Common use of DATE OF COMMENCEMENT AND DETERMINATION OF ANNUAL AND SPECIAL ASSESSMENTS AND ASSESSMENT DEPOSIT Clause in Contracts

DATE OF COMMENCEMENT AND DETERMINATION OF ANNUAL AND SPECIAL ASSESSMENTS AND ASSESSMENT DEPOSIT. The annual assessments provided for herein shall commence on such date as shall be specified by Landlord or in any Parcel Ground Lease hereto affecting a particular parcel of real property brought within the framework of these Regulations and Restrictions or on the first day of the calendar year following the date of such Parcel Ground Lease if no other date is specified. Assessments shall be on a full calendar year basis. At least thirty (30) days in advance of the beginning of each calendar year, Landlord shall fix the amount of the annual assessment against each Building Site by estimating the charges and expenses to be incurred by Landlord for the purposes set forth in these Regulations and Restrictions. A year-end adjustment may be made by Landlord as is necessary to reflect the actual cost of such expenses. The annual assessments shall be due and payable to Landlord by each Tenant or Subtenant in monthly installments and shall be accompanied by an itemized statement of such costs and the manner in which each share was determined. Each Tenant or Subtenant shall pay the amount shown on the statement no later than the date thirty (30) days after receipt of such statement. In addition, Landlord may require an amount to be deposited with Landlord at the time of the first conveyance or Parcel Ground Lease of any Building Site from Landlord to any purchaser or Parcel Ground Lessee, as applicable, thereof, and which deposit shall not bear interest and may be retained by Landlord as working capital and as security for the payment of future annual and special assessments. The annual and special assessments shall be in such amounts as are fixed by Landlord and shall be without limitation unless otherwise specified in a Parcel Ground Lease affecting a particular parcel of real property brought within the framework of the Regulations and Restrictions.