Common use of Additional Rental Clause in Contracts

Additional Rental. Lessee shall pay to Lessor as additional rental (“Additional Rental” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of the increase each year in Operating Expense (as hereinafter defined) over the Base Operating Expense (as hereinafter defined). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each calendar year, the Lessor shall deliver to the Lessee (i) a statement of Operating Expenses for the fiscal year just ended, (ii) a computation of Lessee’s share of such Operating Expenses, and (iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing is elected by Lessor, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee for such calendar year, Lessee shall pay such excess within ten (10) days after receipt of Notice of Payment of Additional Rentals. If Lessee’s Share of the Operating Expenses for the applicable calendar year is less than the Additional Rentals paid by Lessee for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals for the calendar year in which the lease term terminates shall be due and payable upon receipt of Notice of Payment of Additional Rentals even if such Notice is received after the lease termination date. With respect to the Additional Rentals, within sixty (60) days from the end of each calendar year, Lessee upon reasonable notice to Lessor, may have access to Lessor’s records to verify, at Lessee’s expense, the Operating Expenses for the applicable calendar year. The base operating expense for the 902 square foot vault (G-102 Extension) shall be $ 3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the Lessee.

Appears in 1 contract

Samples: Lease Agreement (Radiation Therapy Services Holdings, Inc.)

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Additional Rental. Lessee shall pay to Lessor as additional rental (“Additional Rental” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of the increase each year in Operating Expense (as hereinafter defined) over the Base Operating Expense (as hereinafter defined). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. , Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each calendar year, the Lessor shall deliver to the Lessee (i) a statement of Operating Expenses for the fiscal year just ended, (ii) a computation of Lessee’s share of such Operating Expenses, and (iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing is elected by Lessor, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee for such calendar year, Lessee shall pay such excess within ten (10) days after receipt of Notice of Payment of Additional Rentals. If Lessee’s Share of the Operating Expenses for the applicable calendar year is less than the Additional Rentals paid by Lessee for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals for the calendar year in which the lease term terminates shall be due and payable upon receipt of Notice of Payment of Additional Rentals even if such Notice is received after the lease termination date. With respect to the Additional Rentals, within sixty (60) days from the end of each calendar year, Lessee upon reasonable notice to Lessor, may have access to Lessor’s records to verify, at Lessee’s expense, the Operating Expenses for the applicable calendar year. The base operating expense for the 902 square foot vault (G-102 Extension) shall be $ $3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the Lessee.

Appears in 1 contract

Samples: Lease Agreement (Radiation Therapy Services Holdings, Inc.)

Additional Rental. Lessee In addition to Minimum Annual Rental, Tenant shall pay to Lessor Landlord when due each sum of money required to be paid pursuant to this Article 5, Article 16, Article 18, and any other portion of this Lease as additional rental (rent, whether or not the same is designated as additional rent. In addition to the Minimum Annual Rent payable hereunder, Tenant shall pay Landlord as “Additional RentalRentsometimes referred for each calendar year following the Base Year or each portion thereof during the Term Tenant’s Share of the sum of (x) the amount (if any) by which Operating Costs for such period exceed Base Operating Costs, and (y) the amount (if any) by which Premises Taxes for such period exceed Base Taxes. Prior to as “Cost Pass Through” the end of the Base Year and each calendar year thereafter, Landlord shall notify Tenant of Landlord’s estimate of Operating Costs, Premises Taxes and Tenant’s Additional Rent for the following calendar year. Commencing on the first day of January of each calendar year following the Base Year and continuing on the first day of every month thereafter in such year, Tenant shall pay to Landlord one-twelfth (“CPT” in every day language) Lessee’s share (as hereinafter defined1/12th) of the increase each estimated Additional Rent. If Landlord thereafter estimates that Operating Costs or Premises Taxes for such year in Operating Expense will vary from Landlord’s prior estimate, Landlord may, by notice to Tenant, revise the estimate for such year (as hereinafter defined) over and Additional Rent shall thereafter be payable based on the Base Operating Expense (as hereinafter definedrevised estimate). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical reasonably practicable after December 31 the end of the Base Year and each calendar year thereafter, Landlord shall furnish Tenant a statement with respect to such year, the Lessor shall deliver to the Lessee (i) a statement of showing Operating Expenses Costs, Premises Taxes and Additional Rent for the fiscal year just ended, (ii) a computation of Lessee’s share of such Operating Expensesyear, and the total payments made by Tenant with respect thereto (iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the Notice of Payment of Additional RentalsExpense Statement). Lessee shall pay such Additional Rentals Unless Tenant raises any objections to Landlord’s Expense Statement within ten ninety (1090) days after receipt of Notice of Payment the same, such Expense Statement shall conclusively be deemed correct and Tenant shall have no right thereafter to dispute such Expense Statement or any item therein or the computation of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base RentalsRent based thereon. If Tenant does object to such monthly billing is elected by LessorExpense Statement, and Lessee’s share then Landlord shall provide Tenant with reasonable verification of the Operating Expenses for figures shown on the applicable calendar year exceeds Expense Statement and the Additional Rentals paid by Lessee for such calendar year, Lessee Parties shall pay such excess within ten (10) days after receipt of Notice of Payment of Additional Rentals. If Lessee’s Share of the Operating Expenses for the applicable calendar year is less than the Additional Rentals paid by Lessee for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals for the calendar year negotiate in which the lease term terminates shall be due and payable upon receipt of Notice of Payment of Additional Rentals even if such Notice is received after the lease termination date. With respect good faith to the Additional Rentals, within sixty (60) days from the end of each calendar year, Lessee upon reasonable notice to Lessor, may have access to Lessor’s records to verify, at Lessee’s expense, the Operating Expenses for the applicable calendar year. The base operating expense for the 902 square foot vault (G-102 Extension) shall be $ 3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the Lessee.resolve any 9 Landlord /s/ RS____ CA Lease Revision 8.0 – Torrey Hills Corporate Center Tenant /s/ KA____ Skye Bioscience Lease

Appears in 1 contract

Samples: Office Lease (Skye Bioscience, Inc.)

Additional Rental. Lessee (a) Subject to the terms of this Article 8, from and after the Rental Commencement Date, Tenant shall pay to Lessor as additional rental (“Landlord "Tenant's Forecast Additional Rental” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share " (as hereinafter defineddefined in subparagraph (b) of the increase each year in Operating Expense hereinbelow) and "Tenant's Additional Rental" (as hereinafter defineddefined in subparagraph (c) over the Base Operating Expense (as hereinafter definedhereinbelow). “Lessee’s share Payments of Tenant's Forecast Additional Rental shall equal be made as set forth in Article 5(a). (b) For purposes of this Lease, "Tenant's Forecast Additional Rental" shall mean Landlord's reasonable estimate of Tenant's Additional Rental for the coming calendar year or portion thereof. If at any time it appears to Landlord that portion Tenant's Additional Rental for the current calendar year will vary from Landlord's estimate by more than five percent (5%), Landlord shall have the right to revise, by notice to Tenant, its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate of such increase that Tenant's Additional Rental. Failure to make a revision contemplated by the square footage of the Premises bears to all space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but immediately preceding sentence shall not include prejudice Landlord's right to collect the cost full amount of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder)Tenant's Additional Rental. The term “Base Operating Expense” shall mean Prior to the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 Rental Commencement Date and thereafter prior to the beginning of each calendar yearyear during the Lease Term, the Lessor including any extensions thereof, Landlord shall deliver present to the Lessee (i) Tenant a statement of Operating Expenses for the fiscal year just ended, (ii) a computation of Lessee’s share of such Operating Expenses, and (iii) a statement of Tenant's Forecast Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing is elected by Lessor, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee Rental for such calendar year; provided, Lessee however, that if such statement is not given prior to the beginning of any calendar year as aforesaid, Tenant shall continue to pay during the next ensuing calendar year on the basis of the amount of Tenant's Forecast Additional Rental payable during the calendar year just ended until the month after such excess statement is delivered to Tenant. (c) For purposes of this Lease, "Tenant's Additional Rental" shall mean for each calendar year (or portion thereof) the Operating Expense Amount (defined below), less the Expense Stop set forth in Article 1(s), multiplied by the number of square feet of Rentable Floor Area of the Demised Premises. As used herein, "Operating Expense Amount" shall mean an amount equal to (x) plus (y), where: (x) equals the amount of Operating Expenses (as defined below) for such calendar year divided by the greater of (i) 95% of the number of square feet of Rentable Floor "t..J'ea of t..~e Building, or (ii) L1.e total nllillber of square feet of Rentable Floor .Area occupied in the Building for such calendar year on an average annualized basis; provided, however, if the Operating Expenses actually incurred by Landlord are lower than, using reasonable projections would be expected to be incurred using generally accepted accounting principles consistently applied would be incurred if at least 95% of the Building were occupied or if Landlord shall not furnish any particular item(s) of work or services (the cost of which would otherwise be included within ten Operating Expenses) to portions of the Building because (10A) such portions are not occupied, (B) such item of work or services is not required or desired by the tenant of such portion, (C) such tenant is itself obtaining such item of work or services, or (D) of any other reason, then. appropriate - 6 - adjustments shall be made to determine Operating Expenses for such calendar year as though the Building were actually occupied to the extent of the greater of (i) or (ii) above and as though Landlord had furnished such item of work or services to the greater of (i) or (ii) above; and (y) equals a management fee contribution equal to five percent (5%) of the difference between Tenant's Base Rental Rate and the Expense Stop, plus five percent (5%) of the per square foot amount described in (x) above. (d) Within one hundred fifty (150) days after receipt the end of Notice of Payment of Additional Rentals. If Lessee’s Share of the Operating Expenses for the applicable calendar year is less than the Additional Rentals paid by Lessee for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals for the calendar year in which the lease term terminates shall be due Rental Commencement Date occurs and payable upon receipt of Notice of Payment of Additional Rentals even if such Notice is received after the lease termination date. With respect to the Additional Rentals, within sixty (60) days from the end of each calendar yearyear thereafter during the Lease Term, Lessee upon reasonable notice to Lessoror as soon thereafter as practicable, may have access to Lessor’s records to verify, at Lessee’s expense, Landlord shall provide Tenant a statement showing the Operating Expenses for the applicable said calendar year, and a statement comparing Tenant's Forecast Additional Rental with Tenant's Additional Rental. In the event Tenant's Forecast Additional Rental exceeds Tenant's Additional Rental for said calendar year, Landlord shall credit such amount against Rent then owing or next due hereunder or, if the Lease Term has expired or is about to expire, refund such excess to Tenant if Tenant is not in material default under this Lease (in the instance of a default such excess shall be held as additional security for Tenant's performance, may be applied by Landlord to cure any such default, and shall not be refunded until any such default is cured). In the event that the Tenant's Additional Rental exceeds Tenant's Forecast Additional Rental for said calendar year, Tenant shall pay Landlord, within thirty (30) days of receipt of the statement, an amount equal to such difference. The base operating expense provisions of this Lease concerning the payment of Tenant's Additional Rental (and the refund of any excess payment) shall survive the expiration or earlier termination of this Lease. In no event shall Landlord collect from the tenants in the Building more than 100% of the Operating Expenses actually incurred by Landlord for such year. (e) For so long as Tenant is not in default under this Lease, Landlord's books and records pertaining to the calculation of Operating Expenses for any calendar year within the Lease Term may be audited by an authorized representative of Tenant at'Tenant's expense, at any time within twelve (12) months after Tenant's receipt of the annual statement required by Section 7(d) above; provided that Tenant shall give Landlord not less than thirty (30) days' prior written notice of any such audit. For purposes hereof, an authorized representative of Tenant shall mean a bona fide employee of Tenant, any of the "big six" accounting firms, or any other party reasonably approved in writing by Landlord. In no event shall an authorized representative of Tenant include the owner of any office building in the metropolitan area in which the Demised Premises are located or any affiliate of such owner. Prior to the commencement of such audit, Tenant shall cause its authorized representative to agree in writing for the 902 square foot vault (G-102 Extension) benefit of Landlord that such representative Vvill keep the results of the audit confidential and that such representative will not disclose or divulge t~e results of such audit except to Tenant and Landlord and except in connection with any dispute between Landlord and Tenant relating to Operating Expenses. Such audit shall be $ 3.47 less ad valorem taxes per square foot per annumconducted during reasonable business hours at Landlord's office where Landlord's books and records are maintained. Ad valorem taxes Tenant shall cause a Vv ti.tten audit report to be prepared by its authorized representative following any such audit and shall provide Landlord with a copy of such report promptly after receipt thereof by Tenant. If Landlord's calculation of Tenant's Additional R~ntal for the - 7 - audited calendar year was incorrect, then Tenant shall be paid directly entitled to a prompt refund of any overpayment or Tenant shall promptly pay to Landlord the amount of any underpayment, as the case may be. If Landlord's calculation of Tenant's Additional Rental for the audit calendar year was overstated by an amount in excess of ten percent (10%) of the LesseeAdditional Rental, Landlord shall, in addition to the refund of any overpayment, pay Tenant's reasonable audit fees, not to exceed $750.00. 9.

Appears in 1 contract

Samples: Lease Agreement

Additional Rental. Lessee shall pay to Lessor as additional rental Section 8 (Additional Rental” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of the increase Lease is hereby amended to reflect that during the Extension Term and commencing in calendar year 2008, Tenant will pay its proportionate share of Tenant’s Additional Rental based on the excess of Landlord’s projected Operating Expenses in each calendar year in Operating Expense (as hereinafter defined) over the Base Year Operating Expense (as hereinafter defined)Expenses. For purposes of this Second Amendment, the Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all space available for lease in the Building. The term “Operating ExpenseBase Year” shall include all Lessor’s costs of operation, replacement and maintenance mean calendar year 2007. In the event the average occupancy level of the Building or the Project for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each any calendar year, including the Lessor shall deliver to the Lessee Base Year, is not ninety-five percent (i95%) a statement or more of Operating Expenses for the fiscal year just endedfull occupancy, (ii) a computation of Lessee’s share of such Operating Expenses, and (iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing is elected by Lessor, and Lessee’s share of then the Operating Expenses for such year shall be apportioned among the applicable tenants by the Landlord to reflect those costs which would have occurred had the Building or the Project, as applicable, been ninety-five percent (95%) occupied during such year. For each calendar year exceeds after the Additional Rentals paid by Lessee Base Year, Landlord shall provide Tenant with a comparison of the Base Year Operating Expenses and the projected Operating Expenses for such current calendar year. Such projected increase in Operating Expenses shall be payable in advance on a monthly basis by paying one-twelfth (1/12th) of such projected increase during each month of such respective calendar year. If Landlord has not furnished Tenant such comparison by January 1 of a calendar year, Lessee Tenant shall continue to pay on the basis of the prior year’s estimate until the month after such comparison is given. The statement provided by Landlord to Tenant as set forth in Section 8(c) of the Lease shall set forth such year’s actual Operating Expenses compared to Base Year Operating Expenses and a statement comparing Tenant’s proportionate share of projected increases in Operating Expenses which Tenant paid throughout such calendar year with Tenant’s proportionate share of actual Operating Expense increases (the “Final Annual Statement of Operating Expenses”). If Tenant’s proportionate share of increases in actual Operating Expenses are greater than as shown in the statement delivered pursuant to Section 8(c) or greater than the amount of Tenant’s Additional Rental actually paid by Tenant pursuant thereto, Tenant shall pay such excess Landlord, within ten thirty (1030) days after receipt of Notice of Payment of Additional Rentalssuch statement’s receipt, such additional sum owed by Tenant. If Lesseethe amount of Tenant’s Share Additional Rental actually paid by Tenant pursuant to Landlord’s estimate of the Tenant’s proportionate share of increases in Operating Expenses for is greater than Tenant’s share of increases in actual Operating Expenses as shown on the applicable calendar year is less than Final Annual Statement of Operating Expenses, Landlord shall credit Tenant, within thirty (30) days of such statement issuance, such overpaid amount, or if the Additional Rentals paid by Lessee Lease has expired, will issue a check to Tenant for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals for the calendar year in which the lease term terminates shall be due and payable upon receipt of Notice of Payment of Additional Rentals even if such Notice is received after the lease termination date. With respect to the Additional Rentals, overpaid amount within sixty thirty (6030) days from the end of each calendar year, Lessee upon reasonable notice to Lessor, may have access to Lessor’s records to verify, at Lessee’s expense, the Operating Expenses for the applicable calendar year. The base operating expense for the 902 square foot vault (G-102 Extension) shall be $ 3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the Lesseesuch statement issuance.

Appears in 1 contract

Samples: Lease Agreement (Manhattan Associates Inc)

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Additional Rental. Lessee In addition to the Base Rental payable pursuant to paragraph A above, Tenant shall pay to Lessor as additional rental (“Additional Rental” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of Rental for the increase each year in Operating Expense (as hereinafter defined) over period from and after the Base Operating Expense (as hereinafter defined). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each calendar year, the Lessor shall deliver to the Lessee Commencement Date (i) a statement Tenant’s Percentage Share of (a) Operating Expenses for the fiscal year just endedand (b) Impositions as provided in paragraph B of Article 7, (ii) a computation utility charges as provided in paragraph A of Lessee’s share Article 7 and Tenant Impositions as provided in paragraph B of such Operating ExpensesArticle 7, and (iii) all other payments to be made by Tenant to Delta pursuant to Articles 9, 10 and 16 of this Lease and all other payments to be made by Tenant to Delta with respect to capital improvements, capital replacements or other capital expenditures as provided in Article 1 of this Lease. Operating Expenses prior to the first January 1 to occur after the Commencement Date shall be estimated based upon a budget prepared by Delta and approved by Tenant, which approval shall not be unreasonably withheld or delayed. For each succeeding calendar year of this Lease, the estimate of Operating Expenses shall be based upon actual Operating Expenses for the previous calendar year (with respect to the first full calendar year, adjusted, if necessary, to reflect a Commencement Date on a date other than January 1). Tenant shall pay one-twelfth (1/12th) of Tenant’s Percentage Share of such estimated Operating Expenses (“Tenant’s Estimated Operating Expenses”) for the calendar year on the first (1st) day of each calendar month. By April 1 of each calendar year following the Commencement Date, Delta shall furnish to Tenant a statement of Additional RentalsDelta’s actual Operating Expenses for the previous calendar year and the calculation of Tenant’s Estimated Operating Expenses for the current calendar year. Tenant agrees to pay Delta, within thirty (30) days after receipt of Delta’s statement, any amount of Tenant’s Percentage Share of actual Operating Expenses which was not previously paid as Tenant’s Estimated Operating Expenses for such previous calendar year. If for any calendar year the amount of Tenant’s Estimated Operating Expenses paid by Tenant during such calendar year is greater than Tenant’s Percentage Share of actual Operating Expenses during such calendar year, as shown by Delta’s statement or, if anyaudited, by the audit thereof described below (provided such auditor’s determination is confirmed by Delta or otherwise determined to be correct), then, (i) if such overpayment is less than $50,000.00, Delta shall apply and credit such overpayment in reduction of the next accruing installment of Additional Rental payable by LesseeTenant to Delta, hereinafter called and (ii) if such overpayment is greater than $50,000.00, Delta shall refund to Tenant the “Notice entire amount of Payment of Additional Rentals”. Lessee shall pay any such Additional Rentals overpayment within ten (10) days after receipt of Notice Tenant’s written request to Delta for payment of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentalsamount. If such monthly billing is elected audit reflects an underpayment by LessorTenant with respect to the period audited, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee for such calendar year, Lessee then Tenant shall pay to Delta the entire amount of such excess underpayment within ten (10) days of receipt of Delta’s invoice therefor. Tenant shall have the right, within one hundred eighty (180) days after receipt of Notice Delta’s statement of Payment of Additional Rentals. If Lessee’s Share of the actual Operating Expenses for the applicable previous calendar year, to cause Delta’s books and records relating to Operating Expenses to be audited by a Big Eight accounting firm designated by Tenant and reasonably acceptable to Delta, and Delta shall cooperate with Tenant and such accountants in connection with any such audit; provided, however, that Tenant shall pay all costs and expenses of such audit unless such audit reveals that the amount of Operating Expenses set forth in Delta’s statement for the previous calendar year is less than exceeds the Additional Rentals paid by Lessee actual amount of such Operating Expenses for such calendar yearyear as disclosed by such audit by more than five percent (5%) (and provided further that such auditor’s determination is confirmed by Delta or otherwise determined to be correct), Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals for the calendar year in which event Delta shall pay the lease term terminates shall be due costs and payable upon receipt expenses of Notice such audit, including the fees and expenses of Payment of Additional Rentals even if such Notice is received after the lease termination date. With respect to the Additional Rentals, within sixty (60) days from the end of each calendar year, Lessee upon reasonable notice to Lessor, may have access to LessorTenant’s records to verify, at Lessee’s expense, the Operating Expenses for the applicable calendar year. The base operating expense for the 902 square foot vault (G-102 Extension) shall be $ 3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the Lesseeaccountant.

Appears in 1 contract

Samples: Lease Agreement (Ws Financing Corp)

Additional Rental. Lessee Tenant shall pay to Lessor Landlord as additional rental (“Additional Rent its pro rata share of increase in Direct Expenses and Direct Tax Expense over such expenses incurred for the Base Year. Such payments shall be made in monthly installments on the first day of each month, based upon Landlord's Estimate. Landlord shall endeavor to give to Tenant on or before the Adjustment Date a final statement of any increase in Additional Rental payable by Tenant under this Lease, but failure by Landlord to give such a statement by such a date shall not constitute a waiver by Landlord of its right to require an increase in Additional Rental” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of the increase each year in Operating Expense (as hereinafter defined) over the Base Operating Expense (as hereinafter defined). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each calendar year, the Lessor shall deliver to the Lessee (i) a statement of Operating Expenses for the fiscal year just ended, (ii) a computation of Lessee’s share of such Operating Expenses, and (iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing Tenant's Additional Rental payable under this Lease as shown on the Adjustment Date statement is elected by Lessor, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee for such calendar year, Lessee shall pay such excess within ten (10) days after receipt of Notice of Payment of Additional Rentals. If Lessee’s Share of the Operating Expenses for the applicable calendar year is greater or less than the Additional Rentals total amounts actually billed to and paid by Lessee for Tenant pursuant to the Estimate during the year covered by such calendar yearstatement, Lessor a payment shall immediately credit be made by Landlord or Tenant, whichever the case may be, within thirty (30) days. Even though the Term has expired or terminated, and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals Tenant has vacated the Premises when the final determination is made of Tenant's pro rata share of increase in Direct Expenses and Direct Tax Expense for the calendar year in which this Lease expires or terminates, Tenant shall immediately pay any increase due over the lease term terminates estimate, and, conversely, any overpayment made in the event such Expenses decrease shall be due and payable upon receipt of Notice of Payment of Additional Rentals even if such Notice is received after the lease termination date. With respect immediately refunded by Landlord to the Additional Rentals, within sixty (60) days from the end of each calendar year, Lessee upon reasonable notice to Lessor, may have access to Lessor’s records to verify, at Lessee’s expense, the Operating Expenses for the applicable calendar year. The base operating expense for the 902 square foot vault (G-102 Extension) shall be $ 3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the LesseeTenant.

Appears in 1 contract

Samples: Lease Agreement (Laser Energetics Inc)

Additional Rental. Lessee The first paragraph of Paragraph Five of the Office Lease Agreement as amended shall pay be amended effective June 1, 2007 to Lessor read as additional rental follows: Landlord shall absorb and be responsible for paying all Operating Expenses during the first calendar year of the Renewal Term (the “Expense Stop”); and, Landlord shall absorb and be responsible for all Operating Expenses for any other calendar year of the Renewal Term to the extent such Operating Expenses in any other calendar year are less than or equal to the Expense Stop. Thereafter, “Additional Rental” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of the increase each for any calendar year in Operating Expense (as hereinafter defined) over the Base Operating Expense (as hereinafter defined). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each calendar year, the Lessor shall deliver to the Lessee (i) a statement of Operating Expenses for the fiscal year just ended, (ii) a computation of LesseeTenant’s share of such Operating Expenses, and (iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and xxxx the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing is elected by Lessor, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee for such calendar year, Lessee shall pay such excess within ten (10) days after receipt of Notice of Payment of Additional Rentals. If Lessee’s Percentage Share of the Operating Expenses for the applicable calendar year is less than the Additional Rentals paid by Lessee for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All Additional Rentals for the calendar year in excess of the Expense Stop, “Tenant’s Percentage Share” shall mean a fraction, the numerator of which is the lease term terminates total number of square feet of Net Rentable Area within the Premises (27,268 square feet from and after February 1, 2007) and the denominator of which is the greater of (i) ninety-five percent (95%) of the total square footage of all Net Rentable Area in the Building (42,073 as of February 1, 2007); or (ii) the total square footage of all Net Rentable Area in the Building actually leased to rent paying tenants. Paragraph c. of Paragraph Five of the Office Lease Agreement as amended shall be due amended effective June 1, 2007 to read as follows: The Annual Operating Expense Statement shall be rendered by Landlord to Tenant within thirty (30) day after calculation of such Annual Operating Expenses by Landlord. The payment of any Additional Rental by Tenant shall not preclude it from questioning the truth, correctness, or completeness of any Annual Operating Expense Statement. Tenant and payable upon receipt of Notice of Payment of Additional Rentals even if such Notice is received after its authorized representatives shall have the lease termination date. With right to audit Landlord’s records with respect to the Additional RentalsAnnual Operating Expenses. In the event Tenant’s audit discloses discrepancies, the appropriate adjustment shall be made, and if such discrepancies result in an overcharge to Tenant that is in excess of 2% of the annual billing to Tenant for such item(s), Landlord shall also reimburse Tenant its actual out-of-pocket expenses of such audit, but in no event shall Landlord be responsible for audit expenses of Tenant that exceed the amount(s) found to be an overcharge to Tenant. In the event Tenant shall dispute any Annual Operating Expense Statement and the parties cannot resolve their differences within sixty (60) days from thereafter, then the end of each calendar year, Lessee upon reasonable notice matter shall be referred to Lessor, may have access to Lessor’s records to verify, at Lessee’s expense, the Operating Expenses for the applicable calendar yeararbitration. The base operating expense for the 902 square foot vault balance of subparagraphs 5 (G-102 Extensiona) and (b) shall be $ 3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the Lesseeremain unchanged.

Appears in 1 contract

Samples: Office Lease Agreement (Active Network Inc)

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