Common use of Rent Escalation Clause in Contracts

Rent Escalation. (a) There shall be added to the Base Rent for each Comparison Year, Tenant's Share of the net aggregate increase, if any, in the amount of Operating Expenses and Taxes for the Comparison Year over those for the Base Year. The Base Rent as so increased is herein referred to as the "Adjusted Base Rent". The Adjusted Base Rent for any Comparison Year shall serve as the basis for an estimate of Adjusted Base Rent due for the next Comparison Year until the computation for that Comparison Year has been made. The difference between the actual increase in Operating Expenses and Taxes for any Comparison Year and the estimated Adjusted Base Rent for such Comparison Year shall be promptly paid by Tenant upon Tenant's receipt of a statement of such adjustment. After the Adjusted Base Rent has been established, it shall retroactively become payable from the beginning of the calendar year. The remaining monthly Rent installments shall be adjusted accordingly. Amounts due for any partial year of the Term in accordance with the foregoing shall be prorated on a calendar year basis. With respect to Taxes, the statement of adjustment shall reflect, as of the date prepared, Taxes incurred for the Base Year and for the Comparison Year, whether the same shall be definitive or subject to subsequent revision. Should Taxes for the Base Year or any Comparison Year be subsequently reduced or increased, Landlord shall recompute the Taxes using the amount of the Taxes for the Base Year as so reduced or increased for all Comparison Years prior to the Comparison Year in which the reduction or increase is granted. All changes to Adjusted Base (b) Landlord shall, during Landlord's regular business hours, make available to Tenant records, in reasonable detail, of Operating Expenses and Taxes for the period covered by such statement or statements, for a period of sixty (60) days after the mailing of such statements to Tenant. If Tenant shall not dispute any item in any such statement within thirty (30) days following Tenant's receipt of such statement, Tenant shall be deemed to have waived any objection thereto.

Rent Escalation. A. In the event the operating expenses as defined below (ahereafter "Operating Expenses") There shall be added of Landlord relating to the Base Rent Building, the Land and other improvements on the Land shall, in any calendar year during the term of this Lease, exceed the sum of [***] per rentable square foot, with the total rentable square footage of the building being 39,285 for each Comparison Yearthe purpose of this calculation, Tenant agrees to pay as additional rent Tenant's Share pro rata share (26.54%) of the net aggregate increase, if any, in excess Operating Expenses. In the amount of Operating Expenses and Taxes for the Comparison Year over those for the Base Year. The Base Rent as so increased is herein referred to as the "Adjusted Base Rent". The Adjusted Base Rent for any Comparison Year shall serve as the basis for an estimate of Adjusted Base Rent due for the next Comparison Year until the computation for that Comparison Year has been made. The difference between the actual increase in Operating Expenses and Taxes for any Comparison Year and the estimated Adjusted Base Rent for such Comparison Year shall be promptly paid by Tenant upon Tenant's receipt of a statement of such adjustment. After the Adjusted Base Rent has been established, it shall retroactively become payable from the beginning case of the calendar year during which the Commencement Date or Completion date occurs, the foregoing calculation shall be made based upon a prorata share (as the balance of the year after the Commencement Date or Completion Date bears to the entire year) of the Operating Expenses for that calendar year. Landlord may, within nine (9) months following the close of any calendar year for which additional rental is due under this paragraph, invoice Tenant for the excess Operating Expenses. The remaining monthly Rent installments invoice shall be adjusted accordinglyinclude in reasonable detail all computations [***] Confidential portions of this document have been redacted and filed separately with the Commission. Amounts due for any partial year of the Term in accordance with the foregoing shall be prorated on a calendar year basis. With respect additional rental, and Tenant agrees to Taxes, the statement of adjustment shall reflect, as make payment of the date prepared, Taxes incurred for the Base Year and for the Comparison Year, whether the same shall be definitive or subject additional rental to subsequent revision. Should Taxes for the Base Year or any Comparison Year be subsequently reduced or increased, Landlord shall recompute the Taxes using the amount of the Taxes for the Base Year as so reduced or increased for all Comparison Years prior to the Comparison Year in which the reduction or increase is granted. All changes to Adjusted Base (b) Landlord shall, during Landlord's regular business hours, make available to Tenant records, in reasonable detail, of Operating Expenses and Taxes for the period covered by such statement or statements, for a period of sixty (60) days after the mailing of such statements to Tenant. If Tenant shall not dispute any item in any such statement within thirty (30) calendar days following receipt of the invoice. In the year in which this Lease terminates, Landlord, in lieu of waiting until the close of the calendar year in order to determine any excess Operating Expenses, has the option to invoice Tenant for Tenant's prorata share of the Operating Expenses based upon the previous year's excess Operating Expenses; Landlord shall invoice Tenant under this option within thirty (30) calendar days prior to the termination of the Lease or at any time thereafter. Landlord may at any time during the term of this Lease increase the monthly rental to an amount which reflects the Tenant's prorata share of the Operating Expenses based upon the previous year's excess Operating Expenses after giving Tenant thirty (30) calendar days' notice. Tenant or its agent shall have the right to review the Landlord's records within thirty (30) calendar days of receipt of such statementnotice relevant to the calculation of rent escalation with written notice. B. Operating Expenses include all expense incurred with respect to the maintenance and operation of the Building, the Land and other improvements on the Land, including, but not limited to maintenance and repair costs, electricity, fuel, water, sewer, gas and other utility charges; security, window washing, janitorial services, trash removal, landscaping, pest control, wages and fringe benefits payable to employees of Landlord or Landlord's managing agent whose duties are connected with the operation and maintenance of the Building or other improvements on the Land, amounts paid to management firm to supervise operation of the Building, amounts paid to contractors or subcontractors for work or services performed in connection with the operation of the Building or other improvements on the Land, and all services, suppliers, repairs, replacements or other expenses for maintaining and operating the Building and other improvements on the Land, including common areas and parking area. Operating Expenses also include all real property taxes and all insurance premiums which Landlord is required to pay or deems advisable to pay including public liability insurance, with respect to the Building, the Land and other improvements on the Land. Operating Expenses do not include capital improvements to the Building, nor shall it include repairs, restoration or other work occasioned by fire, windstorm or other casualty, income and franchise taxes of Landlord, expenses incurred in leasing to or procuring of tenants, leasing commissions, advertising expenses, expenses for the renovating of space for new tenants, interest or principal payments on any mortgage or other indebtedness of Landlord or depreciation allowance or expense. Tenant shall be deemed have thirty (30) calendar days from receipt of invoice to have waived pay any objection theretoadditional rent for excess in operating expenses. Failure to remit funds due within thirty (30) calendar days, as defined, will result in a [***] percent ([***]%) per month penalty due Landlord.

Rent Escalation. (a) There shall be added to the Base Rent for each Comparison Year, Tenant's Share of the net aggregate increase, if any, in the amount of Operating Expenses and Taxes for the Comparison Year over those for the Base Year. The Base Rent as so increased is herein referred to as the "Adjusted Base Rent". The Adjusted Base Rent for any Comparison Year shall serve as the basis for an estimate of Adjusted Base Rent due for the next Comparison Year until the computation for that Comparison Year has been made. The difference between the actual increase in Operating Expenses and Taxes for any Comparison Year and the estimated Adjusted Base Rent for such Comparison Year shall be promptly paid by Tenant upon Tenant's receipt of a statement of such adjustment. After the Adjusted Base Rent has been established, it shall retroactively become payable from the beginning of the calendar year. The remaining monthly Rent installments shall be adjusted accordingly. Amounts due for any partial year of the Term in accordance with the foregoing shall be prorated on a calendar year basis. With respect to Taxes, the statement of adjustment shall reflect, as of the date prepared, Taxes incurred for the Base Year and for the Comparison Year, whether the same shall be definitive or subject to subsequent revision. Should Taxes for the Base Year or any Comparison Year be subsequently reduced or increased, Landlord shall recompute the Taxes using the amount of the Taxes for the Base Year as so reduced or increased for all Comparison Years prior to the Comparison Year in which the reduction or increase is granted. All changes to Adjusted BaseBase Rent due from Tenant by reason thereof shall be payable within thirty (30) days after Tenant's receipt of the statement therefor. (b) Landlord shall, during Landlord's regular business hours, make available to Tenant records, in reasonable detail, of Operating Expenses and Taxes for the period covered by such statement or statements, for a period of sixty (60) days after the mailing of such statements to Tenant. If Tenant shall not dispute any item in any such statement within thirty (30) days following Tenant's receipt of such statement, Tenant shall be deemed to have waived any objection thereto.

Rent Escalation. (a) There shall be added to the Base Rent for each Comparison Year, Tenant's Share of the net aggregate increase, if any, in the amount of Operating Expenses and Taxes for the Comparison Year over those for the Base Year. The Base Rent as so increased is herein referred to as the "Adjusted Base Rent". The Adjusted Base Rent for any Comparison Year shall serve as the basis for an estimate of Adjusted Base Rent due for the next Comparison Year until the computation for that Comparison Year has been made. The difference between the actual increase in Operating Expenses and Taxes for any Comparison Year and the estimated Adjusted Base Rent for such Comparison Year shall be promptly paid by Tenant upon Tenant's receipt of a statement of such adjustment. After the Adjusted Base Rent has been established, it shall retroactively become payable from the beginning of the calendar year. The remaining monthly Rent installments shall be adjusted accordingly. Amounts due for any partial year of the Term in accordance with the foregoing shall be prorated on a calendar year basis. Additionally, within one hundred twenty (120) days after the end of the Base Year, Landlord will submit to Tenant for Tenant's review the compilation of the Operating Expenses and Taxes, adjusted as required in this Lease, for the Base Year. After receipt of such statement, Tenant will have one hundred twenty (120) days to dispute any item in the statement or manner of calculation of the Operating Expenses and Taxes. With respect to Taxes, the statement of adjustment shall reflect, as of the date prepared, Taxes incurred for the Base Year and for the Comparison Year, whether the same shall be definitive or subject to subsequent revision. Should Taxes for the Base Year or any Comparison Year be subsequently reduced or increased, Landlord shall recompute the Taxes using the amount of the Taxes for the Base Year as so reduced or increased for all Comparison Years prior to the Comparison Year in which the reduction or increase is granted. In the event of any tax abatements, tax phase-in or other similar tax programs that result in an artificially lowered tax amount for the Base Year, the tax amount established for the Base Year will be increased to reflect the amount that would have been expended in the absence of such programs. All changes to Adjusted BaseBase Rent due from Tenant by reason thereof shall be payable within thirty (30) days after Tenant's receipt of the statement therefor. (b) Landlord shall, during Landlord's regular business hours, make available to Tenant records, in reasonable detail, of Operating Expenses and Taxes for the period covered by such statement or statements, for a period of sixty ninety (6090) days after the mailing of such statements to Tenant. If Tenant shall not dispute any item in any such statement within thirty (30) days following Tenant's receipt of such statement, Tenant shall be deemed to have waived any objection thereto.