Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to Tenant’s Proportionate Share of Operating Expenses, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot. (b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. (c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 2 contracts
Samples: Lease Agreement (Repligen Corp), Lease Agreement (Repligen Corp)
Tenant’s Payment of Operating Expenses. (a) For each Operating Year during the Term, commencing on the Rent Commencement Date, Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to Tenant’s Proportionate Share of Operating Expenses, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For Notwithstanding the period from foregoing, with respect to any Operating Expenses that relate to a repair, replacement, or service that solely benefits the Commencement Date Building, Tenant shall pay to the Rent Commencement DateLandlord, as an Operating Expense/Tax Charge, Tenant’s payment Building Share of such Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footExpenses.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Any such accounting by Landlord shall be binding and conclusive upon Tenant unless within sixty (60) days after the giving by Landlord of such accounting Tenant shall have notify Landlord that Tenant disputes the right correctness of such accounting, specifying the particular respects in which the accounting is claimed to examinebe incorrect. If Tenant timely sends a notice to Landlord disputing the accounting received from Landlord, copy Tenant may, at Tenant’s sole cost and expense, undertake an audit of such of Landlord’s books and records establishing as are directly relevant to the Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses Expense accounting for the Operating Year in question are less than question, provided and on condition that (i) there is then no uncured Event of Default under this Lease, (ii) Tenant has made all payments of Additional Rent billed or invoiced by Landlord as of the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs date of such examination and audit. If, pursuant to the audit, (iii) the payments made for such Operating Year audit is performed only by Tenant exceed Tenant’s required payment on account employees, internal accounting department or an independent certified public accounting firm reasonably approved by Landlord and whose fee or other compensation is fixed by contract and is in no manner computed or determined based upon the results of the audit, (iv) both Tenant and its examiners execute and deliver to Landlord a confidentiality agreement in form and substance reasonably acceptable to Landlord whereby such parties expressly agree to maintain the results of such audit in strict confidence, and (v) such audit is commenced and completed and the results thereof delivered to Landlord within sixty (60) days following the date Landlord makes its books available to Tenant. If Tenant fails to timely deliver a dispute notice to Landlord, or fails to complete its audit and deliver the results thereof to Landlord within the applicable sixty (60) day period, then, in either of such events, Landlord’s accounting shall be binding and conclusive upon Tenant for such all purposes of this Lease. If it is finally determined or mutually agreed that Landlord has overstated Tenant’s share of excess Operating YearExpenses, Landlord shall credit the amount of overpayment such overstatement against subsequent obligations the monthly installments of Tenant with respect to Operating Expenses Additional Rent next due under this Lease (or promptly refund such overpayment amount to Tenant if the Term of this Lease has ended and Tenant has no further obligation obligations to LandlordLandlord under this Lease); but. If the audit demonstrates that Landlord has not overstated Tenant’s Proportionate Share of Operating Expenses, if the payments made then Landlord may invoice Tenant for any amount by which Tenant’s Proportionate Share of Operating Expenses under this Section 9.2 was understated, which invoice shall be payable by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion receipt. If Tenant’s audit determines that Landlord has overcharged Tenant for Operating Expenses by more than six percent (6%), then Landlord, at its sole cost and expense, shall promptly pay for the cost of the examination and Tenant’s audit, up to a total cost of $5,000.00, and the obligation to make such payment shall promptly reimburse Tenant for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expensessuch overcharges.
Appears in 2 contracts
Samples: Lease Agreement (Arcellx, Inc.), Lease Agreement (Arcellx, Inc.)
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, Landlord as an Escalation ChargeAdditional Rent for Operating Expense, an amount equal to Tenant’s Proportionate Share of Operating ExpensesExpenses for each calendar year or portion thereof throughout the Term. If the calendar year is only partially within the Term, such amount the payment to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses made by Tenant shall be equal proportionately reduced. The obligation of Tenant to make this payment shall survive the actual amount expiration or other termination of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footLease.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund within thirty (30) days such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if If any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 2 contracts
Samples: Lease (Enova International, Inc.), Lease Agreement (Enova International, Inc.)
Tenant’s Payment of Operating Expenses. (a) In the event that for any Operating Year the Ten P.O. Square Operating Expenses shall exceed Base Operating Expenses for the Ten P.O. Square Property, Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to (i) such excess Ten P.O. Square Operating Expenses multiplied by (ii) Tenant’s Proportionate Share of Operating ExpensesTen P.O. Square Share, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For each Operating Year, Landlord shall not be entitled to a reimbursement from tenants for Ten P.O. Square Operating Expenses in excess of 100% of the period from the Commencement Date costs and expenses relating to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses Ten P.O. Square Property actually incurred by Landlord with respect to the Premises, but in no event shall exceed $1.75 per square footsuch Operating Year.
(b) In the event that for any Operating Year the 00 X.X. Xxxxxx Operating Expenses shall exceed Base Operating Expenses for the 00 X.X. Xxxxxx Property, Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to (i) such excess 10 P.O. Square Operating Expenses multiplied by (ii) Tenant’s Xxxxxxxxxxxxx 00 X.X. Xxxxxx Share, such amount to be apportioned for any portion of an Operating Year in which the Commencement Date falls or the Term of this Lease ends. For each Operating Year, Landlord shall not be entitled to a reimbursement from tenants for 00 X.X. Xxxxxx Operating Expenses in excess of 100% of the costs and expenses relating to the 00 X.X. Xxxxxx Property actually incurred by Landlord with respect to such Operating Year.
(c) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of the Ten P.O. Square Operating Expenses and the 00 X.X. Xxxxxx Operating Expenses for such Operating Year. Within ninety (90) days Promptly after the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting accountings (calculated on an accrual basis) of the Ten P.O. Square Operating Expenses and the 10 P.O. Square Operating Expenses, respectively, for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Ten P.O. Square Operating Expenses and/or 10 P.O. Square Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(cd) Each statement with respect to Operating Expenses sent to Tenant by Landlord shall be conclusively binding upon Tenant, unless Tenant shall (i) pay to Landlord the amount set forth in such statement when due, without prejudice to Tenant’s right to dispute such statement, and (ii) within not more than one hundred fifty (150) days after such statement is sent, send a notice (an “Operating Expense Dispute Notice”) to Landlord objecting to such statement and specifying the reasons for Tenant’s claim that such statement is incorrect. Provided that Tenant shall have first paid all amounts set forth in the statement and shall have notified Landlord within said one hundred fifty (150) day period as aforesaid, then Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of at any time prior to the date which is one hundred and twenty (1120) year days following the date that Tenant receives delivery of the statement of Operating Expenses for such Operating Year from LandlordExpense Dispute Notice. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the continental United States as Landlord routinely maintains such books and records, unless Landlord elects to have such examination and audit take place in another location designated by Landlord in the city and state in which the Property is located. Tenant’s review shall be conducted solely by an auditor or accountant of a nationally recognized auditing or accounting firm and not by any party compensated by Tenant on a contingency fee arrangement. Tenant, all consultants and accountants retained by Tenant, and all those acting on behalf of Tenant, shall execute and deliver to Landlord confidentiality agreements, in form and substance reasonably satisfactory to Landlord, whereby such parties agree not to disclose to any third party any of the information obtained in connection with such audit or inspection, the substance of any admissions or stipulations by any party in connection therewith, or of any resulting reconciliation, compromise or settlement. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten greater than five percent (105%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) From and after the Rent Commencement Date, Tenant shall pay to Landlord, as an Escalation Charge, Additional Rent:
(i) an amount equal to (y) the Building Operating Expenses multiplied by (z) Tenant’s Proportionate Pro Rata Share of Operating Expensesthe Office Portion, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For ; and
(ii) an amount equal to (y) the period from the Commencement Date Laboratory Operating Expenses multiplied by (z) Tenant’s Laboratory Share (or, if applicable per Section 9.1, Tenant’s Occupied Laboratory Share), such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date, Tenant’s payment Date falls or the Term of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footthis Lease ends.
(b) Estimated payments by Tenant on account of Building Operating Expenses and Laboratory Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Building Operating Expenses and Laboratory Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Building Operating Expenses and Laboratory ACTIVE/91437610.6 Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Building Operating Expenses and Laboratory Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Any such accounting by Landlord shall be binding and conclusive upon Tenant unless within one hundred twenty (120) days after Tenant's receipt of such accounting from Landlord Tenant shall have the right notify Landlord that Tenant intends to examine, copy and undertake an audit of such of Landlord’s books and records establishing as are directly relevant to the Building Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of and Laboratory Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses accounting for the Operating Year in question are less than question, provided and on condition that (i) there is then no uncured Event of Default under this Lease, (ii) Tenant has made all payments of Additional Rent billed or invoiced by Landlord as of the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs date of such examination and audit. If, pursuant to the audit, (iii) the payments made for such Operating Year audit is performed only by Tenant exceed Tenant’s employees, internal accounting department or an independent certified public accounting firm or, commercial real estate broker or experienced operating expense review firm such as Cyberlease, all as reasonably approved by Landlord, and provided and on the express condition that such reviewer’s fee or other compensation is fixed by contract and is in no manner computed or determined based upon the results of the audit, (iv) both Tenant and its examiners execute and deliver to Landlord a commercially reasonable confidentiality agreement in form and substance reasonably acceptable to Landlord whereby such parties expressly agree to maintain the results of such audit in strict confidence (except disclosures to Tenant's officers, employees, attorneys, lenders, investors and/or as required payment on account by a court of competent jurisdiction) , and (v) such audit is commenced and completed and the results thereof delivered to Landlord within ninety (90) days following the date Landlord makes its books available to Tenant at Landlord's offices at the Boston Landing Project. If Tenant fails to timely deliver a dispute notice to Landlord, or fails to complete its audit and deliver the results thereof to Landlord within the applicable ninety (90) day period, then, in either of such events, Landlord’s accounting shall be binding and conclusive upon Tenant for all purposes of this Lease. If it is finally determined by such auditor or mutually agreed by the parties that Landlord has overstated the applicable Tenant’s Pro Rata Share of the Building Operating YearExpenses or Laboratory Operating Expenses, Landlord shall credit within thirty (30) days following such resolution the amount of overpayment such overstatement against subsequent obligations the monthly installments of Tenant with respect to Operating Expenses Additional Rent next due under this Lease (or promptly refund within thirty (30) days following such overpayment resolution such amount to Tenant if the Term of this Lease has ended and Tenant has no further obligation obligations to Landlord); butLandlord under this Lease. If it is finally determined by mutual agreement or other legal proceeding that Landlord understated the Additional Rent payable by Tenant, if the then Landlord may invoice Tenant for any amount by which Tenant’s payments made under this Section 9.2 was understated, which invoice shall be payable by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion receipt ACTIVE/91437610.6 of such invoice. In the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit event that it is determined by mutual agreement or legal proceeding that Landlord’s books and records Building Operating Expenses or Laboratory Operating Expenses were overstated by more than five percent (5%), Landlord shall reimburse Tenant for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right its reasonable out of pocket audit costs (not to challenge Landlord’s statement of Operating Expensesexceed $5,000.00).
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) In the event that for any Operating Year Operating Expenses shall exceed Base Operating Expenses, Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to (i) such excess Operating Expenses multiplied by (ii) Tenant’s Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Any such accounting by Landlord shall be binding and conclusive upon Tenant unless within sixty (60) days after the giving by Landlord of such accounting Tenant shall have notify Landlord that Tenant disputes the right correctness of such accounting, specifying the particular respects in which the accounting is claimed to examinebe incorrect. If Tenant timely sends a notice to Landlord disputing the accounting received from Landlord, copy Tenant may, at Tenant’s sole cost and expense, undertake an audit of such of Landlord’s books and records establishing as are directly relevant to the Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses Expense accounting for the Operating Year in question are less than question, provided and on condition that (i) there is then no uncured Event of Default under this Lease, (ii) Tenant has made all payments of Escalation Charges billed or invoiced by Landlord as of the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs date of such examination and audit. If, pursuant to the audit, (iii) the payments made for such Operating Year audit is performed only by Tenant exceed Tenant’s required payment on account employees, internal accounting department or an independent certified public accounting firm reasonably approved by Landlord and whose fee or other compensation is fixed by contract and is in no manner computed or determined based upon the results of the audit, (iv) both Tenant and its examiners execute and deliver to Landlord a confidentiality agreement in form and substance reasonably acceptable to Landlord whereby such parties expressly agree to maintain the results of such audit in strict confidence, and (v) such audit is commenced and completed and the results thereof delivered to Landlord within sixty (60) days following the date Landlord makes its books available to Tenant. If Tenant fails to timely deliver a dispute notice to Landlord, or fails to complete its audit and deliver the results thereof to Landlord within the applicable sixty (60) day period, then, in either of such events, Landlord’s accounting shall be binding and conclusive upon Tenant for such all purposes of this Lease. If it is finally determined or mutually agreed that Landlord has overstated Tenant’s share of excess Operating YearExpenses, Landlord shall credit the amount of overpayment such overstatement against subsequent obligations the monthly installments of Tenant with respect to Operating Expenses Escalation Charges next due under this Lease (or promptly refund such overpayment amount to Tenant if the Term of this Lease has ended and Tenant has no further obligation obligations to LandlordLandlord under this Lease); but. If the audit demonstrates that Landlord has not overstated Escalation Charges, if the payments made then Landlord may invoice Tenant for any amount by which Tenant’s Escalation Charges under this Section 9.2 was understated, which invoice shall be payable by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expensesreceipt.
Appears in 1 contract
Samples: Lease Agreement (Howard Bancorp Inc)
Tenant’s Payment of Operating Expenses. (a) For the portion of the Term through and including December 31, 2005, Tenant shall pay Operating Expenses and other Additional Rent in accordance with the Prior Leases, the provisions of which are incorporated herein by this reference for such purpose, and from and after January 1, 2006, Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to Operating Expenses multiplied by Tenant’s Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Term Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footexpires.
(b) Estimated payments by Tenant on account of for Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required paymentpayment for Operating Expenses for such Operating Year, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety one hundred fifty (90150) days after the end of each Operating Year, Landlord or Landlord’s Agent shall submit to Tenant a reasonably detailed accounting statement of Operating Expenses for such the prior Operating Year, and Landlord or Landlord’s Agent shall certify to the accuracy thereof. If estimated payments for Operating Expenses theretofore made by Tenant for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for Operating Expenses for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if requested by Tenant or if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for Operating Expenses for such Operating Year are greater than the estimated payments (if anyany ) theretofore made on account thereof by Tenant for Operating Expenses for such Operating Year, Tenant shall make payment pay to Landlord Landlord, as Additional Rent, within thirty (30) days after being so advised by LandlordLandlord in writing, the difference between the estimated and required Operating Expense Payments, and the obligation to make such payment for any period within the Term shall survive the expiration or earlier termination of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the continental United States as Landlord routinely maintains such books and records, unless Landlord elects to have such examination and audit take place in another location designated by Landlord in the city and state in which the Property is located. All Any such audit shall be conducted by a certified public accountant, and all costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten five percent (105%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. Tenant shall not be permitted to engage an auditor which is paid on a contingency or percentage basis unless Landlord approves of such auditor in writing either prior to or after the execution of this Lease. Landlord hereby pre-approves the Tenant’s use of RRG and X. Xxxxxxx Associates, Inc. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, Landlord as an Escalation ChargeAdditional Rent for Operating Expense, an amount equal to Tenant’s 's Proportionate Share of the increase, if any, in Operating ExpensesExpenses over Operating Expenses for the Base Year. If the calendar year is only partially within the Term, such amount the payment to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses made by Tenant shall be equal proportionately reduced. The obligation of Tenant to make this payment shall survive the actual amount expiration or other termination of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footLease.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Tenant shall have the right to have a CPA licensed in the state in which the audit occurs examine, copy and audit Landlord’s 's books and records establishing Operating Expenses for any Operating Year for a period of one six (16) year months following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ days prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the continental United States as Landlord routinely maintains such books and records, unless Landlord elects to have such examination and audit take place in another location designated by Landlord in the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten five percent (105%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s 's required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s 's books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s 's statement of Operating Expenses.
Appears in 1 contract
Samples: Lease (Compbenefits Corp)
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to (i) Operating Expenses multiplied by (ii) Tenant’s 's Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Term Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Yearyear, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such the prior Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if requested by Tenant or if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment pay to Landlord Landlord, as Additional Rent, within thirty (30) days after being so advised by LandlordLandlord in writing, and the obligation to make such payment for any period within the Term shall survive the expiration or earlier termination of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Samples: Lease Agreement (Beacon Power Corp)
Tenant’s Payment of Operating Expenses. (ai) Commencing on the Term Commencement Date, Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to Tenant’s Proportionate 's Share of the Operating Expenses attributable to each Operating Year; provided, however, (1) the amount of the Operating Expenses attributable to Operating Years during which the Term commences or expires shall be prorated in proportion to the fraction of the total number of days in such Operating Year which fall within the Term; and (2) if the Commencement Dates for one or more floors of the Building occur on different dates, then, prior to the occurrence of the Commencement Date for the floor of the Building last delivered to Tenant, Tenant shall pay only such portion of such amount of Operating Expenses, such amount as so prorated, as is proportionate to be apportioned for any portion the total of an Operating Year in which the Rent Commencement Date falls or percentage of the Term Building attributable under Section 1.1 of this Lease ends. For to any floor or floors of the period from Building for which the Commencement Date has occurred from time to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foottime.
(bii) Estimated payments by Tenant on account of Operating Expenses for each Operating Year shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The Rent in equal monthly amount so amounts, as the same may be adjusted by Landlord from time to be paid to Landlord shall be time, sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord by written notice to Tenant from time to time during each Operating Year, on account of .
(iii) The process hereafter described in this Subsection (iii) is referred to herein as the "Annual Reconciliation for Operating Expenses for such Operating Year. Expenses." Within ninety one hundred twenty (90120) days after the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such the prior Operating Year, and Landlord shall certify to the accuracy thereof. Within sixty (60) days of Tenant's receipt of such accounting or any increase in the estimate of Operating Expenses whereby the monthly payment for Operating Expenses increases, Tenant may request in writing such information as Tenant shall reasonably request to verify and confirm Landlord's determination of Operating Expenses set forth in any such accounting or estimate, and Landlord shall provide such requested information, to the extent the same exists and is in Landlord's possession or control, to Tenant within thirty (30) days of receiving such request. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statementaccounting, Landlord then there shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment be a Reconciliation Adjustment if the Term of this Lease has ended and Tenant has no further obligation to Landlord)requirements set forth in Section 9.3 are satisfied; but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment pay to Landlord Landlord, as Additional Rent, within thirty (30) days after being so advised by LandlordLandlord in writing, and the obligation to make such payment for any period within the Term shall survive the expiration or earlier termination of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) In the event that Operating Expenses for any Operating Year shall exceed Base Operating Expenses, Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to (i) such excess Operating Expenses multiplied by (ii) Tenant’s Proportionate Share of attributable to each Operating ExpensesYear, such amount to be apportioned for any portion of an Operating Year in which the Rent Term Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footexpires.
(b) Estimated payments by Tenant on account for Tenant’s Proportionate Share of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required paymentpayment for Tenant’s Proportionate Share of Operating Expenses for such Operating Year, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord or Landlord’s Agent shall submit to Tenant a reasonably detailed accounting statement of Operating Expenses for such the prior Operating Year, and Landlord or Landlord’s Agent shall certify to the accuracy thereof, which reasonably detailed statement Landlord shall use commercially reasonable efforts to provide to Tenant within one hundred fifty (150) days following the expiration of each such Operating Year. If estimated payments for Tenant’s Proportionate Share of Operating Expenses theretofore made by Tenant for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for Tenant’s Proportionate Share of Operating Expenses for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if requested by Tenant or if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for Tenant’s Proportionate Share of Operating Expenses for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof by Tenant for Tenant’s Proportionate Share of Operating Expenses for such Operating Year, Tenant shall make payment pay to Landlord Landlord, as Additional Rent, within thirty (30) days after being so advised by LandlordLandlord in writing, the difference between the estimated and required Operating Expense Payments, and the obligation to make such payment for any period within the Term shall survive the expiration or earlier termination of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) In the event that for any Operating Year Operating Expenses shall exceed Base Operating Expenses, Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to (i) such excess Operating Expenses multiplied by (ii) Tenant’s 's Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Samples: Lease (PSW Technologies Inc)
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to Tenant’s 's Proportionate Share of Operating Expenses, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s 's payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s 's books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ ' prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s 's required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s 's books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s 's statement of Operating Expenses.
Appears in 1 contract
Samples: Lease Agreement (Repligen Corp)
Tenant’s Payment of Operating Expenses. (a) In the event that for any Operating Year subsequent to the 2012 Operating Year, the Operating Expenses allocable to the Premises on a per rentable square foot basis shall exceed the Base Operating Expenses, Tenant shall pay to Landlord, as an Escalation Chargeadditional rent, an the entire amount equal to Tenant’s Proportionate Share of Operating Expensessuch excess, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Base Rent, commencing on January 1, 2013. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if . If the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Extended Term shall survive expiration of the Extended Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Samples: Lease (Pennichuck Corp)
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to the Operating Expenses in each Operating Year in excess of the Operating Expenses for calendar year 2019 (the “Initial Operating Expenses Base Year”), multiplied by Tenant’s Building Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Term Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenantexpires; provided, however, that if the Operating Expenses during calendar year 2020 exceed the Operating Expenses during the Initial Operating Expenses Base Year by more than five percent (5%), then the excess Operating Expenses payable during calendar year 2020 shall be limited to such examination five percent (5%) increase and audit establishes that the actual base Operating Expenses as to which such excess is determined in each successive calendar year shall be equal to the Operating Expenses for 2019 plus the amount by which such Operating Expenses exceeded such five percent (5%) threshold in calendar year 2020 (the “Adjusted Operating Expenses Base Year”; “Operating Expenses Base Year” as used herein shall mean either the Initial Operating Expenses Base Year or the Adjusted Operating Expenses Base Year, as applicable). If any portion of the Building or any fixtures or equipment therein is covered by a warranty at any time during the Operating Expenses Base Year, Landlord shall increase Operating Expenses for the Operating Expenses Base Year in question are less than by such equitable amount that Landlord would have reasonably incurred during the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Base Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to ordinary maintenance and repair (but specifically excluding any replacements) of the items or matters covered by the subject warranty had such warranty not been in effect at the time during the Operating Expenses Base Year. Notwithstanding the foregoing, (a) with respect to those Operating Expenses which are not incurred for the areas leased to, or promptly refund such overpayment if exclusively used by, the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and auditUnited States Postal Service, Tenant shall pay Tenant’s Non-PO Proportionate Share of such excess; provided, however, in no event shall Tenant be responsible for paying duplicative charges as between the deficiency cost pools for Tenant’s Building Proportionate Share and Tenant’s Non-PO Proportionate Share and (b) Tenant’s proportionate share of Operating Expenses allocable to Landlord within thirty (30) days after conclusion of the examination cleaning and audit, and the obligation janitorial services provided to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records tenant premises for any Operating Year within in excess of such Operating Expenses for the time period provided for by this paragraph, Tenant Initial Operating Expenses Base Year shall have no further right be the percentage which the rentable square footage of the Premises bears to challenge Landlord’s statement the rentable square footage of Operating Expensesall tenant premises to which Landlord shall provide cleaning and janitorial services.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) In the event that for any Operating Year Operating Expenses shall exceed Base Operating Expenses, Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to (i) such excess Operating Expenses multiplied by (ii) Tenant’s Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Samples: Lease Agreement (Ameresco, Inc.)
Tenant’s Payment of Operating Expenses. (a) From and after the Commencement Date, Tenant shall pay to Landlord, as an Escalation Charge, Additional Rent:
(i) an amount equal to (y) the Building Operating Expenses multiplied by (z) Tenant’s Proportionate Pro Rata Share of Operating Expensesthe Office Portion, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For ; and
(ii) an amount equal to (y) the period from Laboratory Operating Expenses multiplied by (z) Tenant’s Laboratory Share (or, if applicable per Section 9.1, Tenant’s Occupied Laboratory Share), such amount to be apportioned for any portion of an Operating Year in which the Commencement Date to falls or the Rent Commencement Date, Tenant’s payment Term of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footthis Lease ends.
(b) Estimated payments by Tenant on account of Building Operating Expenses and Laboratory Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Building Operating Expenses and Laboratory Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Building Operating Expenses and Laboratory Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Building Operating Expenses and Laboratory Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Any such accounting by Landlord shall be binding and conclusive upon Tenant unless within one hundred twenty (120) days after Tenant's receipt of such accounting from Landlord Tenant shall have the right notify Landlord that Tenant intends to examine, copy and undertake an audit of such of Landlord’s books and records establishing as are directly relevant to the Building Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of and Laboratory Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses accounting for the Operating Year in question are less than question, provided and on condition that (i) there is then no uncured Event of Default under this Lease, (ii) Tenant has made all payments of Additional Rent billed or invoiced by Landlord as of the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs date of such examination and audit. If, pursuant to the audit, (iii) the payments made for such Operating Year audit is performed only by Tenant exceed Tenant’s employees, internal accounting department or an independent certified public accounting firm or, commercial real estate broker or experienced operating expense review firm such as Cyberlease, all as reasonably approved by Landlord, and provided and on the express condition that such reviewer’s fee or other compensation is fixed by contract and is in no manner computed or determined based upon the results of the audit, (iv) both Tenant and its examiners execute and deliver to Landlord a commercially reasonable confidentiality agreement in form and substance reasonably acceptable to Landlord whereby such parties expressly agree to maintain the results of such audit in strict confidence (except disclosures to Tenant's officers, employees, attorneys, lenders, investors and/or as required payment on account by a court of competent jurisdiction) , and (v) such audit is commenced and completed and the results thereof delivered to Landlord within ninety (90) days following the date Landlord makes its books available to Tenant at Landlord's offices at the Boston Landing Project. If Tenant fails to timely deliver a dispute notice to Landlord, or fails to complete its audit and deliver the results thereof to Landlord within the applicable ninety (90) day period, then, in either of such events, Landlord’s accounting shall be binding and conclusive upon Tenant for all purposes of this Lease. If it is finally determined by such auditor or mutually agreed by the parties that Landlord has overstated the applicable Tenant’s Pro Rata Share of the Building Operating YearExpenses or Laboratory Operating Expenses, Landlord shall credit within thirty (30) days following such resolution the amount of overpayment such overstatement against subsequent obligations the monthly installments of Tenant with respect to Operating Expenses Additional Rent next due under this Lease (or promptly refund within thirty (30) days following such overpayment resolution such amount to Tenant if the Term of this Lease has ended and Tenant has no further obligation obligations to Landlord); butLandlord under this Lease. If it is finally determined by mutual agreement or other legal proceeding that Landlord understated the Additional Rent payable by Tenant, if the then Landlord may invoice Tenant for any amount by which Tenant’s payments made under this Section 9.2 was understated, which invoice shall be payable by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion receipt of such invoice. In the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit event that it is determined by mutual agreement or legal proceeding that Landlord’s books and records Building Operating Expenses or Laboratory Operating Expenses were overstated by more than five percent (5%), Landlord shall reimburse Tenant for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right its reasonable out of pocket audit costs (not to challenge Landlord’s statement of Operating Expensesexceed $5,000.00).
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to Operating Expenses in excess of Operating Expenses for calendar year 2018 (the “Operating Expense Base Year”) multiplied by Tenant’s Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Term Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footexpires.
(b) Estimated payments by Tenant on account of for Operating Expenses shall be made on the first day of each and every calendar month after the Operating Expense Base Year during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required paymentpayment for Operating Expenses for such Operating Year, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord or Landlord’s Agent shall submit to Tenant a reasonably detailed accounting statement of Operating Expenses for such the prior Operating Year, and Landlord or Landlord’s Agent shall certify to the accuracy thereof. If estimated payments for Operating Expenses theretofore made by Tenant for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for Operating Expenses for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if requested by Tenant or if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for Operating Expenses for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof by Tenant for Operating Expenses for such Operating Year, Tenant shall make payment pay to Landlord Landlord, as Additional Rent, within thirty (30) days after being so advised by LandlordLandlord in writing, the difference between the estimated and required Operating Expense Payments, and the obligation to make such payment for any period within the Term shall survive the expiration or earlier termination of the Term.
(c) Notwithstanding any provision of this Section 12.2 or any other provision of this Lease to the contrary, Tenant shall have the right to examine, copy and audit Landlordalso pay Tenant’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement Proportionate Share of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed commencing upon Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment early entry as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expensesdescribed in Section 0.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) In the event that for any Operating Year Operating Expenses shall exceed Base Operating Expenses, Tenant shall pay to Landlord, as an Escalation Charge, Additional Rent an amount equal to (i) such excess Operating Expenses multiplied by (ii) Tenant’s 's Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Provided that Tenant shall have first paid all amounts due and payable by Tenant pursuant to this Article 9 and upon the right written request of Tenant (but not more than once with respect to examineany Operating Year), copy and audit Landlord’s Tenant shall be permitted to inspect Landlord`s books and records establishing pertaining to Operating Expenses for any Operating Year for a period of one (1) year following applicable to the date that Tenant receives the statement of Operating Expenses Property for such Operating Year from LandlordYear. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit Such inspection shall take place at a mutually agreeable time at the location where such place within books and records are kept by the city Landlord (or the Agent) in the ordinary course. Tenant shall keep the results of any such inspection strictly confidential and state shall not be permitted to use any third party to perform such audit or inspection, other than an independent firm of certified public accountants (A) reasonably acceptable to Landlord, (B) which is not compensated on a contingency fee basis or in any other manner which is dependent upon the Property results of such audit or inspection (and Tenant shall deliver the fee agreement or other similar evidence of such fee arrangement to Landlord upon request), and (C) which agrees with Landlord in writing to maintain the results of such audit or inspection confidential. Tenant may not conduct an inspection or have an audit performed more than once during any Operating Year. Provided Landlord's accounting for Operating Expenses is located. All costs consistent with the terms of this Lease, Landlord's good faith judgment regarding the examination proper interpretation of this Lease and audit the proper accounting for Operating Expenses shall be borne by Tenant; provided, however, that if binding on Tenant in connection with any such examination audit or inspection. Failure of Tenant to provide Landlord with a written request to review such books and audit establishes that the actual Operating Expenses for the records within 60 days after receipt of a final statement pursuant to this Article 9 with respect to each respective Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered shall be deemed a waiver of Tenant's rights hereunder with respect to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Samples: Lease (Telehublink Corp)
Tenant’s Payment of Operating Expenses. (a) In the event that for any Operating Year Operating Expenses shall exceed Base Operating Expenses, Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to (i) such excess Operating Expenses multiplied by (ii) Tenant’s Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Any such accounting by Landlord shall be binding and conclusive upon Tenant unless within sixty (60) days after the giving by Landlord of such accounting Tenant shall have notify Landlord that Tenant disputes the right correctness of such accounting, specifying the particular respects in which the accounting is claimed to examinebe incorrect. If Tenant timely sends a notice to Landlord disputing the accounting received from Landlord, copy Tenant may, at Tenant’s sole cost and expense, undertake an audit of such of Landlord’s books and records establishing as are directly relevant to the Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses Expense accounting for the Operating Year in question are less than question, provided and on condition that (i) there is then no uncured Event of Default under this Lease, (ii) Tenant has made all payments of Escalation Charges billed or invoiced by Landlord as of the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs date of such examination and audit. If, pursuant to the audit, (iii) the payments made for such Operating Year audit is performed only by Tenant exceed Tenant’s required payment on account employees, internal accounting department or an independent certified public accounting firm reasonably approved by Landlord and whose fee or other compensation is fixed by contract and is in no manner computed or determined based upon the results of the audit, (iv) both Tenant and its examiners execute and deliver to Landlord a confidentiality agreement in form and substance reasonably acceptable to Landlord whereby such parties expressly agree to maintain the results of such audit in strict confidence, and (v) such audit is commenced and completed and the results thereof delivered to Landlord within sixty (60) days following the date Landlord makes its books available to Tenant. If Tenant fails to timely deliver a dispute notice to Landlord, or fails to complete its audit and deliver the results thereof to Landlord within the applicable sixty (60) day period, then, in either of such events, Landlord’s accounting shall be binding and conclusive upon Tenant for such all purposes of this Lease. If it is finally agreed by the parties that Landlord has overstated Tenant’s share of excess Operating YearExpenses, Landlord shall credit the amount of overpayment such overstatement against subsequent obligations the monthly installments of Tenant with respect to Operating Expenses Escalation Charges next due under this Lease (or promptly refund such overpayment amount to Tenant if the Term of this Lease has ended and Tenant has no further obligation obligations to LandlordLandlord under this Lease); but. If the audit demonstrates that Landlord has not overstated Escalation Charges, if the payments made then Landlord may invoice Tenant for any amount by which Tenant’s Escalation Charges under this Section 9.2 was understated, which invoice shall be payable by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expensesreceipt.
Appears in 1 contract
Samples: Lease Agreement (Arsanis, Inc.)
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to Operating Expenses over and above Operating Expenses for calendar year 2018 multiplied by Tenant’s Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square footexpires.
(b) Estimated Beginning on January 1, 2019, estimated payments by Tenant on account of for Operating Expenses shall be made on the first day of each and every remaining calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required paymentpayment for Operating Expenses for such Operating Year, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord or Landlord’s Agent shall submit to Tenant a reasonably detailed accounting statement of Operating Expenses for such the prior Operating Year, and Landlord or Landlord’s Agent shall certify to the accuracy thereof. If estimated payments for Operating Expenses theretofore made by Tenant for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for Operating Expenses for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if requested by Tenant or if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for Operating Expenses for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof by Tenant for Operating Expenses for such Operating Year, Tenant shall make payment pay to Landlord Landlord, as Additional Rent, within thirty (30) days after being so advised by LandlordLandlord in writing, the difference between the estimated and required Operating Expense Payments, and the obligation to make such payment for any period within the Term shall survive the expiration or earlier termination of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Samples: Lease Agreement (Chiasma, Inc)
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to (i) Operating Expenses for each Operating Year (or portion thereof falling within the Term) multiplied by (ii) Tenant’s 's Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s ' s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord as Additional Rent within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Samples: Lease (Sonus Networks Inc)
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to (i) Operating Expenses multiplied by (ii) Tenant’s Proportionate Share of Operating ExpensesShare, such amount to be apportioned for any portion of an Operating Year in which the Rent Term Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Yearyear, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such the prior Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if requested by Tenant or if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment pay to Landlord Landlord, as Additional Rent, within thirty (30) days after being so advised by LandlordLandlord in writing, and the obligation to make such payment for any period within the Term shall survive the expiration or earlier termination of the Term.
(c) Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing Operating Expenses for any Operating Year for a period of one (1) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention to examine and audit such books and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenant; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to Tenant’s Proportionate Share of the Operating ExpensesExpenses attributable to each Operating Year, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Notwithstanding any provision of this Section 9.2 or any other provision of this Lease to the contrary, Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing also pay certain Operating Expenses for any Operating Year for a the period of one beginning on Tenant's early entry as described in Section 4.3.
(1d) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention pay, directly to examine the proper authorities charged with collection thereof, all charges for utilities used and audit such books consumed in the Premises, including without limitation, charges for gas, electricity and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenanttelephone service; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay water and sewer charges for the reasonable costs of such examination and audit. If, pursuant Premises directly to the audit, the payments made for service provider and include such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of charges in Operating Expenses.
Appears in 1 contract
Tenant’s Payment of Operating Expenses. (a) Tenant shall pay to Landlord, as an Escalation ChargeAdditional Rent, an amount equal to Tenant’s Proportionate Share of the Operating ExpensesExpenses attributable to each Operating Year, such amount to be apportioned for any portion of an Operating Year in which the Rent Commencement Date falls or the Term of this Lease ends. For the period from the Commencement Date to the Rent Commencement Date, Tenant’s payment of Operating Expenses shall be equal to the actual amount of Operating Expenses incurred with respect to the Premises, but in no event shall exceed $1.75 per square foot.
(b) Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, commencing on the Commencement Date in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s 's required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Within ninety (90) days after After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s 's required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
(c) Notwithstanding any provision of this SECTION 9.2 or any other provision of this Lease to the contrary, Tenant shall have the right to examine, copy and audit Landlord’s books and records establishing also pay certain Operating Expenses for any Operating Year for a the period of one beginning on Tenant's early entry as described in SECTION 4.3.
(1d) year following the date that Tenant receives the statement of Operating Expenses for such Operating Year from Landlord. Tenant shall give Landlord not less than thirty (30) days’ prior notice of its intention pay, directly to examine the proper authorities charged with collection thereof, all charges for utilities used and audit such books consumed in the Premises, including without limitation, charges for gas, electricity and records, and such examination and audit shall take place at such place within the city and state in which the Property is located. All costs of the examination and audit shall be borne by Tenanttelephone service; provided, however, that if such examination and audit establishes that the actual Operating Expenses for the Operating Year in question are less than the amount set forth as the annual Operating Expenses on the annual statement delivered to Tenant by at least ten percent (10%), then Landlord shall pay the reasonable costs of such examination and audit. If, pursuant to the audit, the payments made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but, if the payments made by Tenant for such Operating Year are less than Tenant’s required payment as established by the examination and audit, Tenant shall pay the deficiency to Landlord within thirty (30) days after conclusion of the examination and audit, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. If Tenant does not elect to exercise its right to examine and audit Landlord’s books and records for any Operating Year within the time period provided for by this paragraph, Tenant shall have no further right to challenge Landlord’s statement of Operating Expenses.that
Appears in 1 contract
Samples: Lease (Silverstream Software Inc)
