Common use of STATEMENT OF OPERATING EXPENSES Clause in Contracts

STATEMENT OF OPERATING EXPENSES. (1) Prior to December 1st of a particular calendar year, Landlord shall make a reasonable estimate of the Operating Expenses for the next calendar year (the “Expense Estimate”), and will furnish Tenant a written statement setting forth in reasonable detail the estimate of those Operating Expenses (the “Expense Notice”). For each calendar month of that next calendar year (beginning with January 1st after the date of the Expense Notice), Tenant shall pay to Landlord, as Additional Rent hereunder, one-twelfth (1/12th) of Tenant’s Pro Rata Share of the Expense Estimate (the “Tenant’s Monthly Share”) in advance, without deduction, set off or demand on the 1st day of each calendar month with Tenant’s payment of Basic Monthly Rental. (2) Within sixty (60) days after the end of the calendar year for which the Expense Estimate was made, Landlord shall furnish Tenant a statement setting forth in reasonable detail the actual Operating Expenses incurred by Landlord for the previous calendar year (the “Actual Expenses”). If the Actual Expenses are greater than the Expense Estimate, Landlord may increase Tenant’s Monthly Share for the ensuing calendar year to reflect the Actual Expenses, and Tenant will pay to Landlord, as Additional Rent within thirty (30) days after written demand therefor, Tenant’s pro Rata Share of the difference between the Actual Expenses and the Expense Estimate. If the Actual Expenses are less than the Expense Estimate, Landlord may reduce Tenant’s Monthly Share for the ensuing calendar year, or Landlord will credit Tenant’s overpayment for Operating Expenses against the next due payment(s) of Tenant’s Monthly Share. (3) Tenant or its agent shall have the right, for a period of one (1) year after Tenant’s receipt of the statement of Actual Expenses for the respective calendar year and upon giving reasonable notice to Landlord and during normal business hours, to review and inspect all of Landlord’s bills, invoices and records applicable to the Actual Expenses or to the Expense Estimate for that particular calendar year in order to verify the Operating Expenses. If the Landlord and Tenant determine after said review that an error has been made and the Tenant has been overcharged for Operating Expenses, then Landlord will refund the amount of the overcharge to Tenant within thirty (30) days after such determination. Under no circumstances will Landlord be responsible to Tenant for Tenant’s cost of said review of the Operating Expenses.

STATEMENT OF OPERATING EXPENSES. (1) Prior to December 1st of a particular calendar year, Landlord shall make a reasonable estimate of the Operating Expenses for the next calendar year (the “Expense Estimate”), and will furnish Tenant a written statement setting forth in reasonable detail the estimate of those Operating Expenses (the “Expense Notice”). For each calendar month of that next calendar year (beginning with January 1st after the date of the Expense Notice), Tenant shall pay to Landlord, as Additional Rent hereunder, one-twelfth (1/12th) of Tenant’s Pro Rata Share of the Expense Estimate (the “Tenant’s Monthly Share”) in advance, without deduction, set off or demand on the 1st day of each calendar month with Tenant’s payment of Basic Monthly Rental. (2) Within sixty (60) days after the end of the calendar year for which the Expense Estimate was made, Landlord shall furnish Tenant a statement setting forth in reasonable detail the actual Operating Expenses incurred by Landlord for the previous calendar year (the “Actual Expenses”). If the Actual Expenses are greater than the Expense Estimate, Landlord may increase Tenant’s Monthly Share for the ensuing calendar year to reflect the Actual Expenses, and Tenant will pay to Landlord, as Additional Rent within thirty (30) days after written demand therefor, Tenant’s pro Pro Rata Share of the difference between the Actual Expenses and the Expense Estimate. If the Actual Expenses are less than the Expense Estimate, either Landlord may will reduce Tenant’s Monthly Share for the ensuing calendar year, or Landlord will credit Tenant’s overpayment for Operating Expenses against the next due payment(s) of Tenant’s Monthly ShareShare and/or Basic Monthly Rental. (3) Tenant or its agent shall have the right, for a period of one (1) year after Tenant’s receipt of the statement of Actual Expenses for the respective calendar year and upon giving reasonable notice to Landlord and during normal business hours, to review and inspect all of Landlord’s bills, invoices and records applicable to the Actual Expenses or to the Expense Estimate for that particular calendar year in order to verify the Operating Expenses. If the Landlord and Tenant determine after said review that an error of more than five percent (5%) has been made and the Tenant has been overcharged for Operating Expenses, then Landlord will refund the amount of the overcharge to Tenant plus interest at the rate of eight percent (8%) per annum within thirty (30) days after such determination. Under no circumstances will Landlord be responsible to Tenant for Tenant’s cost of said review of the Operating Expenses.

STATEMENT OF OPERATING EXPENSES. (1) Prior to December 1st of a particular calendar year, Landlord shall make a reasonable estimate of the Operating Expenses for the next calendar year (the “"Expense Estimate”"), and will furnish Tenant a written statement setting forth in reasonable detail the estimate of those Operating Expenses (the “"Expense Notice”"). For each calendar month of that next calendar year (beginning with January 1st after the date of the Expense Notice), Tenant shall pay to Landlord, as Additional Rent hereunder, one-twelfth (1/12th) of Tenant’s 's Pro Rata Share of the Expense Estimate (the “"Tenant’s 's Monthly Share”") in advance, without deduction, set off or demand on the 1st day of each calendar month with Tenant’s 's payment of Basic Monthly Rental. (2) Within sixty (60) days after the end of the calendar year for which the Expense Estimate was made, Landlord shall furnish Tenant a statement setting forth in reasonable detail the actual Operating Expenses incurred by Landlord for the previous calendar year (the “"Actual Expenses”"). If the Actual Expenses are greater than the Expense Estimate, Landlord may increase Tenant’s 's Monthly Share for the ensuing calendar year to reflect the Actual Expenses, and Tenant will pay to Landlord, as Additional Rent within thirty (30) days after written demand therefor, Tenant’s 's pro Rata Share of the difference between the Actual Expenses and the Expense Estimate. If the Actual Expenses are less than the Expense Estimate, Landlord may reduce Tenant’s 's Monthly Share for the ensuing calendar year, or and/or Landlord will credit Tenant’s 's overpayment for Operating Expenses against the next due payment(s) of Tenant’s 's Monthly Share. (3) Tenant or its agent shall have the right, for a period of one (1) year after Tenant’s 's receipt of the statement of Actual Expenses for the respective calendar year and upon giving reasonable notice to Landlord and during normal business hours, to review and inspect all of Landlord’s 's bills, invoices and records applicable to the Actual Expenses or to the Expense Estimate for that particular calendar year in order to verify the Operating Expenses. If the Landlord and Tenant determine after said review that an error has been made and the Tenant has been overcharged for Operating Expenses, then Landlord will refund the amount of the overcharge to Tenant within thirty (30) days after such determination. If the amount of the overcharge exceeds five percent (5%) of the Operating Expenses, Landlord will refund the amount of the overcharge with interest. Under no circumstances will Landlord be responsible to Tenant for Tenant’s 's cost of said review of the Operating Expenses.

STATEMENT OF OPERATING EXPENSES. (1) Prior to December 1st of a particular calendar year, Landlord shall make a reasonable estimate of the Operating Expenses for the next calendar year (the “Expense Estimate”), and will furnish Tenant a written statement setting forth in reasonable detail the estimate of those Operating Expenses (the “Expense Notice”). As of the execution date of this Lease, Landlord’s estimate of Operating Expenses are as set forth in Exhibit “G”, _____ attached hereto and made a part hereof. For each calendar month of that next calendar year (beginning with January 1st after the date of the Expense Notice), Tenant shall pay to Landlord, as Additional Rent hereunder, one-twelfth (1/12thl/12th) of Tenant’s Pro Rata Share of the Expense Estimate (the “Tenant’s Monthly Share”) in advance, without deduction, set off or demand on the 1st day of each calendar month with Tenant’s payment of Basic Monthly Rental. (2) Within sixty (60) days after the end of the calendar year for which the Expense Estimate was made, Landlord shall furnish Tenant a statement setting forth in reasonable detail the actual Operating Expenses incurred by Landlord for the previous calendar year (the “Actual Expenses”). If the Actual Expenses are greater than the Expense Estimate, Landlord may increase Tenant’s Monthly Share for the ensuing calendar year to reflect the Actual Expenses, and Tenant will pay to Landlord, as Additional Rent within thirty (30) days after written demand therefor, Tenant’s pro Rata Share of the difference between the Actual Expenses and the Expense Estimate. If the Actual Expenses are less than the Expense Estimate, Landlord may reduce Tenant’s Monthly Share for the ensuing calendar year, or Landlord will credit Tenant’s overpayment for Operating Expenses against the next due payment(s) of Tenant’s Monthly Share. Landlord shall not be allowed to modify the Actual Expenses after one (1) year after the date Landlord furnishes the statement referenced above to Tenant. (3) Tenant or its agent shall have the right, for a period of one (1) year after Tenant’s receipt of the statement of Actual Expenses for the respective calendar year and upon giving reasonable notice to Landlord and during normal business hours, to review and inspect all of Landlord’s bills, invoices and records applicable to the Actual Expenses or to the Expense Estimate for that particular calendar year in order to verify the Operating Expenses. If the Landlord and Tenant determine after said review that an error has been made and the Tenant has been overcharged for Operating Expenses, then Landlord will refund the amount of the overcharge to Tenant within thirty (30) days after such determination. If the amount of the overcharge exceeds five percent (5%) of the Operating Expenses, Landlord will refund the amount of the overcharge with interest. Under no circumstances will Landlord be responsible to Tenant for Tenant’s cost of said review of the Operating Expenses.