LAB COSTS Sample Clauses

LAB COSTS. Solely in the event that Tenant operates a laboratory in the Premises, Tenant shall pay to Landlord, as Additional Rent, the Lab Costs for each Operating Year or, in the case of an Operating Year only a fraction of which is included in the Lease Term, the applicable portion thereof. Lab Costs for each Operating Year shall be payable in monthly installments as follows: estimated payments by Tenant on account of Lab Costs shall be made on the first day of each and every calendar month during the Lease Term, and otherwise in the same fashion herein provided for the payment of Annual Fixed Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year with a sum equal to Tenant’s required payments, as estimated by Landlord from time to time, on account of Lab Costs for such Operating Year. Landlord shall deliver to Tenant an annual estimate of Lab Costs for each calendar year during the term, which may be revised by Landlord from time to time during such calendar year, including, without limitation, to increase such estimate as a result of any item of expense or cost reimbursable by Tenant that relates to a repair, replacement or service benefiting the Lab Area or a portion of the Building that includes the Lab Area or that varies with occupancy or use. After the end of each Operating Year, Landlord shall submit to Tenant a reasonably detailed statement of Lab Costs for such Operating Year. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account therefor for such Operating Year, according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Lab Costs (or refund such overpayment if the Lease Term has ended and Tenant has no further obligation to Landlord); but, if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord. Lab Costs shall be calculated on the accrual basis of accounting. As used herein, the term (i) “Lab Costs” shall mean the aggregate of all costs and expenses (including taxes, if any, thereon) paid or incurred by or on behalf of Landlord (whether directly or through independent contractors) in connection with the operation and maintenance of t...