Insurance Costs definition
Examples of Insurance Costs in a sentence
Tenant shall pay to Landlord, as Additional Rent, Tenant’s Percentage of Insurance Costs (as hereinafter defined) paid or incurred by Landlord with respect to the Property in any twelve (12) month period established by Landlord (an “Operating Year”) during the Term of this Lease (Tenant’s Percentage of Insurance Costs being hereinafter referred to as “Tenant’s Insurance Cost Obligation”).
Within a reasonable period of time after the end of each Operating Year during the Term, Landlord shall furnish to Tenant an itemized statement setting forth the amount of Insurance Costs for the preceding Operating Year for the Building and the Property and a computation of Tenant’s Insurance Cost Obligation.
Tenant shall pay to Landlord, as Additional Rent, Tenant’s Percentage of Taxes and Insurance Costs as provided in Sections 4.2.1 and 4.2.2, and all other charges and amounts payable by or due from Tenant to Landlord as expressly provided in this Lease (all such amounts referred to in this sentence being “Additional Rent”).
Taxes and Insurance Costs may be referred to herein, collectively, as “Operating Costs”.
Any such year-end statement by Landlord relating to Insurance Costs shall be final and binding upon Tenant unless Tenant shall, within [*] days after receipt thereof, contest any items therein by giving notice to Landlord specifying each item contested and the reasons therefor.