Additional Rental. (a) Additional Rental shall include Tenant's Proportionate Share of Excess Operating Expenses for a particular Lease Year or portion thereof which Tenant shall pay Landlord as follows: (i) For the first Lease Year during the term of this Lease, Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to Landlord's estimate of Tenant's Proportionate Share of Excess Operating Expenses for the Lease Year divided by the number of months remaining in such Lease Year; and for each Lease Year thereafter Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to one-twelfth (1/12) of the then estimated Tenant's Proportionate Share of Excess Operating Expenses. (ii) Operating Expenses for each Lease Year shall be estimated by Landlord, from which Landlord shall estimate Tenant's Proportionate Share of Excess Operating Expenses, and written notice of such estimate of Tenant's Proportionate Share of Excess Operating Expenses shall be given to Tenant as soon as reasonably possible on or before the beginning of each Lease Year. (iii) If Operating Expenses increase during a Lease Year, Landlord may revise its estimate of Tenant's Proportionate Share of Excess Operating Expenses during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, in each of the remaining months of such Lease Year, the increased Tenant's Proportionate Share of Excess Operating Expenses divided by the number of months remaining in such year. (iv) Within one hundred twenty (120) days after the end of each Lease Year, Landlord shall prepare and deliver to Tenant a statement showing the actual amount of Tenant's Proportionate Share of Excess Operating Expenses. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses incurred in respect of any Lease Year exceeds the estimate of Tenant's Estimated Proportionate Share of Excess Operating Expenses for such Lease Year, then Tenant shall pay to Landlord the amount of such difference within twenty (20) days following receipt of notice from Landlord setting forth the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of such Lease Year. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of any Lease Year is less than the estimate of Tenant's Proportionate Share of Excess Operating Expenses for such Lease Year, then, provided that Tenant is not then in default in the performance of its obligations under the Lease, Landlord shall refund to Tenant such difference promptly following its determination. If the last Lease Year is a fractional calendar year, then Landlord shall adjust the Proportionate Share of Excess Operating Expenses to reflect the number of months (including fractional months) in such fractional Lease Year, as appropriate to reflect any proration of Operating Expenses. (v) Any delay by Landlord in delivering any estimate or statement pursuant to this Section shall not relieve Tenant of its obligations pursuant to this Section, except that Tenant shall not be obligated to make any payments based on such estimate or statement until thirty (30) days after receipt of such estimate or statement. (b) Additional Rental shall also include, and Tenant shall pay as Additional Rental, a reasonable charge determined by Landlord for any services required to be provided by Landlord by reason of any use by Tenant of any services in excess of services customarily provided by Landlord to all other tenants in the Building or by reason of any use of the Premises by Tenant at any time other than Normal Business Hours. Tenant shall pay for any additional or unusual janitorial services required by reason of Tenant's use of the Premises or by reason of improvements in the Premises other than Building Standard Improvements and any repairs required to be made to the Building due to the unusual use of the Building by Tenant or its agents or invitees within thirty (30) days of being billed by Landlord. If improvements in the Premises other than Building Standard Improvements or Tenant's use or the conduct of business on the Premises or in the Building, whether or not with Landlord's consent and whether or not otherwise permitted by this Lease, results in any increase in ad valorem taxes (not separately assessed) or in premiums for the fire and liability insurance or any other insurance coverage carried by Landlord with respect to the Building or its contents, Tenant shall pay as Additional Rental any such increase in taxes or premiums (as reasonably allocated by Landlord) within ten (10) days after being billed by Landlord. (c) Provided that Tenant is not default under this Lease and submits written notice to Landlord no later than sixty (60) days following the furnishing to Tenant of the statement described in Subsection (iv) above, Tenant or its representative shall have the right to examine Landlord's accounting records pertaining to that statement within a reasonable period after the giving of such notice and during normal business hours at the place or places where such records are normally kept. Tenant may take exception to matters included in Operating Expenses, or Landlord's computation of any component thereof, by sending notice specifying such exception and the reasons therefore to Landlord no later than thirty (30) days after Landlord makes such records available for examination. Tenant shall pay the costs for such examination unless it is subsequently determined that Landlord's original statement was in error to Tenant's disadvantage by more than five percent (5%) of the Excess Operating Expenses allocable to Tenant as Tenant's Proportionate Share, in which event Landlord shall reimburse Tenant for its reasonable out-of-pocket costs incurred in performing the inspection. Any amounts which are determined to have been underpaid by Tenant shall be promptly remitted by Tenant to Landlord and any amounts overpaid by Tenant shall be credited against the Base Rental next owed by Tenant or promptly reimbursed to Tenant at the end of the Term.
Appears in 1 contract
Additional Rental. (a) Additional Rental shall include Tenant's Proportionate Share of Excess Operating Expenses for a particular Lease Year or portion thereof which Tenant shall pay Landlord as follows:
(i) For the first Lease Year during the term purposes of this Lease, “Tenant’s Forecast Additional Rental” means Landlord’s reasonable estimate of Tenant’s Operating Expense Rental for the initial period of the Lease Term from the Lease Commencement Date until the end of the first calendar year of the Lease Term, and for all subsequent calendar years or portions thereof occurring during the balance of the Lease Term. If at any time it reasonably appears to Landlord that Tenant’s Operating Expense Rental for the current calendar year will vary from Landlord’s estimate, Landlord shall have the right to revise its estimate for such year by notice to Tenant and subsequent payments by Tenant for such year shall be based upon such revised estimate, provided that Landlord shall not make any such adjustment more than two (2) times in any twelve (12) month period. Failure to make such a revision shall not prejudice Landlord’s right to collect the full amount of Tenant’s Operating Expense Rental. Prior to the Lease Commencement Date and thereafter prior to the beginning of each calendar year during the Lease Term, including any extensions thereof, Landlord shall present to Tenant a statement of Tenant’s Forecast Additional Rental for such calendar year; provided, however, that if such statement is not given prior to the beginning of any calendar year, Tenant shall continue to pay during the next ensuing calendar year on the same basis as in the prior calendar year until the month after such statement is delivered to Tenant. Commencing with the first day of the calendar month following thirty (30) days after the date in which the Tenant’s Forecast Additional Rental was delivered to Tenant, Tenant shall pay Tenant’s Forecast Additional Rental (less amounts, if any, previously paid toward such excess for such year) to Landlord each month, in equal monthly installments over the remainder of such calendar year in advance on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to Landlord's estimate of Tenant's Proportionate Share of Excess Operating Expenses for the Lease Year divided by the number of months remaining in such Lease Year; and for each Lease Year thereafter Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to one-twelfth (1/12) of the then estimated Tenant's Proportionate Share of Excess Operating Expenses.
(ii) Operating Expenses for each Lease Year shall be estimated by Landlord, from which Landlord shall estimate Tenant's Proportionate Share of Excess Operating Expenses, and written notice of such estimate of Tenant's Proportionate Share of Excess Operating Expenses shall be given to Tenant as soon as reasonably possible on or before the beginning of each Lease Year.
(iii) If Operating Expenses increase during a Lease Year, Landlord may revise its estimate of Tenant's Proportionate Share of Excess Operating Expenses during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, in each of the remaining months of such Lease Year, the increased Tenant's Proportionate Share of Excess Operating Expenses divided by the number of months remaining in such year.
(iv) Within one hundred twenty (120) days after the end of each Lease Year, Landlord shall prepare and deliver to Tenant a statement showing the actual amount of Tenant's Proportionate Share of Excess Operating Expenses. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses incurred in respect of any Lease Year exceeds the estimate of Tenant's Estimated Proportionate Share of Excess Operating Expenses for such Lease Year, then Tenant shall pay to Landlord the amount of such difference within twenty (20) days following receipt of notice from Landlord setting forth the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of such Lease Year. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of any Lease Year is less than the estimate of Tenant's Proportionate Share of Excess Operating Expenses for such Lease Year, then, provided that Tenant is not then in default in the performance of its obligations under the Lease, Landlord shall refund to Tenant such difference promptly following its determination. If the last Lease Year is a fractional calendar year, then Landlord shall adjust the Proportionate Share of Excess Operating Expenses to reflect the number of months (including fractional months) in such fractional Lease Year, as appropriate to reflect any proration of Operating Expenses.
(v) Any delay by Landlord in delivering any estimate or statement pursuant to this Section shall not relieve Tenant of its obligations pursuant to this Section, except that Tenant shall not be obligated to make any payments based on such estimate or statement until thirty (30) days after receipt of such estimate or statement.
(b) Additional Rental shall also include, and Tenant shall pay as Additional Rental, a reasonable charge determined by Landlord for any services required to be provided by Landlord by reason of any use by Tenant of any services in excess of services customarily provided by Landlord to all other tenants in the Building or by reason of any use of the Premises by Tenant at any time other than Normal Business Hours. Tenant shall pay for any additional or unusual janitorial services required by reason of Tenant's use of the Premises or by reason of improvements in the Premises other than Building Standard Improvements and any repairs required to be made to the Building due to the unusual use of the Building by Tenant or its agents or invitees within thirty (30) days of being billed by Landlord. If improvements in the Premises other than Building Standard Improvements or Tenant's use or the conduct of business on the Premises or in the Building, whether or not with Landlord's consent and whether or not otherwise permitted by this Lease, results in any increase in ad valorem taxes (not separately assessed) or in premiums for the fire and liability insurance or any other insurance coverage carried by Landlord with respect to the Building or its contents, Tenant shall pay as Additional Rental any such increase in taxes or premiums (as reasonably allocated by Landlord) within ten (10) days after being billed by Landlord.
(c) Provided that Tenant is not default under this Lease and submits written notice to Landlord no later than sixty (60) days following the furnishing to Tenant of the statement described in Subsection (iv) above, Tenant or its representative shall have the right to examine Landlord's accounting records pertaining to that statement within a reasonable period after the giving of such notice and during normal business hours at the place or places where such records are normally kept. Tenant may take exception to matters included in Operating Expenses, or Landlord's computation of any component thereof, by sending notice specifying such exception and the reasons therefore to Landlord no later than thirty (30) days after Landlord makes such records available for examination. Tenant shall pay the costs for such examination unless it is subsequently determined that Landlord's original statement was in error to Tenant's disadvantage by more than five percent (5%) of the Excess Operating Expenses allocable to Tenant as Tenant's Proportionate Share, in which event Landlord shall reimburse Tenant for its reasonable out-of-pocket costs incurred in performing the inspection. Any amounts which are determined to have been underpaid by Tenant shall be promptly remitted by Tenant to Landlord and any amounts overpaid by Tenant shall be credited against the Base Rental next owed by Tenant or promptly reimbursed to Tenant at the end of the Term.
Appears in 1 contract
Sources: Lease Agreement (Atlassian Corp PLC)
Additional Rental. Tenant shall pay, as Additional Rental, Tenant's ----------------- Percentage Share of the amount, if any, by which Operating Expenses (aas hereinafter defined) for any calendar year exceed $1,545,147.50 ($6.50/rentable square foot of the Buildings). The Additional Rental payable pursuant to this paragraph shall include Tenant's Proportionate Share of Excess Operating Expenses for a particular Lease Year or portion thereof which Tenant shall pay Landlord as followsbe determined, and paid in accordance with the following procedures:
(i) For During each December of the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of its estimate of Additional Rental payable under this Article 7 for the ensuing calendar year. On or before the first Lease Year day of each month during the term of this Leaseensuing calendar year, Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to Landlord's estimate of Tenant's Proportionate Share of Excess Operating Expenses for the Lease Year divided by the number of months remaining in such Lease Year; and for each Lease Year thereafter Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to one-twelfth (1/12) of such estimated amounts together with the then estimated Tenant's Proportionate Share Base Rental, provided that if such notice is not given in December, Tenant shall continue to pay such Additional Rental during the ensuing calendar year on the basis of Excess Operating Expensesthe amounts payable during the calendar year just ended, until the month after such notice is given.
(ii) Operating Expenses for each Lease Year shall be estimated by Landlord, from which Landlord shall estimate Tenant's Proportionate Share of Excess Operating Expenses, and written notice of such estimate of Tenant's Proportionate Share of Excess Operating Expenses shall be given to Tenant as As soon as reasonably possible on or before practicable after the beginning close of each calendar year during the Lease Year.
(iii) If Operating Expenses increase during a Lease Year, Landlord may revise its estimate of Tenant's Proportionate Share of Excess Operating Expenses during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, in each of the remaining months of such Lease Year, the increased Tenant's Proportionate Share of Excess Operating Expenses divided by the number of months remaining in such year.
(iv) Within one hundred twenty (120) days after the end of each Lease YearTerm, Landlord shall prepare and deliver to Tenant a statement showing of the adjustments to be made for the calendar year just ended. Such statement shall be final and binding upon Landlord and Tenant absent manifest error. If on the basis of such statement Tenant's Percentage Share of the actual amount of Tenant's Proportionate Share of Excess Operating Expenses. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses incurred increase in respect of any Lease Year exceeds the estimate of Tenant's Estimated Proportionate Share of Excess Operating Expenses for such Lease Year, then Tenant shall pay to Landlord the calendar year is an amount of such difference within twenty (20) days following receipt of notice from Landlord setting forth the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of such Lease Year. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of any Lease Year that is less than the estimate estimated payments actually made by Tenant for such calendar year, Landlord shall credit such excess to the next payments of Additional Rental coming due. If on the basis of such statement Tenant's Proportionate Percentage Share of Excess the actual increase in Operating Expenses for such Lease Year, then, provided calendar year is an amount greater that Tenant is not then in default in the performance of its obligations under the Lease, Landlord shall refund to Tenant such difference promptly following its determination. If the last Lease Year is a fractional calendar year, then Landlord shall adjust the Proportionate Share of Excess Operating Expenses to reflect the number of months (including fractional months) in such fractional Lease Year, as appropriate to reflect any proration of Operating Expenses.
(v) Any delay estimated payments actually made by Landlord in delivering any estimate or statement pursuant to this Section shall not relieve Tenant of its obligations pursuant to this Section, except that Tenant shall not be obligated to make any payments based on such estimate or statement until thirty (30) days after receipt of such estimate or statement.
(b) Additional Rental shall also include, and Tenant shall pay as Additional Rental, a reasonable charge determined by Landlord for any services required to be provided by Landlord by reason of any use by Tenant of any services in excess of services customarily provided by Landlord to all other tenants in the Building or by reason of any use of the Premises by Tenant at any time other than Normal Business Hours. Tenant shall pay for any additional or unusual janitorial services required by reason of Tenant's use of the Premises or by reason of improvements in the Premises other than Building Standard Improvements and any repairs required to be made to the Building due to the unusual use of the Building by Tenant or its agents or invitees within thirty (30) days of being billed by Landlord. If improvements in the Premises other than Building Standard Improvements or Tenant's use or the conduct of business on the Premises or in the Building, whether or not with Landlord's consent and whether or not otherwise permitted by this Lease, results in any increase in ad valorem taxes (not separately assessed) or in premiums for the fire and liability insurance or any other insurance coverage carried by Landlord with respect to the Building or its contents, Tenant shall pay as Additional Rental any such increase in taxes or premiums (as reasonably allocated by Landlord) within ten (10) days after being billed by Landlord.
(c) Provided that Tenant is not default under this Lease and submits written notice the deficiency to Landlord no later than sixty (60) days following the furnishing to Tenant of the statement described in Subsection (iv) above, Tenant or its representative shall have the right to examine Landlord's accounting records pertaining to that statement within a reasonable period after the giving of such notice and during normal business hours at the place or places where such records are normally kept. Tenant may take exception to matters included in Operating Expenses, or Landlord's computation of any component thereof, by sending notice specifying such exception and the reasons therefore to Landlord no later than thirty (30) days after Landlord makes such records available for examination. Tenant shall pay the costs for such examination unless it is subsequently determined that Landlord's original statement was in error to Tenant's disadvantage by more than five percent (5%) delivery of the Excess Operating Expenses allocable to Tenant statement.
(iii) If this Lease shall commence, expire or terminate on a day other than the last day of a calendar year, the amount of Additional Rental payable during the first or final calendar year of the Lease Term, as Tenant's Proportionate Sharethe case may be, in which event Landlord shall reimburse Tenant for its reasonable out-of-pocket costs incurred in performing the inspection. Any amounts which are determined to have been underpaid by Tenant shall be promptly remitted by prorated based on the actual number of days of the Lease Term during such calendar year. The expiration or termination of this Lease shall not affect the obligations of Landlord and Tenant to Landlord and any amounts overpaid by Tenant shall be credited against the Base Rental next owed by Tenant performed after such expiration or promptly reimbursed termination, pursuant to Tenant at the end of the Termthis Article 7.
Appears in 1 contract
Sources: Lease Agreement (Webmd Inc)
Additional Rental. (a) A. Tenant further agrees to pay Additional Rental shall include Tenant's Proportionate Share of Excess Operating Expenses for a particular Lease Year or portion thereof which Tenant shall pay Landlord as follows:
(i) For the first Lease Year during the term of this LeaseRental, Tenant shall pay to Landlord each monthin monthly installments, on the first day of each month of the Term commencing on the first day of the calendar year following the Commencement Date calendar year set forth in Paragraph 1E. If the Term ends on a day other than the last day of Leasea calendar month, then, upon the first day of the last calendar month of the Term, Tenant will pay Landlord a portion of Additional Rental for such fractional month prorated based on a 30-day month. Non-recurring Additional Rental shall be due within ten (10) days following receipt of the statement of charges.
B. Additional Rental will be paid by Tenant to Landlord, without notice and without deduction or offset, in lawful money of the United States of America, an amount equal at the Building office or to such other person and/or at such other place as Landlord may from time to time designate in a notice to Tenant.
C. Landlord will try to give Tenant advance notice of Additional Rental payable by Tenant, but failure by Landlord to give advance notice is not a waiver by Landlord of its right to receive from Tenant any Additional Rental. In addition, Landlord may, but is not required to, at or after the start of the calendar year following the calendar year set forth in Paragraph 1E, notify Tenant of Landlord's ’s estimate of Tenant's Proportionate Share of Excess Operating Expenses ’s liability for Additional Rental for the Lease Year ensuing year, which amount will be divided into twelve (12) equal portions and added to the monthly payments of rent required to be made by the number of months remaining in such Lease Year; and for each Lease Year thereafter Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to one-twelfth (1/12) of the then estimated Tenant's Proportionate Share of Excess Operating Expenses.
(ii) Operating Expenses for each Lease Year shall be estimated by Landlord, from which Landlord shall estimate Tenant's Proportionate Share of Excess Operating Expenses, and written notice of such estimate of Tenant's Proportionate Share of Excess Operating Expenses shall be given to Tenant as soon as reasonably possible on or before the beginning of each Lease Year.
(iii) If Operating Expenses increase during a Lease Year, Landlord may revise its estimate of Tenant's Proportionate Share of Excess Operating Expenses during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, in each of the remaining months of such Lease Year, the increased Tenant's Proportionate Share of Excess Operating Expenses divided by the number of months remaining in such year.
(iv) Within one hundred twenty (120) days after the end of each Lease Year, Landlord shall prepare and deliver to Tenant a statement showing the actual amount of Tenant's Proportionate Share of Excess Operating Expenses. If the Tenant’s actual amount payment of Tenant's Proportionate Share of Excess Operating Expenses incurred in respect of any Lease Year exceeds the estimate of Tenant's Estimated Proportionate Share of Excess Operating Expenses for such Lease Year, then Tenant shall pay Additional Rental is finally determined by Landlord to Landlord the amount of such difference within twenty (20) days following receipt of notice from Landlord setting forth the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of such Lease Year. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of any Lease Year is be greater or less than the estimate of Tenant's Proportionate Share of Excess Operating Expenses for such Lease Year, then, provided that total amounts actually paid by Tenant is not then in default in the performance of its obligations under the Lease, Landlord shall refund to Tenant such difference promptly following its determination. If the last Lease Year is a fractional calendar year, then Landlord shall adjust the Proportionate Share of Excess Operating Expenses to reflect the number of months (including fractional months) in such fractional Lease Year, as appropriate to reflect any proration of Operating Expenses.
(v) Any delay by Landlord in delivering any estimate or statement pursuant to this Section shall not relieve Tenant of its obligations pursuant to this Sectionparagraph during the applicable year (“Landlord’s Statement”), except that Tenant shall not a credit or payment will be obligated to make any payments based on such estimate made by Landlord or statement until Tenant, whichever the case may be, within the thirty (30) days after receipt following the issuance of such estimate or statement.
(b) Additional Rental shall also include, and Tenant shall pay as Additional Rental, a reasonable charge determined by Landlord for any services required to be provided by Landlord by reason of any use Landlord’s Statement. Upon written request by Tenant of any services in excess of services customarily provided by Landlord to all other tenants in the Building or by reason of any use of the Premises by Tenant at any time other than Normal Business Hours. Tenant shall pay for any additional or unusual janitorial services required by reason of Tenant's use of the Premises or by reason of improvements in the Premises other than Building Standard Improvements and any repairs required to be made to the Building due to the unusual use of the Building by Tenant or its agents or invitees within thirty forty-five (3045) days of being billed by issuance of Landlord. If improvements in the Premises other than Building Standard Improvements or Tenant's use or the conduct of business on the Premises or in the Building’s Statement, whether or not with Landlord's consent and whether or not otherwise permitted by this Lease, results in any increase in ad valorem taxes (not separately assessed) or in premiums for the fire and liability insurance or any other insurance coverage carried by Landlord with respect to the Building or will make its contents, Tenant shall pay as Additional Rental any such increase in taxes or premiums (as reasonably allocated by Landlord) within ten (10) days after being billed by Landlord.
(c) Provided that Tenant is not default under this Lease and submits written notice to Landlord no later than sixty (60) days following the furnishing to Tenant of the statement described in Subsection (iv) above, Tenant or its representative shall have the right to examine Landlord's accounting prior year records pertaining to Direct Expenses available to Tenant to allow Tenant, at its sole cost and expense, to verify their accuracy. In the event that statement within a reasonable period after the giving Tenant’s examination reveals an overcharge of such notice and during normal business hours at the place or places where such records are normally kept. Tenant may take exception to matters included in Operating Expenses, or Landlord's computation of any component thereof, by sending notice specifying such exception and the reasons therefore to Landlord no later than thirty (30) days after Landlord makes such records available for examination. Tenant shall pay the costs for such examination unless it is subsequently determined that Landlord's original statement was in error to Tenant's disadvantage by more than five percent (5%) of the Excess Operating Expenses allocable to Tenant as Tenant's Proportionate Share, in which event then Landlord shall reimburse Tenant for its reasonable out-of-pocket costs and expenses in connection with the examination but in no event will such reimbursement exceed the amount which Tenant was overcharged. In all other events, such examination shall be at Tenant’s sole cost and expense. Absent such request, Landlord’s Statement shall be final as to such year.
D. Direct Expenses include all costs of operation and maintenance of the Building as determined by Landlord including, but not limited to, the following costs by way of illustration only: premiums for property, casualty, liability, rent interruption or other insurance carried by Landlord; salaries, wages and other amounts paid or payable for personnel including the Building manager, superintendent, operation and maintenance staff, and other employees of Landlord involved in the maintenance, management and operation of the Building, including contributions and premiums towards fringe benefits, unemployment, disability insurance, worker’s compensation insurance, pension plan contributions and similar premiums and contributions and the total charges of any independent contractors or property managers engaged in the operation; repair, care, maintenance and cleaning of any portion of the Building; fair market rental and other costs with respect to Building Management office; costs of accounting services incurred in performing the inspectionpreparation of statements and financial reports, audit fees; cleaning expenses, including without limitation janitorial services, window cleaning and garbage and refuse removal; landscaping expenses, including without limitation irrigating, trimming, fertilizing, replacing plants and floral arrangements; heating, plumbing, mechanical, elevator, sprinklers, fire/life safety systems, security and energy management systems and steam/utilities expenses, including fuel, gas, electricity, water, sewer, telephone, advertising, public relations, tenant relations and activities and other services, maintaining, operating and repairing components of any equipment or machinery used in connection with the Building, and the rental of same or any office or other equipment for the management of the Building; any other items of repair and maintenance of the Building; intrabuilding network cabling and riser maintenance and repair; cost of policing, security and supervision of the Building; audit and accounting fees; any capital improvements (or amortization thereof) (i) made primarily to reduce Direct Expenses or to comply with governmental requirements, (ii) for replacements (as opposed to additions or new improvements) of nonstructural items located in the common areas of the property required to keep such areas in good condition or (iii) expenditures that are consistent with Direct Expenses as defined above, although the benefits of the expenditures survive the current year; payments under any easement, operating agreement, declaration, restrictive covenant or instrument pertaining to sharing costs in a planned development; fee for administration and management of the building as determined by Landlord. Any amounts Direct Expenses do not include depreciation on the Building, loan payments, real estate brokerage commissions, and costs directly attributed to one tenant and not available to other tenants or applicable to other suites of the Building generally. Permitted capital improvements and repairs may be amortized in the Landlord’s reasonable discretion over: (i) their useful lives, (ii) the period during which capital improvements reduce Direct Expenses or (iii) three (3) years or more at Landlord’s discretion. Landlord may allocate costs of operation and maintenance between the building where the Premises are located and other properties owned by landlord or its affiliates and under common management, as determined by landlord in the exercise of its reasonable discretion. Similarly, Landlord may make other allocations of Direct Expenses in accordance with sound management and accounting principles.
E. Direct Tax Expenses include all real property taxes and annual installments of real estate assessments on the Building; personal property taxes on personal property of Landlord used in the operation or maintenance of the Building; supplemental assessments that may result from changes in ownership or from the completion of new construction; escape assessments; taxes on the gross or net rental income of Landlord derived from the Building (excluding, however, state and federal personal or corporate income taxes measured by the income of Landlord from all sources); impositions created to have been underpaid pay for or supplement the cost of governmental services that the Building or its tenants may use; transit or transportation charges; housing subsidies and/or housing fund assessments; possessory interest taxes; business or license taxes or fees; job training subsidies and/or assessments; open space charges; excises; business or other license or use fees; and the reasonable costs of contesting by Tenant shall appropriate proceedings the amount or validity of any of the foregoing. If, during the Term of this Lease, the present real property tax is wholly or partly replaced or supplemented by another form of tax, there will be promptly remitted by Tenant included within the definition of Direct Tax Expenses any such tax, levy, or assessment (other than federal, state, city and county net income taxes or estate, gift, or other similar taxes) that, whether or not now customary or within the contemplation of the parties to this Lease, may be charged to Landlord and any amounts overpaid is by way of example and not limitation (i) levied upon, allocable to, or measured by the Rent payable hereunder; (ii) levied upon the business of owning and operating rental properties to the extent such tax is applicable to the Premises; (iii) levied upon or with respect to the possession, leasing, operation, management, or occupancy by Tenant of the Premises or any portion thereof, or (iv) levied upon or measured by the value Tenant’s personal property or leasehold improvements. Direct Tax Expenses also include all expenses incurred, including attorneys’ and consultants’ fees, in seeking a reassessment, reduction of, or limit on the increase in any Direct Tax Expenses, whether or not successful. Property taxes for any calendar year shall be credited against include property taxes which are due for payment as well as those paid in such year.
F. If the Building rentable square footage is not one hundred percent (100%) occupied during an entire calendar year, including the Base Rental next owed Year, then the variable component of Direct Expenses and Direct Tax Expenses will be equitably adjusted so that the total amount of Direct Tax Expenses and Direct Expenses equals the amount which would have been paid or incurred by Landlord had the Building been one hundred percent (100%) occupied for the entire calendar year. In no event will Landlord be entitled to receive from Tenant or promptly reimbursed to Tenant at and the end other tenants in the Building an aggregate amount in excess of actual Direct Expenses and Direct Tax Expenses as a result of the Termforegoing provision.
Appears in 1 contract
Sources: Lease Agreement (XOOM Corp)
Additional Rental. (a) 1. Tenant further agrees to pay Additional Rental shall include Tenant's Proportionate Share of Excess Operating Expenses for a particular Lease Year or portion thereof which Tenant shall pay Landlord as follows:
(i) For the first Lease Year during the term of this LeaseRental, Tenant shall pay to Landlord each monthin monthly installments, on the first day of each month of the Term commencing on the first day of the calendar year following the Commencement Date calendar year set forth in Paragraph 1E. If the Term ends on a day other than the last day of Leasea calendar month, then, upon the first day of the last calendar month of the Term, Tenant will pay Landlord a portion of Additional Rental for such fractional month prorated based on a 30-day month.
2. Additional Rental will be paid by Tenant to Landlord, without notice and without deduction or offset, in lawful money of the United States of America, an amount equal at the Building office or to such other person and/or at such other place as Landlord may from time to time designate in a notice to Tenant.
3. Landlord will try to give Tenant advance notice of Additional Rental payable by Tenant, but failure by Landlord to give advance notice is not a waiver by Landlord of its right to receive from Tenant any Additional Rental. In addition, Landlord may, but is not required to, at or after the start of the calendar year following the calendar year set forth in Paragraph 1E, notify Tenant of Landlord's estimate of Tenant's Proportionate Share of Excess Operating Expenses liability for Additional Rental for the Lease Year ensuing year, which amount will be divided into twelve (12) equal portions and added to the monthly payments of rent required to be made by the number of months remaining in such Lease Year; and for each Lease Year thereafter Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to one-twelfth (1/12) of the then estimated Tenant's Proportionate Share of Excess Operating Expenses.
(ii) Operating Expenses for each Lease Year shall be estimated by Landlord, from which Landlord shall estimate Tenant's Proportionate Share of Excess Operating Expenses, and written notice of such estimate of Tenant's Proportionate Share of Excess Operating Expenses shall be given to Tenant as soon as reasonably possible on or before the beginning of each Lease Year.
(iii) If Operating Expenses increase during a Lease Year, Landlord may revise its estimate of Tenant's Proportionate Share of Excess Operating Expenses during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, in each of the remaining months of such Lease Year, the increased Tenant's Proportionate Share of Excess Operating Expenses divided by the number of months remaining in such year.
(iv) Within one hundred twenty (120) days after the end of each Lease Year, Landlord shall prepare and deliver to Tenant a statement showing the actual amount of . If Tenant's Proportionate Share actual payment of Excess Operating Expenses. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses incurred in respect of any Lease Year exceeds the estimate of Tenant's Estimated Proportionate Share of Excess Operating Expenses for such Lease Year, then Tenant shall pay Additional Rental is finally determined by Landlord to Landlord the amount of such difference within twenty (20) days following receipt of notice from Landlord setting forth the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of such Lease Year. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of any Lease Year is be greater or less than the estimate of Tenant's Proportionate Share of Excess Operating Expenses for such Lease Year, then, provided that total amounts actually paid by Tenant is not then in default in the performance of its obligations under the Lease, Landlord shall refund to Tenant such difference promptly following its determination. If the last Lease Year is a fractional calendar year, then Landlord shall adjust the Proportionate Share of Excess Operating Expenses to reflect the number of months (including fractional months) in such fractional Lease Year, as appropriate to reflect any proration of Operating Expenses.
(v) Any delay by Landlord in delivering any estimate or statement pursuant to this Section shall not relieve Tenant of its obligations pursuant to this Sectionparagraph during the applicable year ("Landlord's Statement"), except that Tenant shall not a credit or payment will be obligated to make any payments based on such estimate made by Landlord or statement until Tenant, whichever the case may be, within the thirty (30) days after receipt following the issuance of such estimate or statement.
(b) Additional Rental shall also include, and Tenant shall pay as Additional Rental, a reasonable charge determined by Landlord for any services required to be provided by Landlord by reason of any use Landlord's Statement. Upon written request by Tenant of any services in excess of services customarily provided by Landlord to all other tenants in the Building or by reason of any use of the Premises by Tenant at any time other than Normal Business Hours. Tenant shall pay for any additional or unusual janitorial services required by reason of Tenant's use of the Premises or by reason of improvements in the Premises other than Building Standard Improvements and any repairs required to be made to the Building due to the unusual use of the Building by Tenant or its agents or invitees within thirty (30) days of being billed issuance of Landlord's Statement, Landlord will make its prior year records pertaining to Direct Expenses available to Tenant to allow Tenant, at its sole cost and expense, to verify their accuracy. Absent such request, Landlord's Statement shall be final as to such year.
4. Direct Expenses include all costs of operation and maintenance of the Building as determined by Landlord including, but not limited to, the following costs by way of illustration only: premiums for property, casualty, liability, rent interruption or any other insurance carried by Landlord; salaries, wages and other amounts paid or payable for personnel including the Building manager, superintendent, operation and maintenance staff, and other employees of Landlord involved in the maintenance, management and operation of the Building, including contributions and premiums towards fringe benefits, unemployment, disability insurance, worker's compensation insurance, pension plan contributions and similar premiums and contributions and the total charges of any independent contractors or property managers engaged in the operation, repair, care, maintenance and cleaning of any portion of the Building; fair market rental and other costs with respect to Building Management office; costs of accounting services incurred in the preparation of statements and financial reports, audit fees; cleaning expenses, including without limitation janitorial services, window cleaning and garbage and refuse removal; landscaping expenses, including without limitation irrigating, trimming, fertilizing, replacing plants and floral arrangements; heating, plumbing, mechanical, elevator, sprinklers, fire/life safety systems, security and energy management systems and steam/utilities expenses, including fuel, gas, electricity, water, sewer, telephone, advertising, public relations, tenant relations and activities and other services, maintaining, operating and repairing components of any equipment or machinery used in connection with the Building, and the rental of same or any office or other equipment for the management of the Building; any other items of repair and maintenance of the Building; cost of policing, security and supervision of the Building; audit and accounting fees; any capital improvements (or amortization thereof) (i) made primarily to reduce Direct Expenses or to comply with governmental requirements, (ii) for replacements (as opposed to additions or new improvements) of nonstructural items located in the common areas of the Property required to keep such areas in good condition or (iii) expenditures that are consistent with Direct Expenses as defined above, although the benefits of the expenditures survive the current year; payments under any easement, operating agreement, declaration, restrictive covenant or instrument pertaining to sharing of costs in a planned development; fee for administration and management of the building as determined by Landlord. If Direct Expenses do not include depreciation on the Building loan payments, real estate brokerage commissions, and costs directly attributed to one tenant and not to other tenants of the Building generally. Permitted capital improvements and repairs may be amortized in the Landlord's reasonable discretion over: (i) their useful lives, (ii) the period during which capital improvements reduce Direct Expenses or (iii) three (3) years. Landlord may allocate costs of operation and maintenance between the building where the Premises are located and other properties owned by landlord or its affiliates and under common management, as determined by landlord in the exercise of its reasonable discretion. Similarly, Landlord may make other allocations of Direct Expenses in accordance with sound management and accounting principles.
5. Direct Tax Expenses include all real property taxes and annual installments of real estate assessments on the Building; personal property taxes on personal property of Landlord used in the operation or maintenance of the Building; supplemental assessments that may result from changes in ownership or from the completion of new construction; escape assessments; taxes on the gross or net rental income of Landlord derived from the Building (excluding, however, state and federal personal or corporate income taxes measured by the income of Landlord from all sources); impositions created to pay for or supplement the cost of governmental services that the Building or its tenants may use; transit or transportation charges; housing subsidies and/or housing fund assessments; possessory interest taxes; business or license taxes or fees; job training subsidies and/or assessments; open space charges; excises; business or other license or use fees; and the reasonable costs of contesting by appropriate proceedings the amount or validity of any of the foregoing. If, during the Term of this Lease, the present real property tax is wholly or partly replaced or supplemented by another form of tax, there will be included within the definition of Direct Tax Expenses any such tax, levy, or assessment (other than Building Standard Improvements federal, state, or Tenant's use city and county net income taxes or the conduct of business on the Premises estate, gift, or in the Buildingother similar taxes) that, whether or not with Landlord's consent and whether now customary or not otherwise permitted by within the contemplation of the parties to this Lease, results in any increase in ad valorem taxes may be charged to Landlord and is by way of example and not limitation (not separately assessedi) levied upon, allocable to, or in premiums for measured by the fire Rent payable hereunder; (ii) levied upon the business of owning and liability insurance operating rental properties to the extent such tax is applicable to the Premises; (iii) levied upon or any other insurance coverage carried by Landlord with respect to the Building possession, leasing, operation, management, or its contents, Tenant shall pay as Additional Rental any such increase in taxes or premiums (as reasonably allocated occupancy by Landlord) within ten (10) days after being billed by Landlord.
(c) Provided that Tenant is not default under this Lease and submits written notice to Landlord no later than sixty (60) days following the furnishing to Tenant of the statement described in Subsection Premises or any portion thereof, or (iv) abovelevied upon or measured by the value of Tenant's personal property or leasehold improvements. Direct Tax Expenses also include all expenses incurred, Tenant including attorneys' and consultants' fees, in seeking a reassessment, reduction of, or its representative shall have limit on the right to examine Landlord's accounting records pertaining to that statement within a reasonable period after the giving of such notice and during normal business hours at the place or places where such records are normally kept. Tenant may take exception to matters included increase in Operating any Direct Tax Expenses, whether or Landlord's computation not successful. Property taxes for any calendar year shall include property taxes which are due for payment as well as those paid in such year.
6. If the Building rentable square footage is not one hundred percent (100%) occupied during an entire calendar year, including the Base Year, then the variable component of any component thereof, Direct Expenses and Direct Tax Expenses will be equitably adjusted so that the total amount of Direct Tax Expenses and Direct Expenses equals the amount which would have been paid or incurred by sending notice specifying such exception Landlord had the Building been one hundred percent (100%) occupied for the entire calendar year. In no event will Landlord be entitled to receive from Tenant and the reasons therefore to Landlord no later than thirty (30) days after Landlord makes such records available for examination. Tenant shall pay other tenants in the costs for such examination unless it is subsequently determined that Landlord's original statement was Building an aggregate amount in error to Tenant's disadvantage by more than five percent (5%) excess of actual Direct Expenses and Direct Tax Expenses as a result of the Excess Operating Expenses allocable to Tenant as Tenant's Proportionate Share, in which event Landlord shall reimburse Tenant for its reasonable out-of-pocket costs incurred in performing the inspection. Any amounts which are determined to have been underpaid by Tenant shall be promptly remitted by Tenant to Landlord and any amounts overpaid by Tenant shall be credited against the Base Rental next owed by Tenant or promptly reimbursed to Tenant at the end of the Termforegoing provision.
Appears in 1 contract
Sources: Office Lease (Tenera Inc)
Additional Rental. (a) A. ▇▇▇▇▇▇ further agrees to pay Additional Rental shall include Tenant's Proportionate Share of Excess Operating Expenses for a particular Lease Year or portion thereof which Tenant shall pay Landlord as follows:
(i) For the first Lease Year during the term of this LeaseRental, Tenant shall pay to Landlord each monthin monthly installments, on the first day of each month of the Term commencing on the first day of the calendar year following the Commencement Date calendar year set forth in Paragraph 1E. If the Term ends on a day other than the last day of Leasea calendar month, then, upon the first day of the last calendar month of the Term, Tenant will pay Landlord a portion of Additional Rental for such fractional month prorated based on a 30-day month.
B. Additional Rental will be paid by Tenant to Landlord, without notice and without deduction or offset, in lawful money of the United States of America, an amount equal at the Building office or to such other person and/or at such other place as Landlord may from time to time designate in a notice to Tenant.
C. Landlord will try to give Tenant advance notice of Additional Rental payable by T▇▇▇▇▇, but failure by Landlord to give advance notice is not a waiver by Landlord of its right to receive from Tenant any Additional Rental. In addition, Landlord may, but is not required to, at or after the start of the calendar year following the calendar year set forth in Paragraph 1E, notify Tenant of Landlord's estimate of TenantT▇▇▇▇▇'s Proportionate Share of Excess Operating Expenses liability for Additional Rental for the Lease Year ensuing year, which amount will be divided into twelve (12) equal portions and added to the monthly payments of rent required to be made by the number of months remaining in such Lease Year; and for each Lease Year thereafter Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to one-twelfth (1/12) of the then estimated Tenant's Proportionate Share of Excess Operating Expenses.
(ii) Operating Expenses for each Lease Year shall be estimated by Landlord, from which Landlord shall estimate Tenant's Proportionate Share of Excess Operating Expenses, and written notice of such estimate of Tenant's Proportionate Share of Excess Operating Expenses shall be given to Tenant as soon as reasonably possible on or before the beginning of each Lease Year.
(iii) If Operating Expenses increase during a Lease Year, Landlord may revise its estimate of Tenant's Proportionate Share of Excess Operating Expenses during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, in each of the remaining months of such Lease Year, the increased Tenant's Proportionate Share of Excess Operating Expenses divided by the number of months remaining in such year.
(iv) Within one hundred twenty (120) days after the end of each Lease Year, Landlord shall prepare and deliver to Tenant a statement showing the actual amount of . If Tenant's Proportionate Share actual payment of Excess Operating Expenses. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses incurred in respect of any Lease Year exceeds the estimate of Tenant's Estimated Proportionate Share of Excess Operating Expenses for such Lease Year, then Tenant shall pay Additional Rental is finally determined by Landlord to Landlord the amount of such difference within twenty (20) days following receipt of notice from Landlord setting forth the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of such Lease Year. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of any Lease Year is be greater or less than the estimate of Tenant's Proportionate Share of Excess Operating Expenses for such Lease Year, then, provided that total amounts actually paid by Tenant is not then in default in the performance of its obligations under the Lease, Landlord shall refund to Tenant such difference promptly following its determination. If the last Lease Year is a fractional calendar year, then Landlord shall adjust the Proportionate Share of Excess Operating Expenses to reflect the number of months (including fractional months) in such fractional Lease Year, as appropriate to reflect any proration of Operating Expenses.
(v) Any delay by Landlord in delivering any estimate or statement pursuant to this Section shall not relieve Tenant of its obligations pursuant to this Sectionparagraph during the applicable year ("Landlord's Statement"), except that Tenant shall not a credit or payment will be obligated to make any payments based on such estimate made by Landlord or statement until Tenant, whichever the case may be, within the thirty (30) days after receipt following the issuance of such estimate or statement.
(b) Additional Rental shall also include, and Tenant shall pay as Additional Rental, a reasonable charge determined Landlord's Statement. Upon written request by Landlord for any services required to be provided by Landlord by reason of any use by Tenant of any services in excess of services customarily provided by Landlord to all other tenants in the Building or by reason of any use of the Premises by Tenant at any time other than Normal Business Hours. Tenant shall pay for any additional or unusual janitorial services required by reason of Tenant's use of the Premises or by reason of improvements in the Premises other than Building Standard Improvements and any repairs required to be made to the Building due to the unusual use of the Building by Tenant or its agents or invitees T▇▇▇▇▇ within thirty (30) days of being billed issuance of Landlord's Statement, Landlord will make its prior year records pertaining to Direct Expenses available to Tenant to allow Tenant, at its sole cost and expense, to verify their accuracy. Absent such request, L▇▇▇▇▇▇▇'s Statement shall be final as to such year.
D. Direct Expenses include all costs of operation and maintenance of the Building as determined by Landlord including, but not limited to, the following costs by way of illustration only: premiums for property, casualty, liability, rent interruption or any other insurance carried by Landlord; salaries, wages and other amounts paid or payable for personnel including the Building manager, superintendent, operation and maintenance staff, and other employees of Landlord involved in the maintenance, management and operation of the Building, including contributions and premiums towards fringe benefits, unemployment, disability insurance, worker's compensation insurance, pension plan contributions and similar premiums and contributions and the total charges of any independent contractors or property managers engaged in the operation; repair, care, maintenance and cleaning of any portion of the Building; fair market rental and other costs with respect to Building Management office; costs of accounting services incurred in the preparation of statements and financial reports, audit fees; cleaning expenses, including without limitation janitorial services, window cleaning and garbage and refuse removal; landscaping expenses, including without limitation irrigating, trimming, fertilizing, replacing plants and floral arrangements; heating, plumbing, mechanical, elevator, sprinklers, fire/life safety systems, security and energy management systems and steam/utilities expenses, including fuel, gas, electricity, water, sewer, telephone, advertising, public relations, tenant relations and activities and other services, maintaining, operating and repairing components of any equipment or machinery used in connection with the Building, and the rental of same or any office or other equipment for the management of the Building; any other items of repair and maintenance of the Building; intrabuilding network cabling and riser maintenance and repair; cost of policing, security and supervision of the Building; audit and accounting fees; any capital improvements (or amortization thereof) (i) made primarily to reduce Direct Expenses or to comply with governmental requirements, (ii) for replacements (as opposed to additions or new improvements) of nonstructural items located in the common areas of the Property required to keep such areas in good condition or (iii) expenditures that are consistent with Direct Expenses as defined above, although the benefits of the expenditures survive the current year; payments under any easement, operating agreement, declaration, restrictive covenant or instrument pertaining to sharing of costs in a planned development; fee for administration and management of the building as determined by Landlord. If Direct Expenses do not include depreciation on the Building loan payments, real estate brokerage commissions, and costs directly attributed to one tenant and not to other tenants of the Building generally. Permitted capital improvements and repairs may be amortized in the Landlord's reasonable discretion over: (i) their useful lives, (ii) the period during which capital improvements reduce Direct Expenses or (iii) three (3) years. Landlord may allocate costs of operation and maintenance between the building where the Premises are located and other properties owned by landlord or its affiliates and under common management, as determined by landlord in the exercise of its reasonable discretion. Similarly, Landlord may make other allocations of Direct Expenses in accordance with sound management and accounting principles.
E. Direct Tax Expenses include all real property taxes and annual installments of real estate assessments on the Building; personal property taxes on personal property of Landlord used in the operation or maintenance of the Building; supplemental assessments that may result from changes in ownership or from the completion of new construction; escape assessments; taxes on the gross or net rental income of Landlord derived from the Building (excluding, however, state and federal personal or corporate income taxes measured by the income of Landlord from all sources); impositions created to pay for or supplement the cost of governmental services that the Building or its tenants may use; transit or transportation charges; housing subsidies and/or housing fund assessments; possessory interest taxes; business or license taxes or fees; job training subsidies and/or assessments; open space charges; excises; business or other license or use fees; and the reasonable costs of contesting by appropriate proceedings the amount or validity of any of the foregoing. If, during the Term of this Lease, the present real property tax is wholly or partly replaced or supplemented by another form of tax, there will be included within the definition of Direct Tax Expenses any such tax, levy, or assessment (other than Building Standard Improvements federal, state, or Tenant's use city and county net income taxes or the conduct of business on the Premises estate, gift, or in the Buildingother similar taxes) that, whether or not with Landlord's consent and whether now customary or not otherwise permitted by within the contemplation of the parties to this Lease, results in any increase in ad valorem taxes may be charged to Landlord and is by way of example and not limitation (not separately assessedi) levied upon, allocable to, or in premiums for measured by the fire Rent payable hereunder; (ii) levied upon the business of owning and liability insurance operating rental properties to the extent such tax is applicable to the Premises; (iii) levied upon or any other insurance coverage carried by Landlord with respect to the Building possession, leasing, operation, management, or its contents, Tenant shall pay as Additional Rental any such increase in taxes or premiums (as reasonably allocated occupancy by Landlord) within ten (10) days after being billed by Landlord.
(c) Provided that Tenant is not default under this Lease and submits written notice to Landlord no later than sixty (60) days following the furnishing to Tenant of the statement described in Subsection Premises or any portion thereof, or (iv) abovelevied upon or measured by the value of Tenant's personal property or leasehold improvements. Direct Tax Expenses also include all expenses incurred, Tenant including attorneys' and consultants' fees, in seeking a reassessment, reduction of, or its representative shall have limit on the right to examine Landlord's accounting records pertaining to that statement within a reasonable period after the giving of such notice and during normal business hours at the place or places where such records are normally kept. Tenant may take exception to matters included increase in Operating any Direct Tax Expenses, whether or Landlord's computation not successful. Property taxes for any calendar year shall include property taxes which are due for payment as well as those paid in such year.
F. If the Building rentable square footage is not one hundred percent (100%) occupied during an entire calendar year, including the Base Year, then the variable component of any component thereof, Direct Expenses and Direct Tax Expenses will be equitably adjusted so that the total amount of Direct Tax Expenses and Direct Expenses equals the amount which would have been paid or incurred by sending notice specifying such exception Landlord had the Building been one hundred percent (100%) occupied for the entire calendar year. In no event will Landlord be entitled to receive from Tenant and the reasons therefore to Landlord no later than thirty (30) days after Landlord makes such records available for examination. Tenant shall pay other tenants in the costs for such examination unless it is subsequently determined that Landlord's original statement was Building an aggregate amount in error to Tenant's disadvantage by more than five percent (5%) excess of actual Direct Expenses and Direct Tax Expenses as a result of the Excess Operating Expenses allocable to Tenant as Tenant's Proportionate Share, in which event Landlord shall reimburse Tenant for its reasonable out-of-pocket costs incurred in performing the inspection. Any amounts which are determined to have been underpaid by Tenant shall be promptly remitted by Tenant to Landlord and any amounts overpaid by Tenant shall be credited against the Base Rental next owed by Tenant or promptly reimbursed to Tenant at the end of the Termforegoing provision.
Appears in 1 contract
Sources: Office Lease (Bf Enterprises Inc)