Common use of Actual Statement Clause in Contracts

Actual Statement. By the first day of April of each succeeding calendar year during the Term of this Lease, Landlord shall endeavor to deliver to Tenant a substantially detailed statement ("Actual Statement") of the actual Operating Expenses and Excess Expenses for the immediately preceding calendar year. Landlord shall show by account the total Operating Expenses including detailed Excess Expense for the Building/Project and all adjustments corresponding to the requirements as set forth herein. Landlord shall provide in reasonable detail its calculation of Tenant's prorata share of Building/Project Operating Expenses, including Landlord's computation setting forth the ratio of the Premises rentable square feet to the Building/Project rentable square feet stated in 1.14(a) and (b). If the Actual Statement reveals that Excess Expenses were overstated or understated in any Estimate Statement (or revised Estimate Statement) previously delivered by Landlord pursuant to Subparagraph 6.5 above, then within thirty (30) days after delivery of the Actual Statement, Tenant shall pay to Landlord the amount of any such underpayment, or, Landlord shall pay to Tenant (or credit against the next monthly rent falling due), the amount of such overpayment, as the case may be.