Controllable Operating Expenses Cap definition

Controllable Operating Expenses Cap for the second calendar year shall be an amount equal to one hundred five (105%) percent of the amount of Controllable Operating Expenses for the first calendar year. The “Controllable Operating Expenses Cap” for each subsequent calendar year shall be an amount equal to one hundred five (105%) percent of the Controllable Operating Expenses Cap for the immediately preceding calendar year. Notwithstanding anything contained herein to the contrary, if, by operation of the Controllable Operating Expenses Cap, Landlord is unable to collect the entire amount which would otherwise have been payable by Tenant as Tenant’s proportionate share of increases in Operating Expenses with respect to any particular calendar year (such amount in excess of the Controllable Expenses Cap, the “Carryover Expenses”), then, for purposes of calculating Tenant’s proportionate share of increases in Operating Expenses for any subsequent years of the Term, Landlord shall have the right to add the Carryover Expenses to the Operating Expenses for such subsequent years until the entire amount of the Carryover Expenses have been so applied, provided that in no event shall the Operating Expenses for any such subsequent calendar year, including any Carryover Expenses, if applicable, be increased by more than the amount of the Controllable Operating Expenses Cap for such calendar year. By way of example and not in limitation, the following is a calculation of the Controllable Expenses Cap: If the Controllable Operating Expenses for the first calendar year are $100,000.00, then the Controllable Operating Expenses Cap for the immediately succeeding five (5) calendar years would be calculated as follows: (i) for the second calendar year, the Controllable Operating Expenses Cap would be $105,000.00 (i.e., 105% x $100,000.00= $105,000.00; (ii) for the third calendar year, the Controllable Operating Expenses Cap would be $110,250.00 (i.e., 105% x $105,000.00= $110,250.00); (iii) for the fourth calendar year the Controllable Operating Expenses Cap would be $115,762.50 (i.e., 105% x $110,250.00= $115,762.50); for the fifth calendar year, the Controllable Operating Expenses Cap would be $121,550.62 (i.e., 105% x $115,762.50= $121,550.62); and for the sixth calendar year, the Controllable Operating Expenses Cap would be $127,628.16 (i.e., 105% x $121,550.62= $127,628.16).

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Controllable Operating Expenses Cap means the First Year Controllable Operating Expenses multiplied by the applicable “Growth Factor” set forth in the following schedule for such 12-month Lease Year: Calendar Year 2005 1.04 Calendar Year 2006 1.08 Calendar Year 2007 1.12 Calendar Year 2008 1.16 Calendar Year 2009 1.20 Calendar Year 2010 1.24 Calendar Year 2011 1.28 Calendar Year 2012 1.32 Calendar Year 2013 1.36 Calendar Year 2014 1.40 Calendar Year 2015 1.44

Controllable Operating Expenses Cap means the actual amount of Controllable Operating Expenses (as adjusted pursuant to the provisions of Sections 3.7 and 3.10 hereof) for the initial Lease Year, and for each succeeding Lease Year, one hundred five and one-half percent (105.5%) of the Controllable Operating Expenses Cap for the immediately preceding Lease Year, with the annual five and one-half percent (5.5%) increase in the Controllable Operating Expenses Cap to be compounded each year on a cumulative basis.

Examples of Controllable Operating Expenses Cap in a sentence

• Notwithstanding anything contained in Article 3 to the contrary, the amount of Controllable Operating Expenses (as hereinafter defined) included within the calculation of Operating Expenses for the purpose of calculating Tenant's Share of Operating Expenses for any given Lease Year shall not exceed one hundred five and one-half percent (105.5%) of the Controllable Operating Expenses Cap (as hereinafter defined) for the immediately preceding Lease Year.

• As used herein, the term “Controllable Operating Expenses Cap” shall mean, for the first full calendar year of the Lease, the actual Controllable Operating Expenses for such calendar year, and for each subsequent calendar year, the lesser of (i) the actual Controllable Operating Expenses for such calendar year or (ii) one hundred seven percent (107%) of the Controllable Operating Expenses Cap for the preceding calendar year.

• The Controllable Operating Expenses Cap is not cumulative (i.e., the unused portion of one particular calendar year’s cap shall not be carried forward to absorb any future Operating Expenses that would otherwise be in excess of the cap for such subsequent calendar years, nor shall any amount of Controllable Operating Expenses that are in excess of the cap be included in any subsequent calendar year calculations of the amount of Controllable Operating Expenses to be passed through to Tenant).

• In no event shall Tenant’s Controllable Operating Expenses, as defined in herein, for any calendar year from and after 2008 exceed the Controllable Operating Expenses Cap.

• The “Controllable Operating Expenses Cap” for each subsequent calendar year shall be an amount equal to one hundred five (105%) percent of the Controllable Operating Expenses Cap for the immediately preceding calendar year.

• The Employer will give as much notice to the affected employee(s) and the Union as possible when reductions in force are contemplated but no less than two (2) weeks before layoffs are to occur, unless there is an immediate loss of funding and/or governmental mandate of program closure or stoppage of service.

• If Landlord incurs Controllable Operating Expenses Cap, the excess Controllable Operating Expenses shall be carried forward and treated as a Controllable Operating Expense in the following and each subsequent year until the excess is used (or until the Expiration Date, if earlier).

More Definitions of Controllable Operating Expenses Cap

Controllable Operating Expenses Cap means, for the first full calendar year of the Lease, the actual Controllable Operating Expenses for such calendar year, and for each subsequent calendar year, the lesser of (i) the actual Controllable Operating Expenses for such calendar year or (ii) one hundred seven percent (107%) of the Controllable Operating Expenses Cap for the preceding calendar year. As used herein, the term “Controllable Operating Expenses” shall mean, all Operating Expenses other than costs and expenses for Property Taxes (including, but not limited to, any office park assessments or association fees), utilities (including, but not limited to electricity, fuel, water and sewer), refuse and/or trash removal (to the extent such removal service is limited to a mandated or required municipal service provider), insurance, and capital costs permitted to be included in Operating Expenses as provided in the definition of Operating Expenses as provided in this Lease.

Controllable Operating Expenses Cap means: (i) relative to the calendar year 2008, the amount obtained by multiplying the amount of Controllable Operating Expenses for calendar year 2007 by 1.05; and (ii) relative to each calendar year subsequent to calendar year 2008, the amount obtained by multiplying the Controllable Operating Expenses Cap for the previous calendar year by 1.05. “Controllable Operating Expenses” shall mean all operating and maintenance costs chargeable pursuant to this Lease other than: (i) property taxes, including but not limited to, personal and ad valorem taxes; (ii) cost of all insurance coverage for the Building and the common areas, including, but not limited to, the cost of fire, casualty, rental abatement, boiler and machinery, worker’s compensation and liability insurance applicable to the Building and the common areas and Landlord’s personal property used in connection therewith; (iii) all charges for gas, water, sewerage service, electricity and other utilities furnished to the Building and the common areas; (iv) ice and snow removal; and (v) the Building’s proportionate share of any and all assessments and other charges payable by Landlord relative to the Business Park under the terms of any applicable restrictive covenants, agreements or similar documents.