Common use of Review of Operating Expenses Clause in Contracts

Review of Operating Expenses. So long as no Event of Default (as defined in Article 17) has occurred, which remains uncured, Lessee shall have the right, at Lessee’s own expenses, for a period of one hundred eighty (180) days following receipt of each Statement, and after paying Lessor in full the amount indicated due and owing on said Statement, to inspect, at Lessor’s office during normal business hours, Lessor’s books and records directly related to the Operating Expenses for the preceding calendar year period in question (the “Inspection”). Lessee shall choose an independent firm or certified public accountant of national standing with commercial real estate experience (not being compensated on a contingency fee basis) to conduct the Inspection. Lessee’s Inspection shall be completed within ten (10) business days after commencement thereof. Lessee agrees that any records reviewed or information obtained as part of the Inspection shall constitute confidential information of Lessor, which shall not be disclosed to anyone other than the accountants performing the Inspection, the principals of Lessee receiving said information, and their counsel and other representatives. Lessee shall cause the firm or accountant chosen by Lessee to conduct the Inspection to sign a confidentiality agreement to provide all records reviewed or information obtained remain at all times confidential information of the Lessor. Disclosure of such confidential information to any other person by either Lessee or Lessee’s agent performing the Inspection may, at Lessor’s election, constitute a material breach of this Lease. Lessee shall pay Lessor, on demand and as Additional Rent, Lessor’s invoice for (i) the photocopying of documents; and (ii) any other reasonable expense of Lessor incidental to Lessee’s Inspection. A copy of the results of Lessee’s Inspection shall be delivered to Lessor within thirty (30) days after Lessee’s completion of the Inspection. Lessee shall be entitled to no more than one (1) Inspection per calendar year. If Lessee shall not have availed itself of such Inspection, Lessee shall be deemed to have accepted as final and determinative the amounts shown on the Statement. If Lessee shall have availed itself of its right to inspect the books and records, and then disputes the accuracy of the information set forth in Lessor’s books and records with respect to the Statement, Lessee shall no later than six (6) months after receipt of the Statement (or its right to contest such charges shall be deemed waived) institute arbitration proceedings against Lessor in an arbitration proceeding governed by the rules of the American Arbitration Association to collect and recover any overpayments made by Lessee, and Lessee shall, within ten (10) days of having instituted such arbitration proceeding, serve Lessor with a copy of the complaint filed in such proceeding. Lessee shall be precluded from contesting Operating Expenses and Lessor’s computations of the amounts payable by Lessor or Lessee pursuant to this Article 4 unless an arbitration complaint is filed and served within the aforesaid periods of time. If Lessee institutes such arbitration proceedings, then the arbitrator shall have the power to, and shall inquire into and determine, not only whether or not Lessee was overcharged for any Excess Operating Expenses, but whether or not Lessee was undercharged for such Excess Operating Expenses. At the conclusion of the arbitration, the arbitrator shall issue a ruling as to what the Excess Operating Expenses should have been had Lessor strictly complied with the provisions of this Lease. If Lessor overcharged Lessee for Excess Operating Expenses, the amount of the overcharge shall be returned to Lessee within thirty (30) days following the conclusion of the arbitration. If the arbitrator determines that Lessee was undercharged for Excess Operating Expenses, Lessee shall pay the amount of such undercharge to Lessor within thirty (30) days following the issuance of the arbitration ruling. Should the arbitrator find errors in excess of three percent (3%) of the Statement, then Lessor shall be responsible for all reasonable fees and costs incurred by Lessee with respect to the arbitration proceeding. Should the arbitrator find errors below three percent (3%) of the Statement, then Lessee shall be responsible for all reasonable fees and costs incurred by Lessor with respect to the arbitration proceeding.

Appears in 1 contract

Samples: Lease Agreement (Manhattan Bancorp)

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Review of Operating Expenses. So long as no Event of Default (as defined in Article 17) has occurred, which remains uncured, Lessee Tenant shall have the right, at Lessee’s own expenses, for a period of one hundred eighty six (1806) days months following receipt of each Statement, and after paying Lessor in full the amount indicated due and owing on said Statement, within which to inspect, at Lessor’s Landlord's office during normal business hours, Lessor’s Landlord's books and records directly related to the concerning Operating Expenses for the preceding calendar year period in question (the “Inspection”)question. Lessee shall choose an independent firm or Such inspection may only be done by a certified public accountant of national standing with commercial real estate experience (not being compensated on a contingency fee basis) to conduct the Inspection. Lessee’s Inspection shall be completed within ten (10) business days after commencement thereof. Lessee agrees that any records reviewed or information obtained as part of the Inspection shall constitute confidential information of Lessor, which shall not be disclosed to anyone other than the accountants performing the Inspection, the principals of Lessee receiving said information, and their counsel and other representatives. Lessee shall cause the firm or accountant chosen by Lessee to conduct the Inspection to sign a confidentiality agreement to provide all records reviewed or information obtained remain at all times confidential information of the Lessor. Disclosure of such confidential information to any other person by either Lessee or Lessee’s agent performing the Inspection may, at Lessor’s election, constitute a material breach of this Lease. Lessee shall pay Lessor, on demand and as Additional Rent, Lessor’s invoice for (i) the photocopying of documents; and (ii) any other reasonable expense of Lessor incidental to Lessee’s Inspection. A copy of the results of Lessee’s Inspection shall be delivered to Lessor within thirty (30) days after Lessee’s completion of the Inspection. Lessee shall be entitled to no more than one (1) Inspection per calendar yearaccountant. If Lessee Tenant shall not have availed itself of such Inspectioninspection, Lessee Tenant shall be deemed to have accepted as final and determinative the amounts shown on the Statement. If Lessee Tenant shall have availed itself of its right to inspect the books and records, and then disputes the accuracy of the information set forth in Lessor’s Landlord's books and records with respect to the Statement, Lessee Tenant shall nevertheless continue to pay the amounts as required by the provisions of this Article 4; provided however, that no later than six (6) months after receipt of the Statement Statement, Tenant must (or its right to contest such charges shall be deemed waived) institute arbitration proceedings against Lessor Landlord in an arbitration proceeding governed by the rules of the American Arbitration Association to collect and recover any overpayments made by LesseeTenant resulting from errors in the books and records of Landlord; and provided further, and Lessee that Tenant shall, within ten (10) days of having instituted such arbitration proceedingfiling of the complaint, serve Lessor Landlord with a copy of the complaint filed in any such proceeding. Lessee Tenant shall be precluded from contesting Operating Expenses and Lessor’s Landlord's computations of the amounts payable by Lessor Landlord or Lessee Tenant pursuant to this Article 4 4, unless an arbitration complaint is filed and served within such six (6) month period. Should the aforesaid periods arbitrator find errors in excess of timeCONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION of the Statement, then Landlord shall be responsible for all reasonable fees incurred by Tenant with respect to the arbitration proceeding. Should the arbitrator find errors of less than CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION but more than CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION of the Statement, then Tenant and Landlord shall each be responsible for one-half (1/2) of all fees incurred with respect to the arbitration proceeding. Should the arbitrator find errors of CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION or less of the Statement, then Tenant shall be responsible for all the reasonable fees incurred by Landlord with respect to the arbitration proceeding. If Lessee Tenant institutes such arbitration proceedingsprocedures, then the arbitrator shall have the power to, and shall inquire into and determine, not only whether or not Lessee Tenant was overcharged for any Excess excesses of Operating ExpensesExpenses over the Allowance, but whether or not Lessee Tenant was undercharged for such Excess excesses of Operating Expenses. At the conclusion of the arbitration, the arbitrator shall issue a ruling as to what the Excess excesses of Operating Expenses should have been had Lessor Landlord strictly complied with the provisions of this Lease. If Lessor Landlord overcharged Lessee Tenant for Excess excesses of Operating Expenses, the amount of the overcharge shall be returned to Lessee Tenant within thirty (30) days following the conclusion of the arbitration. If the arbitrator determines that Lessee Tenant was undercharged for Excess excesses of Operating Expenses, Lessee Tenant shall pay the amount of such undercharge to Lessor Landlord within thirty (30) days following the issuance of the arbitration ruling. Should the arbitrator find errors in excess of three percent (3%) of the Statement, then Lessor shall be responsible for all reasonable fees and costs incurred by Lessee with respect to the arbitration proceeding. Should the arbitrator find errors below three percent (3%) of the Statement, then Lessee shall be responsible for all reasonable fees and costs incurred by Lessor with respect to the arbitration proceeding.

Appears in 1 contract

Samples: Lease Agreement (Brilliant Digital Entertainment Inc)

Review of Operating Expenses. So long as no Event of Default (as defined in Article 17) has occurred, which remains uncured, Lessee shall have the right, at Lessee’s own expenses, for a period of one hundred eighty sixty (18060) days following receipt of each Statement, and after paying Lessor in full the amount indicated due and owing on said Statement, within which to inspect, at Lessor’s 's office during normal business hours, Lessor’s 's books and records directly related to the concerning Operating Expenses for the preceding calendar year period in question (the “Inspection”)question. Such inspection may only be done by an accounting firm which is mutually approved by Lessor and Lessee shall or Lessee may choose an independent firm one person from among Lessee's Controller, Treasurer or certified public accountant of national standing with commercial real estate experience (not being compensated on a contingency fee basis) Chief Financial Officer to conduct such inspection, provided that the Inspection. Lessee’s Inspection shall be completed within ten (10) business days after commencement thereof. Lessee agrees that any records reviewed or information obtained as part of the Inspection shall constitute confidential information of Lessor, which shall not be disclosed to anyone other than the accountants performing the Inspection, the principals of Lessee receiving said information, and their counsel and other representatives. Lessee shall cause the firm or accountant person chosen by Lessee to conduct the Inspection to sign is a confidentiality agreement to provide all records reviewed or information obtained remain at all times confidential information of the Lessor. Disclosure of such confidential information to any other person by either Lessee or Lessee’s agent performing the Inspection may, at Lessor’s election, constitute a material breach of this Lease. Lessee shall pay Lessor, on demand and as Additional Rent, Lessor’s invoice for (i) the photocopying of documents; and (ii) any other reasonable expense of Lessor incidental to Lessee’s Inspection. A copy of the results of Lessee’s Inspection shall be delivered to Lessor within thirty (30) days after Lessee’s completion of the Inspection. Lessee shall be entitled to no more than one (1) Inspection per calendar yearCertified Public Accountant. If Lessee shall not have availed itself of such Inspectioninspection, Lessee shall be deemed to have accepted as final and determinative the amounts shown on the Statement. If Lessee shall have availed itself of its right to inspect the books and records, and then disputes the accuracy of the information set forth in Lessor’s 's books and records with respect to the Statement, Lessee shall nevertheless continue to pay the amounts as required by the provisions of this Article 4; provided, however, that no later than six (6) months after receipt of the Statement Statement, Lessee must (or its right to contest such charges shall be deemed waived) institute arbitration proceedings against Lessor in an arbitration proceeding governed by the rules of the American Arbitration Association to collect and recover any overpayments made by LesseeLessee resulting from errors in the books and records of Lessor; and provided further, and that Lessee shall, within ten (10) days of having instituted such arbitration proceedingfiling of the complaint, serve Lessor with a copy of the complaint filed in any such proceeding. Lessee shall be precluded from contesting Operating Expenses and Lessor’s 's computations of the amounts payable by Lessor or Lessee pursuant to this Article 4 4, unless an arbitration complaint is filed and served within such six (6) month period. Should the aforesaid periods arbitrator find errors in excess of timeten percent (10%) of the Statement, then Lessor shall be responsible for all reasonable fees and costs incurred by Lessee with respect to the arbitration proceeding. Should the arbitrator find errors of less than four percent (4%) of the Statement, then Lessee shall be responsible for all the reasonable fees and costs incurred by Lessor with respect to the arbitration proceeding. Should the arbitrator find errors of between four percent (4 %) and ten percent (10%) of the Statement, then each party shall be responsible for all fees and costs incurred by it with respect to the arbitration proceeding. If Lessee institutes such arbitration proceedings, then the arbitrator shall have the power to, and shall inquire into and determine, not only whether or not Lessee was overcharged for any Excess Operating Expenses, but whether or not Lessee was undercharged for such Excess Operating Expenses. At the conclusion of the arbitration, the arbitrator shall issue a ruling as to what the Excess Operating Expenses should have been had Lessor strictly complied with the provisions of this Lease. If Lessor overcharged Lessee for Excess Operating Expenses, the amount of the overcharge shall be returned to Lessee within thirty (30) days following the conclusion of the arbitration. If the arbitrator determines that Lessee was undercharged for Excess Operating Expenses, Lessee shall pay the amount of such undercharge to Lessor within thirty (30) days following the issuance of the arbitration ruling. Should the arbitrator find errors in excess of three percent (3%) of the Statement, then Lessor shall be responsible for all reasonable fees and costs incurred by Lessee with respect to the arbitration proceeding. Should the arbitrator find errors below three percent (3%) of the Statement, then Lessee shall be responsible for all reasonable fees and costs incurred by Lessor with respect to the arbitration proceeding.

Appears in 1 contract

Samples: Lease Agreement (Hawthorne Financial Corp)

Review of Operating Expenses. So long as no Event of Default (as defined in Article 17) has occurred, which remains uncured, Lessee shall have the right, at Lessee’s own expenses, for a period of one hundred eighty (1801) days year following receipt of each Statement, and after paying Lessor in full the amount indicated due and owing on said Statement, to inspect, at Lessor’s office during normal business hours, Lessor’s books and records directly related to the Operating Expenses for the preceding calendar year period in question and the Base Year (the “Inspection”). Lessee shall choose an independent firm or certified public accountant of national standing with commercial real estate experience (not being compensated on a contingency fee basis) to conduct the Inspection. Lessee’s Inspection shall be completed within ten twenty (1020) business days after commencement thereof. Lessee agrees that any records reviewed or information obtained as part of the Inspection shall constitute confidential information of Lessor, which shall not be disclosed to anyone other than the accountants performing the Inspection, Inspection and the principals and advisors of Lessee receiving said information, and their counsel and other representatives. Lessee shall use commercially reasonable efforts to cause the firm or accountant chosen by Lessee to conduct the Inspection to sign a confidentiality agreement to provide all records reviewed or information obtained remain at all times confidential information of the Lessor. Disclosure of such confidential information to any other person by either Lessee or Lessee’s agent performing the Inspection may, at Lessor’s election, constitute a material breach of this Lease. Lessee shall pay Lessor, on within fifteen (15) business days after receipt of written demand and as Additional Rent, Lessor’s invoice actual out-of-pocket costs for (i) the photocopying of documents; documents requested by Lessee, and (ii) any other reasonable expense of Lessor incidental to Lessee’s Inspection. A copy of the results of Lessee’s Inspection shall be delivered to Lessor within thirty (30) days after Lessee’s completion of the Inspection. Lessee shall be entitled to no more than one (1) Inspection per calendar year. If Lessee shall not have availed itself of such Inspection, Lessee shall be deemed to have accepted as final and determinative the amounts shown on the Statement. If Lessee shall have availed itself of its right to inspect the books and records, and then disputes the accuracy of the information set forth in Lessor’s books and records with respect to the Statement, Lessee shall no later than six one (61) months year after receipt of the Statement (or its right to contest such charges shall be deemed waived) institute arbitration proceedings against Lessor in an arbitration proceeding governed by the rules of the American Arbitration Association to collect and recover any overpayments made by Lessee, and Lessee shall, within ten (10) business days of having instituted such arbitration proceeding, serve Lessor with a copy of the complaint filed in such proceeding. Lessee shall be precluded from contesting Operating Expenses and Lessor’s computations of the amounts payable by Lessor or Lessee pursuant to this Article 4 unless an arbitration complaint is filed and served within the aforesaid periods of time. If Lessee institutes such arbitration proceedings, then the arbitrator shall have the power to, and shall inquire into and determine, not only whether or not Lessee was overcharged for any Excess Operating Expenses, but whether or not Lessee was undercharged for such Excess Operating Expenses. At the conclusion of the arbitration, the arbitrator shall issue a ruling as to what the Excess Operating Expenses should have been had Lessor strictly complied with the provisions of this Lease. If Lessor overcharged Lessee for Excess Operating Expenses, the amount of the overcharge shall be returned to Lessee within thirty (30) days following the conclusion of the arbitration. If the arbitrator determines that Lessee was undercharged for Excess Operating Expenses, Lessee shall pay the amount of such undercharge to Lessor within thirty (30) days following the issuance of the arbitration ruling. Should the arbitrator find errors in excess of three four percent (34%) of the Statement, then Lessor shall be responsible for all reasonable fees and costs incurred by Lessee with respect to the arbitration proceeding. Should the arbitrator find errors below three percent (3%) of the Statement, then Lessee shall be responsible for all reasonable fees and costs incurred by Lessor with respect to the arbitration proceeding.

Appears in 1 contract

Samples: Lease Agreement (Fisker Inc./De)

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Review of Operating Expenses. So long as no Event of Default (as defined in Article 17) has occurred, which remains uncured, Lessee shall have the right, at Lessee’s own expensesexpenses (except as otherwise provided herein), for a period of one hundred eighty twelve (18012) days months following receipt of each Statement, and after paying Lessor in full the amount indicated due and owing on said Statement, to inspect, at Lessor’s office during normal business hours, Lessor’s books and records directly related to the Operating Expenses for the preceding calendar year period in question and the Base Year (the “Inspection”). Lessee shall choose an independent firm or certified public accountant of national standing with commercial real estate experience (not being compensated on a contingency fee basis) to conduct the Inspection. Lessee’s Inspection shall be completed within ten fifteen (1015) business days after the commencement thereof. Lessee agrees that any records reviewed or information obtained as part of the thereof if such Inspection shall constitute confidential information of Lessor, which shall not be disclosed to anyone other than the accountants performing the Inspection, the principals of Lessee receiving said information, and their counsel and other representatives. Lessee shall cause the firm or accountant chosen by Lessee to conduct the Inspection to sign a confidentiality agreement to provide all records reviewed or information obtained remain at all times confidential information of the Lessor. Disclosure of such confidential information to any other person by either Lessee or Lessee’s agent performing the Inspection may, done at Lessor’s electionoffice. Otherwise, constitute Lessee’s Inspection shall be completed within a material breach reasonable period of this Leasetime after the commencement thereof with both parties cooperating to complete such Inspection within a commercially reasonable period of time. Lessee shall pay Lessor, on within thirty (30) days of written demand and as Additional Rentsupporting documentation, Lessor’s invoice for (i) the photocopying of documents; and (ii) any other reasonable expense of Lessor incidental to Lessee’s Inspection. A copy of the results of Lessee’s Inspection shall be delivered to Lessor within thirty (30) days after Lessee’s completion of the Inspection. Lessee shall be entitled to no more than one (1) Inspection per calendar year. If Lessee shall not have availed itself of such Inspection, Lessee shall be deemed to have accepted as final and determinative the amounts shown on the Statement. If Lessee shall have availed itself of its right to inspect the books and records, and then disputes the accuracy of the information set forth in Lessor’s books and records with respect to the Statement, Lessee shall no later than six twelve (612) months after receipt of the Statement (or its right to contest such charges shall be deemed waived) institute arbitration proceedings against Lessor in an arbitration proceeding governed by the rules of the American Arbitration Association to collect and recover any overpayments made by Lessee, and Lessee shall, within ten (10) days of having instituted such arbitration proceeding, serve Lessor with a copy of the complaint filed in such proceeding. Lessee shall be precluded from contesting Operating Expenses and Lessor’s computations of the amounts payable by Lessor or Lessee pursuant to this Article 4 unless an arbitration complaint is filed and served within the aforesaid periods of time. If Lessee institutes such arbitration proceedings, then the arbitrator shall have the power to, and shall inquire into and determine, not only whether or not Lessee was overcharged for any Excess Operating Expenses, but whether or not Lessee was undercharged for such Excess Operating Expenses. At the conclusion of the arbitration, the arbitrator shall issue a ruling as to what the Excess Operating Expenses should have been had Lessor strictly complied with the provisions of this Lease. If Lessor overcharged Lessee for Excess Operating Expenses, the amount of the overcharge shall be returned to Lessee within thirty (30) days following the conclusion of the arbitration. If the arbitrator determines that Lessee was undercharged for Excess Operating Expenses, Lessee shall pay the amount of such undercharge to Lessor within thirty (30) days following the issuance of the arbitration ruling. Should the arbitrator find errors in excess of three five percent (35%) of the Statement, then Lessor shall be responsible for all reasonable fees and costs incurred by Lessee with respect to the arbitration proceeding. Should the arbitrator find errors below three percent (3%) of the Statement, then Lessee shall be responsible for all reasonable fees and costs incurred by Lessor with respect to the arbitration proceeding.

Appears in 1 contract

Samples: Lease Agreement (Peerless Systems Corp)

Review of Operating Expenses. So long as no Event of Default (as defined in Article 17) has occurred, which remains uncured, Lessee Tenant shall have the right, at Lessee’s own expenses, for a period of one hundred eighty three (1803) days ---------------------------- months following receipt of each the Statement, and after paying Lessor in full the amount indicated due and owing on said Statementwithin which to inspect through an authorized employee, to inspectagent, or contractor of Tenant, at Lessor’s Landlord's office during normal business hours, Lessor’s Landlord's books and records directly related to the concerning Operating Expenses for the preceding calendar year period in question (the “Inspection”)question. Lessee shall choose Such inspection may only be done by an independent accounting firm or certified public accountant of national standing with commercial real estate experience (not being compensated on a contingency fee basis) which is generally considered to conduct the Inspection. Lessee’s Inspection shall be completed within ten (10) business days after commencement thereof. Lessee agrees that any records reviewed or information obtained as part one of the Inspection shall constitute confidential information of Lessor, which shall not be disclosed to anyone other than ten largest accounting firms headquartered in the accountants performing the Inspection, the principals of Lessee receiving said information, and their counsel and other representatives. Lessee shall cause the firm or accountant chosen by Lessee to conduct the Inspection to sign a confidentiality agreement to provide all records reviewed or information obtained remain at all times confidential information of the Lessor. Disclosure of such confidential information to any other person by either Lessee or Lessee’s agent performing the Inspection may, at Lessor’s election, constitute a material breach of this Lease. Lessee shall pay Lessor, on demand and as Additional Rent, Lessor’s invoice for (i) the photocopying of documents; and (ii) any other reasonable expense of Lessor incidental to Lessee’s Inspection. A copy of the results of Lessee’s Inspection shall be delivered to Lessor within thirty (30) days after Lessee’s completion of the Inspection. Lessee shall be entitled to no more than one (1) Inspection per calendar yearUnited States. If Lessee Tenant shall not have availed itself of such Inspectioninspection, Lessee Tenant shall be deemed to have accepted as final and determinative the amounts shown on the Statement. If Lessee Tenant shall have availed itself of its right to inspect the books and records, and then disputes the accuracy of the information set forth in Lessor’s Landlord's books and records with respect to the Statement, Lessee Tenant shall nevertheless continue to pay the amounts as required by the provisions of this Article III; provided however, that no later than six (6) months after receipt of the Statement Statement, Tenant must (or its right to contest such charges shall be deemed waived) institute arbitration proceedings against Lessor Landlord in an arbitration proceeding governed by the rules of the American Arbitration Association to collect and recover any overpayments made by LesseeTenant resulting from errors in the books and records of Landlord; and provided further, and Lessee that Tenant shall, within ten (10) days of having instituted such arbitration proceedingfiling of the complaint, serve Lessor Landlord with a copy of the complaint filed in any such proceeding. Lessee Tenant shall be precluded from contesting Operating Expenses and Lessor’s Landlord's computations of the amounts payable by Lessor Landlord or Lessee Tenant pursuant to this Article 4 III, unless an arbitration complaint is filed and served within such six (6) month period. Should the aforesaid periods arbitrator(s) in any such arbitration proceeding find errors in excess of timeten percent (10%) of the Statement, then Landlord shall be responsible for all reasonable fees incurred by Tenant with respect to the arbitration proceeding including reasonable legal or accounting fees. Should the arbitrator(s) find errors of less than ten percent (10%) of the Statement, then Tenant shall be responsible for all the reasonable fees incurred by Landlord with respect to the arbitration proceeding. Should the arbitrator(s) find errors of between four percent (4%) and ten percent (10%) of the Statement, then each party shall be responsible for all fees incurred by it with respect to the arbitration proceeding. If Lessee Tenant institutes such arbitration proceedingsprocedures, then the arbitrator arbitrator(s) shall have the power to, and shall inquire into and determine, not only whether or not Lessee Tenant was overcharged for any Excess Operating Expenses, but whether or not Lessee Tenant was undercharged for such Excess any excess Operating ExpensesExpenses over the Allowance. At the conclusion of the arbitration, the arbitrator arbitrator(s) shall issue a ruling as to what the Excess excess Operating Expenses over the Allowance should have been had Lessor Landlord strictly complied with the provisions of this Lease. If Lessor Landlord overcharged Lessee Tenant for Excess the excess Operating ExpensesExpenses over the Allowance, the amount of the overcharge shall be returned to Lessee within thirty (30) days following the conclusion of the arbitration. If the arbitrator determines that Lessee was undercharged for Excess Operating Expenses, Lessee shall pay the amount of such undercharge to Lessor Tenant within thirty (30) days following the issuance of the arbitration ruling. Should If the arbitrator find errors in arbitrator(s) determine(s) that Tenant was undercharged for the excess Operating Expenses over the Allowance, Tenant shall pay the amount of three percent such undercharge to Landlord within thirty (3%30) days following the issuance of the Statement, then Lessor shall be responsible for all reasonable fees and costs incurred by Lessee with respect to the arbitration proceeding. Should the arbitrator find errors below three percent (3%) of the Statement, then Lessee shall be responsible for all reasonable fees and costs incurred by Lessor with respect to the arbitration proceedingruling.

Appears in 1 contract

Samples: Office Lease (Shopping Com)

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