Common use of Share of Operating Costs Clause in Contracts

Share of Operating Costs. On the first day of each month, Tenant shall pay in advance one-twelfth (1/12th) of the amount which Landlord estimates, based upon a detailed budget to be given to Tenant in advance, as the Tenant’s Share of Operating Costs for the calendar Year. Within ninety (90) days after the end of each calendar year of the Term, or as soon thereafter as practicable, Landlord shall furnish to Tenant a statement of the actual amount of Tenant’s Share of Operating Costs. If the amount paid by Tenant during such calendar year is less than Tenant’s Share of Operating Costs as shown by Landlord’s statement, then Tenant shall pay the difference within twenty (20) days after the date of Landlord’s statement; if the amount paid by Tenant during such calendar year is more than Tenant’s Share of Operating Costs as shown by such statement, then Tenant shall receive a credit on future payments of Operating Costs hereunder for the amount of such excess. If at any time it appears to Landlord that Operating Costs for any calendar year will exceed Landlord’s estimate thereof, then Landlord shall have the right by written notice to Tenant to revise the estimated monthly amount payable by Tenant hereunder and subsequent payments of Tenant’s estimated Share of Operating Costs hereunder shall be increased based upon such revised statement; provided, however, there shall be no more than one revision during each calendar year, except for the 2003 calendar year, where there may be two (2) revisions. For the years in which the Term commences and expires, Operating Costs shall be prorated based on the number of days of the calendar year the Term is in effect. Tenant shall have the right to audit, at Tenant’s cost and expense, not more than once each calendar year, the books and records of Landlord and/or its representatives relating to the Operating Costs. Such audit shall be at the offices of Landlord’s accountant or at such other location as designated by Landlord.

Share of Operating Costs. On In calculating Tenant's Share of Operating Costs for any period that is less than 12 months, Base Operating Costs shall be prorated on a daily basis. Tenant shall remit to Landlord, on the first day of each calendar month, Tenant shall pay in advance one-twelfth (1/12th) estimated payments on account of Tenant's Share of Operating Costs, such monthly amounts to be sufficient to provide Landlord, by the end of the amount which Landlord estimatescalendar year, based upon a detailed budget sum equal to be given to Tenant in advancethe Tenant's Share of Operating Costs, as reasonably estimated by Landlord from time to time. If, at the expiration of the year in respect of which monthly installments of Tenant’s 's Share of Operating Costs shall have been made as aforesaid, the total of such monthly remittances is greater than the actual Tenant's Share of Operating Costs for the calendar Year. Within ninety (90) days after the end of each calendar year of the Termsuch year, Landlord shall promptly pay to Tenant, or as soon thereafter as practicablecredit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.3, the difference; if the total of such remittances is less than the Tenant's Share of Operating Costs for such year, Tenant shall pay the difference to Landlord within 20 days from the date Landlord shall furnish to Tenant a an itemized statement of the actual amount of Tenant’s 's Share of Operating Costs, prepared, allocated and computed in accordance with generally accepted accounting principles. If the amount paid by Tenant during such calendar year is less than Tenant’s Share of Any reimbursement for Operating Costs as shown by Landlord’s statement, then Tenant shall pay the difference within twenty (20) days after the date of Landlord’s statement; if the amount paid by Tenant during such calendar year is more than Tenant’s Share of Operating Costs as shown by such statement, then Tenant shall receive a credit on future payments of Operating Costs hereunder for the amount of such excess. If at any time it appears to Landlord that Operating Costs for any calendar year will exceed Landlord’s estimate thereof, then Landlord shall have the right by written notice to Tenant to revise the estimated monthly amount due and payable by Tenant hereunder and subsequent payments with respect to periods of Tenant’s estimated Share of Operating Costs hereunder less than 12 months shall be increased based upon such revised statement; provided, however, there shall be no more than one revision during each calendar year, except for the 2003 calendar year, where there may be two (2) revisions. For the years in which the Term commences and expires, Operating Costs shall be prorated based on the number of days of the calendar year the Term is in effect. Tenant shall have the right to audit, at Tenant’s cost and expense, not more than once each calendar year, the books and records of Landlord and/or its representatives relating to the Operating Costs. Such audit shall be at the offices of Landlord’s accountant or at such other location as designated by Landlordequitably prorated.

Share of Operating Costs. On Any overpayment or deficiency in the first day Tenant’s payment of each month, Tenant shall pay in advance one-twelfth (1/12th) of the amount which Landlord estimates, based upon a detailed budget to be given to Tenant in advance, as the Tenant’s Share of Operating Costs shall be adjusted between the Landlord and the Tenant; the Tenant shall pay the Landlord or the Landlord shall credit to the Tenant’s account (or, if such adjustment is at the end of the Term, the Landlord shall pay to the Tenant), as the case may be, within fifteen (15) days after such notice to the Tenant, such amount necessary to effect such adjustment. The Landlord’s failure to provide such notice (or the Operating Costs Statement) within the time prescribed herein shall not relieve the Tenant of any of its obligations hereunder, provided however, notwithstanding the aforesaid, the Tenant’s obligations to make payment for any deficiency in the calendar Year. Within ninety Tenant’s payment of Tenant’s Share of Operating Costs shall terminate in the event Landlord does not provide an Operating Costs Statement within one hundred eighty (90180) days after the end of each calendar year of the Term, or as soon thereafter as practicable, Landlord shall furnish to Tenant a statement of the actual amount of Tenant’s Share of Operating Costs. If the amount paid by Tenant during such calendar year is less than Tenant’s Share of Operating Costs as shown by Landlord’s statement, then Tenant shall pay the difference within twenty (20) days after the date of Landlord’s statement; if the amount paid by Tenant during such calendar year is more than Tenant’s Share of Operating Costs as shown by such statement, then Tenant shall receive a credit on future payments of Operating Costs hereunder for the amount of such excess. If at any time it appears to Landlord that Operating Costs for any calendar year will exceed Landlord’s estimate thereof, then Landlord shall have the right by written notice to Tenant to revise the estimated monthly amount payable by Tenant hereunder and subsequent payments of Tenant’s estimated Share of Operating Costs hereunder shall be increased based upon such revised statement; provided, however, there shall be no more than one revision during each applicable calendar year, except for the 2003 calendar year, where there may be two (2) revisions. For the years in which the Term commences and expires, Operating Costs shall be prorated based on the number of days of the calendar year the Term is in effect. The Tenant shall have the right to audit, at Tenant’s cost and expense, not more than once each calendar year, review the books and records of the Landlord and/or its representatives relating with respect to the calculation of Operating CostsCosts for the prior Lease Year at the Landlord’s office during normal business hours, at the Tenant’s sole expense, provided (i) the Tenant provides at least thirty (30) days’ advance written notice to the Landlord of its desire to inspect such books and records, and (ii) such request is made within one hundred twenty (120) days after the Operating Costs Statement is given by the Landlord to the Tenant. Such Notwithstanding the foregoing, should any such audit by Tenant indicate an error by Landlord in excess of five percent (5%) of the amount required to be paid by Tenant, then the reasonable costs of such audit shall be at the offices of Landlord’s accountant or at such other location as designated paid by Landlord.

Share of Operating Costs. On the first day of each month, Tenant shall pay in advance one-twelfth (1/12th) expiration or earlier termination of the amount which Lease Term, Landlord estimatesshall have the right to adjust the Estimated Excess Operating Cost based on year to date information, based upon a detailed budget with Tenant to be given pay Landlord, within fifteen (15) days after receipt of notice thereof, any increase in the estimate attributable to Tenant in advance, as the Tenant’s Share of Operating Costs for period before the calendar YearLease Term expiration. Within ninety (90) days a reasonable period of time after the end of each calendar year of year, even in cases where the Term, or as soon thereafter as practicableLease terminated in the prior year, Landlord shall furnish render to Tenant a statement showing the actual Excess Operating Cost for Landlord's operation of the actual amount Building during the prior calendar year, setting forth a computation of Tenant’s Share 's share of the Excess Operating CostsCost for the portion of the year covered by the Lease Term. If Within fifteen (15) days after receipt of said statement, Tenant shall pay Landlord, or Landlord shall credit to Tenant, as the amount case may be, the difference between the actual Excess Operating Costs for the preceding calendar year and the Estimated Excess Operating Costs paid by Tenant during such calendar year is less than Tenant’s Share of Operating Costs as shown by Landlord’s statement, then Tenant shall pay the difference within twenty (20) days after the date of Landlord’s statementyear; if the amount paid by Tenant during such calendar year is more than Tenant’s Share of Operating Costs as shown by such statement, then Tenant shall receive a credit on future payments of Operating Costs hereunder for the amount of such excess. If at any time it appears to Landlord provided that Operating Costs for any calendar year will exceed Landlord’s estimate thereof, then Landlord shall have the right by written notice to Tenant to revise the estimated monthly amount payable by Tenant hereunder and subsequent payments of Tenant’s estimated Share of Operating Costs hereunder shall be increased based upon such revised statement; provided, however, there shall be no more than one revision during each calendar year, except for the 2003 calendar year, where there may be two (2) revisions. For the years in which the Term commences and expires, Operating Costs shall be prorated based on the number of days of the calendar year the Term is in effect. Tenant shall have the right to audit, at Tenant’s cost and expense, not more than once each calendar year, the books and records of Landlord and/or its representatives relating to audit the Operating Costs. Such If such audit establishes that Tenant has been overcharged by more than Five Hundred Dollars ($500.00) or five percent (5%) of Tenant's share of the Operating Costs, whichever is greater, then the cost of the audit shall be at the offices of Landlord’s accountant or at such other location as designated paid by Landlord. In any other case, the cost of the audit shall be paid by Tenant. If the Lease shall commence, expire, or be terminated on any date other than the last date of the calendar year, then the Excess Operating Costs for such partial year shall be prorated on the basis of the number of days during the year the Lease was in effect in relation to the total number of days in such year. If Tenant owes Landlord, then such payment shall be made in a lump sum. If Landlord owes Tenant, then Tenant's account shall be credited in the same way Tenant paid its Estimated Excess Operating Costs, or other payment, at Landlord's sole discretion; provided that any amounts owing after the expiration of the applicable Term shall be paid in lump sum to the Tenant.