Payment of Operating Costs. In addition to payments of Rent, Tenant shall pay to Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of the Operating Costs shall be 8.42%. The amount of the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlord.
Appears in 3 contracts
Samples: Lease Agreement (Netmaximizer Com Inc), Lease Agreement (Netmaximizer Com Inc), Lease Agreement (Netmaximizer Com Inc)
Payment of Operating Costs. In addition Tenant shall pay to payments Landlord (i) Tenant’s Proportionate Share of the annual Operating Costs (as defined below, excluding Real Property Taxes, as defined below) for the Project in excess of the Operating Costs (excluding Real Property Taxes) for the Project for the Expense Base Year, and (ii) Tenant’s Proportionate Share of the annual Real Property Taxes for the Project in excess of the Real Property Taxes for the Project for the Tax Base Year (collectively, “Additional Rent”). Landlord shall make a good faith estimate of the Additional Rent to be due by Tenant for any calendar year or part thereof during the Term following the Expense Base Year and the Tax Base Year, as the case may be. During each calendar year or partial calendar year of the Term following the Expense Base Year and the Tax Base Year, as the case may be, Tenant shall pay to Landlord, in advance, concurrently with each monthly installment of Base Rent, an amount equal to the estimated Additional Rent for such calendar year or part thereof divided by the number of months Tenant is in occupancy during said calendar year. From time to time, Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share may estimate and re-estimate the Additional Rent to be due by Tenant and deliver a copy of the estimate or re-estimate to Tenant. Thereafter, the monthly installments of Additional Rent payable by Tenant shall be appropriately adjusted in accordance with the estimations so that, by the end of the calendar year in question, Tenant shall have paid all of the Additional Rent as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment as herein provided when actual Operating Costs and Real Property Taxes are available for each calendar year. In addition, Landlord shall be 8.42%. The amount of have the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines right, from time to time, to equitably allocate and Tenant agrees prorate some or all of the Operating Costs among different tenants and/or different buildings of the Project and/or on a building-by-building basis (the “Cost Pools”), adjusting Tenant’s Proportionate Share as to pay Landlord each of the amounts so estimated in equal installments, in advance, separately allocated costs based on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end ratio of the period for Rentable Area of the Premises to the Rentable Area of all of the premises to which estimated payments have been madesuch costs are allocated. Such Cost Pools may include, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually duewithout limitation, the excess may be retained by Landlord to be credited office space tenants and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period retail space tenants of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the LandlordProject.
Appears in 2 contracts
Samples: Office Lease Agreement (Spruce Biosciences, Inc.), Office Lease Agreement (Spruce Biosciences, Inc.)
Payment of Operating Costs. In addition The Landlord shall be entitled at any time or times in any Year, upon at least thirty (30) days’ notice to payments the Tenant to require the Tenant to pay to the Landlord monthly, on the date for payment of monthly rental instalments, as Additional Rent, Tenant shall pay an amount equal to one-twelfth (1/12) of the amount estimated by the Landlord to be the amount of the Tenant's ’s Proportionate Share of "the Operating Costs" Costs for such Year. The Landlord shall be entitled subsequently during such Year, upon at least fifteen (defined 15) days’ notice to the Tenant, to revise its estimate of the amount of the Tenant’s Proportionate Share of the Operating Costs and the said monthly instalment shall be revised accordingly. All amounts received under this provision in Section 4.03 hereof). any Year on account of the estimated amount of the Tenant's ’s Proportionate Share of the Operating Costs shall be 8.42%. The applied in reduction of the actual amount of the Tenant’s Proportionate Share of the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs paymentsYear. Within a reasonable period of time after the end of the period for which the estimated payments have been made, the Landlord shall submit deliver to the Tenant a written statement certified by an independent firm of chartered accountants setting forth out in reasonable detail the actual amounts payable by Tenant based amount of the Operating Costs for such period calculated on actual coststhe basis of a calendar year and the Tenant’s Proportionate Share thereof. If the amount Tenant has paid based on estimates received is less than the actual amount due based on actual costsof the Tenant’s Proportionate Share of the Operating Costs for such Year, the Tenant shall pay any deficiency to the Landlord as Additional Rent within thirty (30) days following receipt by the Tenant of notice of the amount of such deficiency deficiency. If the amount received is greater than the actual amount of the Tenant’s Proportionate Share of the Operating Costs, the Landlord shall either refund the excess to the Tenant [Intentionally Deleted] within thirty (530) days following the end of the Year in respect of which such payments were made, or at the Landlord’s option, shall apply such excess against any amounts owing or becoming due to the Landlord by the Tenant. The Tenant shall have sixty (60) days after submission receipt of any such statement to dispute such statement by way of notice in writing to the Landlord. Failing such notice within such sixty (60) day period, such statement shall be conclusive and binding upon the Tenant. In the event the Tenant disputes any such statement by notice in writing to the Landlord within not more than sixty (60) days after receipt of such statement, then the Landlord shall have its accountant prepare a report in respect of the Operating Costs for the period dealt with in such statement. Any such report shall be conclusive and binding upon the Tenant. If the amount paid report concludes that the Operating Costs for such period has a variation which is within three percent (3%) of the Operating Costs for such period indicated in the Landlord’s statement, then the costs of the report shall be borne by Tenant is the Tenant; however, if such report concludes that the Operating Costs for such period has a variation greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(sthree percent (3%) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period indicated in the Landlord’s statement, then the costs of the Term report shall be borne by the Landlord. The Landlord estimates but does not in any way warrant, Tenant’s Proportionate Share of Taxes and Operating Costs to be Fourteen Dollars and Nineteen Cents ($14.19) per square foot of the Rentable Area of the Leased Premises for the twelve (12) month period ending December 31, 2014. This amount is subject to adjustment in the manner indicated in this Lease shall be due when the actual amount of Taxes and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security is determined. This amount includes the fifteen percent (letter 15%) management fee mentioned in paragraph (q) of credit or otherwise) is furnished to the satisfaction of the LandlordSchedule “C”.
Appears in 2 contracts
Samples: Lease Agreement (Repare Therapeutics Inc.), Lease Agreement (Repare Therapeutics Inc.)
Payment of Operating Costs. In addition to payments of RentDuring each Lease Year, the Tenant shall pay as Additional Rent to the Landlord Tenant's its Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of the Operating Costs shall be 8.42%. The amount of amounts payable by the Operating Costs payable Tenant pursuant to Landlord Article VI hereof may be estimated by the Landlord for such period periods not exceeding 15 calendar months as the Landlord determines from time to time, and Tenant agrees to pay Landlord the . The amounts so estimated shall be payable in equal installmentsmonthly instalments, in advance, on the first day of each month during such period. Notwithstanding the foregoing when foregoing, as soon as bills for all or any portion of Operating Costs the said amounts so estimated are actually received by Landlordreceived, the Landlord may xxxx the Tenant for the Tenant's ’s Proportionate Share thereof, thereof and the Tenant shall pay to the Landlord such amount so billed (less any amount all amounts previously paid by the Tenant to Landlord on account the basis of such item(sthe Landlord’s estimate as aforesaid) by way as Additional Rent within 30 days of estimated Operating Costs paymentsinvoice. Within a reasonable period of time As soon as practicable after the end expiration of the each period for which such estimated payments have been made, and in any event within 4 months following such expiration, the Landlord shall submit to make a final determination of Operating Costs and of the Tenant’s Proportionate Share of Operating Costs for such period and notify the Tenant with a detailed statement, which includes a breakdown of how all Operating Costs for the Property have been allocated as between the Building and the balance of the Property, enabling reasonable verification by the Tenant and accompanied by an audited statement setting forth the actual amounts payable by Tenant based on actual costsverifying its accuracy. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord overpaid such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or the Landlord shall credit any such excess paid as against any future amount to be paid (save with respect to the final lease yearLease Year when, provided in such event, the Landlord shall refund any excess paid), but if any balance remains unpaid, same shall be paid by the Tenant is not as Additional Rent forthwith upon demand. Neither party may claim a re-adjustment in default, Landlord will refund such excess to Tenant or credit such amount to respect of the Tenant's next rent payment coming due at Landlord's option. Tenant's ’s Proportionate Share of actual Operating Costs for the final estimate period based upon any error of the Term of this Lease shall be due and payable even though it may not be finally calculated until after estimation determination or calculation thereof unless claimed in writing prior to the expiration of one (1) year after the Termperiod to which the Operating Costs relate although the Tenant’s claim may be commenced within 9 months of receiving the statement, if such is later than such one (1) year period. AccordinglyUpon request made within a reasonable time after receipt of each such notice, Landlord the Tenant shall have be entitled to inspect the right to continue to hold Tenant's Security Deposit following expiration Landlord’s records disclosing in reasonable detail the particulars of Operating Costs and the calculation of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlord’s Proportionate Share thereof.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (NPS Pharmaceuticals Inc)
Payment of Operating Costs. In addition to payments of RentFor each Operating Year, Tenant shall pay to Landlord Landlord, in the manner provided herein, Tenant's Proportionate share of Operating Costs which shall be computed by multiplying the Operating Costs for the Operating Year by Tenants Fractional Share (Tenants Share of "Operating Costs" (defined in Section 4.03 hereof"). ; provided, however, that for the Operating Years during which the Term begins and ends, Tenant's Proportionate Share of the Operating Costs shall be 8.42%prorated based upon the actual number of days Tenant occupied, or could have occupied, the Premises during each such Operating Year. The amount Tenant's Share of the Operating Costs payable to Landlord may shall be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installmentspaid, in advance, without notice, demand, abatement (except as otherwise specifically provided in this Lease), deduction or set-off, on the first day of each calendar month during such periodthe Term, said monthly amounts to be determined on the basis of estimates prepared by Landlord on an annual basis and delivered to Tenant prior to the commencement of each Operating Year. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by LandlordIf, however, Landlord may xxxx fails to furnish any such estimate prior to the commencement of an Operating Year, then (a) until the first day of the month following the month in which such estimate is furnished to Tenant, Tenant for Tenant's Proportionate Share thereof, less any shall pay to Landlord on the first day of each month an amount previously paid equal to the monthly sum payable by Tenant to Landlord on account under this subsection 7.2 in respect of the last month of the preceding Operating Year; (b) promptly after such estimate is furnished to Tenant, Landlord shall give notice to Tenant whether the installments of Tenants Share of Operating Costs paid by Tenant for the current Operating Year have resulted in a deficiency or overpayment compared to payments which would have been paid under such estimate, and Tenant, within ten (10) days after receipt of such item(sestimate, shall pay any deficiency to Landlord and any overpayment shall be credited against future payments required by Tenant under such estimate. and (c) by way on the first day of estimated the month following the month in which such estimate is furnished to Tenant and monthly thereafter throughout the remainder of the Operating Year, Tenant shall pay to Landlord the monthly payment shown on such estimate. Landlord may at any time or from time to time furnish to Tenant a revised estimate of Tenant's Share of Operating Costs paymentsfor such Operating Year, and in such case, Tenant's monthly payments shall be adjusted and paid or credited, as the case may be, substantially in the same manner as provided in the preceding sentence. Within a reasonable period of time after After the end of the period for which estimated payments have been madeeach Operating Year, Landlord shall submit determine actual Operating Costs for such Operating Year and shall provide to Tenant a statement an `Operating Costs Statement" setting forth the actual amounts payable by Tenant based on actual costsTenant's Share of Operating Costs for such Operating Year. If Within thirty (30) days after delivery of the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Operating Costs Statement Tenant shall pay Landlord such any deficiency within (5) days after submission of such statement to Tenant. If between the amount paid shown as Tenant's Share of Operating Costs in the Operating Costs Statement and the total of the estimated payments made by Tenant is greater than during the Operating Year. In the event of overpayment, such amount actually due, the excess may be retained by Landlord to shall be credited and applied by Landlord to the next due installment(s) against future payments required on account of Tenant's Proportionate Share of Operating Costs, or as to if the final lease year, provided Tenant is not in defaultTerm has expired, Landlord will shall refund such excess to Tenant or credit the amount of any overpayment. Each Operating Costs Statement provided by Landlord shall be conclusive and binding upon Tenant unless within thirty (30) days after receipt thereof, Tenant notifies Landlord that it disputes the correctness thereof, specifying those respects in which it claims the Operating Costs Statement to be incorrect. Unless resolved by the parties, such amount dispute shall be determined by arbitration in accordance with the then prevailing rules of the American Arbitration Association. If the arbitration proceedings result in a determination that the Operating Costs Statement contained an aggregate discrepancy of less than five percent (5%), Tenant shall bear all costs in connection with such arbitration. Pending determination of the dispute, Tenant shall pay any amounts due from Tenant in accordance with the Operating Costs Statement, but such payment shall be without prejudice to Tenant's next rent payment coming due at Landlord's optionclaims. Tenant's Proportionate Share , for a period of actual thirty (30) days after delivery of the Operating Costs Statement in each Operating Year and upon at least ten (10) days written notice to Landlord, shall have reasonable access during normal business hours to the books and records of Landlord relating to Operating Costs for the final estimate period purpose of verifying the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paidStatement, unless an alternative security (letter of credit or otherwise) is furnished Tenant to the satisfaction of the Landlordbear all costs relating to such inspection. Tenant shall reimburse Landlord for any cost for photocopying that it desires.
Appears in 1 contract
Samples: Inphonic Inc
Payment of Operating Costs. In addition to payments From and after the Commencement Date of Rent, this Lease Tenant shall pay to Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of the Operating Costs shall be 8.42%. The amount of the Operating Costs payable to Landlord may be estimated by Landlord for such period in the following manner. Tenant shall pay monthly, as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installmentsAdditional Rent, in advance, commencing on the Commencement Date, and on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion Term thereafter, an amount equal to one-twelfth (1/12th) of the Operating Costs so for each Fiscal Year occurring from and after the Commencement Date of this Lease as reasonably estimated are actually received by Landlord, . Landlord may xxxx shall develop an annual operating budget for the Premises and shall submit a copy of such budget to Tenant no later than ( ) days prior to the anticipated Commencement Date and the commencement of each Fiscal Year thereafter during the Term for review and approval by Tenant for Tenant's Proportionate Share thereof, less any the purpose of determining the amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs paymentsexpected to be incurred in connection with the Premises for the upcoming Fiscal Year. If Tenant requests and Xxxxxxxx does not give Tenant an estimate within the time period stated above, then Tenant shall continue to make estimated payments based upon the preceding Fiscal Year’s estimate until the new estimate is received. In the event that, during any Fiscal Year included within the Term, Landlord reasonably determines that the actual Operating Expenses for such year will exceed the estimated Operating Expenses, Landlord may revise such estimate by written notice to Xxxxxx, and Tenant shall pay to Landlord, concurrent with next installment of Additional Rent due following the receipt of the revised estimate, an amount equal to the increase in the estimated installment of Additional Rent multiplied by the number of months expired during such Fiscal Year to and including the month of such payment. Subsequent installments of Additional Rent due for the balance of the then Fiscal Year shall continue at the same rate until the next Fiscal Year’s estimate is prepared and submitted to Tenant as hereinabove provided. Within a reasonable period of time ninety (90) days after the end of each Fiscal Year occurring during the period for which estimated payments have been madeTerm (or, if applicable, the Expiration Date), Landlord shall submit furnish to Tenant a reconciliation statement setting forth of the actual amounts payable Operating Costs for the preceding Fiscal Year and Tenant’s actual payment of the estimated Operating Costs. The reconciliation statement shall be prepared, signed and certified to be correct by Tenant based on actual costsLandlord. If the amount Tenant has paid based on estimates is less than actual Operating Costs for that Fiscal Year exceed the amount due based on actual costsmonthly payments of estimated Operating Costs made by Xxxxxx, Tenant shall pay Landlord such the deficiency within thirty (530) days after submission receipt of such statement to Tenantthe reconciliation statement. If Tenant’s payments of estimated Operating Costs made during that Fiscal Year exceed the amount paid by Tenant is greater than the amount actually dueactual Operating Costs, the excess may be retained by Landlord to shall be credited and applied by Landlord to the Additional Rent next due installment(s) of Tenant's Proportionate Share of Operating Costsand payable; provided, or as to the final lease yearhowever, provided Tenant is not in default, Landlord will refund that such excess sum which is more than three (3) months of then estimated Operating Costs shall be paid to Tenant or credit such amount to Tenant's next rent payment coming due at in cash via Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until ’s check within thirty (30) days after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlordreconciliation statement.
Appears in 1 contract
Samples: Lease Agreement
Payment of Operating Costs. In addition On the later of ten (10) business days after Sublandlord receives year-end statements of Operating Costs from the Landlord, or within one hundred twenty (120) days after the end of each calendar year, Sublandlord shall furnish to payments Subtenant a copy of Rent, Tenant Landlord’s statements showing Total Operating Costs for the calendar year just ended. Subtenant shall pay to Landlord Tenant's Proportionate Sublandlord Subtenant’s Share of "Total Operating Costs" Costs within thirty (defined in Section 4.03 hereof)30) calendar days after receipt of the statement. Tenant's Proportionate With respect to any partial calendar year during the Term, the payment of Subtenant’s Share of the Total Operating Costs shall be 8.42%prorated to correspond to that portion of such calendar year occurring within the Term. The amount of At Sublandlord’s option, Sublandlord shall provide Subtenant on or before the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines from time to timeCommencement Date, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding calendar year commencing after the foregoing when bills for all or any portion Commencement Date, with a reasonable written estimate of the amount of Subtenant’s Share of Total Operating Costs so estimated are actually received for the following year (or partial year) (which shall be based on estimates provided by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereofif any), less and Subtenant shall pay with each installment of monthly Base Rent one-twelfth (1/12) of the estimated Total Operating Costs. If Sublandlord elects to charge Subtenant monthly estimates, then within thirty (30) calendar days after Subtenant’s receipt of the year-end statement described above, Subtenant shall pay any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated deficiency in the actual Total Operating Costs paymentsfor the prior calendar year. Within a reasonable period If Subtenant has made an overpayment, Sublandlord shall credit such overpayment against the next payments of time Total Operating Costs (estimated or actual) payable by Subtenant hereunder or, as to overpayments allocable to the last year of the Term, refund Subtenant such amounts within the later of thirty (30) days after the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costsTerm or upon delivery of Landlord’s statements relating thereto. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord Notwithstanding anything to the next due installment(s) of Tenant's Proportionate Share of Operating Costscontrary herein, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent Subtenant shall only be responsible for payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration property management fee referenced in Section 4.3 of the Term. Accordingly, Landlord Original Master Lease and Sublandlord shall have the right to continue to hold Tenant's Security Deposit following expiration not pass on or charge any other fee for management of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the LandlordSubleased Premises.
Appears in 1 contract
Payment of Operating Costs. In addition Tenant shall pay its Pro Rata Share of Operating Costs as Additional Rent in advance on the first day of each month during the term hereof. Landlord shall deliver to payments Tenant, as soon as practicable following the end of Renteach calendar year, a statement of the Operating Expenses for the calendar year just ended and a statement of the Additional Rent payable by Tenant during the ensuing year (the “Adjustment Notice”). Until receipt of the Adjustment Notice, Tenant shall continue to pay its monthly share of Operating Expenses in the same amount as was paid during the preceding calendar year. To the extent that the Adjustment Notice reflects the amount paid by Tenant as its share of Operating expenses for the preceding calendar year to be less than Tenant’s Pro Rata share of the actual operating expenses for that year, and to the extent the Adjustment Notice reflects the amount due from Tenant as its share of Operating Expenses for the new calendar year greater than the amount actually paid to the date of receipt of the Adjustment Notice for the new calendar year, Tenant shall pay such amounts to Landlord Tenant's Proportionate Share within thirty (30) days of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share receipt of the Adjustment Notice. Upon receipt of the Adjustment Notice, Tenant shall thereafter pay the amount of its monthly share of adjusted Operating Costs Expenses as set forth in the Adjustment Notice. In the event the actual operating expenses during any calendar year are less than the estimated operating expenses paid by Tenant, Tenant shall be 8.42%. The amount entitled to a refund, credit or other form of reimbursement from Landlord, payable within thirty (30) days following the date of the Operating Costs payable to Landlord may Adjustment Notice. All Base Rent and Additional Rent shall be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installmentspaid monthly, in advance, on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlordterm hereof.
Appears in 1 contract
Samples: Lease Agreement (Pelion Systems Inc)
Payment of Operating Costs. In addition Tenant shall pay to payments Landlord (i) Tenant’s Proportionate Share of the annual Operating Costs (as defined below, excluding Real Property Taxes, as defined below) for the Project in excess of the Operating Costs (excluding Real Property Taxes) for the Project for the Expense Base Year, and (ii) Tenant’s Proportionate Share of the annual Real Property Taxes for the Project in excess of the Real Property Taxes for the Project for the Tax Base Year (collectively, “Additional Rent”). Landlord shall make a good faith estimate of the Additional Rent to be due by Tenant for any calendar year or part thereof during the Term following the Expense Base Year and the Tax Base Year, as the case may be. During each calendar year or partial calendar year of the Term following the Expense Base Year and the Tax Base Year, as the case may be, Tenant shall pay to Landlord, in advance, concurrently with each monthly installment of Base Rent, an amount equal to the estimated Additional Rent for such calendar year or part thereof divided by the number of months Tenant is in occupancy during said calendar year. From time to time, Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share may estimate and re-estimate the Additional Rent to be due by Xxxxxx and deliver a copy of the estimate or re-estimate to Tenant. Thereafter, the monthly installments of Additional Rent payable by Tenant shall be appropriately adjusted in accordance with the estimations so that, by the end of the calendar year in question, Tenant shall have paid all of the Additional Rent as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment as herein provided when actual Operating Costs and Real Property Taxes are available for each calendar year. In addition, Landlord shall be 8.42%. The amount of have the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines right, from time to time, to equitably allocate and Tenant agrees prorate some or all of the Operating Costs among different tenants and/or different buildings of the Project and/or on a building-by-building basis (the “Cost Pools”), adjusting Tenant’s Proportionate Share as to pay Landlord each of the amounts so estimated in equal installments, in advance, separately allocated costs based on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end ratio of the period for Rentable Area of the Premises to the Rentable Area of all of the premises to which estimated payments have been madesuch costs are allocated. Such Cost Pools may include, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually duewithout limitation, the excess may be retained by Landlord to be credited office space tenants and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period retail space tenants of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the LandlordProject.
Appears in 1 contract
Payment of Operating Costs. In addition to payments of Rent, Tenant shall pay to Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 11 hereof). Tenant's Proportionate Share of the Operating Costs shall be 8.428.5%. The amount of the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlord.
Appears in 1 contract
Samples: Term Lease Agreement (Outlook Sports Technology Inc)
Payment of Operating Costs. In addition 4.02 The Landlord shall be entitled at any time or times in any Year, upon at least fifteen (15) days’ notice to payments the Tenant to require the Tenant to pay to the Landlord monthly, on the date for payment of monthly rental installments, as Additional Rent, Tenant shall pay an amount equal to one-twelfth (1/12) of the amount estimated by the Landlord to be the amount of the Tenant's ’s Proportionate Share of "the Operating Costs" Costs for such Year. The Landlord shall be entitled subsequently during such Year, upon at least fifteen (defined 15) days’ notice to the Tenant, to revise its estimate of the amount of the Tenant’s Proportionate Share of the Operating Costs and the said monthly installment shall be revised accordingly. All amounts received under this provision in Section 4.03 hereof). any Year on account of the estimated amount of the Tenant's ’s Proportionate Share of the Operating Costs shall be 8.42%. The applied in reduction of the actual amount of the Tenant’s Proportionate Share of the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs paymentsYear. Within a reasonable period of time after the end of the period for which the estimated payments have been made, and in no event later than one hundred and eighty (180) days after the expiry of the previous calendar year, the Landlord shall submit deliver to the Tenant a written statement (the “Reconciliation Statement”) setting forth out in reasonable detail the actual amounts payable by Tenant based amount of the Operating Costs for such period calculated on actual coststhe basis of a calendar year and the Tenant’s Proportionate Share thereof. If the amount Tenant has paid based on estimates received is less than the actual amount due based on actual costsof the Tenant’s Proportionate Share of the Operating Costs for such Year, the Tenant shall pay any deficiency to the Landlord such deficiency as Additional Rent within fifteen (515) days after submission following receipt by the Tenant of notice of the amount of such statement to Tenantdeficiency. If the amount paid by Tenant received is greater than the actual amount actually dueof the Tenant’s Proportionate Share of the Operating Costs, the Landlord shall either refund the excess to the Tenant as soon as possible after the end of the Year in respect of which such payments were made, or at the Landlord’s option, shall apply such excess against any amounts owing or becoming due to the Landlord by the Tenant, provided that if the Tenant is then in default hereunder, the Landlord may defer dealing with such excess until such default is cured. Upon written request from the Tenant (Tenant agreeing to act reasonably and in a bona fide manner in making a request), the Landlord shall make available to the Tenant (at the Landlord’s office and on a confidential basis) reasonable information pertaining to the Year for which the Reconciliation Statement has been rendered and which is readily available within Landlord’s possession or control in order to assist Tenant in substantiating the Reconciliation Statement (“Additional Information”). The Tenant shall have ninety (90) days following the delivery of the Reconciliation Statement to notify the Landlord in writing that it disputes or continues to dispute the Reconciliation Statement (or any Additional Information or the sufficiency of Additional Information), failing which the Reconciliation Statement (and any Additional Information delivered by the Landlord) shall be deemed to be sufficient, accurate, conclusive and binding on the Tenant and Landlord in all respects. If the Tenant disputes or continues to dispute any portion of the Reconciliation Statement (or the Additional Information or the sufficiency of the Additional Information), its sole remedy shall be to give the Landlord written notice specifying the items or issues in dispute and requiring the Landlord to have its external accountant review the Reconciliation Statement (and Additional Information, if applicable) and prepare a report (the “Report”) in respect of the disputed items, provided that such notice shall be delivered to the Landlord within ninety (90) days following delivery of the Reconciliation Statement, failing which the Reconciliation Statement shall be deemed to be accurate, conclusive and binding on the Tenant in all respects. Such Report shall be at the Tenant’s sole cost and expense (to be added to Additional Rent hereunder) unless the Report states that Operating Costs as determined by such accountant are actually lower by three (3%) percent or more than Operating Costs as set out in the Reconciliation Statement, in which case such Report shall be at the Landlord’s sole cost and expense. Any Report issued by the Landlord’s accountant shall be conclusive and binding upon the Tenant. If as a result of the Landlord providing any Additional Information or Report to the Tenant, it is determined that any item shown on the Reconciliation Statement is not accurate (whether or not such item was in dispute), the parties will make appropriate adjustments to such items for the Year concerned, and any corrected amount on account of Operating Costs determined to be owing by the Tenant to the Landlord, as a result of such readjustment, shall be payable within fifteen (15) days of written demand. Any corrected amount determined to be owing by the Landlord to the Tenant shall be payable within fifteen (15) days of the Tenant confirming to the Landlord in writing that all issues concerning the Reconciliation Statement in question have been resolved, or at the Landlord’s option, such corrected amount may be applied against any amounts owing or becoming due to the Landlord by the Tenant. Any request for Additional Information or a Report hereunder must be made by the named Tenant herein or a permitted assignee of the Tenant’s interest in this Lease, and the Landlord shall not be required to respond if: i) the request is not made within the time period provided for herein; or ii) at the time of making any such request the Tenant is insolvent or otherwise in default under this Lease after any applicable cure periods. Should the Tenant choose to use an agent to review any Additional Information or Report or to assist it in verifying the Reconciliation Statement or any Additional Information, it shall disclose to the Landlord the terms of the agent’s engagement, and the Landlord may require that all communications be conducted through a senior financial officer of the Tenant. The Tenant expressly agrees that any such agent shall not be retained by Landlord Tenant on a contingency fee basis and must be an accounting or other recognized consulting firm that agrees to be credited and applied maintain the confidentiality of all information received by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlordit.
Appears in 1 contract
Samples: Indenture (Navarre Corp /Mn/)
Payment of Operating Costs. (1) In addition to payments of Rentthe rents and other charges payable by Tenant as provided herein, with respect to each Operating Cost Year (or portion thereof) during the Term hereof Tenant shall pay to Landlord Tenant's Proportionate Share (as additional rent), in the manner provided for the payment of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share Minimum Annual Rent, an amount equal to the product of the Operating Costs shall be 8.42%. The Cost Percentage times the amount by which the total of (a)(i) the Operating Costs related to the Building and the Land plus (ii) the fairly allocated percentage of Operating Costs related to the balance of the Property exceeds (b) the Operating Cost Base (such product being hereinafter referred to as the “Operating Cost Excess”). In the event the Total Rentable Area of the Leased Premises shall be increased at any time during the Term of this Lease, the Operating Cost Excess shall be appropriately adjusted to reflect any such increase. Any such Operating Cost Excess due from Tenant shall become due and payable within twenty (20) days from the date Landlord shall furnish to Landlord may be estimated by Landlord for Tenant an itemized statement of Tenant’s share of any such period as Landlord determines from time to timeexcess, prepared, allocated and computed in accordance with generally accepted accounting principles. At Landlord’s election, simultaneously with the payment of Operating Cost Excess in respect of any such calendar year, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding of the foregoing when bills for all or any portion next succeeding eleven (11) calendar months, Tenant shall remit to Landlord one-twelfth (1/12th) of the total amount of Operating Costs so estimated are actually received by LandlordCost Excess set forth in said statement. If, Landlord at the expiration of the year in respect of which monthly installments of Operating Cost Excess shall have been made as aforesaid, the total of such monthly remittances is greater that the Operating Cost Excess for such year, Tenant may xxxx Tenant for Tenant's Proportionate Share thereof, less credit any amount previously paid by Tenant such excess payments against the next installment of Operating Cost Excess due to Landlord on account hereunder; and if the total of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates remittances is less than the amount due based on actual costsOperating Cost Excess for such year, Tenant shall pay the difference to Landlord such deficiency within (5) days after submission at the time the first monthly installment of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord Operating Cost Excess with respect to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be succeeding year becomes due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlordas hereinabove provided.
Appears in 1 contract
Payment of Operating Costs. In addition to payments of Rent, The Tenant shall pay to the Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of the any and all Operating Costs shall be 8.42%expended by Landlord with respect to the Premises. The amount of the Operating Costs payable to the Landlord may be estimated by the Landlord for such period as the Landlord determines from time to timetime (not to exceed twenty four (24) months), and the Tenant agrees to pay to the Landlord the amounts so estimated in equal installments, installments in advance, on the first day of each month during such period. Notwithstanding the foregoing foregoing, when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, the Landlord may xxxx bill the Tenant for Tenant's Proportionate Share thereofsuch amount, less any amount previously paid by Tenant Txxxxt to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end of the period for which estimated payments have been made, the Landlord shall submit to the Tenant a statement from the Landlord setting forth the actual amounts payable by the Tenant based on actual costs. If the amount the Tenant has paid based on estimates is less than the amount due based on actual costs, the Tenant shall pay Landlord such deficiency within five (5) days after submission of such statement to Tenantstatement. If the amount paid by the Tenant is greater than the amount actually due, the excess may be retained by the Landlord to be credited and applied by the Landlord to the next due installment(s) installments of Tenant's Proportionate Share of the Operating Costs, or as to the final lease yearLease Year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual The Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit security deposit for a reasonable period of time following expiration of the Term until Tenant's share of the actual Operating Costs has have been paid, unless an alternative security (letter of credit or otherwise) is furnished . Notwithstanding anything to the satisfaction contrary contained in this Lease, if any of the Landlordservices stated in Schedule "D" attached hereto or any services for which Landlord purports to charge to Tenant as Operating Costs are not provided by Landlord or by or through any applicable property owner's association, or pursuant to any covenants applicable to the Building, the costs of such services shall be deleted from the Operating Costs. Landlord agrees that Tenant shall have the option of providing, at its cost, any such services which cease to be provided by Landlord or by or through any applicable property owner's association, or pursuant to any covenants applicable to the Building.
Appears in 1 contract
Samples: Lease (Aviation Sales Co)
Payment of Operating Costs. In addition to payments From and after the Commencement Date of Rent, this Lease Tenant shall pay to Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of the Operating Costs shall be 8.42%. The amount of the Operating Costs payable to Landlord may be estimated by Landlord for such period in the following manner. Tenant shall pay monthly, as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installmentsAdditional Rent, in advance, commencing on the Commencement Date, and on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion Term thereafter, an amount equal to one-twelfth (1/12th) of the Operating Costs so for each Fiscal Year occurring from and after the Commencement Date of this Lease as reasonably estimated are actually received by Landlord, . Landlord may xxxx shall develop an annual operating budget for the Premises and shall submit a copy of such budget to Tenant no later than ( ) days prior to the anticipated Commencement Date and the commencement of each Fiscal Year thereafter during the Term for review and approval by Tenant for Tenant's Proportionate Share thereof, less any the purpose of determining the amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs paymentsexpected to be incurred in connection with the Premises for the upcoming Fiscal Year. If Tenant requests and Landlord does not give Tenant an estimate within the time period stated above, then Tenant shall continue to make estimated payments based upon the preceding Fiscal Year’s estimate until the new estimate is received. In the event that, during any Fiscal Year included within the Term, Landlord reasonably determines that the actual Operating Expenses for such year will exceed the estimated Operating Expenses, Landlord may revise such estimate by written notice to Tenant, and Tenant shall pay to Landlord, concurrent with next installment of Additional Rent due following the receipt of the revised estimate, an amount equal to the increase in the estimated installment of Additional Rent multiplied by the number of months expired during such Fiscal Year to and including the month of such payment. Subsequent installments of Additional Rent due for the balance of the then Fiscal Year shall continue at the same rate until the next Fiscal Year’s estimate is prepared and submitted to Tenant as hereinabove provided. Within a reasonable period of time ninety (90) days after the end of each Fiscal Year occurring during the period for which estimated payments have been madeTerm (or, if applicable, the Expiration Date), Landlord shall submit furnish to Tenant a reconciliation statement setting forth of the actual amounts payable Operating Costs for the preceding Fiscal Year and Tenant’s actual payment of the estimated Operating Costs. The reconciliation statement shall be prepared, signed and certified to be correct by Tenant based on actual costsLandlord. If the amount Tenant has paid based on estimates is less than actual Operating Costs for that Fiscal Year exceed the amount due based on actual costsmonthly payments of estimated Operating Costs made by Tenant, Tenant shall pay Landlord such the deficiency within thirty (530) days after submission receipt of such statement to Tenantthe reconciliation statement. If Tenant’s payments of estimated Operating Costs made during that Fiscal Year exceed the amount paid by Tenant is greater than the amount actually dueactual Operating Costs, the excess may be retained by Landlord to shall be credited and applied by Landlord to the Additional Rent next due installment(s) of Tenant's Proportionate Share of Operating Costsand payable; provided, or as to the final lease yearhowever, provided Tenant is not in default, Landlord will refund that such excess sum which is more than three (3) months of then estimated Operating Costs shall be paid to Tenant or credit such amount to Tenant's next rent payment coming due at in cash via Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until ’s check within thirty (30) days after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlordreconciliation statement.
Appears in 1 contract
Samples: Lease Agreement
Payment of Operating Costs. In addition to payments of RentFor each Operating Year, Tenant shall pay to Landlord Landlord, in the manner provided herein, Tenant's Proportionate ’s share of Operating Costs which shall be computed by multiplying the Operating Costs for the Operating Year by Tenants Fractional Share (Tenants Share of "Operating Costs" (defined in Section 4.03 hereof”). ; provided, however, that for the Operating Years during which the Term begins and ends, Tenant's Proportionate ’s Share of the Operating Costs shall be 8.42%prorated based upon the actual number of days Tenant occupied, or could have occupied, the Premises during each such Operating Year. The amount Tenant’s Share of the Operating Costs payable to Landlord may shall be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installmentspaid, in advance, without notice, demand, abatement (except as otherwise specifically provided in this Lease), deduction or set-off, on the first day of each calendar month during such periodthe Term, said monthly amounts to be determined on the basis of estimates prepared by Landlord on an annual basis and delivered to Tenant prior to the commencement of each Operating Year. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by LandlordIf, however, Landlord may xxxx fails to furnish any such estimate prior to the commencement of an Operating Year, then (a) until the first day of the month following the month in which such estimate is furnished to Tenant, Tenant for Tenant's Proportionate Share thereof, less any shall pay to Landlord on the first day of each month an amount previously paid equal to the monthly sum payable by Tenant to Landlord on account under this subsection 7.2 in respect of the last month of the preceding Operating Year; (b) promptly after such estimate is furnished to Tenant, Landlord shall give notice to Tenant whether the installments of Tenants Share of Operating Costs paid by Tenant for the current Operating Year have resulted in a deficiency or overpayment compared to payments which would have been paid under such estimate, and Tenant, within ten (10) days after receipt of such item(sestimate, shall pay any deficiency to Landlord and any overpayment shall be credited against future payments required by Tenant under such estimate. and (c) by way on the first day of estimated the month following the month in which such estimate is furnished to Tenant and monthly thereafter throughout the remainder of the Operating Year, Tenant shall pay to Landlord the monthly payment shown on such estimate. Landlord may at any time or from time to time furnish to Tenant a revised estimate of Tenant’s Share of Operating Costs paymentsfor such Operating Year, and in such case, Tenant’s monthly payments shall be adjusted and paid or credited, as the case may be, substantially in the same manner as provided in the preceding sentence. Within a reasonable period of time after After the end of the period for which estimated payments have been madeeach Operating Year, Landlord shall submit determine actual Operating Costs for such Operating Year and shall provide to Tenant a statement an “Operating Costs Statement” setting forth the actual amounts payable by Tenant based on actual costsTenant’s Share of Operating Costs for such Operating Year. If Within thirty (30) days after delivery of the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Operating Costs Statement Tenant shall pay Landlord such any deficiency within (5) days after submission of such statement to Tenant. If between the amount paid shown as Tenant’s Share of Operating Costs in the Operating Costs Statement and the total of the estimated payments made by Tenant is greater than during the Operating Year. In the event of overpayment, such amount actually due, the excess may be retained by Landlord to shall be credited and applied by Landlord to the next due installment(s) against future payments required on account of Tenant's Proportionate ’s Share of Operating Costs, or as if the Term has expired, Landlord shall refund to Tenant the amount of any overpayment. Each Operating Costs Statement provided by Landlord shall be conclusive and binding upon Tenant unless within thirty (30) days after receipt thereof, Tenant notifies Landlord that it disputes the correctness thereof, specifying those respects in which it claims the Operating Costs Statement to be incorrect. Unless resolved by the parties, such dispute shall be determined by arbitration in accordance with the then prevailing rules of the American Arbitration Association. If the arbitration proceedings result in a determination that the Operating Costs Statement contained an aggregate discrepancy of less than five percent (5%), Tenant shall bear all costs in connection with such arbitration. Pending determination of the dispute, Tenant shall pay any amounts due from Tenant in accordance with the Operating Costs Statement, but such payment shall be without prejudice to Tenant’s claims. Tenant, for a period of thirty (30) days after delivery of the Operating Costs Statement in each Operating Year and upon at least ten (10) days written notice to Landlord, shall have reasonable access during normal business hours to the final lease year, provided Tenant is not in default, books and records of Landlord will refund such excess relating to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period purpose of verifying the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paidStatement, unless an alternative security (letter of credit or otherwise) is furnished Tenant to the satisfaction of the Landlordbear all costs relating to such inspection. Tenant shall reimburse Landlord for any cost for photocopying that it desires.
Appears in 1 contract
Samples: Lease (Inphonic Inc)
Payment of Operating Costs. In addition On the later of ten (10) -------------------------- business days after Sublandlord receives year-end statements Of Operating Costs from the Master Landlord, or within one hundred twenty (120) days after the end of each calendar year, Sublandlord shall furnish to payments of RentSubtenant a statement showing Total Operating Costs for the calendar year just ended. Subject to the First Year Cap, Tenant Subtenant shall pay to Landlord TenantSublandlord Subtenant's Proportionate Share of "Total Operating Costs" Costs within fifteen (defined in Section 4.03 hereof)15) calendar days after receipt of the statement. TenantWith respect to any partial calendar year during the Sublease Term, the payment of Subtenant's Proportionate Share of the Total Operating Costs shall be 8.42%prorated to correspond to that portion of such calendar year occurring within the Sublease Term. The amount of At Sublandlord's option, Sublandlord shall provide Subtenant on or before the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines from time to timeSublease Commencement Date, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding calendar year commencing after the foregoing when bills for all or any portion Sublease Commencement Date, with a reasonable written estimate of the amount of Subtenant's Share of Total Operating Costs so for the following year (or partial year), and Subtenant shall pay with each installment of Monthly Base Rent one-twelfth (1/12) of the estimated are actually received by LandlordTotal Operating Costs, Landlord may xxxx Tenant for Tenantsubject to the First Year Cap. If Sublandlord elects to charge Subtenant monthly estimates, then within fifteen (15) calendar days after Subtenant's Proportionate Share thereofreceipt of the year-end statement described above, less Subtenant shall pay any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated deficiency in the actual Total Operating Costs paymentsfor the prior calendar year, subject to the First Year Cap. Within a reasonable period If Subtenant has made an overpayment, Sublandlord shall credit such overpayment against the next payments of time after Total Operating Costs (estimated Or actual) payable by Subtenant hereunder or, as to overpayments allocable to the last year of the Sublease Term, promptly refund Subtenant such amounts at the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Sublease Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlord.
Appears in 1 contract
Samples: Sublease Agreement (Talk City Inc)
Payment of Operating Costs. In This is a Net, Net, Net lease which requires the Tenant to pay for all operating costs associated with the Premises, including but not limited to real estate taxes, personal property taxes, insurance (including but not limited liability, property, building, landlords, underground storage tank liability insurance, wind, flood and all other risks in amounts determined by Landlord), maintenance, services relating to water, sewer, sewer pump, repairs and all other costs relating to the property. Of the Operating Costs for the Premises, Tenant shall pay directly all Operating Costs except for the cost of real estate taxes and property insurance, building insurance, underground storage tank liability insurance, and landlord's liability insurance (including all perils), which shall be paid by Landlord and the cost of which shall be reimbursed by payment from Tenant to Landlord. As a result, in addition to payments of Minimum Rent, Tenant shall be obligated to pay to Landlord Tenant's Proportionate Share the sum of __________________________ Dollars ($__________) per month as reimbursement to Landlord for real property taxes, intangible taxes and insurance coverage (the "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of ") obtained by the Operating Costs shall be 8.42%Landlord for the Premises. The amount of the monthly payment for Operating Costs payable to Landlord may be estimated modified by Landlord for such period as upon thirty (30) days' written notice from Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such periodTenant. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid Such payments shall be made by Tenant to Landlord on a monthly basis, and shall be in addition to payment of Minimum Rent. Landlord shall provide an annual recap of the Operating Costs which have been paid by Landlord, which recap shall detail the amounts paid by Landlord and the amounts reimbursed to Landlord by Tenant. Any amounts due to Landlord, after taking account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount be paid by Tenant is greater than upon written request of Landlord. Any amount overpaid by Tenant identified in the amount actually due, the excess may recap shall be retained by Landlord to be credited and applied by Landlord to a credit for the next due installment(s) of Tenantyear's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlordpayment.
Appears in 1 contract
Samples: Lease Agreement (On THE MOVE Corp)
Payment of Operating Costs. In addition to payments of Rent, Tenant shall pay to Landlord Tenant's Proportionate Share of "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of the Operating Costs shall be 8.42%. The amount of the Operating Costs payable to Landlord may be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx bill Tenant for Tenant's Proportionate Propoxxxxnate Share thereof, less any amount previously paid by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall submit to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlord.
Appears in 1 contract
Payment of Operating Costs. In This is a Net, Net, Net lease which requires the Tenant to pay for all operating costs associated with the Premises, including but not limited to real estate taxes, personal property taxes, insurance (including but not limited to liability, property, building, landlords, underground storage tank liability insurance, wind, flood and all other risks in amounts determined by Landlord), maintenance, services relating to water, sewer, sewer pump, repairs and all other costs relating to the property. Of the Operating Costs for the Premises, Tenant shall pay directly all Operating Costs except for the costs of real estate taxes and property insurance, building insurance, underground storage tank liability insurance, and landlords liability insurance (including all perils), which shall be paid by Landlord and the cost of which shall be reimbursed by payment from Tenant to Landlord. As a result, in addition to payments of Minimum Rent, Tenant shall be obligated to pay to Landlord Tenant's Proportionate Share the sum of _________________________ Dollars ($________) per month as reimbursement to Landlord for real property taxes, intangible taxes and insurance coverage (the "Operating Costs" (defined in Section 4.03 hereof). Tenant's Proportionate Share of ") obtained by the Operating Costs shall be 8.42%Landlord for the Premises. The amount of the monthly payment for Operating Costs payable to Landlord may be estimated modified by Landlord for such period as upon Thirty (30) days written notice from Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such periodTenant. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by Landlord, Landlord may xxxx Tenant for Tenant's Proportionate Share thereof, less any amount previously paid Such payments shall be made by Tenant to Landlord on a monthly basis, and shall be in addition to payment of Minimum Rent. Landlord shall provide an annual recap of the Operating Costs which have been paid by Landlord which recap shall detail the amounts paid by Landlord and the amounts reimbursed to Landlord by Tenant. Any amounts due to Landlord, after taking account of such item(s) payments by way Tenant shall be paid by Tenant upon written request of estimated Operating Costs paymentsLandlord. Within Any amounts overpaid by Tenant identified in the recap shall be a reasonable period credit for the next year's payment. In addition, Tenant shall be obligated to pay for all expenses, including but not limited to all utilities, garbage removal, cleaning of time after the end catch basins, cleaning of sump pump, grease trap cleaning, landscaping, plumbing, air conditioning, coolers, personal property taxes and all other expenses of operation of the period Premises, it being the intention of the parties that this shall be a "triple net" lease and that Tenant shall pay all expenses of operation of the Premises. Tenant shall be required to obtain liability insurance in the minimum amount of One Million Dollars ($1,000,000.00) and shall provide Landlord with a certificate of insurance, on an axxxx form 27 or other form acceptable to Landlord, making Landlord an additional insured under the policy. Tenant shall also be responsible to obtain its own property insurance for which estimated payments have been madethe full insurable value of the Premises, and shall in each instance provide Landlord with a certificate of insurance on an axxxx form 27 or other form acceptable to Landlord, making Landlord an additional insured under the policy. In the event Tenant fails to pay any expenses of operation, Landlord shall submit be entitled to Tenant a statement setting forth the actual amounts payable by Tenant based on actual costs. If pay for such item and the amount Tenant has paid based on estimates is less than the amount due based on actual costs, Tenant shall pay Landlord such deficiency within (5) days after submission of such statement to Tenant. If the amount paid by Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) of Tenant's Proportionate Share of Operating Costs, or as to the final lease year, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease shall be due and payable even though it may not be finally calculated until after the expiration of the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlorddeemed additional Rent under this Lease.
Appears in 1 contract
Payment of Operating Costs. In addition to payments of RentFor each Operating Year, Tenant shall pay to Landlord Landlord, in the manner provided herein, Tenant's Proportionate share of Operating Costs which shall be computed by multiplying the Operating Costs for the Operating Year by Tenant's Fractional Share ("Tenant's Share of "Operating Costs" (defined in Section 4.03 hereof"). ; provided, however, that for the Operating Years during which the Term begins and ends, Tenant's Proportionate Share of the Operating Costs shall be 8.42%prorated based upon the actual number of days Tenant occupied, or could have occupied, the Premises during each such Operating Year. The amount Tenant's Share of the Operating Costs payable to Landlord may shall be estimated by Landlord for such period as Landlord determines from time to time, and Tenant agrees to pay Landlord the amounts so estimated in equal installmentspaid, in advance, without notice, demand, abatement (except as otherwise specifically provided in this Lease), deduction or set-off, on the first day of each calendar month during such periodthe Term, said monthly amounts to be determined on the basis of estimates prepared by Landlord on an annual basis and delivered to Tenant prior to the commencement of each Operating Year. Notwithstanding the foregoing when bills for all or any portion of Operating Costs so estimated are actually received by LandlordIf, however, Landlord may xxxx fails to furnish any such estimate prior to the commencement of an Operating Year, then (a) until the first day of the month following the month in which such estimate is furnished to Tenant, Tenant for Tenant's Proportionate Share thereof, less any shall pay to Landlord on the first day of each month an amount previously paid equal to the monthly sum payable by Tenant to Landlord on account of such item(s) by way of estimated Operating Costs payments. Within a reasonable period of time after the end under this subsection 7.2 in respect of the period for which estimated payments have been madelast month of the preceding Operating Year; (b) promptly after such estimate is furnished to Tenant, Landlord shall submit give notice to Tenant a statement setting forth whether the actual amounts payable installments of Tenant's Share of Operating Costs paid by Tenant based for the current Operating Year have resulted in a deficiency or overpayment compared to payments which would have been paid under such estimate, and Tenant, within thirty (30) days after receipt of such estimate, shall pay any deficiency to Landlord and any overpayment shall be credited against future payments required by Tenant under such estimate; and (c) on actual costs. If the amount first day of the month following the month in which such estimate is furnished to Tenant has paid based on estimates is less than and monthly thereafter throughout the amount due based on actual costsremainder of the Operating Year, Tenant shall pay to Landlord the monthly payment shown on such deficiency within (5) days after submission of such statement estimate. Landlord may at any time or from time to Tenant. If the amount paid by time furnish to Tenant is greater than the amount actually due, the excess may be retained by Landlord to be credited and applied by Landlord to the next due installment(s) a revised estimate of Tenant's Proportionate Share of Operating CostsCosts for such Operating Year, or as to the final lease yearand in such case, provided Tenant is not in default, Landlord will refund such excess to Tenant or credit such amount to Tenant's next rent payment coming due at Landlord's option. Tenant's Proportionate Share of actual Operating Costs for the final estimate period of the Term of this Lease monthly payments shall be due adjusted and payable even though it paid or credited, as the case may not be finally calculated until after be, substantially in the expiration of same manner as provided in the Term. Accordingly, Landlord shall have the right to continue to hold Tenant's Security Deposit following expiration of the Term until Tenant's share of actual Operating Costs has been paid, unless an alternative security (letter of credit or otherwise) is furnished to the satisfaction of the Landlordpreceding sentence.
Appears in 1 contract
Samples: Crown Books Corp