ESTIMATE OF OPERATING COSTS Sample Clauses

ESTIMATE OF OPERATING COSTS. Landlord shall, prior to the Possession Date and prior to January 1 of each calendar year thereafter, estimate the Operating Costs for the following calendar year (“Estimated Operating Costs”), acting reasonably and in good faith, and shall provide Tenant with notice thereof (the “Annual Cost Notice”). Beginning on the Possession Date, Tenant shall pay Landlord Tenant’s Proportionate Share of the Estimated Operating Costs for the year in twelve (12) equal monthly installments payable on the first day of each month with each Minimum Monthly Rental installment. During such first five (5) years following the Possession Date, in the event that Landlord shall determine that the Estimated Operating Cost for such year is too low or too high in comparison to Landlord’s then current forecast of Operating Costs, Landlord may, in its reasonable discretion, adjust the Estimated Operating Costs (and the Tenant’s monthly obligations therefor) for the balance of the calendar year, with not less than thirty (30) days’ notice to Tenant; provided that the adjustment in Estimated Operating Costs shall in no event occur more than once during any one calendar year. Within a reasonable period of time after the end of such calendar year, not to exceed one hundred twenty (120) days, Landlord shall render to the Tenant a statement of the actual Operating Costs for such calendar year, broken down in reasonable detail to show line item costs and including such supporting information as Tenant may reasonably request (the “Statement”), and if the Statement shows that, for such calendar year, Tenant’s Proportionate Share of the actual Operating Costs of such calendar year exceeded Tenant’s Proportionate Share of the Estimated Operating Costs paid by Tenant, Tenant shall pay the amount of such difference (“Deficiency”) to Landlord within thirty (30) days after receipt of such statement. If the Statement shows that a refund is due Tenant, such amount shall be credited against the next installment(s) of Rentals payable by Tenant to Landlord, or if so desired by Landlord or if the term of the Lease has expired, paid to Tenant with the Statement. Tenant shall have a right to object to the Statement and to conduct an audit of Landlord’s records related to Operating Costs by an hourly fee-based certified public accounting firm or Tenant's employees in order to verify the information in the Statement. If the audit discloses that the actual Operating Costs were higher or lower than set forth in...
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ESTIMATE OF OPERATING COSTS. On or before the date ten (10) days after the date this Lease is fully executed, with respect to the first year of the term, and on or before January 1 of each year after the year in which the Commencement Date occurs, Landlord shall reasonably estimate the Operating Costs for the following year, per rentable square foot of commercial/retail space in the Building, as determined by dividing Landlord's estimate of Operating Costs by the number of rentable square feet of commercial/retail space in the Building (as specified in Article 1). Commencing on the Commencement Date (provided Landlord has delivered the Premises to Tenant in the condition required herein), and in addition to Tenant's obligations to pay the Base Rent and other sums hereunder, Tenant shall pay to Landlord on each date a payment of Base Rent is due from January through December inclusive, one-twelfth (1/12) of the amount said estimate of per square foot Operating Costs, multiplied times the number of rentable square feet in the Premises (as specified in Article 1).
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Related to ESTIMATE OF OPERATING COSTS

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Operating Costs Tenant shall pay to Landlord the Tenant’s Percentage of Operating Costs (as hereinafter defined) incurred by Landlord in any calendar year. Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Operating Costs, such monthly amounts to be sufficient to provide Landlord, by the end of the calendar year, a sum equal to the Operating Costs, as reasonably estimated by Landlord from time to time. The initial monthly estimated payments shall be in an amount equal to 1/12th of the Initial Estimate of Tenant’s Percentage of Operating Costs for the Calendar Year. If, at the expiration of the year in respect of which monthly installments of Operating Costs shall have been made as aforesaid, the total of such monthly remittances is greater than the actual Operating Costs for such year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.3, the difference; if the total of such remittances is less than the Operating Costs for such year, Tenant shall pay the difference to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement of the Operating Costs, prepared, allocated and computed in accordance with generally accepted accounting principles. Any reimbursement for Operating Costs due and payable by Tenant with respect to periods of less than twelve (12) months shall be equitably prorated.

  • Definition of Operating Expenses (a) Subject to the exclusions and provisions hereinafter contained, the term "

  • Date of Operation This Agreement shall come into operation from the 10 December 2002 and remain in force until 30 October 2005. The parties to this Agreement shall continuously monitor the application of the Agreement via a Consultative Committee.

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

  • Direct Expenses 1. Fees and expenses of its directors (except the fees of those directors who are deemed to be "interested persons" of the Fund as that term is defined in the Investment Company Act of 1940) and the meetings thereof;

  • Total Operating Expenses All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 13.

  • Hours of Operation Tenant will carry on its business diligently and continuously in the Premises and will keep the Premises open for business not less than sixteen (16) consecutive hours each day seven (7) days per week, including holidays. Director or his/her representative may, from time to time, change such required hours of operation, in which event, Tenant will remain open during such revised hours. Similarly, Tenant may, from time to time, request to revise its hours of operation. Such change must be approved by Director or his/her representative, in writing, prior to its occurrence. Tenant may not, at any time, vacate or abandon the Premises.

  • Commencement of Operations The Partnership shall not begin operations on its Leases unless the Managing General Partner is satisfied that necessary title requirements have been satisfied.

  • PERIOD OF OPERATION Subject to certification, this Agreement shall come into force from the first pay period commencing on or after 1st December 2002 and shall remain in force until 31 October 2005.

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