Additional Rent Items Clause Samples

Additional Rent Items. Upon reconciliation by Landlord of real estate taxes, insurance premiums or common area costs for the year in which the Closing Date occurs, a calculation shall be made by either VCDS or BURLINGTON as to the amounts that each such party should have paid toward such real estate taxes, insurance premiums or common area costs for that year. VCDS and BURLINGTON agree that VCDS shall be liable for a portion of the deficiency due for that year equal to a fraction, the numerator of which is the number of days in the reconciled year through the day before the applicable Possession Date and the denominator of which is the number of days in such reconciled year. The balance shall be paid by BURLINGTON. Upon the determination that a deficiency for any such item is due for such year, BURLINGTON shall notify VCDS of the amount thereof and VCDS shall pay to BURLINGTON such amount due from VCDS within twenty (20) days from the date of such notice. If, on the other hand, a reconciliation of any such item reveals VCDS’ payment to the applicable Landlord exceeded its share of such item, BURLINGTON shall remit to VCDS the amount of such excess payment made by VCDS. Such remission shall be made to VCDS within twenty (20) days after demand therefor from VCDS. Within five (5) Business Days after BURLINGTON’s receipt of any reconciliation from a Landlord, BURLINGTON shall send complete copies to VCDS of whatever was received by BURLINGTON.