Tenant’s Pro Rata Share. OF SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES. (a) If the amount of the Specified Project Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Project Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirteen and two hundred fifty thousandths percent (13.250%) of the amount of such excess (“Tenant’s Share of Project Area Operating Expenses”). If the amount of the Specified Building Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirty-five and seven hundred ninety-two thousandths percent (35.792%) of the amount of such excess (“Tenant’s Share of Building Area Operating Expenses”). If the amount of the Specified Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to forty-seven and five hundred and sixteen thousandths percent (47.516%) of the amount of such excess (“Tenant’s Share of Office Area Operating Expenses”). In addition, beginning as of commencement of the Lease, Tenant shall pay the entire amount of the operating expense for the outdoor heated patio. Such operating expense shall include cost of repairs, replacement, maintenance, power and gas required to operate. Gas supply to be separately metered. Power supply to be separately metered or sub-metered at Landlord’s option. Where sub-metered, Tenant’s pro-rata share shall be equal to the ratio of its measured consumption to the total consumption of the master meter. Landlord, at Landlord’s sole cost and expense, shall be solely responsible for any repairs or replacements for the structural portions of the outdoor patio. (b) Landlord shall xxxx Tenant for Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, at the end of the second Lease Year of the Rental Term. Beginning with the third Lease Year and continuing thereafter, Landlord shall reasonably estimate Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses for the next twelve (12) months and one-twelfth (1/12th) of the estimated Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, shall be added to the Base Monthly Rent as determined in Sections 3.01 and 3.02 for the next full twelve (12) calendar months of the Rental Term and shall be paid as set forth in Section 3.05. With respect to the Snow Melt System, Landlord shall xxxx Tenant monthly, and payment shall be due within ten (10) days of Tenant’s receipt of Landlord’s invoice therefor. (c) To the extent that Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses is less or greater than the estimated amount paid by Tenant during the Lease Year, Tenant shall be entitled to a reimbursement or shall pay the deficiency as the case may be. Landlord shall determine the actual Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses within forty-five (45) days after the end of the Lease Year and shall deliver a computation of such Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses in reasonable detail and reasonable evidence of such costs to Tenant together with an invoice for Tenant’s share or notice of credit for reimbursement thereof. Tenant agrees to pay the amount of such invoice within ten (10) days after Tenant’s receipt of Landlord’s invoice therefor.
Appears in 2 contracts
Samples: Lease Agreement (TGPX Holdings I LLC), Lease Agreement (TGPX Holdings I LLC)
Tenant’s Pro Rata Share. OF SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSES, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES.
(a) If the amount of the Specified Project Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Project Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirteen and two hundred fifty thousandths percent (13.250%) of the amount of such excess (“Tenant’s Pro Rata Share” shall mean the percentage set forth in the Summary as Tenant’s Pro Rata Share which is the percentage derived by dividing the approximate Floor Area of the Demised Premises, as initially set forth in the Summary, by the approximate Floor Area of the Building or the Project, as the case may be, as initially set forth in the Summary. Landlord and Tenant agree that such approximations of Floor Area of the Demised Premises, the Building and the Project Area Operating Expenses”)are reasonable, and that the calculations of Basic Rent and Tenant’s Pro Rata Share based on such approximations are not subject to revision under any circumstances, except as expressly provided in this Section 4.6. If the amount Floor Area of the Specified Building Area Operating Expenses for any Lease Year during Demised Premises, the Rental Term exceed Building, or the amount of Project are ever remeasured, the Specified Building Area Base Year Operating Expenses, Tenant shall pay result may only be used to Landlord as “Additional Rent” an amount equal to thirty-five and seven hundred ninety-two thousandths percent (35.792%) of adjust the amount of such excess (“Tenant’s Share of Building Area Operating Expenses”). If the amount of the Specified Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to forty-seven and five hundred and sixteen thousandths percent (47.516%) of the amount of such excess (“Tenant’s Share of Office Area Operating Expenses”). In addition, beginning as of commencement of the Lease, Tenant shall pay the entire amount of the operating expense for the outdoor heated patio. Such operating expense shall include cost of repairs, replacement, maintenance, power and gas required to operate. Gas supply to be separately metered. Power supply to be separately metered or sub-metered at Landlord’s option. Where sub-metered, Tenant’s pro-rata share shall be equal to the ratio of its measured consumption to the total consumption of the master meter. Landlord, at Landlord’s sole cost and expense, shall be solely responsible for any repairs or replacements for the structural portions of the outdoor patio.
(b) Landlord shall xxxx Tenant for Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, at the end of the second Lease Year of the Rental Term. Beginning with the third Lease Year and continuing thereafter, Landlord shall reasonably estimate Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses for the next twelve (12) months and one-twelfth (1/12th) of the estimated Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, shall be added to the Base Monthly Rent as determined in Sections 3.01 and 3.02 for the next full twelve (12) calendar months of the Rental Term and shall be paid as set forth in Section 3.05. With respect to the Snow Melt System, Landlord shall xxxx Tenant monthlyidentification thereof, and payment shall be due within ten (10) days of Tenant’s receipt of Landlord’s invoice therefor.
(c) To the extent that Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses is less or greater than the estimated amount paid by Tenant during the Lease Year, neither Landlord nor Tenant shall be entitled to a reimbursement claim an increase or decrease in the amount of the monthly Basic Rent specified in the Summary or the amount of Tenant’s Pro Rata Share specified in the Summary based upon such remeasurement. The Demised Premises shall pay be approximately as depicted in the deficiency Space Plan, provided, however, in no event shall Landlord be liable to Tenant or Tenant have any claims or rights against Landlord if the actual Floor Area of the Demised Premises is different than the estimated Floor Area of the Demised Premises herein provided. Notwithstanding anything to the contrary, if Landlord from time to time increases or reduces the Floor Area of the Building or constructs additional building(s) upon the Land or the Project, as the case may be, then Landlord shall recalculate Tenant’s Pro Rata Share using the formulas hereinabove set forth based upon the added or reduced Floor Area. Landlord shall determine be entitled to provide services for the actual Common Facilities for either the Building or the Project, as Landlord determines from time to time. Landlord shall be entitled to charge from time to time all or any item of the Common Facilities Charges, Taxes, Landlord’s Insurance, or any other Additional Rent on the basis of either the Building or the Project. For all items to be charged for the Building, the Tenant’s Pro Rata Share of Project Area Operating Expensesthe Building shall be used and, for all items relating to the Project, Tenant’s Pro Rata Share of Building Area Operating Expenses and/or Tenant’s Share the Project shall be used for the purposes of Office Area Operating Expenses within forty-five (45) days after the end of the Lease Year and shall deliver a computation of calculating such Tenant’s Share of Project Area Operating Expensesitems, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses in reasonable detail and reasonable evidence of such costs to Tenant together with an invoice for Tenant’s share or notice of credit for reimbursement thereof. Tenant agrees to pay the amount of such invoice within ten (10) days after Tenant’s receipt of as determined by Landlord’s invoice therefor.
Appears in 2 contracts
Samples: Lease Agreement (Solera National Bancorp, Inc.), Lease Agreement (Solera National Bancorp, Inc.)
Tenant’s Pro Rata Share. OF SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSESThroughout the entire Lease Term, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES.
(a) If the amount ----------------------- Tenant shall pay, as Additional Rent, Tenant's Percentage of the Specified Project Area increase in Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Project Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirteen and two hundred fifty thousandths percent (13.250%) of the amount of such excess (“Tenant’s Share of Project Area Operating Expenses”). If the amount of the Specified Building Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirty-five and seven hundred ninety-two thousandths percent (35.792%) of the amount of such excess (“Tenant’s Share of Building Area Operating Expenses”). If the amount of the Specified Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to forty-seven and five hundred and sixteen thousandths percent (47.516%) of the amount of such excess (“Tenant’s Share of Office Area Operating Expenses”). In addition, beginning as of commencement of the Lease, Tenant shall pay the entire amount of the operating expense for the outdoor heated patio. Such operating expense shall include cost of repairs, replacement, maintenance, power and gas required to operate. Gas supply to be separately metered. Power supply to be separately metered or sub-metered at Landlord’s option. Where sub-metered, Tenant’s pro-rata share shall be equal to the ratio of its measured consumption to the total consumption of the master meter. Landlord, at Landlord’s sole cost and expense, shall be solely responsible for any repairs or replacements for the structural portions of the outdoor patio.
(b) Landlord shall xxxx Tenant for Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating ExpensesBuilding, if any, at over the end of the second Lease Year of the Rental Term. Beginning with the third Lease Year and continuing thereafter, Landlord shall reasonably estimate Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses for the next twelve (12) months and one-twelfth (1/12th) Base Year. Tenant's Percentage of the estimated increase in Operating Expenses of the Building for each Operating Year shall be calculated as follows: the Operating Expenses for each Operating Year less the Operating Expenses for the Base Year shall be multiplied by Xxxxxx's Percentage. If in any Operating Year Tenant occupies the Premises for less than the full Operating Year, then the product from the foregoing multiplication shall be multiplied by the percentage of the Operating Year in which Tenant occupied the Premises. "Tenant’s Share 's Percentage" shall mean a percentage, the numerator of Project Area which is the number of rentable square feet of the leased Premises and the denominator of which is the total number of rentable square feet of the Building, whether or not such space is actually rented. The Tenant's Percentage shall be changed from time to time to reflect any change in the total rentable square footage in the Building or the rentable square feet of the leased Premises. If the rentable square footage of the Building is not fully occupied during any particular Operating Expense year including the base year, Landlord shall adjust those Operating Expenses which are affected by occupancy for the particular Operating Expense year to reflect 100% occupancy. If during any Operating Year the tenant of any space in the Building performs work or services therein pursuant to a written agreement between Landlord and such tenant in lieu of having Landlord perform the same and the cost thereof would have been included in Landlord's Operating Expenses, Tenant’s Share of Building Area then in any such event(s), at Landlord's option, the Operating Expenses and/or Tenant’s Share of Office Area for such Operating Expenses, if any, Year shall be added adjusted to reflect the Base Monthly Rent as determined in Sections 3.01 and 3.02 for the next full twelve (12) calendar months of the Rental Term and shall be paid as set forth in Section 3.05. With respect to the Snow Melt System, Landlord shall xxxx Tenant monthly, and payment shall be due within ten (10) days of Tenant’s receipt of Landlord’s invoice therefor.
(c) To the extent that Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses is less that would have been incurred if Landlord had performed such work or greater than the estimated amount paid by Tenant during the Lease Yearservices, Tenant shall be entitled to a reimbursement or shall pay the deficiency as the case may be. Landlord In the event Operating Expenses are decreased as a result of extraordinary changes then the Base Year Operating Expenses shall determine be correspondingly reduced. An extraordinary change shall mean changes unrelated to the actual Tenant’s Share normal inflation and deflation of Project Area the cost of goods and services making up the Operating Expenses, Tenant’s Share of such as a change in the rentable area contained in the Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses within forty-five (45) days after the end resulting from condemnation, casualty, demolition, alteration or construction of the Lease Year and additional improvements. Any decrease in Taxes shall deliver be considered an extraordinary change if due to any statewide property tax limitation or reduction legislation. If the total rentable area of the Building changes, Landlord shall reasonably determine a computation of such revised Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses in reasonable detail and reasonable evidence of such costs to Tenant together with an invoice for Tenant’s share or notice of credit for reimbursement thereof. Tenant agrees to pay 's Percentage reflecting the amount of such invoice within ten (10) days after Tenant’s receipt of Landlord’s invoice thereforchange.
Appears in 1 contract
Tenant’s Pro Rata Share. OF SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSESThroughout the entire Lease Term, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES.
(a) If the amount Tenant shall pay, as Additional Rent, Tenant’s Pro Rata Share of the Specified Project Area Operating Expenses and Taxes. If in any Operating Year Tenant occupies the Premises or any portion thereof for less than the full Operating Year, Tenant’s Pro Rata Share of Operating Expenses and Taxes shall be prorated accordingly. “Tenant’s Percentage” of purposes of Taxes shall be determined in accordance with Section 5.4 above. “Tenant’s Percentage” for purposes of Operating Expenses shall mean a percentage, the numerator of which is the Floor Area of the Premises and the denominator of which is the total Floor Area of the buildings in the Project, whether or not such space is actually rented. The initial Tenant’s Percentage is specified in Section 1.15 of the Basic Lease Information. The Tenant’s Percentage (as specified in Section 1.15 of the Basic Lease Information and adjusted as provided herein) may be changed from time to time to reflect any Lease change in the total rentable square footage in the buildings in the Project. “Tenant’s Pro Rata Share” shall mean Tenant’s Percentage multiplied by the total Operating Expenses and Taxes for the applicable Operating Year. Landlord shall have the right to create different pools of Operating Expenses based upon services provided to particular tenants or occupants in the Project (such as allocating costs within tenants in the Building), in which event Tenant’s Percentage shall be adjusted for purposes of any pool of Operating Expenses in which Tenant is included based on the total Floor Area of the tenants or occupants in the Project included in such pool. [Notwithstanding anything to the contrary, in no event shall Tenant’s Pro Rata Share of “controllable” Operating Expenses due and payable for subsequent Operating Years after the first Operating Year increase by more than five percent (5%) per annum on a cumulative basis (“CAM Cap”). For purposes hereof, “controllable” Operating Expenses shall not include amounts paid by Landlord for insurance premiums, utilities serving the Common Areas, Taxes, non-recurring expenses or security. During any Extension Term, if Tenant exercises an Extension Option, the CAM Cap shall not apply during the Rental first Operating Year of any Extension Term exceed and Tenant’s Pro Rata Share of Operating Expenses shall be based upon and reset to the amount of the Specified Project Area Base Year actual Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirteen and two hundred fifty thousandths percent but the CAM Cap (13.250%) of the amount of such excess (“Tenant’s Share of Project Area Operating Expenses”). If the amount of the Specified Building Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirty-five and seven hundred ninety-two thousandths percent (35.792%) of the amount of such excess (“Tenant’s Share of Building Area Operating Expenses”). If the amount of the Specified Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to forty-seven and five hundred and sixteen thousandths percent (47.516%) of the amount of such excess (“Tenant’s Share of Office Area Operating Expenses”). In addition, beginning as of commencement of the Lease, Tenant shall pay the entire amount of the operating expense for the outdoor heated patio. Such operating expense shall include cost of repairs, replacement, maintenance, power and gas required to operate. Gas supply to be separately metered. Power supply to be separately metered or sub-metered at Landlord’s option. Where sub-metered, Tenant’s pro-rata share shall be equal adjusted to the ratio of its measured consumption to the total consumption of the master meter. Landlord, at Landlord’s sole cost and expense, shall be solely responsible for any repairs or replacements for the structural portions of the outdoor patio.
(b) Landlord shall xxxx Tenant for Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, at the end of the second Lease Year of the Rental Term. Beginning with the third Lease Year and continuing thereafter, Landlord shall reasonably estimate Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area actual Operating Expenses for the next twelve (12) months initial Operating Year during the Extension Option and one-twelfth (1/12th) of the estimated Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, shall be added to the Base Monthly Rent as determined in Sections 3.01 and 3.02 for the next full twelve (12) calendar months of the Rental Term and shall be paid increasing as set forth in Section 3.05. With above thereafter, shall apply with respect to the Snow Melt System, Landlord shall xxxx Tenant monthly, and payment shall be due within ten (10) days of increases in Tenant’s receipt of Landlord’s invoice therefor.
(c) To the extent that Tenant’s Pro Rata Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area for each subsequent Operating Expenses is less or greater than the estimated amount paid by Tenant during the Lease Year, Tenant shall be entitled to a reimbursement or shall pay the deficiency as the case may be. Landlord shall determine the actual Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses within forty-five (45) days after the end of the Lease Year and shall deliver a computation of in such Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses in reasonable detail and reasonable evidence of such costs to Tenant together with an invoice for Tenant’s share or notice of credit for reimbursement thereof. Tenant agrees to pay the amount of such invoice within ten (10) days after Tenant’s receipt of Landlord’s invoice thereforExtension Term.]
Appears in 1 contract
Samples: Retail Lease
Tenant’s Pro Rata Share. OF SPECIFIED PROJECT AREA BASE YEAR OPERATING EXPENSESFor the year 1996 hereinafter referred to as the “Base Year”, SPECIFIED BUILDING AREA BASE YEAR OPERATING EXPENSES AND SPECIFIED OFFICE AREA BASE YEAR OPERATING EXPENSES.
(a) If Tenant shall not be responsible for a Pro Rata Share of those Operating Expenses incurred during the amount Base Year. As soon as practical after the culmination of the Specified Project Area Base Year and any succeeding calendar year during the Lease Term, Landlord shall provide to Tenant a good-faith estimate of Landlord’s Operating Expenses for any Lease Year during the Rental Term exceed forthcoming year (“Estimated Operating Expense”). Beginning with January, 1997, in addition to the amount of the Specified Project Area Base Year Operating ExpensesRent, Tenant shall pay to Landlord as “Additional Rent” an amount in advance on the first day of each calendar month during the Lease Term, installments equal to thirteen and two hundred fifty thousandths percent (13.250%) of the amount of such excess (“Tenant’s Share of Project Area Operating Expenses”). If the amount of the Specified Building Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Building Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to thirty-five and seven hundred ninety-two thousandths percent (35.792%) of the amount of such excess (“Tenant’s Share of Building Area Operating Expenses”). If the amount of the Specified Office Area Operating Expenses for any Lease Year during the Rental Term exceed the amount of the Specified Office Area Base Year Operating Expenses, Tenant shall pay to Landlord as “Additional Rent” an amount equal to forty-seven and five hundred and sixteen thousandths percent (47.516%) of the amount of such excess (“Tenant’s Share of Office Area Operating Expenses”). In addition, beginning as of commencement of the Lease, Tenant shall pay the entire amount of the operating expense for the outdoor heated patio. Such operating expense shall include cost of repairs, replacement, maintenance, power and gas required to operate. Gas supply to be separately metered. Power supply to be separately metered or sub-metered at Landlord’s option. Where sub-metered, Tenant’s pro-rata share shall be equal to the ratio of its measured consumption to the total consumption of the master meter. Landlord, at Landlord’s sole cost and expense, shall be solely responsible for any repairs or replacements for the structural portions of the outdoor patio.
(b) Landlord shall xxxx Tenant for Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, at the end of the second Lease Year of the Rental Term. Beginning with the third Lease Year and continuing thereafter, Landlord shall reasonably estimate Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses for the next twelve (12) months and one-twelfth (1/12th) of Tenant’s Pro Rata Share of the Estimated Operating Expense for that year that exceeds the Base Year. Within one hundred fifty (150) days after the end of each calendar year during the Term, Landlord shall furnish to Tenant a statement certified by Landlord of the Actual Operating Expense (defined in Section 3.03 hereof) for the immediately preceding calendar year, which statement shall specify the various types of Operating Expenses and set forth Landlord’s calculations of Tenant’s Pro Rata Share thereof. If Tenant’s Pro Rata Share of the Estimated Operating Expense paid to Landlord during the previous calendar year exceeds Tenant’s Pro Rata Share of the Actual Operating Expense, then Landlord shall credit the difference to Tenant’s monthly Base Rent and Pro Rata Share payment until the difference has been set off or refund such difference to Tenant within fifteen (15) days after Landlord furnishes such statement to Tenant, at Tenant’s option. If Tenant’s Pro Rata Share of the estimated Operating Expense paid to Landlord during the previous calendar year falls short of Tenant’s Pro Rata Share of Project Area Actual Operating Expense, then within fifteen (15) days after Landlord furnishes such statement to Tenant, Tenant shall make a lump sum payment to Landlord equal to Tenant’s Pro Rata Share of the positive difference between the Actual Operating Expense and the Estimated Operating Expense theretofore paid by Tenant. As used in this Lease, the term “Rent” shall refer collectively to the Base Rent and all rental adjustments. If the lease Term commences on a day other than the first day of the month or calendar year, or terminates on a day other than the last day of a month or calendar year, then Tenant shall be required to pay only a pro rata portion of the installments and adjustments of rent due for such month or year. In the event that Tenant disagrees with Landlord’s computation of Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses, if any, Tenant shall be added to have the Base Monthly Rent as determined in Sections 3.01 and 3.02 for the next full twelve right exercisable within two (122) calendar months of the Rental Term and shall be paid as set forth in Section 3.05. With respect to the Snow Melt System, Landlord shall xxxx Tenant monthly, and payment shall be due within ten (10) days of years following Tenant’s receipt of Landlord’s invoice therefor.
(c) To statement of Actual Operating Expense for the extent that Tenantimmediately preceding calendar year and upon advance scheduling with Landlord, to have Landlord’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area books and records relating to Operating Expenses and/or audited by a nationally recognized independent certified public accountant firm selected by Tenant’s Share . Such auditor may audit such books and records for any period within the term of Office Area Operating Expenses this Lease that is less or greater not more than two (2) years prior to the estimated amount paid review. No audits by Tenant during the Lease Year, Tenant contingency fee based consultants shall be entitled permitted. However, the nationally recognized independent certified public accountant firm conducting any such audit may utilize certain consultants who are compensated on a contingency fee basis to a reimbursement assist such firm’s overall audit team. Audits will be conducted at the location where such books and records are customarily maintained and only during normal business hours. No books or shall pay records may be removed from the deficiency as the case may beaudit location. Landlord shall determine the actual Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses within forty-five (45) days after the end of the Lease Year and shall deliver a computation of such Tenant’s Share of Project Area Operating Expenses, Tenant’s Share of Building Area Operating Expenses and/or Tenant’s Share of Office Area Operating Expenses in reasonable detail and reasonable evidence of such costs to Tenant together with an invoice for Tenant’s share or notice of credit for reimbursement thereof. Tenant agrees to pay the amount of such invoice within ten (10) days after Tenant’s receipt Copies of Landlord’s invoice thereforrecords shall be made at Tenant’s or such auditor’s expense and Landlord shall only be obligated to provide the reasonable, non-exclusive use of its copier(s) to such auditor. In the event such audit determines that Landlord’s computations were erroneous, an appropriate adjustment shall be made between Landlord and Tenant. If such audit determines that Tenant was overcharged by more than five percent (5%), Landlord shall promptly reimburse Tenant for all reasonable costs and expenses incurred by Tenant in connection with such audit.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Ii Inc)