Expense Comparison Year definition
Examples of Expense Comparison Year in a sentence
Tenant shall make payments on account of Expense Payments for the first Expense Comparison Year on the basis of estimates prepared by Landlord, payments to be made monthly on the first day of each month during such first Expense Comparison Year.
The monthly payments based on the total payment for the preceding Expense Comparison Year shall be adjusted, from time to time, to reflect Landlord's reasonable estimate of increases in rates and expenses for the current Expense Comparison Year.
The payments based on such estimates shall be adjusted following the expiration of the first Expense Comparison Year, upon rendition of Landlord's Statement for that year.
The payments required to be made under clauses (y) and (z) above shall be subject to adjustment as and when Landlord's Statement for such current Expense Comparison Year is rendered by Landlord.
If the Expiration Date or earlier date upon which the term of this lease may expire or terminate shall be on a date other than the last day of a Tax or Expense Comparison Year, Tenant's Tax Payment and Expense Payment for such partial Tax or Expense Comparison Year (as the case may be) shall be appropriately prorated.
If in a Tax Comparison Year the Taxes are less than the Base Tax, and/or if in an Expense Comparison Year, the Operating Expenses are less than the Base Operating Expenses, the Tenant shall not be entitled to receive a credit, by way of a reduction in fixed rent, a refund of all or a portion of prior (or a credit against future) Tax Payments or Expense Payments, or otherwise.
In the event that a notice sent by facsimile or Email includes a request for confirmation of the receipt thereof, such a confirmation shall be sent no later than one business day after receipt of the notice.
If the Building Office Space is not fully operational or occupied during any Fuel, Utilities and Electric Expense Comparison Year, then the Fuel, Utilities and Electric Expenses for each such year shall be calculated by Owner by projecting actual expenses to such amount as would have been incurred if the Building Office Space had been fully operational and 95% occupied.
In the event of any partial Expense Comparison Year, Lessee shall pay the increase, if any, based on the number of days of the Expense Comparison Year included within the Lease Term.
If the Building is not fully operational or occupied during any Expense Comparison Year, then the Operating Expenses for each such year shall be calculated by Owner by projecting actual expenses to such amount as would have been incurred if the Building had been fully operational and 95% occupied.