Common use of Base Rent Adjustment Clause in Contracts

Base Rent Adjustment. Service Provider shall, within one hundred twenty (120) days after the end of each Operating Period, furnish Customer with a statement of the Operating Expenses during such year and a computation of the Base Rent Adjustment (“Expense Statement”). Failure of Service Provider to provide such statement within such time period shall not be a waiver of Service Provider’s right to collect any Base Rent Adjustment; provided, however, that notwithstanding any provision contained herein to the contrary, Customer shall have no obligation to pay any amount shown on an Expense Statement unless Customer receives such Expense Statement within one hundred eighty (180) days after the end of the Operating Period to which such Expense Statement applies. If such statement shows that the actual amount Customer owes is more than the estimated Base Rent Adjustment paid by Customer, Customer shall pay the difference to Service Provider within fifteen (15) days after Customer’s receipt of the Expense Statement. If the Expense Statement shows that Customer paid more than the actual amount owed, then, unless otherwise requested by Customer, as provided below, Customer shall receive a credit therefor which shall be applied to the monthly installments of Rent next becoming due under this Service Agreement. Provided, however, that if this Service Agreement has expired, such amount shall be refunded to Customer, and if a credit is due to Customer and this Service Agreement has not expired, then upon Service Provider’s receipt of Customer’s written request, in lieu of providing such credit Service Provider shall refund the amount of such credit to Customer within fifteen (15) days after Service Provider’s receipt of such request. Unless adjusted as a result of an audit by Customer conducted pursuant to the express terms of this Service Agreement, the Operating Expenses and Base Rent Adjustment set forth in the Expense Statement shall be binding upon Customer. Provided, however, that in the event that the Term of this Service Agreement expires, or is terminated pursuant to the terms of this Service Agreement, on a date other than December 31, then, at the option of Service Provider, Service Provider may, either prior to the date on which the Term expires or this Service Agreement is terminated pursuant to the terms of this Service Agreement, or within thirty (30) days thereafter, elect to provide Customer with a revised estimate of the Operating Expenses for the Operating Period in which such expiration or termination date occurs and the Base Rent Adjustment that will be due from Customer for such Operating Period, which estimated Base Rent Adjustment shall be prorated to reflect the portion of such Operating Period that is contained within the Term of the Service Agreement (the “Final Estimated Base Rent Adjustment”). In the event that Service Provider elects to deliver such Final Estimated Base Rent Adjustment to Customer, then (i) Customer shall pay the prorated Base Rent Adjustment reflected in the Final Estimated Base Rent Adjustment within fifteen (15) days after Customer’s receipt of such estimate; (ii) the estimated amount of the Base Rent Adjustment for the final Operating Period shall be binding upon Service Provider and Customer unless adjusted as a result of an audit by Customer conduced pursuant to the express terms of this Service Agreement; and (iii) Service Provider shall not thereafter seek from Customer any additional Base Rent Adjustment if the actual Operating Expenses for such Operating Period are greater than those reflected in the Final Estimated Base Rent Adjustment, nor, unless adjusted as a result of an audit by Customer conducted pursuant to the express terms of this Service Agreement, shall Service Provider have any obligation to refund to Customer any excess funds paid by Customer to Service Provider should the actual Operating Expenses for such Operating Period be less than those reflected in the Final Estimated Base Rent Adjustment. In the event that Service Provider elects not to provide Customer with a Final Estimated Base Rent Adjustment, then it shall be presumed that Service Provider will provide Customer with an Expense Statement within one hundred twenty (120) days after the end of the final Operating Period contained in the Term, as provided above, and the Base Rent Adjustment shown in such Expense Statement shall be due from Customer to Service Provider within fifteen (15) days after Customer’s receipt of such statement.

Base Rent Adjustment. Service Provider Landlord shall, within one hundred twenty (120) days after the end of each Operating Period, furnish Customer Tenant with a statement of the Operating Expenses during such year and a computation of the Base Rent Adjustment (“Expense Statement”). Failure of Service Provider Landlord to provide such statement within such time period shall not be a waiver of Service Provider’s Landlord's right to collect any Base Rent Adjustment; provided, however, that notwithstanding any provision contained herein to the contrary, Customer shall have no obligation to pay any amount shown on an Expense Statement unless Customer receives such Expense Statement within one hundred eighty (180) days after the end of the Operating Period to which such Expense Statement applies. If such statement shows that the actual amount Customer Tenant owes is more than the estimated Base Rent Adjustment paid by CustomerTenant, Customer Tenant shall pay the difference to Service Provider within fifteen thirty (1530) days after Customer’s Tenant's receipt of the Expense Statement. If the Expense Statement shows that Customer Tenant paid more than the actual amount owed, then, unless otherwise requested by Customer, as provided below, Customer Tenant shall receive a credit therefor which therefor. The credit shall be applied to future monthly payments attributable to the monthly installments of Base Rent next becoming due under this Service Agreement. ProvidedAdjustment, however, that or if this Service Agreement Lease has expired, such amount shall be refunded to Customer, and if a credit is due to Customer and this Service Agreement has not expired, then upon Service Provider’s receipt of Customer’s written request, in lieu of providing such credit Service Provider shall refund the amount of such credit to Customer Tenant within fifteen thirty (1530) days after Service Provider’s receipt following delivery of such requestthe Expense Statement. Unless adjusted as a result of an audit by Customer Tenant conducted pursuant to the express terms of this Service AgreementLease, the Operating Expenses and Base Rent Adjustment set forth in the Expense Statement shall be binding upon CustomerTenant. Provided, however, that in the event that the Term of this Service Agreement Lease expires, or is terminated pursuant to the terms of this Service AgreementLease, on a date other than December 31, then, at the option of Service ProviderLandlord, Service Provider Landlord may, either prior to the date on which the Term expires or this Service Agreement is terminated pursuant to the terms of this Service Agreementexpires, or within thirty (30) days thereafter, elect to provide Customer Tenant with a revised estimate of the Operating Expenses for the Operating Period in which such expiration or termination date occurs and the Base Rent Adjustment that will be due from Customer Tenant for such Operating Period, which estimated Base Rent Adjustment shall be prorated to reflect the portion of such Operating Period that is contained within the Term of the Service Agreement Lease (the “Final Estimated Base Rent Adjustment”). In the event that Service Provider Landlord elects to deliver such Final Estimated Base Rent Adjustment to CustomerTenant, then (i) Customer Tenant shall pay the prorated Base Rent Adjustment reflected in the Final Estimated Base Rent Adjustment within fifteen thirty (1530) days after CustomerTenant’s receipt of such estimate; (ii) the estimated amount of the Base Rent Adjustment for the final Operating Period shall be binding upon Service Provider Landlord and Customer unless adjusted as a result of an audit by Customer conduced pursuant Tenant subject only to the express terms of this Service AgreementTenant’s Audit right set forth below; and (iii) Service Provider Landlord shall not thereafter seek from Customer Tenant any additional Base Rent Adjustment if the actual Operating Expenses for such Operating Period are greater than those reflected in the Final Estimated Base Rent Adjustment, nor, unless adjusted as a result of an audit by Customer conducted pursuant to the express terms of this Service Agreement, nor shall Service Provider Landlord have any obligation to refund to Customer Tenant any excess funds paid by Customer Tenant to Service Provider Landlord should the actual Operating Expenses for such Operating Period be less than those reflected in the Final Estimated Base Rent Adjustment. In the event that Service Provider Landlord elects not to provide Customer Tenant with a Final Estimated Base Rent Adjustment, then it shall be presumed that Service Provider Landlord will provide Customer Tenant with an Expense Statement within one hundred twenty (120) days after the end of the final Operating Period contained in the Term, as provided above, and the Base Rent Adjustment shown in such Expense Statement shall be due from Customer Tenant to Service Provider Landlord within fifteen thirty (1530) days after CustomerTenant’s receipt of such statement.

Base Rent Adjustment. Service Provider Landlord shall, within one hundred twenty (120) days after the end of each Operating Period, furnish Customer Tenant with a statement of the Operating Expenses during such year and a computation of the Base Rent Adjustment (“Expense Statement”). Failure of Service Provider Landlord to provide such statement within such time period shall not be a waiver of Service Provider’s Landlord's right to collect any Base Rent Adjustment; provided, however, that notwithstanding any provision contained herein to the contrary, Customer shall have no obligation to pay any amount shown on an Expense Statement unless Customer receives such Expense Statement within one hundred eighty (180) days after the end of the Operating Period to which such Expense Statement applies. If such statement shows that the actual amount Customer Tenant owes is more than the estimated Base Rent Adjustment paid by CustomerTenant, Customer Tenant shall pay the difference to Service Provider within fifteen (15) days after Customer’s Tenant's receipt of the Expense Statement. If the Expense Statement shows that Customer Tenant paid more than the actual amount owed, then, unless otherwise requested by Customer, as provided below, Customer Tenant shall receive a credit therefor which therefor. The credit shall be applied to future monthly payments attributable to the monthly installments of Base Rent next becoming due under this Service Agreement. ProvidedAdjustment, however, that or if this Service Agreement has expired, such amount shall be refunded to Customer, and if a credit is due to Customer and this Service Agreement has not expired, then upon Service Provider’s receipt of Customer’s written request, in lieu of providing such credit Service Provider shall refund the amount of such credit to Customer within fifteen (15) days after Service Provider’s receipt of such requestTenant. Unless adjusted as a result of an audit by Customer Tenant conducted pursuant to the express terms of this Service Agreement, the Operating Expenses and Base Rent Adjustment set forth in the Expense Statement shall be binding upon CustomerTenant. Provided, however, that in the event that the Term of this Service Agreement expires, or is terminated pursuant to the terms of this Service Agreement, on a date other than December 31, then, at the option of Service ProviderLandlord, Service Provider Landlord may, either prior to the date on which the Term expires or this Service Agreement is terminated pursuant to the terms of this Service Agreementexpires, or within thirty (30) days thereafter, elect to provide Customer Tenant with a revised estimate of the Operating Expenses for the Operating Period in which such expiration or termination date occurs and the Base Rent Adjustment that will be due from Customer Tenant for such Operating Period, which estimated Base Rent Adjustment shall be prorated to reflect the portion of such Operating Period that is contained within the Term of the Service Agreement (the “Final Estimated Base Rent Adjustment”). In the event that Service Provider Landlord elects to deliver such Final Estimated Base Rent Adjustment to CustomerTenant, then (i) Customer Tenant shall pay the prorated Base Rent Adjustment reflected in the Final Estimated Base Rent Adjustment within fifteen (15) days after CustomerTenant’s receipt of such estimate; (ii) the estimated amount of the Base Rent Adjustment for the final Operating Period shall be binding upon Service Provider Landlord and Customer unless adjusted as a result of an audit by Customer conduced pursuant to the express terms of this Service AgreementTenant; and (iii) Service Provider Landlord shall not thereafter seek from Customer Tenant any additional Base Rent Adjustment if the actual Operating Expenses for such Operating Period are greater than those reflected in the Final Estimated Base Rent Adjustment, nor, unless adjusted as a result of an audit by Customer conducted pursuant to the express terms of this Service Agreement, nor shall Service Provider Landlord have any obligation to refund to Customer Tenant any excess funds paid by Customer Tenant to Service Provider Landlord should the actual Operating Expenses for such Operating Period be less than those reflected in the Final Estimated Base Rent Adjustment. In the event that Service Provider Landlord elects not to provide Customer Tenant with a Final Estimated Base Rent Adjustment, then it shall be presumed that Service Provider Landlord will provide Customer Tenant with an Expense Statement within one hundred twenty (120) days after the end of the final Operating Period contained in the Term, as provided above, and the Base Rent Adjustment shown in such Expense Statement shall be due from Customer Tenant to Service Provider Landlord within fifteen (15) days after CustomerTenant’s receipt of such statement.

Base Rent Adjustment. Service Provider Landlord shall, within one hundred twenty (120) days after the end of each Operating Period, furnish Customer Tenant with a statement of the Operating Expenses during such year and a computation of the Base Rent Adjustment (“Expense Statement”). Failure of Service Provider Landlord to provide such statement within such time period shall not be a waiver of Service ProviderLandlord’s right to collect any Base Rent Adjustment; provided, however, that notwithstanding any provision contained herein to the contrary, Customer shall have no obligation to pay any amount shown on an Expense Statement unless Customer receives such Expense Statement within one hundred eighty (180) days after the end of the Operating Period to which such Expense Statement applies. If such statement shows that the actual amount Customer Tenant owes is more than the estimated Base Rent Adjustment paid by CustomerTenant, Customer Tenant shall pay the difference to Service Provider within fifteen thirty (1530) days after CustomerTenant’s receipt of the Expense Statement. If the Expense Statement shows that Customer Tenant paid more than the actual amount owed, then, unless otherwise requested by Customer, as provided below, Customer Tenant shall receive a credit therefor which therefor. The credit shall be applied to future monthly payments attributable to the monthly installments of Base Rent next becoming due under this Service Agreement. ProvidedAdjustment, however, that or if this Service Agreement Lease has expired, such amount shall be refunded to Customer, and if a credit is due to Customer and this Service Agreement has not expired, then upon Service Provider’s receipt of Customer’s written request, in lieu of providing such credit Service Provider shall refund the amount of such credit to Customer Tenant within fifteen forty-five (1545) days after Service Provider’s receipt of such requestdays. Unless adjusted as a result of an audit by Customer Tenant conducted pursuant to the express terms of this Service AgreementLease, the Operating Expenses and Base Rent Adjustment set forth in the Expense Statement shall be binding upon CustomerTenant. Provided, however, that in the event that the Term of this Service Agreement Lease expires, or is terminated pursuant to the terms of this Service AgreementLease, on a date other than December 31, then, at the option of Service ProviderLandlord or upon request by Tenant, Service Provider mayLandlord shall, either prior to the date on which the Term expires or this Service Agreement is terminated pursuant to the terms of this Service Agreementexpires, or within thirty (30) days thereafter, elect to provide Customer Tenant with a revised estimate of the Operating Expenses for the Operating Period in which such expiration or termination date occurs and the Base Rent Adjustment that will be due from Customer Tenant for such Operating Period, which estimated Base Rent Adjustment shall be prorated to reflect the portion of such Operating Period that is contained within the Term of the Service Agreement Lease (the “Final Estimated Base Rent Adjustment”). In the event that Service Provider Landlord elects to deliver such Final Estimated Base Rent Adjustment to CustomerTenant, then (i) Customer Tenant shall pay the prorated Base Rent Adjustment reflected in the Final Estimated Base Rent Adjustment within fifteen forty-five (1545) days after CustomerTenant’s receipt of such estimate; : (ii) subject to Tenant’s audit right, the estimated amount of the Base Rent Adjustment for the final Operating Period shall be binding upon Service Provider Landlord and Customer unless adjusted as a result of an audit by Customer conduced pursuant to the express terms of this Service AgreementTenant; and (iii) Service Provider Landlord shall not thereafter seek from Customer Tenant any additional Base Rent Adjustment if the actual Operating Expenses for such Operating Period are greater than those reflected in the Final Estimated Base Rent Adjustment, nor, unless adjusted as a result of an audit by Customer conducted pursuant to the express terms of this Service Agreement, nor shall Service Provider Landlord have any obligation to refund to Customer Tenant any excess funds paid by Customer Tenant to Service Provider Landlord should the actual Operating Expenses for such Operating Period be less than those reflected in the Final Estimated Base Rent Adjustment. In the event that Service Provider elects Landlord does not to provide Customer Tenant with a Final Estimated Base Rent Adjustment, then it shall be presumed that Service Provider Landlord will provide Customer Tenant with an Expense Statement within one hundred twenty (120) days after the end of the final Operating Period contained in the Term, as provided above, and the Base Rent Adjustment shown in such Expense Statement shall be due from Customer Tenant to Service Provider Landlord within fifteen forty-five (1545) days after CustomerTenant’s receipt of such statement.