Reconciliation of Operating Expenses. Within 120 days after the end of each calendar year or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses and Excess Operating Expenses for such calendar year. If the most recent estimated Excess Operating Expenses paid by Tenant for such calendar year are more than the actual Excess Operating Expenses for such calendar year, Landlord shall apply any overpayment by Tenant against Rent due or next becoming due; provided, if the Term expires before the determination of the overpayment, Landlord shall, within 30 days of determination, refund any overpayment to Tenant after first deducting the amount of Rent due. If the most recent estimated Excess Operating Expenses paid by Tenant for the prior calendar year are less than the actual Excess Operating Expenses for such year, Tenant shall pay Landlord, within 30 days after its receipt of the statement of Operating Expenses, any underpayment for the prior calendar year.
Reconciliation of Operating Expenses. Within 120 days after the end of each calendar year or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses and Excess Operating Expenses for such calendar year. If the most recent estimated Excess Operating Expenses paid by Tenant for such calendar year are more than the actual Excess Operating Expenses for such calendar year, Landlord shall apply any overpayment by Tenant against Rent due or next becoming due; provided, if the Term expires before the determination of the overpayment, Landlord shall, within 30 days of determination, refund any overpayment to Tenant after first deducting the amount of Rent due. If the most recent estimated Excess Operating Expenses paid by Tenant for the prior calendar year are less than the actual Excess Operating Expenses for such year, Tenant shall pay Landlord, within 30 days after its receipt of the statement of Operating Expenses, any underpayment for the prior calendar year. If Landlord does not deliver a statement of the actual Operating Expenses and Excess Operating Expenses to Tenant within three hundred (300) days after the end of any calendar year during the Term, then Tenant shall have no further obligation to pay any such amount subsequently invoiced by Landlord with respect to such prior calendar year, nor shall Tenant be entitled to any credit or refund of any overpayment of estimated Excess Operating Expenses paid by Tenant for such prior calendar year.
Reconciliation of Operating Expenses. As soon as practicable after the end of each fiscal year, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for such fiscal year (“Statement”) with appropriate backup documentation per Landlord’s commercially reasonable standard procedures. If estimated Operating Expenses paid by Tenant are less than actual Operating Expenses for such fiscal year, Tenant shall pay the difference to Landlord within thirty (30) days after demand, and if such estimated Operating Expenses are more than actual, Tenant shall receive a credit for the difference against Rent next due within thirty (30) days of Landlord’s determination of Operating Expenses, provided Tenant shall not be required to pay any Operating Expenses reconciliation after twenty-four (24) months from the date of actual payment of such Operating Expenses.
Reconciliation of Operating Expenses. On or before ninety (90) days following the end of each calendar year, Landlord shall deliver to Tenant a detailed reconciliation statement (the “Reconciliation”) showing the calculation of the actual Operating Expenses for the prior calendar year along with reasonable supporting documentation, including a detailed general ledger. If Tenant’s total payments of Operating Expenses for any year are less than Tenant’s Proportionate Share of actual Operating Expenses for such year, then Tenant shall pay the difference to Landlord within thirty (30) days after demand, and, if more, then Landlord shall retain such excess and credit it against Tenant’s next payments of Tenant’s Proportionate Share of Operating Expenses or, if Tenant so requests, refund it to Tenant within thirty (30) days after demand, which obligation shall survive the expiration or termination of the Lease Term. For purposes of calculating Tenant’s Proportionate Share of Operating Expenses, a year shall mean a calendar year except the first year, which shall begin on the Commencement Date (except that Tenant’s obligation to pay Operating Expenses shall not commence until payments of Base Rent commence pursuant to Addendum 1), and the last year, which shall end on the expiration of this Lease.
Reconciliation of Operating Expenses. Within sixty (60) days after receipt of Landlord's Reconciliation Statement, Tenant shall have the right to audit, at a mutually convenient time and at Landlord's office, Landlord's records relating to the expenses identified therein. Such audit must be conducted by Tenant or an independent Certified Public Accountant ("CPA") reasonably approved by Landlord and, subject to the outcome of the audit, at the sole cost and expense of Tenant; provided, however, such CPA shall not be compensated by Tenant or third party on a contingency fee basis. Tenant shall be provided a complete copy of said audit at no expense to Landlord. If such audit reveals that Landlord has overcharged Tenant, the amount overcharged shall be credited to Tenant's account within thirty (30) days after the audit is concluded. In the event that such audit reveals that Tenant has been overcharged by more than five percent (5%), Landlord shall reimburse Tenant for the costs of such audit within ten (10) business days after receipt of a statement and supporting documents therefor.
Reconciliation of Operating Expenses. 5.2(k)(i) Annually during the Term, also around the end of the first calendar quarter of each year, Landlord shall deliver to Tenant a statement summarizing: (i) the actual Operating Expenses incurred for the preceding calendar year; (ii) Tenant’s Pro Rata Share including the aggregate Operating Expense Installments actually paid by Tenant during such calendar year; and (iii) the amount of any difference between Tenant’s Pro Rata Share of Operating Expenses and the aggregate Operating Expenses Installments actually paid by Xxxxxx (the “Reconciliation Statement”). In the event that Xxxxxx’s Pro Rata Share of actual Operating Expenses exceeds the aggregate Operating Expenses Installments actually paid by Xxxxxx, Tenant shall pay any shortfall within thirty (30) calendar days after the receipt of the Reconciliation Statement. In the event that Xxxxxx’s Pro Rata Share of actual Operating Expenses is less than the aggregate Operating Expenses Installments actually paid by Tenant, such overpayment shall either be: (x) applied by Landlord as a credit against Tenant’s Base Rent Installments and/or Operating Expenses Installments, until fully applied; or (y) at Landlord’s election, refunded to Tenant within thirty (30) calendar days after the date of the Reconciliation Statement.
Reconciliation of Operating Expenses. After the end of each calendar year, Landlord shall furnish to Tenant a statement showing the Operating Expenses incurred for the preceding calendar year. Tenant shall either receive a refund or be assessed an additional sum based upon the difference between, i) payments made by Tenant pursuant to section 3.1, and ii) Tenant's Proportionate Share (as defined in section 3.1.4.) of the Operating Expenses in excess of $7.80 per rentable square foot. Any additional sum owed by Tenant to Landlord shall be paid within ten (10) days of receipt of assessment. Any refund owed by Landlord to Tenant shall be credited toward Tenant's next month's rental payment. Each operating statement given by Landlord shall be conclusive and binding upon Tenant unless, within thirty (30) days after Tenant's receipt thereof, Tenant shall notify Landlord that it disputes the accuracy of said operating statement. In such case, Tenant shall have the right, at its expense to audit said statement. Failure of Landlord to submit the written statement referred to herein shall not waive any rights of Landlord, unless such statement is not submitted within one year from the end of the prior calendar year.
Reconciliation of Operating Expenses. Landlord and Tenant hereby agree that, as consideration for entering into this Agreement, there shall be no reconciliation of Operating Expenses under the Lease with respect to the Eighth Floor Premises for the 2023 calendar year or any other period prior to the Eighth Floor Termination Date, and each party waives any claims against the other for overpayments and/or underpayments of Operating Expenses with respect to such periods.
Reconciliation of Operating Expenses. Landlord and Tenant hereby agree that, as consideration for entering into this Agreement, following the Fifth Floor Termination Date, there shall be no reconciliation of Operating Expenses under the Lease with respect to the Fifth Floor Premises for the 2024 calendar year and each party waives any claims against the other for overpayments and/or underpayments of Operating Expenses with respect to such period.
Reconciliation of Operating Expenses. As soon as practicable after the end of each calendar year, Landlord shall furnish Tenant with a statement of the actual Operating Expenses and Excess Operating Expenses for the Building and the Project for such calendar year. If estimated Excess Operating Expenses for the Building and/or the Project paid by Tenant are less than actual Excess Operating Expenses for the Building and/or the Project, as applicable, for such calendar year, Tenant shall pay the difference to Landlord within 30 days after demand, and if such estimated Operating Expenses for the Building and/or the Project are more than actual, Tenant shall receive a credit for the difference against Rent next due.
