Project Operating Expenses definition
Project Operating Expenses. Those Operating Expenses described in Section 4.01.
Project Operating Expenses. Those Operating Expenses described in Section 4.01. REAL PROPERTY: The Property excluding any personal property. RENT: Collectively, Monthly Base Rent, Rent Adjustments and Rent Adjustment Deposits, and all other charges, payments, late fees or other amounts required to be paid by Tenant under this Lease.
Project Operating Expenses shall include all reasonable and necessary expenses incurred by Landlord in the ownership, operation, maintenance, repair and management of the Project and/or the Common Area, including, but not limited to the following:
Examples of Project Operating Expenses in a sentence
Tenant shall pay monthly to Landlord Tenant’s Share of the Building Operating Expenses and Tenant’s Share of Project Operating Expenses in each calendar year.
All expenses and costs of the Borrower other than Project Operating Expenses.
Landlord and Tenant hereby acknowledge, agree and stipulate that, notwithstanding anything to the contrary in the Lease, from and after the Amendment Effective Date, there are not, and shall not be, any Common Areas under the Lease and there shall be no Project Operating Expenses under Section 7.2.3 of the Original Lease (but without limiting Building Operating Expenses payable by Tenant).
The provisions of this Section 32.15 shall not apply to nor operate to excuse Tenant from the payment of Monthly Basic Rent, Project Operating Expenses, additional rent or any other payments strictly in accordance with the terms of this Lease.
Landlord's Insurance Coverages consist of any insurance coverage reasonably maintained by Landlord in connection with the operation of the Project, which coverages may include: a public liability insurance policy; an all-risk property insurance policy, including coverage for rental loss on account of property damage; and workers' compensation coverage for personnel carrying out activities chargeable to Project Operating Expenses.
More Definitions of Project Operating Expenses
Project Operating Expenses means all costs and expenses relating to the maintenance and operation of the Project, as set forth in a Budget pursuant to Section 4.5 hereof.
Project Operating Expenses means for a given calendar year (or such other lesser period of time as may be applicable, e.g., upon a termination or expiration of this Lease, or upon a Permitted Transfer), all cash operating expenses and unpaid expenses that are properly accrued of Tenant for the use, operation and management of the Premises, including without limitation, (i) all public and private utilities and services and any easement or agreement maintained for the benefit of the Premises; (ii) Impositions (whether paid directly or into an Impositions Account in accordance with this Lease); (iii) insurance required to be maintained by Tenant pursuant to Article 7 of this Lease; (iv) all amounts due to Mortgagees under Mortgages (other than in connection with the Housing Blueprint Loan), to the extent such amounts are not in duplication of other items that are Project Operating Expenses herein (e.g. Impositions); (v) all repairs and replacements required under this Lease (unless funded from a source not included in Gross Project Revenues);
Project Operating Expenses means all accrued expenses by the Consolidated Operating Projects which are necessary for the continued operation and maintenance of the Consolidated Operating Projects which shall include operating lease payments and foreign taxes paid but exclude depreciation and amortization or any capital expenditure undertaken primarily to increase the efficiency of, expand or re-power the Consolidated Operating Projects or capital expenditures for environmental purposes which are not required by applicable law.
Project Operating Expenses means all of the reasonable expenses incurred by Landlord in the Operation of the Project except for those expenses which are specifically excluded in this paragraph below, as may be adjusted by the following sentence. If during all or part of any Fiscal Year the Project has not been fully occupied, then for the purposes of computing Project Operating Expenses for such Fiscal Year, Project Operating Expenses shall be those expenses which would have reasonably been incurred had the Project been fully occupied and would otherwise qualify as proper Project Operating Expenses. The preceding sentence shall in no event allow Landlord to receive payment or reimbursement for more than 100% of the expenses actually incurred by Landlord for the relevant Fiscal Year. Project Operating Expenses includes, without limitation: (a) the cost of any personnel of Landlord directly involved in the operation of the Project, provided such personnel are not above the grade of building manager and provided that the cost of any personnel serving more properties than the project is allocated to the Project only in proportion to the time spent on the Project business; (b) the cost of equipment and supplies used in the maintenance and operation of the Project (salt and sand in the winter months, for example); (c) the cost of keeping the Project in good repair (repairs & replacements); (d) the cost of utilities serving the Common Area and utilities serving the Leased Premises other than those in Article 5 hereof (electricity for the parking lot lighting and HVAC, for example; (e) a reasonable management fee consistent with the operation of a first-class office building in the local market; (f) the cost of maintenance and cleaning of the Common Area; (g) the cost of equipment maintenance contracts; (h) landscaping costs; (i) restriping and repairing the parking area serving the Project;
Project Operating Expenses means all Operating Expenses that are not included as Phase Operating Expenses (defined below) and that are not either Building Operating Expenses or operating expenses directly and separately identifiable to the operation, maintenance or repair of any other building located in the Project, but Project Operating Expenses includes operating expenses allocable to any areas of the Building or any other building during such time as such areas are made available by Landlord for the general common use or benefit of all tenants of the Project, and their employees and invitees, or the public, as such areas currently exist and as they may be changed from time to time;
Project Operating Expenses means, with respect to each Lease Year (or any Calendar Quarter or other period of time, as applicable) all operating expenses of the Tenant for the use, operation and management of the Premises, including without limitation, (i) all public and private utilities and services and any easement or agreement maintained for the benefit of the Premises, (ii) Impositions (whether paid directly or into an Impositions Account in accordance with this Lease), (iii) insurance required to be maintained by Tenant pursuant to Article 7 of this Lease, (iv) all amounts due to Mortgagees under Mortgages (other than in connection with the Housing Blueprint Loan) (to the extent such amounts are not in duplication of other items that are Project Operating Expenses herein (e.g. Impositions)), (v) all repairs and replacements required under this Lease (or any Sublease or Residential Lease that is the obligation of Tenant, as landlord, provided the same is commercially standard in a first-class senior residential facility in the Fairfax County, Virginia area), (vi) Capital Improvements, (vii) reasonable reserves for the Premises set aside by Tenant, and (viii) management fees payable by Tenant related to the Approved Property Manager, and (ix) any reasonable third-party out-of-pocket audit, accounting and legal costs and fees incurred by Tenant. Project Operating Expenses shall only include those expenses incurred by Tenant, as opposed to expenses incurred by the Tax Credit Project Owners.
Project Operating Expenses means the following costs, which may be paid from Project Income in the following order of priority to the extent of available Project Income: (a) all charges incurred in the operation of the Project for utilities, real estate and/or possessory interest taxes, assessments, and liability, fire, and other hazard insurance premiums; (b) salaries, wages, and other compensation due and payable to the employees or agents of the Tenant who maintain, administer, operate, or provide services in connection with the Permanent Supportive Housing at the Project, including all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required for such employees; (c) all other expenses actually incurred by the Tenant to cover routine operating and services provision costs of the Project, including maintenance and repair; (e) deposits to reserves accounts required to be established under this Agreement or by HSH under a separate agreement; (f) if applicable, approved annual asset management fees indicated in the Annual Operating Budget and approved in advance by the City; and (g) any extraordinary expenses as approved in advance by the City. Project Expenses does include Commercial Expenses, if applicable.