Insurance Costs. If, during the term hereof, Insurance Costs (as hereinafter defined) paid or incurred by Landlord in any calendar year (an “Operating Year”) shall exceed Base Insurance Costs, Tenant shall reimburse Landlord, as Additional Rent, for Tenant’s Percentage of any such excess (such amount being hereinafter referred to as the “Insurance Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Insurance Excess to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement thereof. Any year-end statement by Landlord relating to Insurance Costs (other than an invoice for a monthly estimate) shall be final and binding upon Tenant unless it shall within thirty (30) days after receipt thereof, contest any items therein by giving notice to Landlord specifying each item contested and the reasons therefor. Tenant shall pay to Landlord, as Additional Rent, on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the Insurance Excess, such monthly amounts to be sufficient to provide to Landlord, by the end of each Operating Year, a sum equal to the Insurance Excess for such Operating Year, as estimated by Landlord from time to time during such Operating Year. If, at the expiration of each Operating Year in respect of which monthly installments on account of the Insurance Excess shall have been made as aforesaid, the total of such monthly remittances is greater than the Insurance Excess for such Operating Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Insurance Costs (or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligation to Landlord); if the total of such remittances is less than the Insurance Excess for such Operating Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by Landlord. In no event shall Tenant be entitled to receive any reimbursement or credit if Insurance Costs for any Operating Year are less than Base Insurance Costs. In the event that Tenant’s obligation to pay Annual Fixed Rent for Insurance Costs shall commence or the term of this Lease shall expire or be terminated during any Operating Year or Tenant’s Percentage shall be modified during any Operating Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of the Insurance Excess which may be payable by Tenant as provided in this Subsection 4.2.2 shall be pro-rated on a daily basis based on a 360 day Operating Year.
Appears in 1 contract
Samples: Lease (AxoGen, Inc.)
Insurance Costs. If, during the term hereof, Insurance Costs (as hereinafter defined) paid or incurred by Landlord in any calendar year (an “Operating Year”) shall exceed Base Insurance Costs, Tenant shall reimburse Landlord, as Additional Rent, for Tenant’s Percentage of any such excess (such amount being hereinafter referred to as the “Insurance Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Insurance Excess to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement thereof. Any year-end statement by Landlord relating to Insurance Costs (other than an invoice for a monthly estimate) shall be final and binding upon Tenant unless it shall within thirty (30) days after receipt thereof, contest any items therein by giving notice to Landlord specifying each item contested and the reasons therefor. Tenant shall pay to Landlord, as Additional Rent, commencing on the Rent Commencement Date and thereafter on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the Insurance Excess, such monthly amounts to be sufficient to provide to Landlord, by the end of each Operating Year, a sum equal to the Insurance Excess for such Operating Year, as estimated by Landlord from time to time during such Operating Year. If, at the expiration of each Operating Year in respect of which monthly installments on account of the Insurance Excess shall have been made as aforesaid, the total of such monthly remittances is greater than the Insurance Excess for such Operating Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Insurance Costs (or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligation to Landlord); if the total of such remittances is less than the Insurance Excess for such Operating Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by Landlord. In no event shall Tenant be entitled to receive any reimbursement or credit if Insurance Costs for any Operating Year are less than Base Insurance Costs. In the event that Tenant’s obligation to pay Annual Fixed Rent for Insurance Costs shall commence or the term of this Lease shall expire or be terminated during any Operating Year or Tenant’s Percentage shall be modified during any Operating Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of the Insurance Excess which may be payable by Tenant as provided in this Subsection 4.2.2 shall be pro-rated on a daily basis based on a 360 day Operating Year.by
Appears in 1 contract
Samples: AxoGen, Inc.
Insurance Costs. If, during the term hereof, Insurance Costs (as hereinafter defined) paid or incurred by Landlord in any calendar year (an “Operating Year”) shall exceed Base Insurance Costs, Tenant shall reimburse Landlord, as Additional Rent, for Tenant’s Percentage of any such excess (such amount being hereinafter referred to as the “Insurance Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Insurance Excess to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement thereof. Any year-end statement by Landlord relating to Insurance Costs (other than an invoice for a monthly estimate) shall be final and binding upon Tenant unless it shall within thirty (30) days after receipt thereof, contest any items therein by giving notice to Landlord specifying each item contested and the reasons therefor. Tenant shall pay to Landlord, as Additional Rent, commencing on the Rent Commencement Date and thereafter on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the Insurance Excess, such monthly amounts to be sufficient to provide to Landlord, by the end of each Operating Year, a sum equal to the Insurance Excess for such Operating Year, as estimated by Landlord from time to time during such Operating Year. If, at the expiration of each Operating Year in respect of which monthly installments on account of the Insurance Excess shall have been made as aforesaid, the total of such monthly remittances is greater than the Insurance Excess for such Operating Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Insurance Costs (or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligation to Landlord); if the total of such remittances is less than the Insurance Excess for such Operating Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by Landlord. In no event shall Tenant be entitled to receive any reimbursement or credit if Insurance Costs for any Operating Year are less than Base Insurance Costs. In the event that Tenant’s obligation to pay Annual Fixed Rent for Insurance Costs shall commence or the term of this Lease shall expire or be terminated during any Operating Year or Tenant’s Percentage shall be modified during any Operating Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of the Insurance Excess which may be payable by Tenant as provided in this Subsection 4.2.2 shall be pro-rated on a daily basis based on a 360 day Operating Year.
Appears in 1 contract
Samples: AxoGen, Inc.
Insurance Costs. If, during the term hereof, Insurance Costs (as hereinafter defined) paid or incurred by Landlord in any calendar year (an “Operating Year”) shall exceed Base Insurance Costs, Tenant shall reimburse Landlord, as Additional Rent, for Tenant’s Percentage of any such excess (such amount being hereinafter referred to as the “Insurance Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Insurance Excess to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement thereof. Any year-end statement by Landlord relating to Insurance Costs (other than an invoice for a monthly estimate) shall be final and binding upon Tenant unless it shall Landlord, within thirty (30) days after Tenant’s receipt thereof, contest any items therein by giving notice to Landlord specifying each item contested and the reasons therefor. Tenant shall pay to Landlord, as Additional Rent, on the first day of each calendar month during invoice therefor from Landlord (accompanied by receipts or other reasonably adequate supporting documentation), Tenant’s Proportionate Share of the term amount of all Insurance Costs payable by Landlord to unaffiliated commercial insurers with respect to insurance for each year and partial year falling within the Term (i) required to be maintained by Landlord pursuant to this Lease, or (ii) required to be maintained by Landlord by any equity financing source, the holder or beneficiary of any mortgage or deed of trust that may now or hereafter encumber all or any portion of the Premises or the lessor under any ground or land lease that may now or hereafter affect the Land, or (iii) customarily maintained by the owners of Comparable Buildings, including, but otherwise in not limited to, the manner provided cost of casualty and liability insurance, the cost of rental loss insurance for the payment of Annual Fixed RentBuilding and insurance on Landlord’s personal property located in and used in connection with the operation, estimated payments on account repair, maintenance and management of the Insurance ExcessBuilding, such monthly amounts to be sufficient to provide to Landlord, by plus the end cost of each Operating Year, a sum equal to all reasonable and customary deductible payments (which deductibles shall not exceed $50,000 [the Insurance Excess for such Operating Year, as estimated “Deductible Limit”] without Tenant’s prior written consent) made by Landlord from in connection therewith (collectively, “Insurance Costs”). Landlord shall be required to reimburse Tenant for any Insurance Costs that Tenant pays that are attributable to any period of time outside the Term. Landlord shall use reasonable efforts to time during such Operating Year. If, at procure policies of insurance with commercially competitive premiums taking into account the expiration of each Operating Year in respect of which monthly installments on account location of the Insurance Excess shall have been made as aforesaidImprovements, the total of such monthly remittances is greater than the Insurance Excess for such Operating Yeartheir construction, and age. Furthermore, if requested in writing by Tenant, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account obtain quotes for policies of insurance with deductibles that exceed the Deductible Limits (provided that the Deductible Limits shall in no event exceed the deductibles maintained by tenants with financial metrics comparable to Tenant and shall not be an amount which causes Tenant to be a self-insurer). If Tenant does not timely pay any Insurance Costs (or promptly refund such overpayment if as and when required by this Section 7, Landlord may pay the term of this Lease has ended applicable Insurance Costs and Tenant has no further obligation to Landlord); if shall reimburse Landlord for the total of such remittances is less than the Insurance Excess for such Operating Year, Tenant shall pay the difference to amount so paid by Landlord within ten (10) days after being so notified by Landlord. In no event shall Tenant be entitled to receive any reimbursement or credit if Insurance Costs for any Operating Year are less than Base Insurance Costs. In the event that Tenant’s obligation to pay Annual Fixed Rent for Insurance Costs shall commence or the term receipt of this Lease shall expire or be terminated during any Operating Year or Tenant’s Percentage shall be modified during any Operating Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of the Insurance Excess which may be payable by Tenant as provided in this Subsection 4.2.2 shall be pro-rated on a daily basis based on a 360 day Operating Yearan invoice from Landlord.
Appears in 1 contract
Insurance Costs. If, during the term hereof, Insurance Costs (as hereinafter defined) paid or incurred by Landlord in any calendar year (an “Operating Year”) shall exceed Base Insurance Costs, Tenant shall reimburse LandlordLandlord for all premiums and costs for insurance carried by Landlord on the Premises or in connection with the use or occupancy thereof (including all amounts paid as a result of loss sustained that would be covered by such policies but for deductibles or self-insurance retentions), as Additional Rentincluding, for Tenantbut not limited to, the premiums and costs of fire and extended coverage, earthquake, flood, vandalism and malicious mischief, commercial liability and property damage, worker’s Percentage compensation insurance, rental income insurance and any other insurance commonly carried by prudent owners of any such excess comparable buildings (such amount being hereinafter referred to as the collectively, “Insurance ExcessCosts”); provided, however, that Landlord may, but shall not be obligated to carry earthquake insurance on the Premises. Except as otherwise provided in Commencing on the immediately following paragraphCommencement Date, Tenant shall pay to Landlord as Additional Rent one twelfth (1/12) of the Insurance Excess to Landlord within twenty (20) days from Costs for each calendar year or portion thereof during the date Landlord shall furnish to Tenant an itemized statement thereof. Any year-end statement by Landlord relating to Insurance Costs (other than an invoice for a monthly estimate) shall be final and binding upon Tenant unless it shall within thirty (30) days after receipt thereofTerm, contest any items therein by giving notice to Landlord specifying each item contested and the reasons therefor. Tenant shall pay to Landlord, as Additional Rentin advance, on or before the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the Insurance Excess, such monthly amounts to be sufficient to provide to Landlord, by the end of each Operating Year, a sum equal to the Insurance Excess for such Operating Year, as an amount estimated by Landlord as stated in a written notice to Tenant. Landlord may by written notice to Tenant revise such estimates from time to time during and Tenant shall thereafter make payments on the basis of such Operating Yearrevised estimates. If, at With reasonable promptness after the expiration of each Operating Year calendar year, Landlord will furnish Tenant with a statement setting forth in respect of which monthly installments on account of reasonable detail the actual Insurance Excess shall have been made as aforesaid, Costs for the total of such monthly remittances is greater than prior calendar year. If the actual Insurance Excess Costs for such Operating Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of year exceed the estimated Insurance Costs (or promptly refund such overpayment if the term of this Lease has ended and paid by Tenant has no further obligation to Landlord); if the total of such remittances is less than the Insurance Excess for such Operating Yearyear, Tenant shall pay to Landlord (whether or not this Lease has terminated) the difference to Landlord between the amount of estimated Insurance Costs paid by Tenant and the actual Insurance Costs within ten fifteen (1015) days after being so notified the receipt of Landlord’s statement of Insurance Costs. If the total amount paid by Landlord. In no event shall Tenant be entitled to receive for any reimbursement or credit if year exceeds the actual Insurance Costs for that year, the excess shall be credited against the next installments of Base Rent due from Tenant to Landlord, or, if after the Termination Date, the excess shall first be credited against any Operating Year are less than unpaid Base Rent or Additional Rent due and any remaining excess shall be refunded to Tenant concurrently with the furnishing of Landlord’s statement of Insurance Costs. In If either the event that Tenant’s obligation to pay Annual Fixed Rent for Commencement Date or the Termination Date occurs on a date other than the first or last day, respectively, of a calendar year, Insurance Costs shall commence for the year in which the Commencement Date or the term of this Lease shall expire or be terminated during any Operating Year or Tenant’s Percentage Termination Date occurs shall be modified during any Operating Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of the Insurance Excess which may be payable by Tenant as provided in this Subsection 4.2.2 shall be pro-rated on a daily basis prorated based on a 360 365-day Operating Yearyear.
Appears in 1 contract
Samples: Commercial Lease (Tesla Motors Inc)
