Common use of Provision of Financial Statements Clause in Contracts

Provision of Financial Statements. Lessee shall also provide financial statements (certified as true and correct by an appropriate officer of the Lessee) to support Lessee's calculation of such Percentage Rent due, if any. If Lessee shall fail to provide the financial statements as required by Lessor for the purposes of calculating Percentage Rent for a prior Lease Year, Lessor may make a good faith estimate of the same and that estimate shall be binding on Lessee. When the required financial statements are provided to Lessor, Lessor shall adjust such estimated increases within a reasonable time thereafter. However, until such adjustment has been made, Lessee shall continue to be obligated to pay the estimated Percentage Rent and Base Rent. If any required financial statements reflect that the calculation or estimate of Percentage Rent and/or Base Rent has been understated, Lessor shall give notice of the understatement to Lessee. Within five (5) days after Lessor gives such notice, Lessee shall pay the correct Rent amounts and arrearage.