Excess Operating Expenses. Tenant shall pay Tenant’s Pro Rata Share of the amount, if any, by which Operating Expenses (defined in Section 4.D) for each calendar year during the Term exceed Operating Expenses for the Base Year (the “Excess Operating Expenses”). If Operating Expenses in any calendar year decrease below the amount of Operating Expenses for the Base Year, Tenant’s Pro Rata Share of Excess Operating Expenses for that calendar year shall be $0. In no event shall Base Rent be reduced if Operating Expenses for any calendar year are less than Operating Expenses for the Base Year. On or about January 1 of each calendar year, Landlord shall provide Tenant with a good faith estimate of the Excess Operating Expenses for such calendar year during the Term. On or before the first day of each month, Tenant shall pay to Landlord a monthly installment equal to one-twelfth of Tenant’s Pro Rata Share of Landlord’s estimate of the Excess Operating Expenses. If Landlord determines that its good faith estimate of the Excess Operating Expenses was incorrect, Landlord may provide Tenant with a revised estimate. After its receipt of the revised estimate, Tenant’s monthly payments shall be based upon the revised estimate. If Landlord does not provide Tenant with an estimate of the Excess Operating Expenses by January 1 of a calendar year, Tenant shall continue to pay monthly installments based on the most recent estimate(s) until Landlord provides Tenant with the new estimate. Upon delivery of the new estimate, an adjustment shall be made for any month for which Tenant paid monthly installments based on the same year’s prior incorrect estimate(s). Tenant shall pay Landlord the amount of any underpayment within 30 days after receipt of the new estimate. Any overpayment shall be credited against the next sums due and owing by Tenant or, if no further Rent is due, refunded directly to Tenant within 30 days of determination. The obligation of Tenant to pay for Excess Operating Expenses as provided herein shall survive the expiration or earlier termination of this Lease.
Excess Operating Expenses. (a) In the event that during a Trigger Period Owner or Operating Lessee incurs any Operating Expenses in excess of Approved Operating Expenses (excluding Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b) of the Mortgage Loan Agreement) (“
Excess Operating Expenses. (a) In the event that Owner incurs any Operating Expenses in excess of Approved Operating Expenses (excluding Restricted Payments and any Incentive Management Fees) (“
Excess Operating Expenses. Tenant shall pay Tenant’s Pro Rata Share of the amount, if any, by which Operating Expenses (defined in Section 4.D) for each calendar year during the Term exceed Operating Expenses for the Base Year (the “Excess Operating Expenses”). Notwithstanding the foregoing, Tenant’s Pro Rata Share of Controllable Expenses (defined below) shall not increase by more than 5% over Tenant’s Pro Rata Share of Controllable Expenses in the previous calendar year, including the Base Year, on a cumulative, compounded basis. However, any increases in Excess Operating Expenses not recovered by Landlord due to the foregoing limitation shall be carried forward into succeeding calendar years during the Term (subject to the foregoing limitation) until fully recouped by Landlord. For example, if Controllable Expenses were $100.00 in 2011, then the total Controllable Expenses that could be included in Operating Expenses in 2012 would be $105.00, for 2013 the amount would be $110.25, for 2014 the amount would be $115.76, and so on. In the preceding example, if Controllable Expenses in both 2013 and 2014 were $112.75, then Landlord could include only $110.25 in Operating Expenses in 2013, but $115.25 (the Controllable Expenses plus the carry-forward from 2013) in 2014. The term “Controllable Expenses” means all Operating Expenses excluding expenses relating to the cost of utilities, security expenses, insurance, real estate taxes and assessments, and other expenses not within Landlord’s control. If Operating Expenses in any calendar year decrease below the amount of Operating Expenses for the Base Year, Tenant’s Pro Rata Share of Excess Operating Expenses for that calendar year shall be $0. In no event shall Base Rent be reduced if Operating Expenses for any calendar year are less than Operating Expenses for the Base Year. On or about January 1 of each calendar year, Landlord shall provide Tenant with a good faith estimate of the Excess Operating Expenses for such calendar year during the Term. On or before the first day of each month, Tenant shall pay to Landlord a monthly installment equal to one-twelfth of Tenant’s Pro Rata Share of Landlord’s estimate of the Excess Operating Expenses. Prior to May 1 of each calendar year of the Term, if Landlord determines that its good faith estimate of the Excess Operating Expenses was incorrect, Landlord may provide Tenant with a revised estimate. After its receipt of the revised estimate, Tenant’s monthly payments shall be based upon the revis...
Excess Operating Expenses. 31 9.3 TENANT'S AUDIT RIGHTS.....................................32
Excess Operating Expenses. (a) In the event that, for any Operating Year, Operating Expenses shall exceed Base Operating Expenses, then Tenant shall pay to Landlord, as Additional Rent, an amount equal to Tenant's Proportionate Share of such excess Operating Expenses, such amount to be apportioned for any portion of an Operating Year in which the Commencement Date falls or the Lease Term ends.
Excess Operating Expenses. 9 3.3 Tenant's Prorata Share of Excess Operating Expenses...................9
Excess Operating Expenses. Further Issuance of Interests; Operating Expenses Reimbursement Obligation(s). 22 Section 6.5 Allocation of Expenses. 22 Section 6.6 Overhead of the Managing Member. 23
Excess Operating Expenses. Further Issuance of Interests; Operating Expenses Reimbursement Obligation(s). 22
Excess Operating Expenses. On or about January 1 of each calendar year, Landlord shall provide Tenant with a good faith estimate of the Excess Operating Expenses for the Building and the Project for the coming calendar year. If Landlord determines that its estimate of the Excess Operating Expenses for the Building and the Project was incorrect, Landlord may provide Tenant with a revised estimate. Thereafter, Txxxxx’s monthly payments shall be based upon the revised estimate. If Landlord does not provide such estimate by January 1 of a calendar year, Tenant shall pay monthly installments based on the most recent estimate delivered until Landlord provides Tenant with the new estimate. Tenant’s Pro Rata Share of Operating Expenses for the Building and the Project for any calendar year shall never be less than $0.
