Common use of Verification of Additional Rent Clause in Contracts

Verification of Additional Rent. Not later than one hundred twenty (120) days after the expiration of each Lease Year included in the Lease Term, Landlord shall submit to Tenant a written statement, certified by Landlord's financial officer or the financial officer of Landlord's property manager in sufficient detail for verification by Tenant, containing the amount of actual Additional Rent for such Lease Year broken down by component expenses, the Operating Cost increase for the Lease Year, and the amount if any Tenant owes Landlord or the amount Landlord owes Tenant as a refund for such year. If Landlord does not furnish Tenant with a certified statement of Additional Rent within six (6) months after the end of the Lease Year, then Landlord shall be deemed to have waived forever any and all claims for reimbursement from Tenant for underpayment of Additional Rent for the Lease Year, in addition to any other rights and remedies to which Tenant may be entitled under this Lease. Landlord's books and records shall be kept in accordance with generally accepted accounting principles. Tenant or its audit representatives shall have the right to inspect and audit Landlord's books and records with respect to this Lease to verify actual Additional Rent within two (2) years of receipt of a certified statement of Additional Rent. Tenant shall have the right to retain a copy of the audit for its records. If Tenant's audit of the Additional Rent reveals an overcharge of more than five percent (5%), Landlord promptly shall reimburse Tenant for the out of pocket cost of the audit. Any overcharge or underpayment of Additional Rent shall be due from one party to the other within thirty (30) days after the amount of the overcharge or underpayment has been fixed. The foregoing rights also shall apply with respect to verification of any amounts charged by Landlord to Tenant for utility costs and Real Estate Taxes.

Verification of Additional Rent. Not later than Unless Tenant asserts specific errors within one hundred twenty eighty (120180) days after alter Landlord has submitted the expiration of each Lease un-audited financial statement for a Fiscal Year included in the Lease Term, Landlord shall submit to Tenant a written statement, certified by Landlord's financial officer or the financial officer of Landlord's property manager in sufficient detail for verification by Tenant, containing Tenant shall have no right to contest the amount of actual Additional Rent for such Lease Year broken down by component expenses, the Tenant’s pro rata share of Real Estate Taxes and/or Operating Cost increase for the Lease Year, and the amount if any Tenant owes Landlord Expenses or the amount Landlord owes statement submitted by Landlord. No such assertion of error by Tenant shall extend the time for payments as a refund for such yearset forth in Sections 2.2 and 2.3 above. If Tenant has given a timely assertion of error and if it shall be determined by Landlord does not furnish there is an error in Landlord’s statement, Tenant with shall be entitled to a certified statement credit for any overpayment, which shall be applied to any sums then due Landlord under this Lease and then to the next installment(s) of Additional Rent within six (6) months after until fully credited for the end of overpayment, or refunded if Tenant has vacated the Lease YearDemised Premises, then Landlord or Tenant shall be deemed billed for any underpayment and shall remit any amount owing to have waived forever any and all claims for reimbursement from Tenant for underpayment Landlord within ten (10) business days of Additional Rent for Tenants receipt of such statement. Notwithstanding anything herein to the Lease Yearcontrary, in addition to any other rights and remedies to which the event Tenant may be entitled under this Lease. Landlord's books and records shall be kept asserts in accordance with generally accepted accounting principles. Tenant or its audit representatives shall have a timely fashion a specific error in the right to inspect and audit Landlord's books and records with respect to this Lease to verify actual Additional Rent within two (2) years of receipt of a certified statement of Additional Rent. Operating Expenses submitted by Landlord, Tenant shall have the right to retain examine, or have its accountant examine, at the office of Landlord’s accountant the books and records relating to the error specifically asserted from which such statement has been prepared. No such examination shall extend the time for payments due in accordance with this Section 2.3, however, Tenant shall pay upon demand a copy reasonable sum to reimburse Landlord for the costs of services of Landlord’s accountant in cooperating and assisting in the audit for its recordsexamination. If Tenant's audit of the Additional Rent reveals an overcharge of specific error asserted amounts to more than five percent (5%)) of the Operating Expenses statement and Tenant is found to have been correct, Landlord promptly shall reimburse Tenant for the out of pocket cost of the audit. Any overcharge or underpayment of Additional Rent shall be due from one party to the other within thirty (30) days after the amount of the overcharge or underpayment has been fixed. The foregoing rights also shall apply with respect to verification of any amounts charged by Landlord to Tenant for utility bear its and Tenant’s reasonable accountants’ costs and Real Estate Taxesexpenses.

Verification of Additional Rent. Not later than one hundred twenty Unless Tenant asserts specific errors within ninety (12090) days after Landlord has submitted the un-audited financial statement for a Fiscal Year to Tenant, Tenant shall have no right to contest the amount of Tenant’s pro rata share of Real Estate Taxes and/or Operating Expenses or the statement submitted by Landlord. No such assertion of error by Tenant shall extend the time for payments as set forth in Sections 2.2 and 2.3 above. If Tenant has given a timely assertion of error and if it shall be determined by Landlord there is an error in Landlord’s statement, Tenant shall be entitled to a credit for any overpayment, which shall be applied to any sums then due Landlord under this Lease and then to the next installment(s) of Additional Rent until fully credited for the overpayment, or refunded if Tenant has vacated the Demised Premises, or Tenant shall be billed for any underpayment and shall remit any amount owing to Landlord within ten (10) business days of Tenant’s receipt of such statement. Notwithstanding the foregoing, provided that Tenant has made all payments that have been invoiced by Landlord and is not otherwise in default beyond the expiration of each Lease Year included in the Lease Term, Landlord shall submit to Tenant a written statement, certified by Landlord's financial officer or the financial officer of Landlord's property manager in sufficient detail for verification by Tenant, containing the amount of actual Additional Rent for such Lease Year broken down by component expenses, the Operating Cost increase for the Lease Yearany applicable notice and cure period, and the amount if any Tenant owes Landlord Operating Expenses or Real Estate Taxes have increased by more than three percent (3%) in the amount Landlord owes Tenant as a refund for such year. If Landlord does not furnish Tenant with a certified statement of Additional Rent within six (6) months after aggregate over the end of the Lease immediately previous Fiscal Year, then Landlord shall be deemed to have waived forever any and all claims for reimbursement from Tenant for underpayment of Additional Rent for the Lease Year, in addition to any other rights and remedies to which Tenant may be entitled under this Lease. Landlord's books and records shall be kept in accordance with generally accepted accounting principles. Tenant or its audit representatives shall have the right to inspect and audit Landlord's books and records with respect to this Lease to verify actual Additional Rent within two (2) years of receipt of a certified statement of Additional Rent. Tenant shall have the right to retain audit the books and records of landlord relating to Landlord’s Operating Expenses or Real Estate Taxes provided: (i) Tenant gives Landlord thirty (30) days’ prior written notice of its intent to audit; (ii) the audit occurs during Landlord’s normal business hours and in Landlord’s principal offices; (iii) Tenant may only audit said records and books once during each calendar year; (iv) Tenant may only conduct the audit of a calendar year’s books and records within ninety (90) days following delivery of the Financial Statement for the item in question for any calendar year; (v) the auditor shall not be compensated on a contingency basis; (vi) Tenant provides Landlord with a copy of the audit for its records. If Tenant's audit of the Additional Rent reveals an overcharge of more than five percent auditor’s report, within ten (5%), Landlord promptly shall reimburse Tenant for the out of pocket cost of the audit. Any overcharge or underpayment of Additional Rent shall be due from one party to the other within thirty (3010) days after its receipt by Tenant; and (vii) the amount of the overcharge or underpayment has been fixed. The foregoing rights also shall apply auditor agrees to execute a confidentiality agreement with respect to verification of such audit. Neither Tenant nor its auditor shall be entitled to audit or examine any amounts charged by Landlord records specifically pertaining to Tenant for utility costs and Real Estate Taxesanother tenant at the Building.