Common use of Taxes and Operating Costs Clause in Contracts

Taxes and Operating Costs. 4.1.1 For that portion of the first (1st) Lease Year following the Rent Commencement Date, and for each Lease Year thereafter, Tenant shall pay to Landlord, as Additional Rent, Tenant’s Proportionate Share of Taxes and Operating Costs for that Lease Year, in the manner described in paragraph 4.1.3 below. Tenant acknowledges that the Strata Development will consist of both retail and office premises and that Head Landlord and Landlord may, acting reasonably, create and allocate special categories of Operating Costs to some or all of the retail or office tenants and subtenants benefiting from such Operating Costs as well as a category of general Operating Costs payable by all tenants and subtenants. 4.1.2 Landlord shall furnish Tenant with Xxxxxxxx’s written estimate of Xxxxxx’s Proportionate Share of Taxes and Operating Costs on or before the first (1st) day of each Lease Year or as soon thereafter as is reasonably practical. Thereafter, the last written estimate furnished by Landlord to Tenant shall apply until Landlord replaces it with a new written estimate. Landlord may re-estimate Tenant’s Proportionate Share of Taxes and Operating Costs from time to time during a Lease Year, and such re-estimate shall take effect upon Xxxxxx’s receipt of written notice thereof from Landlord. 4.1.3 On the first (1st) day of the first full month following the Rent Commencement Date and on the first (1st) day of each calendar month thereafter, Tenant shall pay to Landlord an amount equal to one-twelfth (1/12) of Landlord’s last written estimate of Xxxxxx’s Proportionate Share of Taxes and Operating Costs. Notwithstanding the foregoing, if Landlord delivers to Tenant a written re-estimate of Tenant’s Proportionate Share of Taxes and Operating Costs for any Lease Year, the first (1st) monthly instalment of Tenant’s Proportionate Share of Taxes and Operating Costs due after Xxxxxx’s receipt of such written re-estimate shall be adjusted to account for any previous overpayment or underpayment of Tenant’s Proportionate Share of Taxes and Operating Costs resulting from the inaccuracy of Xxxxxxxx’s initial estimate thereof for that Lease Year. To the extent that any portion of the Term involved a partial month, for such month Tenant shall pay that portion of one twelfth (1/12) of Tenant’s Proportionate Share of Taxes and Operating Costs as the number of days in such partial month bear to the actual number of days of such month. 4.1.4 Within one hundred twenty (120) days after the end of each Lease Year, Landlord shall furnish to Tenant a written statement setting forth the actual amount of: (a) Taxes and Operating Costs for that Lease Year; (b) Tenant’s Proportionate Share of Taxes and Operating Costs for that Lease Year; and (c) the payments that Tenant made on account of Tenant’s Proportionate Share of Taxes and Operating Costs pursuant to paragraph 4.1.3 above for that Lease Year. If the written statement indicates that Tenant underpaid Tenant’s Proportionate Share of Taxes and Operating Costs for such Lease Year, Tenant shall pay the amount of the deficiency to Landlord on the first day of the calendar month following the month in which Xxxxxx receives the statement from Landlord. If the written statement indicates that Tenant overpaid Tenant’s Proportionate Share of Taxes and Operating Costs for such Lease Year, Landlord shall credit the amount of the overpayment against the instalments of Rent due under this Lease until the balance of the overpayment is reduced to zero. 4.1.5 If Tenant’s operations or requirements are such that any cost, charge, imposition, outlay, contribution or expense normally billed to Tenant by way of its contributions to Operating Costs is, in Landlord’s reasonable opinion, insufficient as compared with other tenants, subtenants or occupants in the Commercial Space or elsewhere in the Strata Development based on their respective operations and requirements, Landlord may bill Tenant for the excess requirements of or costs associated with Tenant’s operations and requirements, in addition to Tenant’s Proportionate Share of Operating Costs (with the excess amount so billed to be deducted from Operating Costs prior to calculation of Tenant’s Proportionate Share), and Tenant shall pay the amount thereof, as Additional Rent, on demand or as otherwise provided by Landlord in its notice to Tenant.

Taxes and Operating Costs. 4.1.1 For that portion of the first (1sta) Lease Year following the Rent Commencement Date, and for each Lease Year thereafterAs Additional Rent, Tenant shall pay to Landlord, as Additional Rent, Landlord Tenant's Pro Rata Share of Operating Costs incurred and Taxes levied or billed during the Term. Tenant’s Proportionate Share of Taxes and Operating Costs shall not exceed $.40 per square foot for that the First Lease Year(s). The Operating Costs (excluding taxes, insurance, and snow removal expenses) shall not increase by more than three (3%) percent annually during each successive Lease Year from the Initial Lease Year, in the manner described in paragraph 4.1.3 belowexcluding taxes, insurance, and snow removal. Landlord will provide Tenant acknowledges that the Strata Development will consist with a projected operating cost budget and list of services within thirty (30) days of Lease execution by both retail and office premises and that Head Landlord and Landlord may, acting reasonably, create and allocate special categories of Operating Costs to some or all of the retail or office tenants and subtenants benefiting from such Operating Costs as well as a category of general Operating Costs payable by all tenants and subtenantsparties. 4.1.2 Landlord shall furnish Tenant with Xxxxxxxx’s written estimate of Xxxxxx’s Proportionate Share of Taxes and Operating Costs on or before (b) Upon the first (1st) day of each Lease Year or as soon thereafter as is reasonably practical. ThereafterCommencement Date, the last written estimate furnished by Landlord to Tenant shall apply until Landlord replaces it with a new written estimate. Landlord may re-estimate Tenant’s Proportionate Share of Taxes and Operating Costs from time to time during a Lease Year, and such re-estimate shall take effect upon Xxxxxx’s receipt of written notice thereof from Landlord. 4.1.3 On the first (1st) day of the first full month following the Rent Commencement Date and on the first (1st) day of each succeeding calendar month thereafterduring the Term, Tenant shall pay to Landlord an amount equal estimated by Landlord to onebe 1/12th of Tenant's Pro-twelfth Rata Share of Operating Costs, Taxes, and Insurance for the current calendar year. Landlord shall notify Tenant of its estimate by written notice. Landlord may adjust such amount at any time by thirty (1/1230) days prior written notice on the basis of Landlord’s last written estimate of Xxxxxx’s Proportionate Share of Taxes 's experience and Operating Costsreasonably anticipated costs. Notwithstanding If the foregoing, if Landlord delivers to Tenant a written re-estimate of Tenant’s Proportionate Share of Taxes and Operating Costs for any Lease Year, Commencement Date shall not be the first (1st) day of a calendar month, monthly instalment of Tenant’s Proportionate Share of Taxes and Operating Costs due after Xxxxxx’s receipt installments of such written re-estimate estimates shall be adjusted to account prorated for any previous overpayment or underpayment of Tenant’s Proportionate Share of Taxes the first and Operating Costs resulting from the inaccuracy of Xxxxxxxx’s initial estimate thereof for that Lease Year. To the extent that any portion last months of the Term involved a partial month, for such month Tenant shall pay that portion of one twelfth (1/12) of Tenant’s Proportionate Share of Taxes and Operating Costs as the number of days in such partial month bear to the actual number of days of such monthTerm. 4.1.4 Within one hundred twenty (120c) days after the end of On or before March 31 in each Lease Yearcalendar year, Landlord shall furnish to Tenant with a written statement setting forth the actual amount ofshowing a detailed breakdown of all: (ai) Taxes Operating Costs, Taxes, and Insurance paid, (ii) the amount of Tenant's pro-rata share thereof, and (iii) the aggregate monthly payments made by Tenant toward Tenant's pro-rata share thereof, all for the year just past. If Tenant's aggregate monthly payments toward Operating Costs Costs, Taxes, and Insurance for that Lease Yearyear are greater than Tenant's pro-rata share of them, Tenant shall receive a credit for the excess against those monthly estimated Operating Costs, Tax and Insurance payments next becoming due to Landlord; (b) Tenant’s Proportionate Share of Taxes and Operating Costs for that Lease Year; and (c) the if said payments that Tenant made on account of Tenant’s Proportionate Share of Taxes and Operating Costs pursuant to paragraph 4.1.3 above for that Lease Year. If the written statement indicates that Tenant underpaid Tenant’s Proportionate Share of Taxes and Operating Costs for such Lease Yearare less than said pro-rata share, Tenant shall pay Landlord the amount difference upon thirty (30) days prior written notice. (d) Landlord shall make its records relating to Operating Costs, Taxes and Insurance for the immediately preceding year available for Tenant's inspection within ten (10) days after receiving a written request therefore from Tenant. Tenant shall have the right to have an independent CPA examine the books and records and, if there is a discrepancy of more than three (3%) percent, then Landlord shall pay any excess funds due Tenant within twenty (20) days of receipt of such audit result, and the cost of the deficiency audit. (e) Tenant shall pay, before any penalty or interest attaches, all personal property taxes levied or assessed against Tenant's personal property and shall, upon request, furnish to Landlord on the first day evidence of the calendar month following the month in which Xxxxxx receives the statement from Landlord. If the written statement indicates that Tenant overpaid Tenant’s Proportionate Share of Taxes and Operating Costs for such Lease Year, Landlord shall credit the amount of the overpayment against the instalments of Rent due under this Lease until the balance of the overpayment is reduced to zeropayment. 4.1.5 If Tenant’s operations or requirements are such that any cost, charge, imposition, outlay, contribution or expense normally billed to Tenant by way (f) Final CAM Budget and List of its contributions to Operating Costs is, in Landlord’s reasonable opinion, insufficient as compared with other tenants, subtenants or occupants in the Commercial Space or elsewhere in the Strata Development based on their respective operations and requirements, Landlord may bill Tenant for the excess requirements of or costs associated with Tenant’s operations and requirements, in addition to Tenant’s Proportionate Share of Operating Costs (with the excess amount so billed Services to be deducted from Operating Costs prior to calculation of Tenant’s Proportionate Share), and Tenant shall pay the amount thereof, as Additional Rent, on demand or as otherwise provided by Landlord in its notice to TenantTenant at least thirty (30) days prior to Commencement Date.

Taxes and Operating Costs. 4.1.1 For that portion of the first (1sta) Lease Year following the Rent Commencement Date, and for each Lease Year thereafterAs Additional Rent, Tenant shall pay to Landlord, as Additional Rent, Landlord Tenant’s Proportionate Pro Rata Share of Taxes and Operating Costs incurred and Taxes payable by Landlord during the Term. Tenant’s Operating Costs shall not exceed $2.50/square foot for that the First Lease Year. The Operating Costs (excluding taxes, insurance, and snow removal expenses) shall not increase by more than two percent (2%) annually during each successive Lease Year from the Initial Lease Year, in the manner described in paragraph 4.1.3 belowexcluding taxes, insurance, and snow removal. Landlord will provide Tenant acknowledges that the Strata Development will consist with a projected operating cost budget within sixty (60) days of Lease execution by both retail and office premises and that Head Landlord and Landlord may, acting reasonably, create and allocate special categories of Operating Costs to some or all of the retail or office tenants and subtenants benefiting from such Operating Costs as well as a category of general Operating Costs payable by all tenants and subtenantsparties. 4.1.2 Landlord shall furnish Tenant with Xxxxxxxx’s written estimate of Xxxxxx’s Proportionate Share of Taxes and Operating Costs on or before (b) Upon the first (1st) day of each Lease Year or as soon thereafter as is reasonably practical. ThereafterCommencement Date, the last written estimate furnished by Landlord to Tenant shall apply until Landlord replaces it with a new written estimate. Landlord may re-estimate Tenant’s Proportionate Share of Taxes and Operating Costs from time to time during a Lease Year, and such re-estimate shall take effect upon Xxxxxx’s receipt of written notice thereof from Landlord. 4.1.3 On the first (1st) day of the first full month following the Rent Commencement Date and on the first (1st) day of each succeeding calendar month thereafterduring the Term, Tenant shall pay to Landlord an amount equal estimated by Landlord to onebe 1/12th of Tenant’s Pro-twelfth Rata Share of Operating Costs and Taxes for the current calendar year. Landlord shall notify Tenant of its estimate by written notice. Landlord may adjust such amount at any time by thirty (1/1230) days prior written notice on the basis of Landlord’s last written estimate of Xxxxxx’s Proportionate Share of Taxes experience and Operating Costsreasonably anticipated costs. Notwithstanding If the foregoing, if Landlord delivers to Tenant a written re-estimate of Tenant’s Proportionate Share of Taxes and Operating Costs for any Lease Year, Commencement Date shall not be the first (1st) day of a calendar month, monthly instalment of Tenant’s Proportionate Share of Taxes and Operating Costs due after Xxxxxx’s receipt installments of such written re-estimate estimates shall be adjusted to account prorated for any previous overpayment or underpayment of Tenant’s Proportionate Share of Taxes the first and Operating Costs resulting from the inaccuracy of Xxxxxxxx’s initial estimate thereof for that Lease Year. To the extent that any portion last months of the Term involved a partial month, for such month Tenant shall pay that portion of one twelfth (1/12) of Tenant’s Proportionate Share of Taxes and Operating Costs as the number of days in such partial month bear to the actual number of days of such monthTerm. 4.1.4 Within one hundred twenty (120c) days after the end of On or before April 30 in each Lease Yearcalendar year, Landlord shall furnish to Tenant with a written statement setting forth the actual amount ofshowing a detailed breakdown of all: (ai) Taxes and Operating Costs for that Lease Year; and Taxes paid, (b) Tenant’s Proportionate Share of Taxes and Operating Costs for that Lease Year; and (cii) the payments that Tenant made on account amount of Tenant’s Proportionate Pro-Rata share thereof, and (iii) the aggregate monthly payments made by Tenant toward Tenant’s Pro-Rata share thereof, all for the year just past. If Tenant’s aggregate monthly payments toward Operating Costs and Taxes for that year are greater than Tenant’s Pro-Rata Share of Taxes and them, Tenant shall receive a credit for the excess against those monthly estimated Operating Costs pursuant and Tax payments next becoming due to paragraph 4.1.3 above for that Lease Year. If the written statement indicates that Tenant underpaid Landlord; if said payments are less than Tenant’s Proportionate Share of Taxes and Operating Costs for such Lease YearPro-Rata Share, Tenant shall pay Landlord the amount difference within thirty (30) days after its receipt of the deficiency to Landlord on the first day Landlord’s statement of the calendar month following the month in which Xxxxxx receives the statement from Landlord. If the written statement indicates that Tenant overpaid Tenant’s Proportionate Share of Taxes and Operating Costs for such Lease Year, and Taxes. (d) Landlord shall credit the amount of the overpayment against the instalments of Rent due under this Lease until the balance of the overpayment is reduced to zero. 4.1.5 If Tenant’s operations or requirements are such that any cost, charge, imposition, outlay, contribution or expense normally billed to Tenant by way of make its contributions records relating to Operating Costs is, in Landlord’s reasonable opinion, insufficient as compared with other tenants, subtenants or occupants in the Commercial Space or elsewhere in the Strata Development based on their respective operations and requirements, Landlord may bill Tenant Taxes for the excess requirements of or costs associated with immediately preceding year available for Tenant’s operations inspection during the months of June, July and requirementsAugust within ten (10) days after receiving a written request therefor from Tenant. Tenant shall have the right to have an independent CPA examine the books and records and, in addition to if there is a discrepancy of more than three (3%) percent, then Landlord shall pay any excess funds due Tenant within twenty (20) days of receipt of such audit result, and the cost of the audit. (e) Tenant shall pay, before any penalty or interest attaches, all personal property taxes levied or assessed against Tenant’s Proportionate Share personal property and shall, upon request, furnish to Landlord evidence of Operating Costs (with the excess amount so billed to be deducted from Operating Costs prior to calculation of Tenant’s Proportionate Share), and Tenant shall pay the amount thereof, as Additional Rent, on demand or as otherwise provided by Landlord in its notice to Tenantsuch payment.

Taxes and Operating Costs. 4.1.1 For that portion of the first (1sta) Lease Year following the Rent Commencement Date, and for each Lease Year thereafter, Tenant shall pay to Landlord, as As Additional Rent, Tenant’s Proportionate Share of Taxes and Operating Costs for that Lease Year, in the manner described in paragraph 4.1.3 below. Tenant acknowledges that the Strata Development will consist of both retail and office premises and that Head Landlord and Landlord may, acting reasonably, create and allocate special categories of Operating Costs to some or all of the retail or office tenants and subtenants benefiting from such Operating Costs as well as a category of general Operating Costs payable by all tenants and subtenants. 4.1.2 Landlord shall furnish Tenant with Xxxxxxxx’s written estimate of Xxxxxx’s Proportionate Share of Taxes and Operating Costs on or before the first (1st) day of each Lease Year or as soon thereafter as is reasonably practical. Thereafter, the last written estimate furnished by Landlord to Tenant shall apply until Landlord replaces it with a new written estimate. Landlord may re-estimate Tenant’s Proportionate Share of Taxes and Operating Costs from time to time during a Lease Year, and such re-estimate shall take effect upon Xxxxxx’s receipt of written notice thereof from Landlord. 4.1.3 On the first (1st) day of the first full month following the Rent Commencement Date and on the first (1st) day of each calendar month thereafter, Tenant shall pay to Landlord an amount equal to one-twelfth (1/12) of LandlordTenant’s last written estimate of Xxxxxx’s Proportionate Pro Rata Share of Taxes and Operating CostsCosts incurred or billed during the Term. Notwithstanding the foregoing, if Landlord delivers to Tenant a written re-estimate of Tenant’s Proportionate Share of Taxes and Operating Costs shall not exceed $1.05/square foot for any the first Lease Year, excluding snow removal and utilities of the first (1st) monthly instalment of Tenant’s Proportionate Share of Taxes and Common Area. The Operating Costs due after Xxxxxx’s receipt (excluding taxes, insurance, common area utilities, and snow removal expenses) shall not increase by more than five (5%) percent annually during the Initial Lease Term or any Option Term. Landlord will provide a final Operating Cost budget and list of such written re-estimate shall be adjusted services to account for any previous overpayment or underpayment of Tenant’s Proportionate Share of Taxes and Operating Costs resulting from the inaccuracy of Xxxxxxxx’s initial estimate thereof for that Lease Year. To the extent that any portion of the Term involved a partial month, for such month Tenant shall pay that portion of one twelfth at least thirty (1/1230) of Tenant’s Proportionate Share of Taxes and Operating Costs as the number of days in such partial month bear prior to the actual number of days of such monthCommencement Date. 4.1.4 Within one hundred twenty (120) days after the end of each Lease Year, Landlord shall furnish to Tenant a written statement setting forth the actual amount of: (a) Taxes and Operating Costs for that Lease Year; (b) Tenant’s Proportionate Share of Taxes Upon the Commencement Date, and Operating Costs for that Lease Year; and (c) the payments that Tenant made on account of Tenant’s Proportionate Share of Taxes and Operating Costs pursuant to paragraph 4.1.3 above for that Lease Year. If the written statement indicates that Tenant underpaid Tenant’s Proportionate Share of Taxes and Operating Costs for such Lease Year, Tenant shall pay the amount of the deficiency to Landlord on the first day of the each succeeding calendar month following during the month Term, Tenant shall pay an amount estimated by Landlord to be 1/12th of Tenant’s Pro-Rata Share of Operating Costs, Taxes and Insurance for the current calendar year. In addition to the Tenant’s Pro-Rata Share of the Operating Costs as described in which Xxxxxx receives Section 3.2(a) above, Tenant shall also pay 1/12th of Tenant’s Pro-Rata Share for Taxes (estimated at $1.80/ square foot per Lease Year) and 1/12th of Tenant’s Pro-Rata Share of Insurance (estimated at $0.20/square foot per Lease Year). Landlord may adjust such amount at any time by thirty (30) days prior written notice on the statement from basis of Landlord’s experience and reasonably anticipated costs. If the written statement indicates that Tenant overpaid Tenant’s Proportionate Share Commencement Date shall not be the first day of Taxes a calendar month, monthly installments of such estimates shall be prorated for the first and Operating Costs for such Lease Yearlast months of the Term. (c) On or before April 30 in each calendar year, Landlord shall credit furnish Tenant with a statement showing a detailed breakdown of all: (i) Operating Costs, Taxes, and Insurance paid, (ii) the amount of Tenant’s pro-rata share thereof, and (iii) the overpayment against aggregate monthly payments made by Tenant toward Tenant’s pro-rata share thereof, all for the instalments of Rent due under this Lease until the balance of the overpayment is reduced to zero. 4.1.5 year just past. If Tenant’s operations or requirements aggregate monthly payments toward Operating Costs, Taxes, and Insurance for that year are such that any costgreater than Tenant’s pro-rata share of them, charge, imposition, outlay, contribution or expense normally billed to Tenant by way of its contributions to Operating Costs is, in Landlord’s reasonable opinion, insufficient as compared with other tenants, subtenants or occupants in the Commercial Space or elsewhere in the Strata Development based on their respective operations and requirements, Landlord may bill Tenant shall receive a credit for the excess requirements of or costs associated with Tenant’s operations against those monthly estimated Operating Costs, Tax and requirementsInsurance payments next becoming due to Landlord; if said payments are less than said pro-rata share, in addition to Tenant’s Proportionate Share of Operating Costs (with the excess amount so billed to be deducted from Operating Costs prior to calculation of Tenant’s Proportionate Share), and Tenant shall pay Landlord the amount thereofdifference thirty (30) after receipt of notice of underpayment. At the end of the Term, as Additional RentLandlord shall immediately reimburse Tenant any overpayment, on demand or as otherwise provided by Tenant shall immediately pay any underpayment, of Operating Costs (d) Landlord in shall make its notice records relating to Operating Costs, Taxes and Insurance for the immediately preceding year available for Tenant’s inspection within ten (10) days after receiving a written request therefore from Tenant. Tenant shall have the right to have an independent CPA (whose compensation for conducting the audit is not tied to the results of said audit) examine the books and records and, if there is a discrepancy of more than five (5%) percent, then Landlord shall pay any excess funds due Tenant within twenty (20) days of receipt of such audit result, and the actual cost of the audit up to $1,500. (e) Tenant shall pay, before any penalty or interest attaches, all personal property taxes levied or assessed against Tenant’s personal property and shall, upon request, furnish to Landlord evidence of such payment.