Common use of Payment of Increase in Rent Clause in Contracts

Payment of Increase in Rent. (1) The payment of any additional rent on account of Taxes and Operating Cost increases, pursuant to the provisions of this Article 20 shall be made as follows: On the first day of the month following the furnishing of a comparative statement, Tenant shall pay to landlord as additional rent (a) a sum equal to 1/12th of Tenant’s share of tax increase multiplied by the number of months then elapsed from the date commencing with the 1st day of the current fiscal tax year up to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if any), plus (b) a sum equal to 1/12th of Tenant’s share of Operating Costs increase multiplied by the number of months then elapsed from the date commencing with the first day of the preceding calendar year up to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if any), plus (c) in advance, 1/12th of such share of both Tax and Operating Cost increases with respect to the then current month, and each month thereafter as additional rent until a different comparative statement shall be submitted as above provided. (2) When the next comparative statement is submitted by Landlord to Tenant, in the event that such comparative statement shall show an increase in Taxes and/or Operating Costs which shall be different from the increase paid or which was to be paid in advance under the last previous comparative statement, then the additional rent that had been or was to be paid in advance on account of Taxes and Operating Cost increases, shall be increased or decreased accordingly. (3) The additional rent due to Landlord or any credit due to Tenant, as disclosed by the comparative statement furnished Tenant, shall be paid or credited within Ten (10) days after the furnishing of such comparative statement. (4) In the Event Tenant should dispute any cost items in any comparative statement furnished by Landlord pursuant to this Article, Landlord and Tenant specifically agree that provided Tenant is not otherwise in default in the payment of the basic monthly rent under this lease and Tenant first deposits with Landlord the total sum in dispute hereunder, the cost items in dispute shall be submitted to an independent Certified Public Accountant engaged by Landlord and reasonably approved by Tenant, for audit and verification of the cost items disputed, and the finding and determination of said independent Certified Public Accountant, shall be deemed conclusively correct, final and binding between parties hereto without further remedy or recourse to legal proceedings. In the event such audit discloses that the aggregate of the true amount of such cost items as verified is within three per cent (3%) of the aggregate items disputed, Tenant shall pay the cost of such audit, which shall be in accordance with the reasonable charges generally prevailing for such work. Sums payable under this Article are deemed independent additional rental and are payable in addition to the rental specified in Article 2 of this lease, any guaranteed minimum monthly rental, and any percentage rental payable under this lease.

Payment of Increase in Rent. (1) . The payment of any additional increase in rent on account of Taxes and Operating Cost increases, pursuant to the provisions of subdivision (B) of this Article 20 Article, shall be made as follows: On on the first day of the month following the furnishing of a comparative statement, statement Tenant shall forthwith pay to landlord as additional rent (a) Landlord a sum equal to 1/12th one-twelfth of Tenant’s 's share of tax such increase multiplied by the number of months then elapsed from the date commencing with the January 1st day of the current fiscal tax preceding calendar year up (provided, however, that if the term of this lease commenced in said preceding calendar year, Tenant shall forthwith pay to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if any), plus (b) Landlord a sum equal to 1/12th one-twelfth of Tenant’s 's share of Operating Costs such increase multiplied by the number of months then elapsed from the date commencing only with the first day month in which the term of the preceding calendar year up to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if anythis lease commenced), plus (c) and in advance, 1/12th one-twelfth of such share of both Tax and Operating Cost increases with respect to the then current monthmonth and thereafter, and each month thereafter as additional rent until a different comparative statement shall be submitted as above provided, the monthly installments of rent payable under this lease shall be increased by an amount equal to one-twelfth of Tenant's share of such increase. (2) When In the next event that a comparative statement is submitted by Landlord to Tenantshall show, or in the event that such a comparative statement shall show statement, if submitted, would have shown an increase in Taxes and/or Operating Costs rent which shall be different from the increase paid rent herein reserved or which was to be paid in advance under from that shown by the last previous comparative statement, then the additional rent that had been or was to be paid in advance on account of Taxes and Operating Cost increases, payable by Tenant shall be increased or decreased accordinglyadjusted proportionately consistent with the foregoing provisions. (3) The additional rent due to Landlord or any credit due to Tenant, as disclosed by the comparative statement furnished Tenant, by Landlord shall be paid or credited within Ten (10) 10 days after the furnishing rendition of such comparative statement. (4) In the Event Tenant should dispute any cost items in any comparative statement furnished by Landlord pursuant to this Article, Landlord and Tenant specifically agree that provided Tenant is not otherwise in default in the payment of the basic monthly rent under this lease and Tenant first deposits with Landlord the total sum in dispute hereunder, the cost items in dispute shall be submitted to an independent Certified Public Accountant engaged by Landlord and reasonably approved by Tenant, for audit and verification of the cost items disputed, and the finding and determination of said independent Certified Public Accountant, shall be deemed conclusively correct, final and binding between parties hereto without further remedy or recourse to legal proceedings. In the event such audit discloses that the aggregate of the true amount of such cost items as verified is within three per cent (3%) of the aggregate items disputed, Tenant shall pay the cost of such audit, which shall be in accordance with the reasonable charges generally prevailing for such work. Sums payable under this Article are deemed independent additional rental and are payable in addition to the rental specified in Article 2 of this lease, any guaranteed minimum monthly rental, and any percentage rental payable under this lease.

Payment of Increase in Rent. (1) The payment of any additional rent on account of Taxes and Operating Cost increases, pursuant to the provisions of this Article 20 shall be made as follows: On the first day of the month following the furnishing of a comparative statement, Tenant shall pay to landlord as additional rent (a) a sum equal to 1/12th of Tenant’s 's share of tax increase multiplied by the number of months then elapsed from the date commencing with the 1st lst day of the current fiscal tax year up to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if any), plus (b) a sum equal to 1/12th of Tenant’s 's share of Operating Costs increase multiplied by the number of months then elapsed from the date commencing with the first day of the preceding calendar year up to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if any), plus (c) in advance, 1/12th of such share of both Tax and Operating Cost increases with respect to the then current month, and each month thereafter as additional rent until a different comparative statement shall be submitted as above provided. (2) When the next comparative statement is submitted by Landlord to Tenant, in the event that such comparative statement shall show an increase in Taxes and/or Operating Costs which shall be different from the increase paid or which was to be paid in advance under the last previous comparative statement, then the additional rent that had been or was to be paid in advance on account of Taxes and Operating Cost increases, shall be increased or decreased accordingly. (3) The additional rent due to Landlord or any credit due to Tenant, as disclosed by the comparative statement furnished Tenant, shall be paid or credited within Ten (10) days after the furnishing of such comparative statement. (4) In the Event Tenant should dispute any cost items in any comparative statement furnished by Landlord pursuant to this Article, Landlord and Tenant specifically agree that provided Tenant is not otherwise in default in the payment of the basic monthly rent under this lease and Tenant first deposits with Landlord the total sum in dispute hereunder, the cost items in dispute shall be submitted to an independent Certified Public Accountant engaged by Landlord and reasonably approved by Tenant, for audit and verification of the cost items disputed, and the finding and determination of said independent Certified Public Accountant, shall be deemed conclusively correct, final and binding between parties hereto without further remedy or recourse to legal proceedings. In the event such audit discloses that the aggregate of the true amount of such cost items as verified is within three per cent (3%) of the aggregate items disputed, Tenant shall pay the cost of such audit, which shall be in accordance with the reasonable charges generally prevailing for such work. Sums payable under this Article are deemed independent additional rental and are payable in addition to the rental specified in Article 2 of this lease, any guaranteed minimum monthly rental, and any percentage rental payable under this lease.

Payment of Increase in Rent. (1) The payment of any additional rent on account of Taxes and Operating Cost increases, pursuant to the provisions of this Article 20 shall be made as follows: On the first day of the month following the furnishing of a comparative statement, Tenant shall pay to landlord as additional rent (a) a sum equal to 1/12th of Tenant’s share of tax increase multiplied by the number of months then elapsed from the date commencing with the 1st day of the current fiscal tax year up to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if any), plus (b) a sum equal to 1/12th of Tenant’s share of Operating Costs increase multiplied by the number of months then elapsed from the date commencing with the first day of the preceding calendar year up to the date of the comparative statement (less any payments made in advance under the last previous comparative statement submitted, if any), plus (c) in advance, 1/12th of such share of both Tax and Operating Cost increases with respect to the then current month, and each month thereafter as additional rent until a different comparative statement shall be submitted as above provided. (2) When the next comparative statement is submitted by Landlord to Tenant, in the event that such comparative statement shall show an increase in Taxes and/or Operating Costs which shall be different from the increase paid or which was to be paid in advance under the last previous comparative statement, then the additional rent that had been or was to be paid in advance on account of Taxes and Operating Cost increases, shall be increased or decreased accordingly. (3) The additional rent due to Landlord or any credit due to Tenant, as disclosed by the comparative statement furnished Tenant, shall be paid or credited within Ten (10) days after the furnishing of such comparative statement. (4) In the Event Tenant should dispute any cost items in any comparative statement furnished by Landlord pursuant to this Article, Landlord and Tenant specifically agree that provided Tenant is not otherwise in default in the payment of the basic monthly rent under this lease and Tenant first deposits with Landlord the total sum in dispute hereunder, the cost items in dispute shall be submitted to an independent Certified Public Accountant engaged by Landlord and reasonably approved by Tenant, for audit and verification of the cost items disputed, and the finding and determination of said independent Certified Public Accountant, shall be deemed conclusively correct, final and binding between parties hereto without further remedy or recourse to legal proceedings. In the event such audit discloses that the aggregate of the true amount of such cost items as verified is within three per cent (3%) of the aggregate items disputed, Tenant shall pay the cost of such audit, which shall be in accordance with the reasonable charges generally prevailing for such work. Sums payable under this Article are deemed independent additional rental and are payable in addition to the rental specified in Article 2 of this lease, any guaranteed minimum monthly rental, and any percentage rental payable under this lease.