Estimated Operating Expenses. By April 1 of each year, Landlord shall send to Tenant a statement showing the Landlord’s estimated Operating Expenses for the then current year, and the Tenant’s share thereof, based upon its Proportionate Share. Tenant shall pay 1/12th of its Proportionate Share of the Operating Expenses with each monthly payment of Basic Rent during the year. The statement shall also show the actual Operating Expenses for the previous year, as compared to the amount of Operating Expenses which Xxxxxxxx had previously estimated for the year. If the statement shows that Tenant paid more than its Proportionate Share of the actual Operating Expenses for the preceding year, then Tenant shall receive a credit against its lease payment(s) next due and owing, until the excess is eliminated. If the statement shows that Tenant paid less than its Proportionate Share of the actual Operating Expenses for the preceding year, then Tenant shall pay the shortfall amount within twenty (20) days of the date of the statement, as Additional Rent. Following its receipt of the statement, Tenant shall (if it is not in default) have the option of auditing and/or inspecting Landlord’s books and records relating to Operating Expenses, upon prior notice to Property Manager and during ordinary business hours at the office where such records are kept. Tenant must give such a notice no later than June 15 of the year, and complete its audit and/or inspection by no later than August 15 of the same year. In lieu of permitting such an audit, Landlord may provide Tenant with an audit prepared by an independent qualified CPA. If Xxxxxx’s audit shows the Landlord’s calculation of Operating Expenses to be in error by less than five percent (5%), Landlord will adjust the amount owing from Tenant by the appropriate amount, but Tenant shall pay the costs of the audit and/or investigation. If the error is five percent (5%) or more, Landlord will adjust the amount owing from Tenant by the appropriate amount, but Landlord shall pay the costs of the audit and/or investigation. The audit rights set forth herein shall not apply to subTenants.
Estimated Operating Expenses. “Estimated Expenses” for any particular year shall mean Landlord’s estimate of Operating Expenses and Real Property Taxes for a calendar year. Tenant shall pay Tenant’s Share (as set forth in the Basic Provisions) of the Estimated Expenses with installments of Minimum Monthly Rent in monthly installments of one- twelfth (1/12th) thereof on the first day of each calendar month during such year. If at any time, but limited to once per year, Landlord determines that Operating Expenses and Real Property Taxes are projected to vary from the then Estimated Expenses, Landlord may, by notice to Tenant, revise such Estimated Expenses, and Tenant’s monthly installments for the remainder of such year shall be adjusted so that by the end of such calendar year Tenant has paid to Landlord Tenant’s Share of the revised Estimated Expenses for such year.
Estimated Operating Expenses. Within ninety (90) days after the close of each Operating Year during the Term, Landlord shall furnish Tenant a written statement of the “Estimated Operating Expenses” for the then current Operating Year, and a corresponding calculation of additional rent, which shall be one-twelfth (1/12) of Tenant’s Proportionate Share of the amount, if any, by which the Estimated Operating Expenses exceed the Base Amount. Such additional amount shall be added to the monthly installment of Basic Rent payable by Tenant under this Lease for each month during such Operating Year.
Estimated Operating Expenses. Landlord estimates that Tenant’s share of Operating Expenses (excluding Tax Expenses and insurance premiums) for the Additional Premises during calendar year 2020 shall be Seven and 54/100 Dollars ($7.54) per square foot of the floor area of the Additional Premises. Notwithstanding this estimate, subject to the terms of the Lease and this Amendment, Tenant shall be liable for the actual obligations for Operating Expenses, irrespective of whether the actual obligation for Operating Expenses is greater or less than Landlord’s estimate.
Estimated Operating Expenses. Tenant shall pay it Proportionate Share of the Landlord’s estimated Operating Expenses (the “Estimated Expenses”) with the installments of Minimum Monthly Rent in monthly installments of one-twelfth (1/12th) thereof on the first day of each calendar month during such year. If the Term of this Lease begins on a day other than the first day of a month, Tenant shall pay, in advance, its prorated share of the Landlord’s Estimated Expenses for such partial month. If at any time Landlord determines that Operating Expenses are projected to vary from the then Estimated Expenses, Landlord may, by notice to Tenant, revise such Estimated Expenses, and Tenant’s monthly installments for the remainder of such year shall be adjusted so that by the end of such calendar year Tenant has paid to Landlord Tenant’s Proportionate Share of the revised Estimated Expenses for such year.
Estimated Operating Expenses. Landlord shall be entitled to make an estimate of Operating Expenses projected for each calendar year. Landlord shall be entitled to revise such estimate at any time and from time to time during the calendar year to increase or decrease the estimate of Operating Expenses. If Landlord notifies Tenant that Landlord's estimate (or any revised estimate) of Operating Expenses would result in an obligation of Tenant to pay additional rent, then upon request by Landlord, Tenant shall pay one-twelfth (1/12) of such estimated additional rent on the first day of each month in advance together with the Monthly Basic Rent. If Landlord shall so notify Tenant after the commencement of a calendar year, then with the next payment of Monthly Basic Rent due, Tenant shall also pay to Landlord one-twelfth (1/12) of such estimated additional rent for each month of such calendar year which has already elapsed.
Estimated Operating Expenses. On an annual basis, and at such other times during such calendar year as Landlord shall deem it necessary, Landlord shall provide to Tenant a written statement (“Notice of Estimate”) setting forth (i) Landlord’s estimate of the Operating Expenses that Landlord expects to incur for that calendar year (“Estimated Operating Expenses”); and (ii) the amount of each installment of the Estimated Operating Expenses (“Additional
Estimated Operating Expenses. On or before the 1st day of the calendar year in which the Commencement Date occurs and for each calendar year thereafter, Landlord shall endeavor to deliver to Tenant an estimate statement (the “Estimate Statement”) of Landlord’s good faith calculation of Txxxxx’s Share of Operating Expenses to be due by Tenant for the f01thcoming calendar year (the “Estimate Amount”). Thereafter, unless Landlord delivers to Tenant a revision of the Estimate Statement, Tenant shall pay to Landlord monthly, coincident with Tenant’s payment of Base Rent, l/ 12th of the Estimate Amount; provided, however, if any such Estimate Statement is delivered to Tenant for any calendar year after the 1st day of such calendar year, Tenant shall pay to Landlord, within thirty (30) days after receipt of such Estimate Statement, a fraction of the Estimate Amount; such fraction shall have as its numerator the number of months which have elapsed in such current calendar year as of the date such Estimate Statement has been delivered to Tenant to the month of such payment, both months inclusive, and shall have twelve (12) as its denominator. Landlord may estimate and re-estimate Txxxxx’s Share of Operating Expenses to be due by Tenant for that calendar year and adjust the monthly installments of the Estimate Amount accordingly.
Estimated Operating Expenses. Landlord shall at the commencement of this Lease and by each December 15 during the term of this Lease deliver to Tenant a statement of the estimated increase in Operating Expenses for the calendar year immediately following the date of such statement over the Operating Expenses incurred for the Base Year specified in Section 1.6 hereof. Landlord's failure to deliver to Tenant such statement by such date, however, shall not constitute a bar to Landlord's recovery of Operating expenses as herein provided. Commencing with January 1 of the calendar year following the date of such statement, Tenant shall pay to Landlord with each payment of the Basic Monthly Rental a sum equal to the product of the estimated increase in Operating Expenses for such a calendar year multiplied by the Tenant's Percentage set forth in Section 1.7 above.
Estimated Operating Expenses. Within ninety (90) days after the close of each Operating Year during the Term, Landlord shall furnish Tenant a written statement of the “Estimated Operating Expenses” for the then current Operating Year, and a corresponding calculation of additional rent, which shall be one-twelfth (1/12) of Tenant’s Proportionate Share of the amount, if any, by which the Estimated Operating Expenses exceed the Base Amount. Commencing as of the later of the first (1st) anniversary of the Base Year or the thirteenth (13th) month anniversary of the first to occur of the North Wing Commencement Date, Second Floor South Wing Commencement Date or Third Floor South Wing Commencement Date, such additional amount shall be added to the monthly installment of Basic Rent payable by Tenant under this Lease for each month during such Operating Year.
