Common use of Landlord’s Statement Clause in Contracts

Landlord’s Statement. No later than 120 days after the end of each calendar year within the Term, Landlord will determine the actual amount of Property Taxes, Operating Expenses and Tenant’s Share of Expenses for the expired calendar year, and will deliver to Tenant a written statement of such amounts (“Landlord’s Statement”); provided, however, that Landlord shall use commercially reasonable efforts to deliver each Landlord’s Statement to Tenant within 90 days after the end of each calendar year within the Term. Each Landlord’s Statement shall be binding on Landlord once delivered (except as provided in Section 3.5.2), and shall contain a reasonably detailed breakdown of the various components of Expenses, showing how Tenant’s Share of Expenses was determined. If Tenant paid less than the actual amount of Tenant’s Share of Expenses specified in Landlord’s Statement, Tenant will pay the difference to Landlord as Additional Rent within 30 days after its receipt of Landlord’s Statement in the manner Section 2.2 describes. If Tenant paid more than the actual amount of Tenant’s Share of Expenses specified in Landlord’s Statement, Landlord will, at Tenant’s option, either (a) refund the excess amount to Tenant within 30 days after delivery of Landlord’s Statement, or (b) credit the excess amount against Tenant’s next due monthly installment or installments of Rent; provided, however, that if Tenant elects to require Landlord to provide such credit for any such excess in lieu of refunding the same to Tenant, but the amount of such credit is in excess of the amount of Rent due for the balance of the Term, then Landlord shall pay the amount by which the total amount of the credit exceeds the remaining Rent to Tenant within 30 days after the end of the Term. If Landlord is delayed in delivering any Landlord’s Statement to Tenant, such delay does not constitute a waiver of either party’s rights under this Section 3.5. The respective obligations of Landlord and Tenant to reconcile the payment of Tenant’s Share of Expenses, as set forth above, shall survive the expiration of the Term or sooner termination of this Lease for a period of one year.

Landlord’s Statement. No later than 120 days after the end of each Each calendar year within following the Termyear in which the Commencement Date occurs, Landlord will determine the actual amount of Property Taxes, Operating Expenses and Tenant’s Share of Expenses for the expired calendar year, and will deliver to shall send Tenant a written statement of such amounts (“Landlord’s Statement”), setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar year, or portion thereof, and Tenant’s Proportionate Share of such actual Operating Expenses; provided(ii) the total amount of any payments of Tenant’s Proportionate Share of Operating Expenses received by Landlord during the preceding calendar year, howeveror portion thereof, that based on Landlord’s estimate (or the Projected Monthly Operating Expenses); (iii) any overpayment or underpayment of Tenant’s Proportionate Share of Operating Expenses for the preceding calendar year, or portion thereof; and (iv) Landlord’s estimate of the amount of the Operating Expenses and the monthly installment of Tenant’s Proportionate Share thereof for the calendar year in which the Landlord’s Statement is given. Landlord shall use commercially reasonable efforts make a good faith effort to deliver each Landlord’s Statement to Tenant within 90 days after the end by not later than March 15th of each calendar year within the Term. Each year; provided that any delay in delivery or Landlord’s failure to render Landlord’s Statement with respect to any period shall be binding on Landlord once delivered (except as provided in Section 3.5.2), not eliminate or reduce Tenant’s obligation to pay Tenant’s Proportionate Share of the Operating Expenses and shall contain a reasonably detailed breakdown of the various components of Expenses, showing how Tenant’s Share of Expenses was determined. If Tenant paid less than the actual amount of Tenant’s Share of Expenses specified in not prejudice Landlord’s Statement, Tenant will pay the difference right to Landlord as Additional Rent within 30 days after its receipt of render Landlord’s Statement in the manner Section 2.2 describes. If Tenant paid more than the actual amount of Tenant’s Share of Expenses specified in Landlord’s Statement, Landlord will, at Tenant’s option, either (a) refund the excess amount with respect to Tenant within 30 days after delivery of Landlord’s Statement, or (b) credit the excess amount against Tenant’s next due monthly installment or installments of Rent; provided, however, that if Tenant elects to require Landlord to provide such credit for any such excess in lieu of refunding the same to Tenant, but the amount of such credit is in excess of the amount of Rent due for the balance of the Term, then Landlord shall pay the amount by which the total amount of the credit exceeds the remaining Rent to Tenant within 30 days after the end of the Term. If Landlord is delayed in delivering any Landlord’s Statement to Tenant, such delay does not constitute a waiver of either party’s rights under this Section 3.5. The respective obligations of Landlord and Tenant to reconcile the payment of Tenant’s Share of Expenses, as set forth above, shall survive the expiration of the Term or sooner termination of this Lease for a period of one yearsubsequent period.

Landlord’s Statement. No later than 120 days after Commencing as of the end of first calendar year following the Base Year and continuing for each calendar year within throughout the Lease Term, Landlord will determine the actual amount of Property Taxes, Operating Expenses and Tenant’s Share of Expenses for the expired calendar year, and will deliver to shall send Tenant a written statement of such amounts (“Landlord’s Statement”), setting forth: (i) the actual amount of the Operating Expenses incurred during the preceding calendar year; provided(ii) the total amount paid, howeverif any, that by Tenant during such calendar year as Tenant's Proportionate Share of any Excess Operating Expenses; and (iii) Landlord’s estimate of the amount of the Excess Operating Expenses for the calendar year in which the Landlord's Statement is given. Landlord shall use commercially reasonable efforts make a good faith effort to deliver each Landlord’s Statement to Tenant within 90 days after the end by not later than May 1st of each calendar year within the Term. Each year; provided that any delay in delivery or Landlord’s 's failure to render Landlord's Statement with respect to any period shall be binding on Landlord once delivered (except as provided in Section 3.5.2), not eliminate or reduce Tenant's obligation to pay Tenant's Proportionate Share of any Excess Operating Expenses and shall contain a reasonably detailed breakdown not prejudice Landlord's right to render Landlord's Statement with respect to any subsequent period. In the event that less than ninety-five percent (95%) of the various components total rentable are of Expensesthe Building is occupied by tenants during any calendar year of the Lease Term, showing how Tenant’s Share of Expenses was determined. If Tenant paid less than Landlord shall make the necessary adjustments to all Operating Expense items that vary based on Building occupancy so that the actual amount of Operating Expenses used in determining Tenant’s 's Proportionate Share of Expenses specified in Landlord’s Statement, Tenant will pay the difference are “grossed up” to Landlord as Additional Rent within 30 days after its receipt of Landlord’s Statement in the manner Section 2.2 describes. If Tenant paid more than the actual amount of Tenant’s Share of Expenses specified in Landlord’s Statement, Landlord will, at Tenant’s option, either (a) refund the excess amount to Tenant within 30 days after delivery of Landlord’s Statement, or (b) credit the excess amount against Tenant’s next due monthly installment or installments of Rent; provided, however, that if Tenant elects to require Landlord to provide such credit for any such excess in lieu of refunding the same to Tenant, but the amount of such credit is in excess of the amount of Rent due for the balance of the Term, then Landlord shall pay the amount by which the total amount of the credit exceeds the remaining Rent to Tenant within 30 days after the end of the Term. If Landlord is delayed in delivering any Landlord’s Statement to Tenant, such delay does not constitute reflect a waiver of either party’s rights under this Section 3.5. The respective obligations of Landlord and Tenant to reconcile the payment of Tenant’s Share of Expenses, as set forth above, shall survive the expiration of the Term or sooner termination of this Lease for a period of one year95% Building occupancy rate.