Common use of RENTAL ADJUSTMENT Clause in Contracts

RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereof) for purposes of rental adjustment is agreed to be 1.3016% ("Tenant's Pro Rata Share"). On or before the Commencement Date and thereafter on or before the first day of each calendar year of the Term, Landlord shall provide to Tenant the Estimated Operating Expense (defined in Section 3.03 hereof) for the upcoming year. In addition to the Base Rent, Tenant shall pay in advance on the first day of each calendar month during the Term, installments equal to one-twelfth (1/12) of Tenant's Pro Rata Share of the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences on a day other than the first day of the month or calendar year, or terminates on a day other than the last day of a month or calendar year, then Tenant shall be required to pay only a pro rata portion of the installments and adjustments of Rent due for such month or year.

Appears in 2 contracts

Samples: Centre Lease Agreement (Ticketmaster Online Citysearch Inc), Centre Lease Agreement (Citysearch Inc)

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RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereofa) for purposes of Tenant shall pay to Landlord as additional rental a rental adjustment is agreed to (the "Rental Adjustment") which shall be 1.3016% determined as of the first anniversary of the Rental Commencement Date and as of each January 1 thereafter during the Lease Term in the manner hereinafter provided (each such date being hereinafter in this Article 7 called an "Tenant's Pro Rata ShareAdjustment Date", and each period of time from any given Adjustment Date through the day before the next succeeding Adjustment Date being herein called an "Adjustment Period"). On or before the Commencement Date and thereafter on or before the first day of each calendar year of the Term, Landlord Each such Rental Adjustment shall provide to Tenant the Estimated Operating Expense (defined be payable in Section 3.03 hereof) for the upcoming year. In addition to the Base Rent, Tenant shall pay monthly installments in advance on the first day of each every such calendar month during the TermAdjustment Period for which such Rental Adjustment was determined. A prorated monthly installment, installments equal to one-twelfth (1/12) based on the number of Tenant's Pro Rata Share days in the partial month, shall be paid for any fraction of a month if the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences Rental Commencement Date falls on a any day other than the first day of the month or a calendar yearmonth, or terminates if the Lease Term is terminated or expires on a any other day other than the last day of a month calendar month. Landlord shall use reasonable efforts to notify Tenant in writing of the monthly amount of the Rental Adjustment for each Adjustment Period at least ten (10) days prior to the date on which the first installment of such Rental Adjustment is due and payable, or calendar yearas soon thereafter as is practicable. Failure by Landlord to notify Tenant of the monthly amount of such Rental Adjustment shall not prejudice Landlord's right to collect the full amount of such Rental Adjustment, then nor shall Landlord be deemed to have forfeited or surrendered its rights to collect such Rental Adjustment which may have become due pursuant to this Article 7, and Tenant shall be required agrees to pay only a pro rata portion of the installments and adjustments of Rent due for such month or yearwithin thirty (30) days after notice all accrued but unpaid Rental Adjustment.

Appears in 2 contracts

Samples: Lease Agreement (Healtheon Corp), Lease Agreement (Healtheon Corp)

RENTAL ADJUSTMENT. Tenant's pro rata share Base Rent shall be increased as of all Operating ----------------- Expenses the third (defined 3rd) anniversary of the commencement of the term of this Lease and every other three (3) years thereafter during the term hereof by the percentage of increase, if any, shown by The "Consumer Price Index for the U.S. and Selected Areas for Urban Wage Earners and Clerical Worker, All items (1967 - 100)," Published by the United States Department of Labor, Bureau of Labor Statistic, for the San Francisco, Oakland area (the "Adjusting Index") as compared with the Consumer Price Index for the calendar month immediately preceding the commencement of the term Hereof: (The monthly rent for the following three years shall be set by multiplying the monthly rent for the calendar month Immediately preceding the effective date of the adjustment by a fraction, the numerator of which is the Extension Index and the Denominator of which is the Beginning Index) provided, however, that in Section 3.03 hereof) for purposes of rental no event shall the then current Base Rent be decreased. If any adjustment is agreed to be 1.3016% ("Tenant's Pro Rata Share"). On or before the Commencement Date and thereafter date shall occur on or before other than the first (1st) day of each any calendar year month, the current Base Rent as the first (1st) day of Such month shall be paid on such a day, and Base Rent due on the first (1st) day of the Term, Landlord following calendar month shall provide to Tenant the Estimated Operating Expense (defined in Section 3.03 hereof) be adjusted Accordingly for the upcoming year. In addition adjustment applicable to the portion of the prior calendar month commencing on such adjustment date. If the Adjusting Index is unavailable on the date on which the first installment of Base RentRent as adjusted shall become due, Tenant shall pay in advance on The same Base Rent for such installment as the first day of each calendar month during the Term, installments equal to one-twelfth (1/12) of Tenant's Pro Rata Share of the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) Base Rent for the immediately preceding calendar yearmonth, which statement and any adjustment for the change in such installment shall specify be paid with Base Rent for the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereoffollowing month. If Tenant's Pro Rata Share the Bureau of Labor Statistics ceases to use the Estimated Operating Expense paid to Landlord during 1967 average if 100 as the previous calendar year exceeds Tenant's Pro Rata Share basis of calculation for the Actual Operating ExpenseConsumer Price Index, then Landlord the Consumer Price Index shall refund be adjusted in accordance with the difference to Tenant conversion formula published by the Bureau of Labor Statistics. If at the time Landlord furnishes required for the statement determination of the Actual Operating Expense. Otherwiseamount of any adjustment in Base Rent, within fifteen (15) days after Landlord furnishes such statement to Tenantthe Consumer Price Index is no longer published or issued, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of reliable government or other non partisan publication evaluating the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As information therefore used in this Lease determining the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences on a day other than the first day of the month or calendar year, or terminates on a day other than the last day of a month or calendar year, then Tenant Consumer Price Index shall be required to pay only a pro rata portion of the installments and adjustments of Rent due for such month or yearused.

Appears in 1 contract

Samples: Agreement of Lease (FNB Bancorp/Ca/)

RENTAL ADJUSTMENT. Tenant's pro rata share Pro Rata Share" of all Operating ----------------- Expenses (defined in Section 3.03 hereofhereinafter defined) for purposes of rental adjustment shall be equal to the ratio that the square feet of rentable area of the Premises bears to the total net rentable area of the Building, which is agreed to be 1.3016% ("62,044 square feet. In accordance with the foregoing, it is agreed that Tenant's Pro Rata Share"Share of all Operating Expenses is Twenty-Three and 60/100 percent (23.60%). On or before the Commencement Date and thereafter on or before the first day of each calendar year of the Term, Term Landlord shall provide to Tenant the Estimated Operating Expense Increase (defined in Section 3.03 hereofArticle 3.03) for the upcoming year. In addition shall receive a credit equivalent to such excess which shall be deducted by Landlord from the Base Rent, Tenant shall pay in advance on the first day of each calendar month during the Term, installments equal to one-twelfth (1/12next monthly installment(s) of Tenant's Pro Rata Share of the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the TermIncrease, Landlord unless this Lease shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined be terminated before such installments become due in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then case Landlord shall refund the such difference to Tenant at the time Landlord furnishes the statement of the Actual Operating ExpenseTenant. Otherwise, within fifteen thirty (1530) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense Increase and the Estimated Operating Expense Increase theretofore paid by Tenant, such obligation to survive the termination of this Lease and/or the expiration of the Term. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences on a day other than the first day of the month or calendar year, or terminates on a day other than the last day of a month or calendar year, then Tenant shall be required to pay only a pro rata portion of the installments and adjustments of Rent due for such month or year.

Appears in 1 contract

Samples: Lease Agreement (Spacehab Inc \Wa\)

RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereof) for purposes of rental adjustment is agreed to be 1.3016% ("Tenant's Pro Rata Share"). On or before the Commencement Date and thereafter on or before the first day of each calendar ----------------- year of the Term, Landlord shall provide to Tenant the Estimated Operating Expense Increase (defined in Section 3.03 hereof) for the upcoming year. In addition to the Base Rent, Tenant shall pay as a rental adjustment in advance on the first day of each calendar month during the Term, installments equal to one-twelfth (1/12) of Tenant's Pro Rata Share of the Estimated Operating ExpenseExpense Increase. Within one hundred fifty twenty (150120) days days, or as soon thereafter as practicable, after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense Increase (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense Increase paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating ExpenseExpense Increase, then Landlord shall refund credit the difference to Tenant at against the time Landlord furnishes the statement next due installment of Tenant's Pro Rata Share of the Actual Estimated Operating ExpenseExpense Increase. Otherwise, within fifteen thirty (1530) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense Increase and the Estimated Operating Expense Increase theretofore paid by Tenant. As used in this Lease Lease, the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences on a day other than the first day of the month or calendar year, or terminates on a day other than the last day of a month or calendar year, then Tenant shall be required to pay only a pro rata portion share of the installments and adjustments adjustment of Rent due for such month or year.

Appears in 1 contract

Samples: Office Lease Agreement (Clinicor Inc)

RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereofa) for purposes of Tenant shall pay to Landlord as additional rental a rental adjustment is agreed to (the "Rental Adjustment") which shall be 1.3016% determined as of the first anniversary of the Rental Commencement Date and as of each January 1 thereafter during the Lease Term in the manner hereinafter provided (each such date being hereinafter in this Article 7 called an "Tenant's Pro Rata ShareAdjustment Date", and each period of time from any given Adjustment Date through the day before the next succeeding Adjustment Date being herein called an "Adjustment Period"). On or before the Commencement Date and thereafter on or before the first day of each calendar year of the Term, Landlord Each such Rental Adjustment shall provide to Tenant the Estimated Operating Expense (defined be payable in Section 3.03 hereof) for the upcoming year. In addition to the Base Rent, Tenant shall pay monthly installments in advance on the first day of each every such calendar month during the TermAdjustment Period for which such Rental Adjustment was determined. A prorated monthly installment, installments equal to one-twelfth (1/12) based on the number of Tenant's Pro Rata Share days in the partial month, shall be paid for any fraction of a month if the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences Rental Commencement Date falls on a any day other than the first day of the month or a calendar yearmonth, or terminates if the Lease Term is terminated or expires on a any other day other than the last day of a month calendar month. Landlord shall use reasonable efforts to notify Tenant in writing of the monthly amount of the Rental Adjustment for each Adjustment Period at least ten (10) days prior to the date on which the first installment of such Rental Adjustment is due and payable, or calendar yearas soon thereafter as is practicable. Failure by Landlord to notify Tenant of the monthly amount of such Rental Adjustment shall not prejudice Landlord's right to collect the full amount of such Rental Adjustment, then nor shall Landlord be deemed to have forfeited or surrendered its rights to collect such Rental Adjustment which may have become due pursuant to this Article 7, and Tenant shall be required agrees to pay only a pro rata portion of the installments and adjustments of Rent due for such month or yearupon demand all accrued but unpaid Rental Adjustment.

Appears in 1 contract

Samples: Agreement (Delta Air Lines Inc /De/)

RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereof) for purposes of rental adjustment is agreed to be 1.3016% forty six and 85/100ths percent (46.85%) for the Three Bridgepoint Premises, and eleven and 80/100ths percent (11.80%) for the One Bridgepoint Premises ("Tenant's Pro Rata Share"). On or before the applicable Commencement Date and thereafter on or before the first day of each calendar year of the Term, Landlord shall provide to Tenant the Estimated Operating Expense (defined in Section 3.03 hereof) for the upcoming yearyear for both Three Bridgepoint and One Bridgepoint. In addition to the Base Rent, Tenant shall pay in advance on the first day of each calendar month during in each calendar year following the Base Year throughout the Term, installments equal to one-twelfth (1/12) of Tenant's Pro Rata Share of the excess of the Estimated Operating ExpenseExpense for the current year over the Actual Operating Expense (defined in Section 3.03 hereof) for the Base Year (such excess being referred to herein as the "Annual Rental Adjustment") for both the Three Bridgepoint Premises and the One Bridgepoint Premises, as applicable. The Base Year is calendar year 1997. Within one hundred fifty twenty (150120) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereofExpenses. If Tenant's Pro Rata Share of the Estimated Operating Expense Annual Rental Adjustment paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the excess of the Actual Operating ExpenseExpense for such year over the Actual Operating Expense for the Base Year, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen thirty (1530) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to the positive difference between (a) Tenant's Pro Rata Share of the positive difference between excess of the Actual Operating Expense and for the Estimated preceding calendar year over the Actual Operating Expense for the Base Year and (b) the Annual Rental Adjustment theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences on a day other than the first day of the month or calendar year, or terminates on a day other than the last day of a month or calendar year, then Tenant shall be required to pay only a pro rata portion of the installments and adjustments of Rent due for such month or year.

Appears in 1 contract

Samples: Bridgepoint Lease Agreement (PSW Technologies Inc)

RENTAL ADJUSTMENT. Tenant agrees to pay Landlord as additional rent each year beginning after the last day of the Base Year as stated in the Office Lease Basic Information, on demand, Tenant's pro pro-rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereof) excess of those for the Base Year. For purposes of rental adjustment is agreed to be 1.3016% ("this Paragraph, Tenant's Pro Rata Share")share of such Operating Expenses shall equal the total amount of such Operating Expenses of the Building for the applicable calendar year less the total amount of the Operating Expenses of the Building for the Base Year multiplied by Tenant's Percentage Share of Space as stated in the Office Lease Basic Information. On It is understood, and Tenant hereby specifically agrees, that in no event shall the Operating Expenses for any calendar year be calculated or before deemed to equal less than those computed for the Commencement Date calendar year immediately preceding. At landlord's election, and thereafter on or before beginning not sooner than the first day of each the first calendar year month after expiration of the Term, Landlord shall provide to Tenant the Estimated Operating Expense (defined in Section 3.03 hereofi) for the upcoming year. In addition to the Base RentYear (as specified in the Office Lease Basic Information) or (ii) Rental Abatement (whichever shall last occur), Tenant shall pay in advance on the first day of each calendar month during the Term, installments an amount equal to one-twelfth (1/12) of TenantLandlord's Pro Rata Share good faith estimate of the Estimated Operating Expense. Within one hundred fifty additional rent due hereunder for the calendar year during which the (150i) Base Year or (ii) Rental Abatement period expires (whichever is later) shall be payable each month in advance as additional rent, along with Base Monthly Rental, on the first day of each month of such year, with an adjustment to be made between Tenant and Landlord within sixty (60) days after the end of each calendar such year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) account for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses any differences between such estimated additional rent and set forth Landlord's calculations of Tenant's Pro Rata Share thereofthat actually due. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time between such estimated additional rent and that actually due results in an amount due Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to from Tenant, Tenant shall make a lump sum payment pay such amount to Landlord equal within ten (10) days after notice from Landlord to Tenant, and if any such amount is due to Tenant from Landlord, Landlord shall apply such amount against Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by next due estimated additional rent payment. Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences on a day other than the first day of the month or calendar year, or terminates on a day other than the last day of a month or calendar year, then Tenant shall be required 's obligation to pay only a pro rata portion for increases in Operating Expenses as provided herein shall survive any expiration or other termination of the installments and adjustments of Rent due for such month or yearthis Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Winsonic Digital Media Group LTD)

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RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereof) for purposes of rental adjustment is agreed to be 1.3016% ("Tenant's Pro Rata Share"). CONSUMER PRICE INDEX: On or before the Commencement Date and thereafter on or before the first day of each calendar year the second Lease Year (which second Lease Year commences on the first anniversary of the TermCommencement Date if the Commencement Date is the first day of a calendar month, Landlord shall provide to Tenant or on the Estimated Operating Expense (defined in Section 3.03 hereof) for first day of the upcoming year. In addition to first calendar month following the Base Rentanniversary of the Commencement Date if the Commencement Date is other than the first day of a calendar month), Tenant shall pay in advance and on the first day of each calendar month Lease Year hereafter until this Lease is terminated as set forth herein, the Base Annual Rent and the Supplemental Rent, if applicable, shall be adjusted and changed, on a cumulative basis, as follows: The adjusted Base Annual Rent and Supplemental Rent and the adjusted monthly rental installments payable for each Lease Year during the Termterm of this Lease (other than the first Lease Year) shall be computed by multiplying the Base Annual Rent and Supplemental Rent (and the monthly rental installment) as set forth in Articles 1 and 5 above, installments equal to one-twelfth and in the Supplemental Rent Agreement, by a fraction, the numerator of which shall be the Consumer Price Index (1/12) "Urban," the United States city average for urban wage earners and clerical workers, "all items" (Base 198284 = 100), issued by the Bureau of Tenant's Pro Rata Share Labor Statistics of the Estimated Operating Expense. Within one hundred fifty (150) days after the end United States Department of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereofLabor) for the immediately preceding calendar yearsecond (2nd) month prior to the applicable anniversary date and the denominator of which shall be the Consumer Price Index for the second (2nd) full month prior to the Commencement Date of this Lease; provided, however, that in no event shall such adjusted Base Annual Rent and Supplemental Rent installments be less than the Base Annual Rent and Supplemental Rent stated in Article 1 of this Lease and in the Supplemental Rent Agreement. Should said Consumer Price Index be discontinued, then that index which statement shall specify replace the various types of Operating Expenses and set forth described Consumer Price Index or an index which is in Landlord's calculations of Tenant's Pro Rata Share thereofreasonable judgment most nearly comparable thereto shall be substituted accordingly. If Tenant's Pro Rata Share The Landlord shall use its best efforts to notify the Tenant of the Estimated Operating Expense paid adjusted Base Annual Rent, Supplemental Rent and the adjusted monthly installments in writing, by the applicable anniversary date, if such rental adjustment occurs; but Landlord's failure to notify Tenant of any such adjustment before such anniversary date shall not excuse Tenant from its obligation to pay such adjustments when Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes thereafter gives such statement notice to Tenant, . The Tenant shall make a lump sum payment agrees to Landlord equal to Tenant's Pro Rata Share of pay the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base adjusted Based Annual Rent and all rental adjustments. If the Term commences Supplemental Rent in advanced, on a day other than the first day of the month or calendar yearapplicable Lease Year, together with all applicable sales and use taxes, or terminates on a day other than the last day of a month or calendar year, then Tenant shall be required may elect to pay only a pro rata portion of the such adjusted Base Annual Rent and Supplemental Rent in adjusted Base Annual Rent and Supplemental Rent in adjusted monthly installments and adjustments of Rent due for each such twelve- month or yearperiod.

Appears in 1 contract

Samples: Supplemental Rent Agreement

RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereofa) for purposes of Tenant shall pay to Landlord as additional rental, a rental adjustment is agreed to (the "Rental Adjustment") which shall be 1.3016% determined as of the first anniversary of the Commencement Date thereafter and as of each anniversary of the Commencement Date thereafter in the manner hereinafter provided (each such date being hereinafter in this Special Stipulation No. I called an "Tenant's Pro Rata ShareAdjustment Date", and each one (1) year period from any given Adjustment Date through the day before the next succeeding Adjustment Date being herein called the "Adjustment Period"). On or before the Commencement Date and thereafter on or before the first day of each calendar year of the Term, Landlord Each such Rental Adjustment shall provide to Tenant the Estimated Operating Expense (defined be payable in Section 3.03 hereof) for the upcoming year. In addition to the Base Rent, Tenant shall pay monthly installments in advance on the first day of each every such calendar month during the TermAdjustment Period for which such Rental Adjustment was determined. A prorated monthly installment, installments equal to one-twelfth (1/12) of Tenant's Pro Rata Share of the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences based on a thirty (30) day month, shall be paid for any fraction of a month in the Commencement Date that falls on any day other than the first day of the month or a calendar yearmonth, or terminates if the Lease Term is terminated or the Expiration Date falls on a any other day other than the last day of a month calendar month. Landlord shall use its best efforts to notify Tenant in writing of the monthly amount of the Rental Adjustment for each Adjustment period at least ten (10) days prior to the date on which the first installment of such Rental Adjustment is due and payable, or calendar yearas soon thereafter as is practicable. Failure by Landlord to notify Tenant of the monthly amount of such Rental Adjustment shall not prejudice Landlord's right to collect the full amount of such Rental Adjustment, then nor shall Landlord be deemed to have forfeited or surrendered its rights to collect such Rental Adjustment which may have become due pursuant to this Section, and Tenant shall be required agrees to pay only a pro rata portion of the installments and adjustments of Rent due for such month or yearupon demand all accrued but unpaid Rental Adjustment.

Appears in 1 contract

Samples: Letter Agreement (Argosy Education Group Inc)

RENTAL ADJUSTMENT. TenantUpon commencement of rental, Lessor shall submit to Lessee a statement of the anticipated monthly adjustments for the period between such commencement and the following January and Lessee shall pay these adjustments on a monthly basis concurrently with the payment of the Rent. Lessee shall continue to make said monthly payments until notified by Lessor of a change thereof. By January 1 of each year, Lessor shall endeavor to give Lessee a statement showing the total adjustments for the Fleming Place Office Park for txx xxxxr calendar year and Lessee's pro rata allocable share thereof, prorated from the commencement of rental. In the event the total of the monthly payments which Lessee has made for the prior calendar year is less than the Lessee's actual share of all Operating ----------------- Expenses adjustments, then Lessee shall pay the difference in a lump sum within five (defined 5) days after receipt of such statement from Lessor and shall concurrently pay the difference in Section 3.03 hereof) monthly payments made in the then calendar year and the amount of the monthly payments which are then calculated as monthly adjustments based on the prior year's experience. Any overpayment by Lesser shall be credited towards the monthly adjustments next coming due. The actual adjustments for the prior year shall be used for purposes of rental adjustment is agreed to be 1.3016% ("Tenant's Pro Rata Share"). On or before calculating the Commencement Date and thereafter on or before the first day of each calendar year of the Term, Landlord shall provide to Tenant the Estimated Operating Expense (defined in Section 3.03 hereof) anticipated monthly adjustments for the upcoming then current year. In addition to any year in which resurfacing is contemplated by the Base Rent, Tenant shall pay in advance on the first day of each calendar month during the Term, installments equal to one-twelfth (1/12) of Tenant's Pro Rata Share lessor of the Estimated Operating Expense. Within one hundred fifty (150) days after Underlying Lease, Lessor shall be permitted to include the end anticipated cost of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord same as part of the Actual Operating Expense (defined in Section 3.03 hereof) estimated monthly adjustments. Even though the term has expired and Lessee has vacated the Leased Premises, when the final determination is made of Lessee's share of said adjustments for the immediately preceding calendar year, year in which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease terminates, Lessee shall immediately pay any increase due over the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences on a day other than the first day of the month or calendar yearestimated adjustments previously paid and, or terminates on a day other than the last day of a month or calendar yearconversely, then Tenant any overpayment made shall be required immediately rebated by Lessor to Lessee. Failure of Lessor to submit statements as called for herein shall not be deemed to be a waiver of Lessee's requirement to pay only a pro rata portion of the installments and adjustments of Rent due for such month or yearsums as herein provided.

Appears in 1 contract

Samples: Sublease Agreement (Renaissance Designer Gallery Products Inc)

RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses Beginning twelve (defined 12) months after the Commencement Date, and every twelve (12) months thereafter (an “Adjustment Date”), the then-payable Base Monthly Rent shall be subject to adjustment based on the increase, if any, in Section 3.03 hereofthe Consumer Price Index that has occurred during the twelve (12) for purposes of rental adjustment is agreed to months preceding the then-applicable Adjustment Date, but in no event shall the increase on any Adjustment Date be 1.3016% less than two percent ("Tenant's Pro Rata Share"2%) or more than six percent (6%). On or before The basis for computing the adjustment shall be the U.S. Department of Labor, Bureau of Labor Statistic’s Consumer Price Index for All Urban Consumers, All Items, 1982-84=100, for the San Francisco-Oakland-San Xxxx area (“Index”). The Index most recently published preceding the Commencement Date and thereafter on or before shall be considered the “Base Index” for the first day adjustment. Thereafter, the index most recently published preceding the previous Adjustment Date shall be considered the “Base Index.” If the Index most recently published preceding the Adjustment Date (“Comparison Index”) is greater than the Base Index, the then-payable Base Monthly Rent shall be increased by multiplying the then-payable Base Monthly Rent by a fraction, the numerator of which is the Comparison Index and the denominator of which is the Base Index. On adjustment of the Base Monthly Rent, which shall be completed within 3 months of each calendar year of the TermAdjustment Date, Landlord shall provide notify Tenant by letter stating the new Base Monthly Rent and providing reasonable detail to Tenant support the Estimated Operating Expense (defined in Section 3.03 hereof) for the upcoming yearLandlord’s calculation. In addition to Landlord’s calculation of the Base Rent, Monthly Rent escalation shall be conclusive and binding unless Tenant objects to said calculation within thirty (30) days of Tenant’s receipt from Landlord of such calculation. Landlord’s failure to adjust Base Monthly Rent on an Adjustment Date shall pay in advance on the first day of each calendar month not prevent Landlord from retroactively adjusting Base Monthly Rent at any subsequent time during the Term, installments equal to one-twelfth (1/12) of Tenant's Pro Rata Share of the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the TermLease Term provided however, Landlord shall furnish use all commercially reasonable efforts to give Tenant a statement certified by Landlord notice of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustmentsany adjustment promptly. If the Term commences on a day other than Index base year is changed so that it differs from 1982-84=100, the first day Index shall be converted in accordance with the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is changed, revised or discontinued for any reason, there shall be substituted in lieu thereof and the term “Consumer Price Index” shall thereafter refer to the most nearly comparable official price index of the month United States Government in order to obtain substantially the same result as would have been obtained had the original Consumer Price Index not been discontinued, revised or calendar yearchanged, or terminates on a day other than the last day of a month or calendar year, then Tenant which alternative index shall be required selected by Landlord and shall be subject to pay only a pro rata portion of the installments and adjustments of Rent due for such month or yearTenant’s written reasonable approval.

Appears in 1 contract

Samples: Netflix Inc

RENTAL ADJUSTMENT. Tenant's pro rata share of all Operating ----------------- Expenses (defined in Section 3.03 hereof) for purposes of a)Tenant shall pay to Landlord as additional rental a rental adjustment is agreed to (the "Rental Adjustment") which shall be 1.3016% determined as of the first anniversary of the Rental Commencement Date and as of each January 1 thereafter during the Lease Term in the manner hereinafter provided (each such date being hereinafter in this Article 7 called an "Tenant's Pro Rata ShareAdjustment Date", and each period of time from any given Adjustment Date through the day before the next succeeding Adjustment Date being herein called an "Adjustment Period"). On or before the Commencement Date and thereafter on or before the first day of each calendar year of the Term, Landlord Each such Rental Adjustment shall provide to Tenant the Estimated Operating Expense (defined be payable in Section 3.03 hereof) for the upcoming year. In addition to the Base Rent, Tenant shall pay monthly installments in advance on the first day of each every such calendar month during the TermAdjustment Period for which such Rental Adjustment was determined. A prorated monthly installment, installments equal to one-twelfth (1/12) based on the number of Tenant's Pro Rata Share days in the partial month, shall be paid for any fraction of a month if the Estimated Operating Expense. Within one hundred fifty (150) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord's calculations of Tenant's Pro Rata Share thereof. If Tenant's Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant's Pro Rata Share of the Actual Operating Expense, then Landlord shall refund the difference to Tenant at the time Landlord furnishes the statement of the Actual Operating Expense. Otherwise, within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant's Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease the term "Rent" shall refer collectively to the Base Rent and all rental adjustments. If the Term commences Rental Commencement Date falls on a any day other than the first day of the month or a calendar yearmonth, or terminates if the Lease Term is terminated or expires on a any other day other than the last day of a month calendar month. Landlord shall use reasonable efforts to notify Tenant in writing of the monthly amount of the Rental Adjustment for each Adjustment Period at least ten (10) days prior to the date on which the first installment of such Rental Adjustment is due and payable, or calendar yearas soon thereafter as is practicable. Failure by Landlord to notify Tenant of the monthly amount of such Rental Adjustment shall not prejudice Landlord's right to collect the full amount of such Rental Adjustment, then nor shall Landlord be deemed to have forfeited or surrendered its rights to collect such Rental Adjustment which may have become due pursuant to this Article 7, and Tenant shall be required agrees to pay only a pro rata portion of the installments and adjustments of Rent due for such month or yearupon demand all accrued but unpaid Rental Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Tenera Inc)

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