Common use of Annual Settlement Clause in Contracts

Annual Settlement. Within 120 days after the end of each calendar year during the Term or as soon after such 120-day period as practicable, Landlord shall deliver to Tenant a statement of amounts payable under Article 5.1 for such calendar year prepared and certified by Landlord or its agents. Such certified statement shall be final and binding upon Tenant unless Tenant objects to it in writing to Landlord within 45 days after it is given to Tenant. If such statement shows an amount owing by Tenant that is less than the estimated payments previously made by Tenant for such calendar year, the excess shall, at Landlord’s option, be refunded to Tenant within 30 days or be held by Landlord and credited against the next payment of Rent; however, if the Term has ended and Tenant was not in default at its end, Landlord shall refund the excess to Tenant. If such statement shows an amount owing by Tenant that is more than the estimated payments previously made by Tenant for such calendar year, Tenant shall pay the deficiency to Landlord within 30 days after the delivery of such statement. Provided no Event of Default exists under this Lease, Tenant shall have 90 days after receipt of the statement to have an independent certified public accountant which is either (i) a nationally or regionally recognized public accounting firm or (ii) not working for Tenant on a contingency fee basis, complete an audit of Landlord’s books and records on Operating Expenses and/or Taxes, during normal business hours upon reasonable advance written notice at Landlord’s local office. Tenant shall deliver to Landlord a copy of the results of such audit within 10 days of receipt by Tenant. If any dispute is resolved in favor of Tenant, Landlord shall promptly credit or refund to Tenant any amount agreed or determined to have been overpaid.

Annual Settlement. Within 120 days after the end of each calendar year during the Term or as soon after such 120-day period as practicable, Landlord shall will deliver to Tenant a statement of amounts payable by Tenant under Article 5.1 SECTION 5.1, for such calendar year prepared and certified by Landlord or its agents. Such certified statement shall be final and binding upon Tenant unless Tenant objects to it in writing to Landlord within 45 days after it is given to Tenant(the "ANNUAL EXPENSE STATEMENT"). If such statement the Annual Expense Statement shows an amount owing by Tenant that is less than the estimated Estimated Taxes and Expense payments previously made by Tenant for such calendar year, the excess shall, at Landlord’s option, be refunded to Tenant within 30 days or will be held by Landlord and credited against the next payment of Rent; however, if the Term term has ended and Tenant was not in default at its end, Landlord shall will refund the excess to TenantTenant within 60 days of the date of the Annual Expense Statement. If such statement the Annual Expense Statement shows an amount owing by Tenant that is more than the estimated Estimated Takes and Expense payments previously made by Tenant for such calendar year, Tenant shall will pay the deficiency to Landlord within 30 ten (10) days after the delivery of such statement. Provided no Event of Default exists Each Annual Expense Statement provided by Landlord under this LeaseSECTION 5.5 shall be conclusive and binding upon Tenant unless within sixty (60) days after receipt thereof, Tenant shall have 90 days after receipt notify Landlord that it disputes the correctness of the statement Annual Expense Statement, specifying the respects in which the Annual Expense Statement is claimed to be incorrect. Tenant, at its expense, shall then have an independent certified public accountant which is either (i) a nationally or regionally recognized public accounting firm or (ii) not working for Tenant on a contingency fee basis, complete an the right to audit of Landlord’s 's books and records on Operating Expenses and/or Taxesrelating to the Annual Expense Statement. Pending determination of the dispute, during normal business hours upon reasonable advance written notice at Landlord’s local office. Tenant shall deliver pay within ten (10) days from notice any amounts due from Tenant in accordance with the Annual Expense Statement, but such payment shall be without prejudice to Landlord a copy of the results of such audit within 10 days of receipt by Tenant. If any dispute is resolved in favor of Tenant, Landlord shall promptly credit or refund to Tenant any amount agreed or determined to have been overpaid's position.

Annual Settlement. Within 120 ninety (90) days after the end close of each calendar year during the Term or as soon after such 120-ninety (90) day period as practicable, Landlord shall will deliver to Tenant a statement of amounts payable under Article Section 5.1 for such calendar year prepared and certified by Landlord or its agentsLandlord. Such certified statement shall will be final and binding upon Landlord and Tenant unless Tenant objects to it in writing to Landlord within 45 thirty (30) days after it is given to Tenant. If such statement shows an amount owing by Tenant that is less than the estimated payments previously made by Tenant for such calendar year, the excess shall, at Landlord’s option, be refunded to Tenant within 30 days or will be held by Landlord and credited against the next payment of Rent; however, if the Term has ended and Tenant was not in default at its end, Landlord shall will refund the excess to Tenant. If such statement shows an amount owing by Tenant that is more than the estimated payments previously made by Tenant for such calendar year, Tenant shall will pay the deficiency to Landlord within 30 thirty (30) days after the delivery of such statement. Provided no Event If Landlord and Tenant disagree on the accuracy of Default exists under Operating Expenses as set forth in the statement and if the amount of Operating Expenses as contained in the statement are in excess of five percent (5%) of the amount of the Operating Expenses for the immediately preceding calendar year, and provided further that Tenant strictly complies with the provisions of this LeaseArticle 5, Tenant shall have 90 days after receipt of nevertheless make payment in accordance with any notice given by Landlord but the statement to have an independent disagreement shall immediately be referred by Landlord for prompt decision by a certified public accountant which is either (iaccountant, architect, insurance broker or other professional consultant who shall be deemed to be acting as expert(s) and not arbitrator(s), and a nationally or regionally recognized public accounting firm or (iidetermination signed by the selected expert(s) not working for Tenant shall be final and binding on a contingency fee basis, complete an audit of Landlord’s books both Landlord and records on Operating Expenses and/or Taxes, during normal business hours upon reasonable advance written notice at Landlord’s local office. Tenant shall deliver to Landlord a copy of the results of such audit within 10 days of receipt by Tenant. If any dispute is resolved in favor of Tenant, Landlord shall promptly credit or refund to Tenant any amount agreed or determined to have been overpaid.Any adjustment