Common use of Records; Audit by Landlord Clause in Contracts

Records; Audit by Landlord. (a) Tenant shall keep, in appropriate detail and in accordance with standard accounting practices, at its principal business office, records of all sums constituting and/or specifically excluded from Operating Revenues with respect to each Fiscal Year for a period of not less than four (4) Fiscal Years after the expiration of the Fiscal Year to which such records relate. Within one hundred twenty (120) days after the end of the first Lease Year, Tenant shall deliver to Landlord a statement from an appropriate corporate officer of Tenant and, within two hundred ten (210) days after the end of the First Lease Year, from Tenant's independent certified public accountants, certifying the calculation of Base Revenues required by Section 5.1(b) hereof. Within one hundred twenty (120) days after the end of each subsequent Lease Year, Tenant shall deliver to Landlord a statement from an appropriate corporate officer of Tenant certifying the annual Operating Revenues for such Lease Year. If there is any overpayment of Percentage Rent, the excess shall be credited against any future Percentage Rent when next due. If Landlord delivers its written request to Tenant for copies of records and data to support such statement, then Tenant shall provide same to Landlord within thirty (30) days after receipt of such written request. Landlord shall be entitled to rely directly on Tenant's independent outside certified auditors or, at Landlord's option and at its own expense, to audit such statement and supporting records and data, provided Landlord shall cause such audit to commence within ninety (90) days after receipt of said statement and to be completed within one hundred twenty (120) days after receipt of all information requested by Landlord reasonably related to such audit. In order to provide finality, absent fraud and, except as otherwise provided below in this Section, Tenant shall be entitled to treat such statement as being correct if Landlord does not so audit or otherwise challenge said statement within the time period above provided, and Landlord shall have no right thereafter to question or examine the same. If the audit or any audit hereinafter referred to in this Section (collectively a "Landlord's Audit") discloses an understatement of annual Operating Revenues, Tenant shall immediately pay Landlord the additional Percentage Rent found to be due plus interest thereon at the Lease Interest Rate from the date such additional Percentage Rent was otherwise due until the date actually paid. However, if Landlord's Audit discloses that Percentage Rent has been overpaid by Tenant, the excess shall be credited against any future Percentage Rent when next due hereunder. Tenant shall have the right to be informed as to any final results of any such audit. In addition, if Landlord's Audit discloses any underreporting of the total Operating Revenues for any Lease Year, which underreporting is in excess of three percent (3%) of the Operating Revenue for such Lease Year, Tenant shall, upon demand and receipt of evidence of payment, pay Landlord as Additional Rent the reasonable cost of Landlord's Audit; and Landlord shall have the option, at Tenant's expense, to audit the certified statements and supporting records and data for the two (2) immediately preceding Lease Years, with such audit to be commenced by Landlord within sixty (60) days after Landlord's receipt of the initial audit showing an underpayment of Percentage Rent, and to be completed within one hundred twenty (120) days after receipt of all information requested by Landlord reasonably related to such audit.

Records; Audit by Landlord. (a) Tenant shall keep, in appropriate detail and in accordance with standard accounting practices, at its principal business office, records of all sums constituting and/or specifically excluded from Operating Revenues with respect to each Fiscal Year for a period of not less than four (4) Fiscal Years after the expiration of the Fiscal Year to which such records relate. Within one hundred twenty (120) days after the end of the first Lease Year, Tenant shall deliver to Landlord a statement from an appropriate corporate officer of Tenant and, within two hundred ten (210) days after the end of the First Lease Year, from Tenant's independent certified public accountants, certifying the calculation of Base Revenues required by Section 5.1(b) hereof. Within one hundred twenty (120) days after the end of each subsequent Lease Year, Tenant shall deliver to Landlord a statement from an appropriate corporate officer of Tenant certifying the annual Operating Revenues for such Lease Year. If there is any overpayment of Percentage Rent, the excess shall be credited against any future Percentage Rent when next due. If Landlord delivers its written request to Tenant for copies of records and data to support such statement, then Tenant shall provide same to Landlord within thirty (30) days after receipt of such written request. Landlord shall be entitled to rely directly on Tenant's independent outside certified auditors or, at Landlord's option and at its own expense, to audit such statement and supporting records and data, provided Landlord shall cause such audit to commence within ninety (90) days after receipt of said statement and to be completed within one hundred twenty (120) days after receipt of all information requested by Landlord reasonably related to such audit. In order to provide finality, absent fraud and, except as otherwise provided below in this Section, Tenant shall be entitled to treat such statement as being correct if Landlord does not so audit or otherwise challenge said statement within the time period above provided, and Landlord shall have no right thereafter to question or examine the same. If the audit or any audit hereinafter referred to in this Section (collectively a "Landlord's Audit") discloses an understatement of annual Operating Revenues, Tenant shall immediately pay Landlord the additional Percentage Rent found to be due plus interest thereon at the Lease Interest Rate from the date such additional Percentage Rent was otherwise due until the date actually paid. However, if Landlord's Audit discloses that Percentage Rent has been overpaid by Tenant, the excess shall be credited against any future Percentage Rent when next due hereunder. Tenant shall have the right to be informed as to any final results of any such audit. In addition, if Landlord's Audit discloses any underreporting of the total Operating Revenues for any Lease Year, which underreporting is in excess of three percent (3%) of the Operating Revenue for such Lease Year, Tenant shall, upon demand and receipt of evidence of payment, pay Landlord as Additional Rent the reasonable cost of Landlord's Audit; and Landlord shall have the option, at Tenant's expense, to audit the certified statements and supporting records and data for the two (2) immediately preceding Lease Years, with such audit to be commenced by Landlord within sixty (60) days after Landlord's receipt of the initial audit showing an underpayment of Percentage Rent, and to be completed within one hundred twenty (120) days after receipt of all information requested by Landlord reasonably related to such audit.one

Records; Audit by Landlord. (a) A. Tenant shall keep, in appropriate detail and in accordance with standard accounting practices, at its principal business office, records of all sums constituting and/or sums, constituting, and specifically excluded from from, Operating Revenues with respect to each Fiscal Year for a period of not less than four (4) Fiscal Years after the expiration of the Fiscal Year to which such records relate. Within one hundred twenty (120) days after the end of the first Lease Year, Tenant shall deliver to Landlord a statement from an appropriate corporate officer officer, or general partner of Tenant and, within two hundred ten (210) days after the end of the First Lease Year, from Tenant's independent certified public accountants, certifying the calculation of Base annual Operating Revenues required by Section 5.1(b) hereof. Within one hundred twenty within sixty (12060) days after the end of each subsequent Lease Year, Tenant shall deliver to Landlord a statement from an appropriate corporate officer of Tenant certifying the annual Operating Revenues for such Lease Fiscal Year. If there is any overpayment of Percentage RentRental, the excess shall be credited against any future Percentage Rent Rental when next due. If Landlord delivers its written request to Tenant Tenant, within thirty (30) days after receipt of any such certified statement, for copies of records and data to support such statement, then Tenant shall provide same to Landlord within thirty (30) days after receipt of such written request. Landlord shall be entitled to rely directly on Tenant's independent outside certified auditors orentitled, at Landlord's option and at its own expense, to audit such statement and supporting records and data, provided Landlord shall cause such audit to commence within ninety (90) days after receipt of said statement and to be completed within one hundred twenty (120) days after receipt of all information requested by Landlord reasonably related to such audit. In order to provide finality, absent fraud and, except as otherwise provided below in this Section, Tenant shall be entitled to treat such statement as being correct if Landlord does not so audit or otherwise challenge said statement within the time period above provided, and Landlord shall have no right thereafter to question or examine the same. If the audit or any audit hereinafter referred to in this Section (collectively a "Landlord's Audit") discloses an understatement of annual Operating Revenues, Tenant shall immediately pay Landlord the additional Percentage Rent Rental found to be due plus interest thereon at the Lease Interest Rate from the date such additional Percentage Rent was otherwise due until the date actually paidRate. However, if Landlord's Audit discloses that Percentage Rent Rental has been overpaid by Tenant, the excess shall be credited against any future Percentage Rent Rental when next due hereunder. Tenant shall have the right to be informed as to any interim and/or final results of any such audit. In addition, if Landlord's Audit discloses any underreporting underpayment of the total Operating Revenues payment of Percentage Rental for any Lease YearFiscal Year so audited, which underreporting underpayment is in excess of three percent (33 %) of the Operating Revenue Percentage Rental due for such Lease Fiscal Year, Tenant shall, upon demand and receipt of evidence of payment, pay Landlord as Additional Rent Rental the reasonable cost of Landlord's Audit; and Landlord shall have the option, at Tenant's expense, to audit the certified statements and supporting supposing records and data for the two (2) immediately preceding Lease Fiscal Years, with such audit to be commenced by Landlord within sixty (60) days after Landlord's receipt of the initial audit showing an underpayment of Percentage RentRental, and to be completed within one hundred twenty (120) days after receipt of all information requested by Landlord reasonably related to such audit.