Common use of CAM Expenses Clause in Contracts

CAM Expenses. To the extent that tenants are reimbursing the landlord for common area maintenance and other operating expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges payable under each Lease for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Lease. Seller shall be responsible for the CAM reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on an estimate for the year of Closing, a post close “true up” will be performed for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM “true up” necessary to the extent that the Leases provide for a “true up”.

CAM Expenses. To the extent that tenants Tenants are reimbursing the landlord for common area maintenance and other operating expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges payable under each Tenant Lease for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants incurred during the party’s respective periods of ownership of the Property during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Tenant Lease. Seller shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on upon an estimate for the year of Closing, a post close post-closing “true up” will be performed for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM Charges “true up” necessary to the extent that the Leases provide any Tenant Lease provides for a “true up”.

CAM Expenses. To the extent that tenants are reimbursing the landlord for common area maintenance and other operating expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges payable under each Tenant Lease for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants incurred during the party’s respective periods of ownership of the Property during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Tenant Lease. Seller shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. i.e., property taxes, where a proration was based on upon an estimate for the year of Closing, a post close closing “true up” will be performed for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM Charges “true up” necessary to the extent that the Leases provide any Tenant Lease provides for a “true up”.

CAM Expenses. To the extent that tenants are reimbursing the landlord for common area maintenance and other operating expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of in the CAM Charges payable under each Lease for the CAM Lease Year same manner that Rents are allocated (as defined belowsee (a) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth belowabove). As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Tenant Lease. Seller shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on upon an estimate for the year of Closing, a post close closing “true up” will be performed for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM Charges 18 “true up” necessary to the extent that the Leases provide any Tenant Lease provides for a “true up”. For example, if a true up shows that the landlord owes a credit to a tenant, or tenants, for amounts collected from tenants that exceed actual CAM expenses, then Seller and Buyer shall be responsible for any such credit based on their respective ownership period. Likewise, if a true up shows that the landlord is entitled to receive additional reimbursements from tenants, then in such event, the Seller and Buyer shall be entitled to share in such additional reimbursement based on their respective ownership period.

CAM Expenses. To the extent that tenants are reimbursing the landlord for common area maintenance and other operating expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges payable under each Tenant Lease for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants incurred during the party’s respective periods of ownership of the Property during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Tenant Lease. Seller shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on upon an estimate for the year of Closing, a post close closing “true up” will be performed on or before March 31, 2015 for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing; provided, however, that if real property tax assessment and levy documents from the applicable authorities are not available on or before March 31, 2015, then reproration of real property taxes shall occur as provided in subsection (c) below. Each party will be responsible for any CAM Charges “true up” necessary to the extent that the Leases provide any Tenant Lease provides for a “true up”.

CAM Expenses. To the extent that tenants are reimbursing the landlord for common area maintenance and other operating expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges payable under each Tenant Lease for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants incurred during the party’s respective periods of ownership of the Property during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Tenant Lease. Seller shall be responsible for the CAM reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on an estimate for the year of Closing, a post close “true up” will be performed for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM “true up” necessary to the extent that the Leases provide for a “true up”.

CAM Expenses. To the extent that tenants are any Tenant under any Tenant Lease is reimbursing the landlord for common area maintenance and other operating expenses (such payments received from such Tenant(s) are collectively, “CAM Charge(sPayment(s)”), CAM Charges Payment(s) shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges Payment(s) payable under each Lease the Tenant Leases for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants Payment(s) received during the party’s respective periods of ownership of the Property during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means means, as applicable, the twelve (12) month period as to which annual CAM Charges Payment(s) are owed under each any Tenant Lease. Seller shall be responsible for the payments due to the Tenants and shall receive the benefit of any additional amounts due from the Tenants in connection with the CAM reconciliation on a lease-by-lease basis for their its ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the payments due to the Tenants and shall receive the benefit of any additional amounts due from the Tenants in connection with the CAM reconciliation on a lease-by-lease basis for their its ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on an estimate for the year of Closing, a post close Closing “true up” will be performed for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM “true up” necessary to the extent that the Leases provide any Tenant Lease provides for a “true up”.

CAM Expenses. To the extent that tenants are reimbursing the landlord for common area maintenance and other operating expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges payable under each Tenant Lease for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants incurred during the party’s respective periods of ownership of the Property during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Tenant Lease. Seller shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on upon an estimate for the year of Closing, a post close “true up” will be performed at Closing for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM “true up” necessary to Closing based on the extent that best data then available as of the Leases provide for a “true up”Closing Date.

CAM Expenses. To the extent that tenants are reimbursing the landlord for common area maintenance and other operating expenses Operating Expenses (collectively, “CAM Charge(s)”), CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each party being entitled to receive a portion of the CAM Charges payable under each Tenant Lease for the CAM Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual CAM Charges paid by tenants incurred during the party’s respective periods of ownership of the Property during the CAM Lease Year. Such proration at Closing shall be based on the actual CAM Charges paid by tenants, subject to a reconciliation as set forth below. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to which annual CAM Charges are owed under each Tenant Lease. Seller shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up to, but not including, the Closing Date. Buyer shall be responsible for the CAM Charges reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing Date. In the event of any expenses, i.e. property taxes, where a proration was based on upon an estimate for the year of Closing, a post close post-closing “true up” will be performed for the actual expense to determine Seller and Buyer obligation for their ownership period for the year of Closing. Each party will be responsible for any CAM Charges “true up” necessary to the extent that the Leases provide any Tenant Lease provides for a “true up”.