Common use of Statement of Actual Direct Expenses and Payment by Tenant Clause in Contracts

Statement of Actual Direct Expenses and Payment by Tenant. Landlord shall give to Tenant within six (6) months following the end of each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and which shall, with respect to each Expense Year following the Base Year, indicate the amount of the Excess. Upon receipt of the Statement for each Expense Year, if an Excess is present, Tenant shall pay, with its next installment of Base Rent due or within thirty (30) days, whichever is later, the full amount of the Excess for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Excess,” as that term is defined in Section 4.4.2, below. The failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired, and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, if an Excess if present, Tenant shall immediately pay to Landlord such amount. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term.

Appears in 2 contracts

Samples: Office Lease (Kinnate Biopharma Inc.), Office Lease (Kinnate Biopharma Inc.)

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Statement of Actual Direct Expenses and Payment by Tenant. Landlord shall cause Master Landlord to give to Tenant within six approximately one hundred fifty (6150) months following days after the end of the Base Year and each subsequent Expense Year, a reasonably detailed statement (the “Statement”) ), which shall state the Direct Expenses incurred or accrued for the Base Year or such preceding Expense Year, as applicable, and which shall, with respect to each Expense Year following the Base Year, shall indicate the amount of the Excess. Landlord shall be deemed to have complied with the preceding sentence if Landlord delivers to Tenant within such period the Statement of Direct Expenses that Landlord receives from Master Landlord for the Base Year and such Expense Year under the Master Lease (it being understood that Tenant shall not be required to pay more under Article 4 of this Lease than the amount then payable by Landlord, as tenant, under Article 4 of the Master Lease to Master Landlord). Upon receipt of the Statement for each Expense YearYear commencing or ending during the Lease Term, if an Excess is present, Tenant shall pay, with its next installment of Base Rent due or within thirty (30) days, whichever is laterdays after receipt of the Statement, the full amount of the Excess for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Excess,” as that term is defined in Section 4.4.2, below. The failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired, and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, if an Excess if present, Tenant shall immediately pay to Landlord such amount. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term.

Appears in 2 contracts

Samples: Lease (CoreSite Realty Corp), Lease (CoreSite Realty Corp)

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Statement of Actual Direct Expenses and Payment by Tenant. Landlord shall give to Tenant within six (6) months 180 days following the end of each Expense Year, a statement (the “Statement”"STATEMENT") which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and which shall, with respect to each Expense Year following the Base Year, shall indicate the amount of the Excess. Each Statement shall be itemized with reasonable detail as to general categories and shall specifically note the amount of each such category. Upon receipt of the Statement for each Expense YearYear commencing or ending during the Lease Term, if an Excess is present, Tenant shall pay, with its next installment of Base Rent due or within thirty (30) daysdays following Tenant's receipt of the Statement, whichever is later, the full amount of the Excess for such Expense Year, less the amounts, if any, paid during such Expense Year as "Estimated Excess," as that term is defined in Section 4.4.2, below. If the amount of the Excess is less than the amount paid by Tenant as Estimated Excess during the applicable Expense Year, Tenant shall receive a credit for such overpayment against the Rent next due under this Lease, provided that if the Lease Term has expired, Landlord shall pay the amount of Tenant's overpayment to Tenant. The failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired, and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, if an Excess if present, Tenant shall immediately pay to Landlord such amount. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term.ARTICLE

Appears in 1 contract

Samples: Office Lease (Navarre Corp /Mn/)

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