Base Expense Factor definition
Base Expense Factor means the quotient, expressed in dollars and cents, of (i) the Operating Expenses payable for the Base Operating Year, divided by (ii) the Center Operating Area for the Base Operating Year.
Base Expense Factor means the quotient, expressed in dollars and cents, of (i) the Operating Expenses payable for the Base Expense Year, divided by (ii) the Center Operating Area for the Base Expense Year. (b) “Base Tax Factor” means the quotient, expressed in dollars and cents, of (i) the Taxes payable for the Base Tax Year, divided by (ii) the Center Tax Area for the Base Tax Year. (c) “Center Operating Area” means the number of square feet in the rentable area of the Center which is operated and maintained by Landlord or an affiliate of Landlord or at the expense of Landlord or an affiliate of Landlord. Notwithstanding the foregoing, Landlord may elect, in its sole discretion from time to time, to: (i) subtract from the Center Operating Area the number of square feet in the rentable area of the Center operated and maintained by Landlord or an affiliate of Landlord but (A) operated and maintained at the expense of any person or entity other than Landlord (or an affiliate of Landlord) or (B) owned, as a condominium unit or otherwise, by any person or entity other than Landlord; (ii) add to the Center Operating Area the number of square feet in the additional rentable area of the Center operated and maintained by Landlord or an affiliate of Landlord or at the expense of Landlord or an affiliate of Landlord; or (iii) limit the Center Operating Area to the number of square feet in the rentable area of the Building. (d) “Center Tax Area” means the number of square feet in the rentable area of the Center for which Taxes are payable by Landlord or an affiliate of Landlord, excluding the 10
Examples of Base Expense Factor in a sentence
In no event shall any decrease in Expense Factor or Tax Factor in any Comparison Year below the Base Expense Factor or Base Tax Factor, as the case may be, result in a reduction in the Fixed Rent or any other component of Additional Rent payable hereunder.