Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, Tenant’s annual Pro-Rata Share of all Common Area costs (prorated for any fractional month) in the manner described in this Section 4.05(e). Tenant’s “Pro-Rata Share” of the Project shall be calculated by dividing the square foot area of the rentable square feet of the Premises, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunder. The level of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such audit.
Appears in 3 contracts
Samples: Lease Agreement (Endologix Inc /De/), Lease Agreement (TriVascular Technologies, Inc.), Lease Agreement (TriVascular Technologies, Inc.)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord’s election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord’s election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Sharepro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 3 contracts
Samples: Industrial Real Estate Lease (SeaSpine Holdings Corp), Industrial Real Estate Lease (Isotis Inc), Industrial Real Estate Lease (Isotis Sa)
Tenant's Share and Payment. Tenant shall pay, in monthly installments pay to Landlord, Tenant’s annual Pro-Rata Share Landlord its pro rata share of all Common Area costs (prorated for any fractional month) in the manner described in this Section 4.05(e)Shop Buildings Expenses. Tenant’s “Pro-Rata Share” of the Project pro rata share shall be calculated by dividing (a) a fraction, the square foot area numerator of which is the rentable square feet Floor Area of the Premises, as set forth in Section 1.04 1.4, or as increased during the Term, and the denominator of the Lease, by which is the aggregate rentable square foot area of the Building which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common leasable Floor Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or Center, or (b) according to any other formula that Landlord may deem fair and equitable. On or before the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantCommencement Date and each calendar year thereafter, Landlord shall estimate in advance and charge furnish to Tenant as Common Area costs, Tenantan itemized statement setting forth Landlord’s Pro Rata Share estimate of all Real Property Taxes the total and Xxxxxx’s pro rata share of projected Shop Buildings Expenses for the Project for which immediately succeeding calendar year or partial calendar year. Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunder. The level agrees to pay its pro rata share of such costs shall be estimated expenses in accordance equal monthly installments concurrently with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements each installment of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to TenantBase Rent. Within one hundred twenty (120) days after the end of each calendar year of or, if the Lease Termterminates on other than the last day of a calendar year, then ninety (90) days after the termination date, Landlord shall deliver furnish to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, writing showing the Common Area costs paid or actual Shop Buildings Expenses incurred by Landlord during for the preceding calendar year or partial calendar year, as the case may be, and TenantXxxxxx’s Pro-Rata Sharepro rata share thereof. Upon receipt of At such statement, there time an adjustment shall be an adjustment made between Landlord and Tenant, with payment so that Tenant’s payments of estimated Shop Buildings Expenses for the preceding year or partial year are equal to or credit given Tenant’s pro rata share of actual Shop Buildings Expenses for the same period. Any overpayment by Tenant shall be, at Landlord’s option, credited by Landlord (as to the case may be) so that monthly installments of projected Shop Buildings Expenses falling due thereafter or refunded to Tenant, or, if the Lease has terminated, then any overpayment shall be credited against any amounts owed to Landlord by Tenant, or, if none, shall receive the entire amount of Tenant’s Pro-Rata Share of such costs be paid to Tenant and expenses for such period any underpayment by Tenant shall be paid to Landlord within thirty (30) days of receipt notice of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating underpayment to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such audit.
Appears in 2 contracts
Samples: Retail Lease Agreement, Retail Lease Agreement
Tenant's Share and Payment. Tenant shall pay, in monthly installments pay to Landlord, Tenant’s annual Pro-Rata Share Landlord its pro rata share of all Common Area costs (prorated for any fractional month) in the manner described in this Section 4.05(e)Expenses. Tenant’s “Pro-Rata Share” of the Project pro rata share shall be calculated by dividing (a) a fraction, the square foot area numerator of which is the rentable square feet Floor Area of the Premises, as set forth in Section 1.04 1.4, or as increased during the Term, and the denominator of which is the aggregate leasable Floor Area in the Center. As of the Effective Date of this Lease, by the aggregate rentable square foot area Landlord estimates Tenant’s share of the Building which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses to be equal to the sum of Sixty-Eight Cents ($0.68) per square foot per month (that is set out , the monthly sum of One Thousand Four Hundred Sixty-Eight and 80/100 Dollars ($1,468.80), subject to the adjustments provided for in this Section 4.05(a9.5). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term Tenant shall be effective on the first day of the month after such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunder. The level pay its pro rata share of such costs shall be estimated expenses in accordance equal monthly installments concurrently with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements each installment of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to TenantBase Rent. Within one hundred twenty (120) days after the end of each calendar year or, if the Term terminates on other than the last day of a calendar year, then ninety (90) days after the Lease Termtermination date, Landlord shall deliver furnish to Tenant a detailed and itemized statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, writing showing the Common actual common Area costs paid or Expenses incurred by Landlord during for the preceding calendar year or partial calendar year, as the case may be, and TenantXxxxxx’s Pro-Rata Sharepro rata share thereof. Upon receipt of Subject to Section 8.2(h), at such statement, there time an adjustment shall be an adjustment made between Landlord and Tenant, with payment so that Tenant’s payments of estimated CAM Obligations for the preceding year or partial year is equal to or credit given Xxxxxx’s pro rata share of actual CAM Obligations for the same period. Any overpayment by Tenant shall be, at Landlord’s election, credited by Landlord (as to the case may be) so that monthly installments of estimated CAM Obligations falling due thereafter or refunded to Tenant, or, if the Lease has terminated, then any overpayment shall be credited against any amounts owed to Landlord by Tenant, or, if none, shall receive the entire amount of be paid to Tenant’s Pro-Rata Share of such costs , and expenses for such period any underpayment by Tenant shall be paid to Landlord within thirty (30) days of receipt notice to Tenant of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditunderpayment.
Appears in 2 contracts
Samples: Retail Lease Agreement, Retail Lease Agreement
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot footage area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a)Paragraph 4.03. Any changes in the Common Area costs and/or the aggregate area of the Building Project, leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project maintenance and repair costs for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such audit.an
Appears in 2 contracts
Samples: Industrial Real Estate Sublease (Pets Com Inc), Industrial Real Estate Sublease (Pets Com Inc)
Tenant's Share and Payment. REVISED TO READ IN FULL AS FOLLOWS: Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot footage area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project and subsequent pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a)AS AMENDED. Any changes in the Common Area costs and/or the aggregate area of the Building Project, leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project maintenance and repair costs for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 2 contracts
Samples: Industrial Real Estate Sublease (Pets Com Inc), Industrial Real Estate Sublease (Pets Com Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the Premisesproperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.13(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord’s election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord’s election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Sharepro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 2 contracts
Samples: Industrial Lease Agreement, Industrial Real Estate Lease (Daystar Technologies Inc)
Tenant's Share and Payment. Tenant shall paypay Tenant's annual pro rata share of all estimated Common Area costs, in advance, in monthly installments to Landlord, Tenant’s annual Pro-Rata Share on the first day of all Common Area costs each month during the Sublease Term (prorated for any fractional month) in the manner described in this Section 4.05(e). Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the Premises, as set forth in Section 1.04 1.4 of the LeaseSublease, by the aggregate rentable square foot area of the Building which is leaseable area within the Project, whether currently leased or held for lease by tenants, as of not upon the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunder. The level of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, and from time to time based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty thirty (12030) days after the end of each calendar year of the Lease Sublease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the actual Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, Tenant with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statementperiod. Tenant may, within ninety (90) days after Any changes in the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at and/or the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one aggregate area leased or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord held for lease for the exclusive use of all tenants of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in Project during the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit Lease Term shall be scheduled promptly at effective on the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation first day of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of month after such auditchange occurs.
Appears in 2 contracts
Samples: Sublease (Integra Lifesciences Holdings Corp), Industrial Real Estate Triple Net Sublease (Copper Mountain Networks Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, Tenantpay tenant’s annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.12 (b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord’s election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 Section4.02 of the LeaseLese, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord’s election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Lese Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and TenantXxxxxx’s Pro-Rata Sharepro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs and expenses for such period within thirty (30) days of receipt of such statementperiod. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to The initial estimated budget for 2006 for Common Area costs covered by such adjustment, at Tenant’s sole cost are $0.095 per square foot total Five Thousand One Hundred Thirty ($5,130) Dollars and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place reimbursed monthly in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditadvance.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Liquidity Services Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rate share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such ' estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Multi Tenant Industrial Gross Lease (Activecare, Inc.)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Rata Share of all Common Area costs (prorated for any fractional month) monthly as provided in the manner described in this Section 4.05(e)4.01 above. Tenant’s “Pro-Rata Share” of the Project Share shall be calculated by dividing the rentable square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building which is leased or held for lease by tenants, as of the date on which the computation is madeProject. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord’s election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord’s election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, not more than once each twelve (12) month period based upon Landlord’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals Intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in In reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Rata Share 's pro rata share of all Common Area costs Costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the this Lease, by the total aggregate rentable square foot area of the Building Project which is leased or held for lease leasable by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs Costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, at the beginning of each calendar year during the term of this Lease for that calendar year, estimate in advance and charge to Tenant as Common Area costsCosts, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the this Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the this Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the this Lease, and all other costs Common Area Costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs Costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs Costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statementperiod, but no more than Tenant's share. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if increase the amount of the discrepancy is more than three estimated Common Area Costs in each subsequent calendar year, provided such estimated increase does not exceed ten percent (310%)) per year, then on a cumulative basis, and Landlord shall pay may increase such estimated Common Area Costs during the year (without any limitation) provided any such mid year increase is based upon actual increases for which Landlord has received written confirmation. Upon reasonable costs of notice to Landlord, Tenant will be entitled to examine at Landlord's offices in which such auditare maintained, the books and records used to create such statements, and reconcile such statements as reasonably necessary, including a refund or credit if such reconciliation shows an overpayment by Tenant.
Appears in 1 contract
Samples: Lease Agreement (Homegrocer Com Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of THE BUILDINGS BUILT OR WHICH MAY BE BUILT IN the Building which is leased or held for lease by tenantsProject [***], as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.1 2(b). Any changes in the Common Area costs and/or the aggregate area of [***] SQUARE FOOT AREA OF THE BUILDINGS BUILT OR WHICH MAY BE BUILT IN the Building leased or held for lease during the Lease Term Project [***] shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landxxxx'x xlection, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of NOT MORE THAN ONE (1) TIME PER YEAR, all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance Insurance premiums for the Project for which Tenant is Is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals Intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landxxxx'x xxperience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareTenaxx'x xro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Lease Agreement (Cerprobe Corp)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project Tenants pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the Premises, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s Tenants initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlords election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent Rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period. Landlord shall keep records showing all expenditures incurred as Common Area costs, Landlord's Insurance and Real Property Taxes for each calendar year for a period of one (1) year following each year, and such records shall be made available for inspection and photocopying by Tenant and/or its agents during ordinary business hours in the city in which the Premises are located. Any dispute with respect to Landlord's calculations of Tenant's share of Common Area costs shall be resolved by the parties through consultation in good faith within sixty (60 )days. However, if the dispute cannot be resolved within such period, the parties shall request an audit of the disputed matter from an independent, certified public accountant selected by both Landlord and Tenant, whose decision shall be based on generally accepted accounting principles and shall be final and binding on the parties. If there is a variance of seven percent (7%) or more between said decision and the Landlord's determination, Landlord shall pay the costs of said audit and shall credit any overpayment toward the next rent payment falling due or pay such overpayment to Tenant within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s officesdays. If the results of such audit indicate that the aggregate cost or allocation of the disputed items variance is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more less than three seven percent (37%), then Landlord Tenant shall pay the reasonable costs cost of such said audit.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Planet 13 Holdings Inc.)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.13(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Vista Medical Technologies Inc)
Tenant's Share and Payment. (i) The Tenant’s Pro Rata Share, as defined in Section 1.11, may be modified by Landlord from time to time by Landlord considering the square footage of improvements of various properties in the Project, the type of improvements in the Project, any change as to the square footage and type of improvements, and such other factors as Landlord shall determine in Landlord’s sole, complete and absolute discretion. Additionally, if the Project is composed of more than one building, then Landlord, in Landlord’s sole discretion, may allocate certain Common Area Costs solely among those tenants in only one building, to the exclusion of the other building(s) in the Project.
(ii) Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Pro Rata Share of all Common Area costs Costs (prorated for any fractional month) in the manner described in this Section 4.05(e). Tenant’s “Pro-Rata Share” and for any share of the Project shall be calculated by dividing the square foot area real property taxes and insurance premiums within fifteen (15) days of the rentable square feet receipt of the Premises, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building which is leased an invoice or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenantfrom Landlord that such costs are due and payable. Landlord may, Landlord shall at Landlord’s election, estimate in advance and charge xxxx to Tenant as Common Area costsTenant, Tenant’s Pro Rata Share of from time to time, all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the this Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the this Lease, and all other costs Common Area Costs payable by Tenant with Common Area costs hereunder. The level , and Tenant shall pay same to Landlord within fifteen (15) days of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlordbilling. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120) days after the end If Landlord delivered to Tenant a xxxx for periodic estimates of Common Area Costs, taxes and/or insurance premiums, then each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, forth in reasonable detail, detail the Common Area costs Costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Shareshare. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, Tenant (with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs and expenses for such period within thirty period.
(30iii) days At Landlord’s election, such statements of receipt of such statementestimated Common Area Costs (and at Landlord’s election any real property taxes and/or insurance premiums which Tenant is otherwise liable under this Lease) may be prorated and billed to Tenant monthly, quarterly, or at any other periodic intervals to be determined by Landlord. Tenant maymust pay such amounts, within ninety (90) days after the communication of whether or not Tenant disagrees with such adjustmentcosts or their amounts, review Landlord’s records relating to Common Area costs covered by such adjustmentand if Tenant does so disagree, at then Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit recourse shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrectto make any objections pursuant to Section 6.7(g), then Landlord shall refund the discrepancybelow, and if the amount to bring a separate legal cause of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditaction against Landlord.
Appears in 1 contract
Tenant's Share and Payment. In the event that Landlord maintains the Common Areas pursuant to Paragraph 4.05(d), Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area Areas costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” 's pro rata share of the Project Building Common Area costs shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building which is leased or held for lease Building. Tenant's pro rata share of Project Common Area costs shall be calculated by tenantsdividing the square foot area of the Property, as set forth in Section 1.04 of the date on which Lease, by the computation is madeaggregate square foot area of the Project. Tenant’s initial Pro-Rata Share of the Project 's pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.09(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantIf applicable, Landlord shall may, at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlordlandlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments Sxxx xxxxstments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of f such statement, there shall xxxxx be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Lease Agreement (Iomega Corp)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, anytime based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) in the manner described as set forth in this Section 4.05(e)) . Tenant’s “Pro-Rata Share” of the Project shall be pro rata share has been calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, . Tenant’s pro rata share is set out in Paragraph 1.12(b). Landlord represents and warrants to Tenant that Tenant’s Prorata Share as set forth in Section 1.12(b) above is true and correct and has been calculated in accordance with IRAM standards in effect as of the date on which the computation is madeof this Lease. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlordand Tenant shall pay such installments of estimated Common Area costs on a monthly basis. Landlord may adjust such estimates at any time upon a material change in costs, of estimated Common Area costs based upon Landlord’s experience and reasonable anticipation of costscosts not more often than twice per year. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Sharepro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs and expenses for such period within thirty (30) days period. Any further payment due to Landlord shall be due and payable with tenant’s next monthly payment of receipt of Base Rent. In the event that Tenant is entitled to a credit, such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at credit may be offset against Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditnext monthly rental payment.
Appears in 1 contract
Samples: Lease Agreement (Pc Mall Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of . all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Natural Alternatives International Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Pro Rata Share of all Common Area costs Expenses (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-'s Pro Rata Share” of the Project Share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 1.05 of the this Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Pro Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.08(b). Any changes in the Common Area costs Expenses and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Xxxxxxxx's election, estimate in advance and charge to Tenant as Common Area costsmonthly, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the this Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the this Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the this Lease, and all other costs Common Area Expenses payable by Tenant with Common Area costs hereunder. The level Tenant shall pay such estimated amounts monthly along with Tenant's payment of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by LandlordBase Rent. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable Xxxxxxxx's experience and anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. At Landlord's election, such estimated Common Area Expenses shall be paid quarterly or at any other periodic intervals to be designated by Landlord. Within one hundred twenty ninety (12090) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs Expenses paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Xxxxxx's Pro Rata Share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period period. Notwithstanding anything to the contrary contained herein, Landlord shall have the right, from time to time, to equitably allocate some or all of the Common Area Expenses for the Project among different portions or tenants of the Project ("Cost Pools"), in Landlord's reasonable discretion. The Common Area Expenses within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool in an equitable manner. Throughout the Lease Term, Landlord shall provide Tenant with reasonable supporting documentation regarding Xxxxxx's Share of Common Area Expenses within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such audit's written request therefor.
Appears in 1 contract
Tenant's Share and Payment. From and after January 1, 1997, Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Rata Share 's pro rata share of all increases in Common Area costs above the Base Common Area Charges (prorated pro rated for any fractional month) upon thirty (30) days written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day 10 of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area Areas costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Commercial Lease Agreement (Antigua Enterprises Inc)
Tenant's Share and Payment. (i) The Tenant's Pro Rata Share, as defined in Section 1.10, may be modified by Landlord from time to time by Landlord considering the square footage of improvements of various properties in the Project, the type of improvements in the Project, any change as to the square footage and type of improvements, and such other factors as Landlord shall determine in Landlord's reasonable discretion. Additionally, if the Project is composed of more than one building, then Landlord, in Landlord's reasonable discretion, may allocate certain Common Area Costs solely among those tenants in only one building, to the exclusion of the other building(s) in the Project.
(ii) Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Pro Rata Share of all Common Area costs Costs (prorated for any fractional month) in the manner described in this Section 4.05(e). Tenant’s “Pro-Rata Share” and for any share of the Project shall be calculated by dividing the square foot area real property taxes and insurance premiums within fifteen (15) days of the rentable square feet receipt of the Premises, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building which is leased an invoice or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenantfrom Landlord that such costs are due and payable. Landlord may, Landlord shall at Landlord's election, estimate in advance and charge xxxx to Tenant as Common Area costsTenant, Tenant’s Pro Rata Share of from time to time, all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the this Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the this Lease, and all other costs Common Area Costs payable by Tenant with Common Area costs hereunder. The level , and Tenant shall pay same to Landlord within fifteen (15) days of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlordbilling. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120) days after the end If Landlord delivered to Tenant a xxxx for periodic estimates of Common Area Costs, taxes and/or insurance premiums, then each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, forth in reasonable detail, detail the Common Area costs Costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, Tenant (with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty period.
(30iii) days At Landlord's election, such statements of receipt of such statementestimated Common Area Costs (and at Landlord's election any real property taxes and/or insurance premiums which Tenant is otherwise liable under this Lease) may be prorated and billed to Tenant monthly, quarterly, or at any other periodic intervals to be determined by Landlord. Tenant maymust pay such amounts, within ninety (90) days after the communication of whether or not Tenant disagrees with such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancytheir amounts, and if the amount of the discrepancy is more than three percent (3%Tenant does so disagree, then Tenant's sole recourse shall be to make any objections pursuant to Paragraph 6.7(g), then Landlord shall pay the reasonable costs below, and to bring a separate legal cause of such auditaction against Landlord.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Obagi Medical Products, Inc.)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 Paragraph 6.03(b) and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share (the “Annual Statement”). Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty period. Within sixty (30) days of receipt of such statement. Tenant may, within ninety (9060) days after the communication of such adjustment, review receiving Landlord’s records relating to Common Area costs covered by such adjustmentAnnual Statement, Tenant, at Tenant’s sole cost and expense, at the place may, upon advance written notice to Landlord normally maintains such records and during Landlord’s normal reasonable business hours. If following such , cause a review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s books and records relating directly related to costs for which Landlord has charged Tenant with respect to the disputed items, which audit shall be scheduled promptly at preceding calendar year only to determine the reasonable convenience accuracy of both Landlord and Tenant and Landlord’s Annual Statement. Such inspection shall take place in Landlord’s officesoffices and Tenant shall keep its review of the books and records confidential. If Tenant retains an agent, at Tenant’s sole cost and expense, to review Landlord’s records, the results agent shall be an independent accountant of national standing which is reasonably acceptable to Landlord, is not compensated on a contingency basis and has entered into a confidentiality agreement with Landlord. Within sixty (60) days after the records are made available to Tenant, Tenant shall have the right to give Landlord written notice (an "Objection Notice") stating in specific detail any objection to the Annual Statement for that year. If Tenant provides Landlord with a timely Objection Notice, Landlord and Tenant shall work together in good faith to resolve any issues raised in Tenant’s Objection Notice. If Tenant fails to provide Landlord with a timely Objection Notice, Landlord’s Annual Statement shall be deemed final and binding, and Tenant shall have no further right to review or object to such audit indicate statement. If Landlord and Tenant determine that Common Area costs for the aggregate cost or allocation of the disputed items is incorrectcalendar year are less than reported, then Landlord shall refund provide Tenant with a credit against the discrepancy, and if next installment of Additional Rent in the amount of the discrepancy is more overpayment by Tenant. Likewise, if Landlord and Tenant determine that Common Area costs for the calendar year are greater than three percent (3%)reported, then Landlord Tenant shall pay Landlord the reasonable amount of any underpayment within thirty (30) days after such determination. The records reviewed by Tenant shall be treated as confidential. In no event shall Tenant be permitted to review Landlord’s records or to dispute any statement of Common Area costs of such auditunless Tenant has paid and continues to pay all Rent when due.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Wrap Technologies, Inc.)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProject, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective effected as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (3pea Technologies Inc.)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building which is leased or held for lease by tenants, as of the date on which the computation is madeProject. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunderunder this paragraph. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within period. Tenant shall have the right to retain a firm of certified public accountants to audit Landlord's books and records regarding Common Area Costs no more frequently than annually, during normal business hours, on thirty (30) days prior written notice from Tenant. Tenant shall give Landlord a copy of receipt the report of such statementaudit; if Landlord objects to such report, then the dispute shall be resolved by agreement of Landlord's firm of certified public accountants and Tenant's firm of certified public accountants. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of shall adjust Tenant's obligation for Common Area Costs in accordance with the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results final conclusion of such audit indicate that the aggregate cost or allocation and/or dispute resolution. If any such audit should result in a reduction in Tenant's liability for Common Area Costs by more than five percent (5%) of the disputed items is incorrecttotal shown on the applicable annual operating cost statement, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reimburse Tenant for its reasonable costs of for such audit.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.13(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election(1), estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for which the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by LandlordLandlord(2). Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, . Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit credit(3) given by Landlord given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiods.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Pro Rata Share of all Common Area costs Expenses (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-'s Pro Rata Share” of the Project Share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 1.05 of the this Lease, by the aggregate rentable square foot area of the Building which is leased or held for lease by tenants, as of the date on which the computation is madeProject. Tenant’s 's initial Pro-Pro Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.08(b). Any changes in the Common Area costs Expenses and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Xxxxxxxx's election, estimate in advance and charge to Tenant as Common Area costsmonthly, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the this Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the this Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the this Lease, and all other costs Common Area Expenses payable by Tenant with Common Area costs hereunder. The level Tenant shall pay such estimated amounts monthly along with Tenant's payment of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by LandlordBase Rent. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable Xxxxxxxx's experience and anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. At Landlord's election, such estimated Common Area Expenses shall be paid quarterly or at any other periodic intervals to be designated by Landlord. Within one hundred twenty ninety (12090) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs Expenses paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Xxxxxx's Pro Rata Share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period period. Notwithstanding anything to the contrary contained herein, Landlord shall have the right, from time to time, to equitably allocate some or all of the Common Area Expenses for the Project among different portions or tenants of the Project ("Cost Pools"), in Landlord's reasonable discretion. The Common Area Expenses within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool in an equitable manner. Throughout the Lease Term, Landlord shall provide Tenant with reasonable supporting documentation regarding Xxxxxx's Share of Common Area Expenses within thirty (30) days of receipt of such statementTenant's written request therefor. Tenant mayNotwithstanding anything to the contrary contained herein, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord that if the total cost of the disputeReal Property Taxes for the Property, then Tenant may at its sole cost Xxxxxx's prorated share of the Landlord's insurance premiums for the Property and expenseTenant's Pro Rata Share of Common Area Expenses (collectively, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant the "Property Operating Expenses") for the 2001 calendar year exceeds $.12 per rentable square foot of the Property per month, for any purpose reason other than as a result of an increase in the twelve months preceding Real Property Taxes for the date of Property due to Tenant’s dispute notice) to audit Landlord’s records relating 's improvements to the disputed itemsProperty, which audit including without limitation, the Tenant Improvements (as hereinafter defined), Tenant shall be scheduled promptly receive, at all times during the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If Lease Term after the results of such audit indicate calendar year 2001 that the aggregate cost or allocation Property Operating Expenses exceed $.12 per rentable square foot of the disputed items is incorrectProperty per month, then Landlord a credit against the Property Operating Expenses in an amount equal to the difference between the Property Operating Expenses for the 2001 calendar year and $.12 (e.g., if the Property Operating Expenses for the 2001 calendar year are $.14 per square foot of the Property per month, Tenant shall refund the discrepancy, and if receive a credit in the amount of $.02 per square foot of the discrepancy is more than three percent (3%Property per month for each month during the remainder of the Lease Term that the Property Operating Expenses exceed $.12 per rentable square foot of the Property), then Landlord shall pay the reasonable costs of such audit.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e). any event prior to delinquency, Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s , Xxxxxx's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-'s Pro Rata Share of all Common Area costs Costs (prorated for any fractional month) upon written notice from Landlord that such costs have been incurred and are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” 's "PRO RATA SHARE" shall be as stated in Section 1.10(b) above, subject to a proportionate equitable adjustment if the size of the Project shall be calculated by dividing the square foot area of the rentable square feet of the PremisesCommon Areas 7155 Lindell Road Xxx Vegas, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Nevada Nevada Power Company are adjusted pursuant to Section 4.05(a)) above. Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costsCosts, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 4.02(c) of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the this Lease, and all other costs Common Area Costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs Costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord; provided, however, that unless otherwise notified by Landlord, Landlord shall bill Tenant monthly in advance for the estimated Common Area Costs (xxxxr than Real Property Taxes, which shall be billed quarterly) and Tenant shall pay Landlord the amount of such costs, as Additional Rent. Landlord may adjust such estimates at any time upon a material change in costs, annually based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs Costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-'s Pro Rata Share. Upon Landlord shall thereafter deliver to Tenant copies of all documentation that Tenant may reasonably request relative to the Common Area Costs paid or incurred by Landlord during that period, including, but not limited to, copies of service contracts, invoices, statements and billings, together with evidence of payments by Landlord, and includxxx xxx formulas and other accounting bases by which Landlord has computed Tenant's billings for a Common Area Costs. Landlord shall retain all such docxxxxxxxxon for a period of not less than three (3) years. Following receipt of such statementstatement and any such documentation, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one pay only the amount for which Tenant is obligated for such period. The provisions of this Section 4.05(e) shall survive the expiration or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord earlier termination of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditLease Term.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landxxxx'x xxperience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareTenaxx'x xro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statementperiod. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such audit.12 12
Appears in 1 contract
Samples: Industrial Real Estate Lease (Amazon Natural Treasures Inc)
Tenant's Share and Payment. Tenant shall paypay to Landlord monthly or at such longer interval as Landlord may determine, in monthly installments to Landlord, as “Additional Rent,” Tenant’s annual Pro-pro rata share of Landlord’s actual costs of operating and maintaining the common areas during the Term of this Lease in accordance with this Article V. Tenant’s pro rata share of such costs shall be that fraction thereof (the “Pro Rata Share of all Common Area costs (prorated for any fractional monthShare”) whose numerator is the total Floor Space contained in the manner described in this Section 4.05(e). Tenant’s “Pro-Rata Share” of the Project shall be calculated by dividing the square foot area of the rentable square feet of the Premises, as set forth in Section 1.04 of the Lease, by Leased Premises (currently 77,704) and whose denominator is the aggregate rentable Floor Space contained in all the buildings in the Project at the time such fraction is to be applied (which the parties agree is currently 98,716 square foot area feet). The parties agree that Tenant’s Pro Rata Share is currently 78.71%. As to any costs, and associated fees of the Building which is leased or held for lease Independent Property Manager, incurred by tenantsLandlord in connection with replacement, as opposed to repair or maintenance, of portions of the date on which parking areas, the computation is made. Tenant’s initial Pro-Rata Share cost of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term such replacements shall be effective on amortized over their useful life (such usual life not to be less than the first day greater of ten years or the month after depreciable period of such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance improvement) and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 such annual amortized amount shall be payable during each succeeding year of the LeaseLease Term. Any amounts of Pro Rata Share payable as Additional Rent for any calendar or tax year in which the Lease Term is not in effect shall be further reduced to reflect the pro rata portion of the calendar or tax year, as applicable, which is not part of the Lease Term. Landlord may elect to reasonably estimate the amount of Tenant’s Pro Rata Share of all insurance premiums such operating costs which will be due from Tenant for any calendar year. Such estimated amounts (1/12 each month) shall be paid by Tenant concurrent with, and in addition to, the Project Fixed Minimum Rent provided for which Tenant is liable under Section 4.04 in this Lease. Following the end of the Leasecalendar year (and at the end of the Lease Term), when the Landlord provides the Tenant with the statement and computation relating to Building operating costs, Landlord shall return Tenant’s Pro Rata Share of all operation, maintenance and repair any excess of the aggregate monthly payments toward such Building operating costs for such calendar year; or Tenant shall promptly pay to Landlord the Project for which Tenant is liable under Section 4.05 and Section 6.03 excess of the Lease, and all other costs payable by amount due from Tenant with Common Area costs hereunder. The level of such costs shall be in accordance with good commercial practices under this paragraph for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120) days after the end of each calendar year of over the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with aggregate monthly payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of toward Tenant’s Pro-Pro Rata Share of such the Building operating costs and expenses for such period within thirty (30) days of receipt of such statementyear. Tenant mayshall have the right to audit the operating costs of the Building; and Landlord agrees, within ninety (90) days after the communication upon demand, to furnish Tenant with all of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustmentbooks, at Tenant’s sole cost documents, records, papers and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records files relating to the disputed items, which audit shall be scheduled promptly at costs of operating and maintaining the reasonable convenience of both Landlord common areas and Tenant and shall take place in Landlord’s officesthe Building. If the results of such the audit indicate that the aggregate cost or allocation show an overcharge to Tenant greater than five percent (5%) of the disputed items is incorrectactual proper charges, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of the audit and interest on the amount of such auditovercharge at the “Interest Rate” from the date paid until Tenant has been reimbursed by Landlord for such overcharge.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, Tenant’s pay Tenants annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Project: or Building (as applicable) which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord’s election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord’s election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and TenantXxxxxx’s Pro-Rata Sharepro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Chino Commercial Bancorp)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty(23,712 SF), as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project (213,408 SF) which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Clearone Communications Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s annual Pro-Rata Share 's pro rata share of all Common Area costs (prorated for any fractional monthmonth of the Term or extension thereof) each month during the Term and any extension thereof upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunder. The level of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an xx xx adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statementperiod. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Any Common Area costs covered that are capital improvements, as defined by the Internal Revenue Code, shall be amortized over the useful life of such adjustment, at Tenant’s sole cost improvement and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items pay to Landlord such amortized amount monthly during the Term of this Lease and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditextension thereof.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) in the manner described as set forth in this Section 4.05(e)) . Tenant’s “Pro-Rata Share” of the Project shall be 's pro rata share has been calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, . Tenant's pro rata share is set out in Paragraph 1.12(b). Landlord represents and warrants to Tenant that Tenant's Prorata Share as set forth in Section 1.12(b) above is true and correct and has been calculated in accordance with IRAM standards in effect as of the date on which the computation is madeof this Lease. Tenant’s initial Pro-Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlordand Tenant shall pay such installments of estimated Common Area costs on a monthly basis. Landlord may adjust such estimates at any time upon a material change in costs, of estimated Common Area costs based upon Landlord's experience and reasonable anticipation of costscosts not more often than twice per year. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statementperiod. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating Any further payment due to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at due and payable with tenant's next monthly payment of Base Rent. In the reasonable convenience of both Landlord and event that Tenant and shall take place in Landlord’s offices. If the results of is entitled to a credit, such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditcredit may be offset against Tenant's next monthly rental payment.
Appears in 1 contract
Samples: Lease Agreement (Pc Mall Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.13(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlords'' election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Lxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareTxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty period. (30See Insert 4.05(f)) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditSection 4.06.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Southern Electronics Corp)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Xxxxxxxx's election, reasonably estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other longer periodic intervals to be designated by Landlord. , Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Termterm, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (LML Payment Systems Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.1(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landxxxx'x xxperience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareTenaxx'x xro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Lease Agreement (Fresh Juice Co Inc)
Tenant's Share and Payment. Tenant shall paypay Tenant's annual pro rata share of all estimated Common Area costs, in advance, in monthly installments to Landlord, Tenant’s annual Pro-Rata Share on the first day of all Common Area costs each month during the Lease Term (prorated pro rated for any fractional month) in the manner described in this Section 4.05(e). Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease for the exclusive use by tenants, as of Tenants upon the date on which the computation is made. Tenant’s initial Pro-Rata Share When Xxxxxx takes possession of the Project is set out in Section 1.12(b)Property, and Tenant’s initial Pro-Rata Share at the commencement of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenanteach subsequent calendar year, Landlord shall estimate in advance and charge to Tenant as Tenant's Share of Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunder. The level of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by LandlordCosts. Landlord may adjust such estimates at any time upon a material change in costs, and from time to time based upon Xxxxxxxx's experience and reasonable anticipation of costs. If Landlord anticipates that year-end Common Area costs will exceed estimated costs by 5% or greater, Landlord shall make a mid-year adjustment of Common Area charges within a reasonable period of time after determining that such increased charges will be incurred. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty ninety (12090) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the actual Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon request, Landlord shall provide Tenant with reasonable supporting documentation showing payment of Common Area costs. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, Tenant with payment to or credit given by Landlord (as the case may be) (with refund to Tenant if applicable for adjustments after the end of the Lease Term) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statementperiod. Tenant may, within ninety (90) days after Any changes in the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at and/or the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one aggregate area leased or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord held for lease for the exclusive use of all tenants of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in Project during the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit Lease Term shall be scheduled promptly at effective on the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation first day of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of month after such auditchange occurs.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Xxxxxxxx's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (One Source Technologies Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments pay to Landlord, Landlord as Additional Rent Tenant’s annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) in the manner described in this Section 4.05(e). Tenant’s “Pro-Rata Share” of the Project pro rata share shall be calculated by dividing the square foot area of the rentable Premises (66,000 ___ square feet of the Premises, as set forth in Section 1.04 of the Lease, feet) which excludes basement areas used only for storage by the aggregate rentable of such square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is madetenants (390,200 square feet). Tenant’s initial Pro-Rata Share monthly pro rata share is $1,447.70 which is due and payable by Tenant to Landlord on the first of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building leased or held for lease each month during the Lease Term without deduction, setoff or demand. The foregoing shall be effective subject to adjustment based on the first day of the month after such change occurschanges in costs and/or leasable square footage. Upon written notice to Tenant, Landlord shall have the right at Landlord’s election, to estimate in advance and charge to Tenant as all Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 of the Lease, and all other costs payable by Tenant with Common Area costs hereunder. The level of At Landlord’s election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120ninety(90) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid paid, allocated or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Sharepro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share share of such costs costs, allocations and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Lease (Cuisine Solutions Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1,13(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landxxxx'x xxperience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareTenaxx'x xro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Full Line Distributors Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) ), so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Leaselease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly quarterly, or at any other periodic intervals to be designated by the Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon upon receipt of such statement, statement there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated prorate for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the Premisesproperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of on the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that the Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. In order that the Rent payable during the Term reflect any increase in Common Area Costs, Tenant agrees to pay to Landlord as Rent, Tenant's Proportionate Share of all increases in costs, expenses and obligations attributable to the Project and its operation, all as provided below. If, during any calendar year during the Term, Common Area Costs exceed the Common Area Costs for the Base Year, Tenant shall pay, in monthly installments pay to Landlord, in addition to the Base Rent and all other payments due under this Lease, an amount equal to Tenant’s annual Pro-Rata 's Proportionate Share of all such excess Common Area costs (prorated for any fractional month) Costs in accordance with the manner described in provisions of this Section 4.05(e). Tenant’s “Pro-Rata Share” 's Proportionate Share of Common Area Costs shall be payable by Tenant to Landlord as follows:
(a) Beginning with the calendar year following the Base Year and for each calendar year thereafter ("Comparison Year"), Tenant shall pay Landlord an amount equal to Tenant's Proportionate Share of the Project Common Area Costs incurred by Landlord in the Comparison Year which exceeds the total amount of Common Area Costs payable by Landlord for the Base Year. This excess is referred to as the "Excess Expense."
(b) To provide for current payments of Excess Expenses, Tenant shall, at Landlord's request, pay as additional rent during each Comparison Year, an amount equal to Tenant's Proportionate Share of the Excess Expense payable during such Comparison Year, as estimated by Landlord from time to time. Tenant's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 1988 Xxxxxxxx Xxxxxxxxxx Xxxpter Initials ________ of the Society of Industrial and Office Realtors, Inc. (Multi-Tenant Gross Form) of the Lease, by the aggregate rentable aggregated square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change charge occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of such costs Such payments shall be made in accordance with good commercial practices monthly installments, commencing on the first day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first day of the month following the month in which Landlord gives Tenant a new notice of estimated Excess Expenses. It is the intention hereunder to estimate from time to time the amount of the Excess Expenses for comparable buildings each Comparison Year and Tenant's Proportionate Share thereof, and then to make an adjustment in the area and shall not exceed competitive market rates. Such statements following year based on the actual Excess Expenses incurred for that Comparison Year.
(c) On or before April 1 of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty (120) days each Comparison Year after the end of each calendar year of the Lease Termfirst Comparison Year (or as soon thereafter as is practical), Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, forth Tenant's Proportionate Share of the Common Area costs paid or incurred by Landlord during Excess Expenses for the preceding calendar year and Comparison Year. If Tenant’s Pro-Rata Share. Upon receipt 's Proportionate Share of the actual Excess Expenses for the previous Comparison Year exceeds the total of the estimated monthly payments made by Tenant for such statementyear, there Tenant shall be an adjustment between pay Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share of such costs and expenses for such period the deficiency within thirty ten (3010) days of the receipt of such the statement. Tenant may, within ninety (90) days after the communication of If such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at total exceeds Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord 's Proportionate Share of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant actual Excess Expenses for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrectComparison Year, then Landlord shall refund credit against Tenant's next ensuing monthly installment(s) of additional rent an amount equal to the discrepancydifference until the credit is exhausted. If a credit is due from Landlord on the Expiration Date, and if Landlord shall pay Tenant the amount of the discrepancy credit. The obligations of Tenant and Landlord to make payments required under this Section 4.05(e) shall survive the Expiration Date.
(d) Tenant's Proportionate Share of Excess Expenses in any Comparison Year having less than 365 days shall be appropriately prorated. 1988 Xxxxxxxx Xxxxxxxxxx Xxxpter Initials ________ of the Society of Industrial and Office Realtors, Inc. (Multi-Tenant Gross Form)
(e) If any dispute arises as to the amount of any additional rent due hereunder, Tenant shall have the right after reasonable notice and at reasonable times to inspect Landlord's accounting records at Landlord's accounting office and, if after such inspection Tenant still disputes the amount of additional rent owed, a certification as to the proper amount shall be made by Landlord's certified public accountant, which certification shall be final and conclusive. Tenant agrees to pay the cost of such certification unless it is determined that Landlord's original statement overstated Common Area Costs by more than three five percent (35%).
2. Insert the following language as Section S.03 (a) of the Lease:
(a) HAZARDOUS MATERIALS With respect to any release of toxic or hazardous substances or wastes of the premises occurring on or after the date of this Lease and caused by or resulting from the negligent acts or omissions or willful misconduct of Tenant, then its employees, authorized agents, or contractors, and which release or other condition violates the provisions of, or necessitates any removal, treatment, or other remedial action under, any past, present, or future federal, state or local statute or ordinance or any regulation, directive, or requirement of any governmental authority with jurisdiction relating to protection of the environment, Tenant agrees to defend, indemnify, and hold harmless Landlord, its partners. employees, from and against any and all losses, claims, liabilities, damages, demands, fines, costs and expenses (including reasonable attorney's fees and legal expenses) arising out of or resulting therefrom. The provisions of this Paragraph shall survive the termination or expiration of this Lease and the surrender of the premises by Tenant, with respect to releases, events, or conditions occurring prior to such termination, expiration, or surrender. With respect to any release of toxic or hazardous substances or wastes or other condition of the premises occurring prior to or after the date of this Lease and caused by or resulting from the negligent acts or omissions or willful misconduct of Landlord, its employees, authorized agents, or contractors, and which release or other condition violates the provisions of, or necessitates any removal, treatment, or other remedial action under, any past present, or future federal, state or local statute or ordinance or any regulation, directive, or requirement of any governmental authority with jurisdiction relating to protection of the environment, Landlord shall pay agrees to defend, indemnify, and hold harmless Tenant and its employees from and 1988 Xxxxxxxx Xxxxxxxxxx Xxxpter Initials ________ of the Society of Industrial and Office Realtors, Inc. (Multi-Tenant Gross Form) against any and all losses, claims, liabilities, damages, demands, fines, costs and expenses (including reasonable costs attorneys' fees and legal expenses) arising out of such auditor resulting therefrom.
3. Insert the following language as Section 5.03 (b) of the Lease:
Appears in 1 contract
Samples: Industrial Real Estate Lease (Biosite Diagnostics Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period period. Provided Tenant is not in default under any of the terms or conditions of the Lease, Landlord will provide Tenant, within thirty sixty (3060) days of receipt written request by Tenant and not more than one (1) time per year, copies of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place all statements and/or invoices for which Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or has charged Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditcalendar year.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Arizona Furniture Co)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rate share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rate share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.13(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held hold for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, . Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rate share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.1(b). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Anchor Pacific Underwriters Inc)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Landlord's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata Share's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs costs, (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 1,04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to Tenant, Landlord shall estimate in advance and charge to Tenant as Common Comnmon Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.O4 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, anytime based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective efffective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall xxxxx deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Rata Share pro rata share of all Common Area costs (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-Rata Share” of the Project 's pro rata share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 of the Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Rata Share of the Project pro rata share is set out in Section Paragraph 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(a). Any changes in the Common Area costs and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Xxxxxxxx's election, estimate in advance and charge to Tenant as Common Area costs, Tenant’s Pro Rata Share of all Real Property Taxes for the Project real property taxes for which Tenant is liable under Section 4.02 of the Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section Sections 4.05 and Section 6.03 6.04 of the Lease, and all other Common Area costs payable by Tenant with Common Area costs hereunder. The level of At Landlord's election, such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord. Landlord may adjust such estimates at any time upon a material change in costs, based upon Xxxxxxxx's experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. Within one hundred twenty sixty (12060) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-Rata ShareXxxxxx's pro rata share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord of the dispute, then Tenant may at its sole cost and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditperiod.
Appears in 1 contract
Samples: Office Lease (Open Energy Corp)
Tenant's Share and Payment. Tenant shall pay, in monthly installments to Landlord, pay Tenant’s 's annual Pro-Pro Rata Share of all Common Area costs Expenses (prorated for any fractional month) upon written notice from Landlord that such costs are due and payable, and in the manner described in this Section 4.05(e)any event prior to delinquency. Tenant’s “Pro-'s Pro Rata Share” of the Project Share shall be calculated by dividing the square foot area of the rentable square feet of the PremisesProperty, as set forth in Section 1.04 1.05 of the this Lease, by the aggregate rentable square foot area of the Building Project which is leased or held for lease by tenants, as of the date on which the computation is made. Tenant’s 's initial Pro-Pro Rata Share of the Project is set out in Section 1.12(b), and Tenant’s initial Pro-Rata Share of the offsite Common Area Expenses is set out in Section 4.05(aParagraph 1.08(b). Any changes in the Common Area costs Expenses and/or the aggregate area of the Building Project leased or held for lease during the Lease Term shall be effective on the first day of the month after such change occurs. Upon written notice to TenantLandlord may, Landlord shall at Landlord's election, estimate in advance and charge to Tenant as Common Area costsmonthly, Tenant’s Pro Rata Share of all Real Property Taxes for the Project for which Tenant is liable under Section 4.02 of the this Lease, Tenant’s Pro Rata Share of all insurance premiums for the Project for which Tenant is liable under Section 4.04 of the this Lease, Tenant’s Pro Rata Share of all operation, maintenance and repair costs for the Project for which Tenant is liable under Section 4.05 and Section 6.03 6.04 of the this Lease, and all other costs Common Area Expenses payable by Tenant with Common Area costs hereunder. The level Tenant shall pay such estimated amounts monthly along with Tenant's payment of such costs shall be in accordance with good commercial practices for comparable buildings in the area and shall not exceed competitive market rates. Such statements of estimated Common Area costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by LandlordBase Rent. Landlord may adjust such estimates at any time upon a material change in costs, based upon reasonable Landlord's experience and anticipation of costs. Such adjustments shall be effective as of the next rent payment date after notice to Tenant. At Landlord's election, such estimated Common Area Expenses shall be paid quarterly or monthly. Within one hundred twenty ninety (12090) days after the end of each calendar year of the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Common Area costs Expenses paid or incurred by Landlord during the preceding calendar year and Tenant’s Pro-'s Pro Rata Share. Upon receipt of such statement, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) so that Landlord shall receive the entire amount of Tenant’s Pro-Rata Share 's share of such costs and expenses for such period within thirty (30) days period. Notwithstanding anything to the contrary contained herein, Landlord shall have the right, from time to time, to equitably allocate some or all of receipt of such statement. Tenant may, within ninety (90) days after the communication of such adjustment, review Landlord’s records relating to Common Area costs covered by such adjustment, at Tenant’s sole cost and expense, at Expenses for the place Landlord normally maintains such records during Landlord’s normal business hours. If following such review Tenant shall dispute one Project among different portions or more items and Landlord and Tenant are unable to agree as to any disputed items within fifteen (15) days after Tenant notifies Landlord tenants of the disputeProject ("Cost Pools"), then Tenant may at its sole cost in Landlord's reasonable discretion. The Common Area Expenses within each such Cost Pool shall be allocated and expense, engage an independent certified public accounting firm (which firm shall not have been engaged by either Landlord or Tenant for any purpose in the twelve months preceding the date of Tenant’s dispute notice) to audit Landlord’s records relating charged to the disputed items, which audit shall be scheduled promptly at the reasonable convenience of both Landlord and Tenant and shall take place tenants within such Cost Pool in Landlord’s offices. If the results of such audit indicate that the aggregate cost or allocation of the disputed items is incorrect, then Landlord shall refund the discrepancy, and if the amount of the discrepancy is more than three percent (3%), then Landlord shall pay the reasonable costs of such auditan equitable manner.
Appears in 1 contract
Samples: Industrial Real Estate Lease (All American Semiconductor Inc)