Adjustment of Additional Rent. Within ninety (90) days after the end of each Lease Year, the Landlord shall furnish to the Tenant a statement of the actual amount of Additional Rent payable by the Tenant for such preceding Lease Year and showing in reasonable detail the information relevant and necessary to the calculation thereof. If the amount payable by the Tenant as shown on such statement is more or less than the Additional Rent paid by the Tenant to the Landlord for such Lease Year pursuant to Article 2.02, the appropriate adjustment as between the Landlord and the Tenant shall be made within fourteen (14) days of delivery of such statement. Any payment made by the Landlord or made by the Tenant and accepted by the Landlord in respect of any adjustment made pursuant to this Article 2.03 shall be without prejudice to the right of the Landlord or the Tenant to claim a re-adjustment provided such claim if made by the Tenant is made within ninety (90) days after, or if made by the Landlord is made within one hundred twenty (120) days after, the date of delivery of the statement referred to in this Article 2.03. The Tenant shall have the right for a period of ninety (90) days following receipt of the aforesaid statement to, at its sole expense, inspect during the Landlord's normal business hours, subject to the inspection being reasonable in all the circumstances, any record kept or held by the Landlord of the costs or expenses claimed by the Landlord for such Lease Year and the Landlord shall make its said records available accordingly.
Adjustment of Additional Rent. Within ninety (90) days of the end of each Lease Year, calendar year or fiscal year, or portion thereof, as the case may be, for which the Landlord has estimated any item of Additional Rent, the Landlord shall compute the actual amount of such item of Additional Rent, and make available to the Tenant for examination a statement of the gross amount of such item of Additional Rent, and the calculation of the Tenant’s share thereof for each year or portion thereof. If the actual amount of such item of Additional Rent, as set out in any such statement, exceeds the aggregate amount of the instalments paid by the Tenant in respect of such item, the Tenant shall pay to the Landlord the amount of the excess within fifteen (15) days of the receipt of such statement. If the contrary is the case, any such statement shall be accompanied by a refund to the Tenant of any such overpayment without interest, provided that the Landlord may first deduct from such refund any rent or other sum which is then owing by the Tenant or in arrears.
Adjustment of Additional Rent. After the end of each fiscal period referred to in section 4.3, the Landlord shall deliver to the Tenant a statement of the Landlord certified by its accountants as accurate as to the actual Additional Rent payable to the Landlord pursuant to subsections 4.2(b) and (c) in respect of such fiscal period and a calculation of the amount by which such Additional Rent payable by the Tenant varies from the aggregate instalments paid by the Tenant on account of such Additional Rent for such fiscal period. Within 30 days after the receipt of such statement, either the Tenant shall pay to the Landlord any amount by which the amount found payable by the Tenant with respect to such fiscal period exceeds the aggregate of the monthly payments made by it on account thereof or the Landlord shall pay to the Tenant any amount by which the amount found payable as aforesaid is less than the aggregate of such monthly payments. The Tenant shall have the right, exercisable by notice to the Landlord given within 30 days after receipt of any statement of such Additional Rent submitted by the Landlord as aforesaid, to verify the accuracy of any amount shown on any statement by requiring the Landlord to give to the Tenant appropriate explanations related to such statement. In the event of any dispute by the Tenant as to the amount of such Additional Rent payable, such dispute shall be submitted to arbitration in accordance with Article 16.
Adjustment of Additional Rent. If the Additional Rent paid by ----------------------------- Lessee, based upon Lessor's estimate, differs from the actual amount of Additional Rent due and payable for the previous year, the difference shall be payable by Lessor or Lessee, as the case may be, in a lump sum on the first day of the second month following the month in which Lessor renders its operating statement to Lessee. Failure to give Lessee an actual operating statement shall not constitute a waiver by Lessor of its right to require an increase in Additional Rent. Lessee's Share of the Excess Operating Expenses (excluding expenses relating to the cost of utilities (including electricity), insurance, real estate taxes and other uncontrollable expenses) payable by Lessee shall not increase by more than eight percent (8%) in any calendar year on a compounding basis; however, in the event Lessee's Share of the Excess Operating Expenses increases by more than eight percent (8%) in any calendar year during the Term, Lessor shall be entitled to increase the amount of Excess Operating Expenses payable by Lessee in subsequent years during the Term to the extent necessary (but not in excess of eight percent (8%) in any calendar year) to recover the total amount of Excess Operating Expenses otherwise payable by Lessee. If the Project is not 100% occupied during any calendar year or if Lessor is not supplying services to 100% of the total rentable square footage of the Project at any time during a calendar year, Operating Expenses shall be determined as if the Project had been 100% occupied and Lessor had been supplying services to 100% of the rentable square footage of the Project during such calendar year. The extrapolation of Operating Expenses under the above provision shall be determined by Lessor by adjusting the cost of those components of Operating Expenses that are impacted by changes in the occupancy of the Project. However, in no event shall Lessee pay more than the actual Operating Expenses attributable to Lessee's Share, provided Lessee leases and occupies the entire Building.
Adjustment of Additional Rent. Landlord may adjust the Additional Rent effective at the beginning of each accounting period on the basis of the Landlord’s reasonably anticipated Building Operating Expenses for that accounting period. An accounting period is a calendar year, except the first accounting period shall commence on the date the term commences and the last accounting period shall end on the date the term expires or terminates. Landlord shall furnish to Tenant, as soon as reasonably practicable after each accounting period, a statement showing Tenant’s share of the actual Building Operating Expenses for such accounting period and the payments made by Tenant in that regard. If Tenant’s share of actual Building Operating Expenses for the accounting period exceeds the payments made by Tenant, Tenant shall pay Landlord the deficiency within thirty (30) days after receipt of the statement. If Tenant’s payments made during the accounting period exceed Tenant’s share of the actual Building Operating Expenses for such period, Landlord shall, at Landlord’s option, either pay Tenant the excess at the time Landlord Final I-405 CAPA Lease 9-12-07 - 4 - Please Initial _______ furnishes that statement to Tenant or credit such excess against the next rent payment or payments due from Tenant. Following delivery of Landlord’s statement of Tenant’s share of actual Building Operating Expenses, Tenant and its auditors, agents and representatives shall have the right to inspect Landlord’s accounting records relative to real estate taxes, Building Operating Expenses, and such of Landlord’s reconciliation of costs as pertain to and contain information concerning such costs and expenses in order to verify the amounts thereof, during normal business hours one (1) time each year during the Lease Term and following the expiration or earlier termination of the Lease, until a date that is ninety (90) days after the receipt by Tenant of Landlord’s final statement of which Tenant shall be obliged to pay to Landlord Additional Rent. Tenant’s right to inspect Landlord’s accounting records shall survive the expiration or earlier termination of the Lease. Such inspection shall be at the sole cost and expense of Tenant except in the event that it is determined that Building Operating Expenses have been overstated by more than five percent (5%) for any given year, in which case Landlord shall pay for all costs for such inspection.
Adjustment of Additional Rent. If the Notice of Comparison provides there is an Additional Rent Adjustment payable by Tenant, then Tenant shall, within thirty (30) days after Tenant receives the Notice of Comparison, pay to Landlord the amount set forth in the Notice of Comparison as the amount of the Adjustment of Additional Rent payable by Tenant. If the Notice of Comparison provides there is an Additional Rent Adjustment payable by Landlord, then Landlord shall, within thirty (30) days after delivery of the Notice of Comparison return to Tenant the amount set forth in the Notice of Comparison as the amount of the Adjustment of Additional Rent due to Tenant. (iv)
Adjustment of Additional Rent. Within one hundred and twenty (120) days after the end of each fiscal period referred to in Section 4.3, the Landlord shall deliver to the Tenant a statement (which statement shall be binding on the Landlord and the Tenant) as to the actual Additional Rent payable to the Landlord pursuant to Sections 4.2(a), (b) and (f) in respect of such fiscal period and a calculation of the amount by which such Additional Rent payable by the Tenant varies from the aggregate instalments paid by the Tenant on account of such Additional Rent for such fiscal period. Within thirty (30) days after the receipt of such statement, either the Tenant shall pay to the Landlord any amount by which the amount found payable by the Tenant with respect to such fiscal period exceeds the aggregate of the monthly payments made by it on account thereof or the Landlord shall pay to the Tenant any amount by which the amount found payable as aforesaid is less than the aggregate of such monthly payments. The rights and obligations under this Section shall survive the expiration or earlier termination of this Lease.
Adjustment of Additional Rent. Within ninety (90) days after the conclusion of each lease year, the Landlord shall compute the actual amount of such Additional Rent actual amount of such Additional Rent, as well as the Sub-Tenant's actual aggregate share thereof pursuant to the applicable provisions of this Lease, and make available to the Sub-Tenant for examination a statement showing in reasonable detail the information relevant and necessary to the exact calculation of such actual Additional Rent. If the Additional Rent, as set out in any such statement, exceeds the aggregate amount of the installments paid pursuant to Article 4.04 in respect of such earlier estimated Additional Rent, the Sub-Tenant shall pay to the Sub-Landlord the amount of the excess within fifteen (15) days of the receipt of any such statement. If the contrary is the case, the Sub-Landlord shall either return it to the Sub-Tenant within fifteen (15) days of delivery of such statement or give credit to the Sub-Tenant for any such overpayment without interest. If for any reason beyond the Landlord's control the Landlord is unable to deliver the statement hereinbefore referred to within the said period of ninety (90) days, the Landlord shall take all reasonable steps as may be necessary to deliver such statement as soon thereafter as is reasonably possible and the failure to provide such statement within the said period shall not entitle the Sub-Tenant to withhold any sum payable to the Sub-Landlord hereunder, or to claim damages from the Sub-Landlord or Landlord.
Adjustment of Additional Rent. 3 2.04 Manner and Place of Payment ................................... 3 2.05 Irregular Calculation of Basic Rent ........................... 3 2.06 Disproportionate Allocation ................................... 3 2.07 Net Lease Intent .............................................. 3 Article 3 - Construction and Fixturing of Leased Premises: .............. 4
Adjustment of Additional Rent. If the Notice of Comparison provides there is an Additional Rent Adjustment payable by Tenant, then Tenant shall, within thirty (30) days after Tenant receives the Notice of Comparison, pay to Landlord the amount set forth in the Notice of Comparison as the amount of the Adjustment of Additional Rent payable by Tenant. If the Notice of Comparison provides there is an Additional Rent Adjustment payable by Landlord, then Landlord shall, within thirty (30) days after delivery of the Notice of Comparison return to Tenant the amount set forth in the Notice of Comparison as the amount of the Adjustment of Additional Rent due to Tenant. “Controllable Expenses” (as defined below) for each calendar year (“Applicable Calendar Year”), commencing with the second calendar year following this Lease, shall not exceed an amount determined by increasing Controllable Expenses for each prior calendar year at the rate of four percent (4%) per year through the Applicable Calendar Year. “Controllable Expenses” shall mean those Operating Expenses which are reasonably controllable by Landlord. Examples of Operating Expenses which are not reasonably controllable by Landlord shall include, but not be limited to, those Operating Expenses relating to insurance, Taxes (as defined herein), utilities, snow and ice removal, expenses arising or accruing under the [Ground Lease], [REA] and/or [Shared Services Agreement], collectively-bargained union wages and costs or alterations and modifications to the Building required by law. (4)
