half (1/2) of such increase on the first day of December of each calendar year. If Landlord's Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (1) until Landlord's Statement is rendered for such Comparison Year, Tenant shall pay Tenant's Proportionate Share of Taxes for such Comparison Year in semi-annual installments, as described above, based upon the last prior Landlord's Statement rendered to Tenant with respect to Taxes, and (2) Tenant shall, within twenty (20) days after Landlord's Statement is furnished to Tenant, pay to Landlord an amount equal to any underpayment of the installments of Taxes theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments under this subsection (C)(ii)(b) of this Article 28 the amount of such overpayment. If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee or ground lessor) in full or in monthly, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord's option, Tenant's Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant's Proportionate Share is due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee or ground lessor, as the case may be. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from Tenant's Proportionate Share of such Taxes.
(b) Following each Landlord's Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord's Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) or C(ii)(b) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within fifteen (15) days next following rendition by Landlord, in accordance with the provisions of Article 27 hereof, of an invoice for such net debit balance; any net credit balance shall be applied against the next accruing monthly installment of Rent.
Appears in 1 contract
Payment of Escalations. (i1) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, Tenant a Landlord's ’s Statement or Statements showing separately or together (ai) a comparison of the Taxes payable for the Comparison Year with the Base TaxesTax Amount, (bii) a comparison of the Labor Rates for the Comparison Year with the Base Labor RatesBID Charges, and (ciii) the amount of the increase in the Rent resulting from each of such comparisonstherefrom. Landlord's ’s failure to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's ’s right to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's ’s obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Tax Amount, and the BID Charges.
(2) With respect to an increase in the Rent resulting from (a) an increase in the Taxes and for any Comparison Year above the Base Tax Amount, and/or (b) the imposition of BID Charges, Tenant shall pay to Landlord a comparison sum equal to one-half (½) of the Labor Rates for the Comparison Year with the Base Labor Rates.
(ii) (a) Tenant's obligations with respect to increases in Labor Rates shall be payable by Tenant such amount on the first day of the month following the furnishing to Tenant of June and a Landlord's Statement with respect to Labor Rates in an amount sum equal to one-twelfth half (1/12th½) of such increase in amount on the Rent multiplied by the number first day of months (and any fraction thereof) December of the Term then elapsed since each calendar year. If Landlord’s Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (I) until Landlord’s Statement is rendered for which such Comparison Year, Tenant shall pay (1) Tenant’s Proportionate Share of any increase in Taxes for such Comparison Year, and (2) the increase is applicableBID Payment, together with a sum equal in semi-annual installments, as described above, based upon the last prior Landlord’s Statement rendered to one-twelfth (1/12th) of such increase Tenant with respect to the month following the furnishing Taxes and/or BID Charges, and (II) Tenant shall pay to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by Landlord an amount equal to one-twelfth (1/12th) any underpayment of the Tax Payment and/or the BID Payment theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments under this Subsection the amount of such increaseoverpayment. Any At Landlord’s option, Landlord may deliver to Tenant a statement setting forth Landlord’s estimate of the Tax Payment and/or BID Charges for the next succeeding Tax Year (the “Estimated Amount”). In such event, Tenant shall pay the Estimated Amount in advance in equal monthly installments together with that month’s installment of Minimum Rent. In the event of an overpayment or underpayment by Tenant, the difference shall be adjusted in accordance with the terms of this Article. The benefit of any discount for any early payment or prepayment of Taxes and BID Charges shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from the Tax Payment or the BID Payment, respectively. Tenant shall be obliged to pay the Tax Payment and/or the BID Payment regardless of whether Tenant is exempt, in whole or in part, from the payment of any Taxes by reason of Tenant’s diplomatic status or otherwise.
(3) Following each Landlord’s Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord’s Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions hereof for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord by the date that is twenty (20) days following rendition by Landlord of a statement therefor, any net credit balance shall be collectible by Landlord in applied against the same manner as next accruing monthly installment of Rent, or, if such net credit balance occurs at the end of the Term, and no further Rent is due hereunder, the amount of such net credit balance shall be refunded to Tenant.
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Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor RatesTaxes.
(ii) (a) Tenant's obligations with With respect to increases an increase in Labor Rates the Rent resulting from an increase in the Taxes for any Comparison Year above the Base Taxes, Tenant shall be payable by Tenant pay to Landlord a sum equal to one-half (½) of such increase on the first day of the month following the furnishing to Tenant of June and a Landlord's Statement with respect to Labor Rates in an amount sum equal to one-twelfth half (1/12th½) of such increase in on the Rent multiplied by the number first day of months (and any fraction thereof) December of the Term then elapsed since each calendar year. If Landlord's Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (1) until Landlord's Statement is rendered for which such Comparison Year, Tenant shall pay Tenant's Proportionate Share of Taxes for such Comparison Year in semi-annual installments, as described above, based upon the increase is applicable, together with a sum equal last prior Landlord's Statement rendered to one-twelfth (1/12th) of such increase Tenant with respect to the month following the furnishing to Taxes, and (2) Tenant of a shall, within fifteen (15) days after Landlord's Statement; and thereafterStatement is furnished to Tenant, commencing with pay to Landlord an amount equal to any underpayment of the next succeeding monthly installment installments of Taxes theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments of Rent and continuing monthly thereafter until rendition the amount of such overpayment and, if such overpayment occurs in the last Tax Year of the next succeeding then Term of this Lease, by cash payment to Tenant. If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee) in full or in monthly, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord's option, Tenant's Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant's Proportionate Share is due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee, as the case may be. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from Tenant's Proportionate Share of such Taxes.
(b) Following each Landlord's Statement, the monthly installments of Rent a reconciliation shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord's Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) or C(ii)(b) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within fifteen (15) days next following rendition by Landlord, in accordance with the provisions of Article 27 hereof, of an invoice for such net debit balance; any net credit balance shall be collectible by Landlord in applied against the same manner as next accruing monthly installment of Minimum Rent.
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Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's ’s failure to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's ’s right to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's ’s obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor RatesTaxes.
(ii) (a) Tenant's obligations with With respect to increases an increase in Labor Rates the Rent resulting from an increase in the Taxes for any Comparison Year above the Base Taxes, Tenant shall be payable by Tenant pay to Landlord a sum equal to one-half (1/2) of such increase on the first day of the month following the furnishing to Tenant of June and a Landlord's Statement with respect to Labor Rates in an amount sum equal to one-twelfth half (1/12th1/2) of such increase in on the Rent multiplied by the number first day of months (and any fraction thereof) December of the Term then elapsed since each calendar year. If Landlord’s Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (1) until Landlord’s Statement is rendered for which such Comparison Year, Tenant shall pay Tenant’s Proportionate Share of Taxes for such Comparison Year in semi-annual installments, as described above, based upon the increase is applicable, together with a sum equal last prior Landlord’s Statement rendered to one-twelfth (1/12th) of such increase Tenant with respect to the month following the furnishing Taxes, and (2) Tenant shall, within fifteen (15) days after Landlord’s Statement is furnished to Tenant of a Landlord's Statement; and thereafterTenant, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by pay to Landlord an amount equal to one-twelfth (1/12th) any underpayment of the installments of Taxes theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments of Rent the amount of such increaseoverpayment and, if such overpayment occurs in the last Tax Year of the then Term of this Lease, by cash payment to Tenant. Any If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee) in full or in monthly, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord’s option, Tenant’s Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant’s Proportionate Share is due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee, as the case may be. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from Tenant’s Proportionate Share of such Taxes.
(b) Following each Landlord’s Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord’s Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) or C(ii)(b) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within fifteen (15) days next following rendition by Landlord, in accordance with the provisions of Article 27 hereof, of an invoice for such net debit balance; any net credit balance shall be collectible by Landlord in applied against the same manner as next accruing monthly installment of Minimum Rent.
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Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's failure to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's right to render a Landlord's Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates.
(ii) (a) ). Tenant's obligations with respect to increases in Labor Rates shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent.
Appears in 1 contract
Samples: Lease Agreement (Thrupoint Inc)
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's ’s failure to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's ’s right to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's ’s obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor RatesTaxes.
(ii) (a) Tenant's obligations with With respect to increases in Labor Rates shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by resulting from an increase in the number of months (and Taxes for any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which above the increase is applicableBase Taxes, together with Tenant shall pay to Landlord a sum equal to one-twelfth (1/12th1/12) of such increase on the first day of June when such payment is first due and then thereafter on the first of the month during the Term. If Landlord’s Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (1) until Landlord’s Statement is rendered for such Comparison Year, Tenant shall pay Tenant’s Proportionate Share of Taxes for such Comparison Year in monthly installments, as described above, based upon the last prior Landlord’s Statement rendered to Tenant with respect to the month following the furnishing Taxes, and (2) Tenant shall, within twenty (20) days after Landlord’s Statement is furnished to Tenant of a Landlord's Statement; and thereafterTenant, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's Statement, the monthly installments of Rent shall be increased by pay to Landlord an amount equal to one-twelfth (1/12th) any underpayment of the installments of Taxes theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent Rent payments the amount of such increaseoverpayment or Landlord shall reimburse Tenant within sixty (60) days after the expiration or termination of this Lease if such credit arises at the end of the Term. Any If during the Term of this Lease, Taxes are required to be paid (either to the appropriate taxing authorities or as tax escrow payments to a mortgagee or ground lessor) in full or in monthly, quarterly, or other installments, on any other date or dates than as presently required, then, at Landlord’s option, Tenant’s Proportionate Share with respect to Taxes shall be correspondingly accelerated or revised so that Tenant’s Proportionate Share is due at least thirty (30) days prior to the date payments are due to the taxing authorities or the superior mortgagee or ground lessor, as the case may be. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from Tenant’s Proportionate Share of such Taxes.
(b) Following each Landlord’s Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord’s Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of subsection C(ii)(a) or C(ii)(b) for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within twenty (20) days next following rendition by Landlord, either in accordance with the provisions of Article 27 hereof or by personal delivery to the Premises, of an invoice for such net debit balance; any net credit balance shall be collectible by Landlord in applied against the same manner as next accruing monthly installment of Rent.
Appears in 1 contract
Samples: Lease Agreement (Yodle Inc)
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, a Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes, (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates, and (c) the amount of the increase in the Rent resulting from each of such comparisons. Landlord's ’s failure to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's ’s right to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's ’s obligation to pay increases in the Rent pursuant to this Article 28 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes and (b) a comparison of the Labor Rates for the Comparison Year with the Base Labor Rates.
(ii) (a) Tenant's ’s obligations with respect to increases in Labor Rates shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's ’s Statement with respect to Labor Rates in an amount equal to one-twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's ’s Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's ’s Statement, the monthly installments of Rent shall be increased by an amount equal to one-twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent.
Appears in 1 contract
Samples: Lease Agreement (Intralinks Inc)
Payment of Escalations. (i) At any time prior to, during or after any Comparison Year Landlord shall render to Tenant, either in accordance with the provisions of Article 27 hereof or by personal delivery at the Premises, Tenant a Landlord's ’s Statement or Statements showing separately or together (ai) a comparison of the Taxes payable for the Comparison Year with the Base TaxesTax Amount, (bii) a comparison of the Labor Rates Operating Expenses payable for the Comparison Year with the Base Labor RatesOperating Factor, and (ciii) the amount of the increase in the Rent resulting from each of such comparisonstherefrom. Landlord's ’s failure to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any Comparison Year shall not prejudice Landlord's ’s right to render a Landlord's ’s Statement and/or receive payments with respect thereto during or with respect to any subsequent Comparison Year, and shall not eliminate or reduce Tenant's ’s obligation to pay increases in the Rent pursuant to this Article 28 3 for such Comparison Year. Landlord may also at any time and from time to time, furnish to Tenant a revised Landlord's ’s Statement or Statements showing separately or together (a) a comparison of the Taxes payable for the Comparison Year with the Base Taxes Tax Amount and (b) a comparison of the Labor Rates Operating Expenses for the Comparison Year with the Base Labor RatesOperating Factor.
(ii) With respect to an increase in the Rent resulting from an increase in the Taxes for any Comparison Year above the Base Tax Amount, Tenant shall pay to Landlord a sum equal to one-half (a1⁄2) of such amount on the first day of June and a sum equal to one-half (1⁄2) of such amount on the first day of December of each calendar year. If Landlord’s Statement shall be furnished to Tenant after the commencement of the Comparison Year to which it relates, then (I) until Landlord’s Statement is rendered for such Comparison Year, Tenant shall pay Tenant’s Proportionate Share of increases in Taxes for such Comparison Year in semi-annual installments, as described above, based upon the last prior Landlord’s Statement rendered to Tenant with respect to Taxes, and (II) Tenant shall pay to Landlord an amount equal to any underpayment of the Tax Payment theretofore paid by Tenant for such Comparison Year and, in the event of an overpayment by Tenant, Landlord shall permit Tenant to credit against subsequent payments under this Subsection the amount of such overpayment. At Landlord’s option, Landlord may deliver to Tenant a statement setting forth Landlord’s estimate of the Tax Payment for the next succeeding Tax Year (the “Estimated Amount”). In such event, Tenant shall pay the Estimated Amount in advance in equal monthly installments together with that month’s installment of Minimum Rent. In the event of an overpayment or underpayment by Tenant, the difference shall be adjusted in accordance with the terms of this Article 3. The benefit of any discount for any early payment or prepayment of Taxes shall accrue solely to the benefit of Landlord, and such discount shall not be subtracted from the Tax Payment. Tenant shall be obliged to pay the Tax Payment regardless of whether Tenant is exempt, in whole or in part, from the payment of any Taxes by reason of Tenant’s diplomatic status or otherwise.
(iii) Tenant's ’s obligations with respect to increases in Labor Rates Operating Expenses shall be payable by Tenant on the first day of the month following the furnishing to Tenant of a Landlord's ’s Statement with respect to Labor Rates the Operating Expenses in an amount equal to one-one twelfth (1/12th) of such increase in the Rent multiplied by the number of months (and any fraction thereof) of the Term then elapsed since the commencement of the Comparison Year for which the increase is applicable, together with a sum equal to one-one twelfth (1/12th) of such increase with respect to the month following the furnishing to Tenant of a Landlord's ’s Statement; and thereafter, commencing with the next succeeding monthly installment of Rent and continuing monthly thereafter until rendition of the next succeeding Landlord's ’s Statement, the monthly installments of Rent shall be increased by an amount equal to one-one twelfth (1/12th) of such increase. Any increase in the Rent shall be collectible by Landlord in the same manner as Rent. At Landlord’s option, Landlord may deliver to Tenant a statement setting forth Landlord’s estimate of the Operating Expenses for the next succeeding Comparison Year (the “Estimated Amount”). In such event, Tenant shall pay the Estimated Amount in advance in equal monthly installments together with that month’s installment of Minimum Rent. In the event of an overpayment or underpayment by Tenant, the difference shall be adjusted in accordance with the terms of this Article 3.
(iv) Following each Landlord’s Statement, a reconciliation shall be made as follows: Tenant shall be debited with any increase in the Rent shown on such Landlord’s Statement and credited with the aggregate, if any, paid by Tenant on account in accordance with the provisions of this Subsection C for the Comparison Year in question; Tenant shall pay any net debit balance to Landlord within thirty (30) days next following rendition by Landlord of a statement for such net debit balance; any net credit balance shall be applied against the next accruing monthly installment of Rent, or refunded to Tenant if no further Rent is due from Tenant to Landlord hereunder. The provisions of this Subsection C(iv) shall survive the expiration or earlier termination of the Lease.
Appears in 1 contract
Samples: Lease Agreement (Compass, Inc.)