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 for such calendar year. If the most recent estimated Operating Expenses paid by Tenant for such calendar year are more than the actual 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 Operating Expenses paid by Tenant for the prior calendar year are less than the actual 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 ninety (90) days after the end of the Base Year, Landlord shall furnish to Tenant a written statement of the actual Operating Expenses for the Base Year. Within ninety (90) days after the end of each subsequent Lease Year, Landlord shall furnish Tenant with a statement of the actual Operating Expenses and Excess Operating Expenses for such Lease Year. Such statements shall be itemized by category and shall set forth the amount paid by Tenant toward Excess Operating Expenses and the amounts remaining due from or overpaid by Tenant. If the most recent estimated Excess Operating Expenses paid by Tenant for such Lease Year are more than the actual Excess Operating Expenses for such Lease 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 thirty (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 Lease Year are less than the actual Excess Operating Expenses for such Lease Year, Tenant shall pay Landlord, within thirty (30) days after its receipt of the statement of Operating Expenses, any underpayment for the prior Lease Year. Landlord agrees that, in the event Landlord increases the level of security services provided in the Building after the Base Year (other than in connection with requirements for compliance with Payment Card Industry Data Security Standards, the expense of which shall be borne by Tenant), then an amount equal to ninety-five percent (95%) of the expenses relating to such increased level of security shall be added to the calculation of Base Year Operating Expenses accordingly.
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. On or before one hundred twenty (120) days following the end of each calendar year (the “Reconciliation Deadline”), Landlord shall deliver to Tenant a detailed reconciliation statement (the “Reconciliation”) showing the calculation of Operating Expenses actually paid for the prior calendar year (including any portion of the calendar year that Landlord did not own the Premises if the then-current Landlord purchased the Premises during such calendar year), along with reasonable supporting documentation, including a detailed general ledger. If Landlord does not deliver the Reconciliation within one (1) year from the Reconciliation Deadline, or within six (6) months after expiration or earlier termination of this Lease, then Tenant will not be responsible for any increases in Operating Expenses over the estimates paid by Tenant for such calendar year. Landlord may correct any Reconciliation within one hundred eighty (180) days after it is initially issued, but may not further correct it thereafter, except if the correction would result in a credit to Tenant; provided that the Reconciliation of Taxes may occur at any time within three hundred sixty-five (365) days following the final determination of the Taxes. If Tenant’s total payments of Operating Expenses for any year are less than Tenant’s Proportionate Share of Operating Expenses actually paid for such year, then Tenant shall pay the difference within sixty (60) days after demand, and, if more, then Landlord will retain such excess and credit it against Tenant’s next payments or, if Tenant so requests, refund it to Tenant within sixty (60) days after demand.
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. 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.
Reconciliation of Operating Expenses. Within 90 days following the expiration of each Lease Year, Lessor shall prepare and deliver to Lessee an itemized accounting (together with copies of bills and invoices) of actual Operating Expenses incurred during the prior Lease Year with respect to the Property. If the Additional Rental paid by Lessee under this Section during the preceding Lease Year was less than the actual amount of the Operating Expenses payable by Lessee under this Lease for such Lease Year, Lessor shall so notify Lessee and Lessee shall pay the difference to Lessor within 30 days after receipt of such notice. Such amount shall be deemed to have accrued during the prior Lease Year and shall be due and payable from Lessee even though the term of this Lease shall have expired or this Lease shall have been terminated prior to Lessee's receipt of this notice. If the Additional Rental paid by Lessee under this Section was greater than the actual amount of the Operating Expenses payable by Lessee under this Lease for such Lease Year, then the amount of such overpayment shall be promptly refunded to Lessee.
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.
