Common use of Landlord’s Statement Clause in Contracts

Landlord’s Statement. Within one hundred twenty (120) days after the close of each Lease Year or as soon thereafter as is practicable, Landlord shall deliver to Tenant a statement of that year’s Property Taxes and Operating Expenses, and the actual Tax and Operating Expense Adjustment, as determined by Landlord (the “Landlord’s Statement”). No delay in providing the Landlord Statement shall act as a waiver of Landlord’s right to increase in payment pursuant to the Tax and Operating Expense Adjustment. Such Landlord’s Statement shall be binding upon Tenant, except as specifically provided in Section 4.5 below. If the amount of the actual Tax and Operating Expense Adjustment is more than the estimated payments for such calendar year made by Tenant, Tenant shall pay the deficiency to Landlord within five (5) days after receipt of the Landlord’s Statement. If the amount of the actual Tax and Operating Expense Adjustment is less than the estimated payments for such calendar year made by Tenant, any excess shall be credited against the next Rent due (as hereinafter defined) next payable by Tenant under this Lease or, if the Lease Term has expired, any excess shall be paid to Tenant. For any partial Lease Year at the beginning or end of the Term, the Tax and Operating Expense Adjustment shall be prorated on the basis of a 365-day year by computing Tenant’s Share of the increases in Operating Costs and Taxes for the entire year and then prorating such amount for the number of days during such year included in the Lease Term.

Landlord’s Statement. Within one hundred twenty (120) days after Landlord shall maintain books and records showing Operating Expenses in accordance with reasonably sound accounting practices consistently applied throughout the close Term of the Lease. By April 1st of each Lease Year calendar year or as soon thereafter as is practicablepractical, Landlord shall deliver to Tenant a statement certified by Landlord of that the prior calendar year’s Property Taxes Taxes, Operating Expenses and Operating Expenses, and the actual Tax and Operating Expense Adjustment, as determined by Landlord Insurance Costs (the “Landlord’s Statement”). No delay in providing the Landlord Statement Each statement for Operating Expenses shall act give detailed information as a waiver of Landlord’s right to increase in payment pursuant to the Tax computation of the Operating Expenses and Operating Expense Adjustment. Such Landlord’s Statement shall be binding upon Tenant, except as specifically provided in Section 4.5 belowthe components thereof. If the amount of the actual Tax and Operating Expense Adjustment Rent paid by Tenant during any calendar year is more than that the estimated payments Tenant’s Percentage Share of Property Taxes, Operating Expenses and Insurance Costs for such year, then such excess shall be credited to the next occurring installment of Tax and Operating Expense Rent or refunded to Tenant, at Landlord’s option. If, however, the amount of Tax and Operating Expense Rent paid by Tenant during any calendar year made by is less that the Tenant’s Percentage Share of Property Taxes, Operating Expenses and Insurance Costs for such year, then Tenant shall pay the deficiency to Landlord within five thirty (530) days after receipt of the Landlord’s Statement. If No delay in providing the amount statement described in this Section shall act as a waiver of the actual Tenant’s obligation to pay Tax and Operating Expense Adjustment is less than Rent; provided, however, Tenant shall have no obligation to reimburse Landlord for any expenses incurred by Landlord reimbursable hereunder if such expenses are not billed to Tenant within two (2) years after the estimated payments for year such calendar year made expenses are incurred by Tenant, any excess shall be credited against the next Rent due (as hereinafter defined) next payable by Tenant under this Lease or, if the Lease Term has expired, any excess shall be paid to Tenant. For any partial Lease Year at the beginning or end of the Term, the Tax and Operating Expense Adjustment shall be prorated on the basis of a 365-day year by computing Tenant’s Share of the increases in Operating Costs and Taxes for the entire year and then prorating such amount for the number of days during such year included in the Lease TermLandlord.

Landlord’s Statement. Within one hundred twenty (120) days after After the close end of each Lease Year including the Base Year for Operating Expenses, Landlord shall furnish to Tenant a Landlord’s Statement (a “Landlord Statement”) for such Lease Year. Each such year-end Landlord’s Statement shall be accompanied by a computation of Operating Expenses for the Building prepared by Landlord, Landlord’s manager, or as soon thereafter as is practicableby an accountant designated by Landlord from which Landlord shall make the computation of Additional Rent due in respect of Operating Expenses hereunder. The computation of Operating Expenses may be prepared in reliance on Landlord’s good faith estimates and allocations whenever said estimates and allocations are necessary, provided such estimates and allocations (i) are consistently made for the Base Year and each subsequent Lease Year, (ii) are uniformly and consistently made with respect to all office tenants of the Building, and (iii) are consistent with the procedures applicable to allocations of Operating Expenses and/or Shared Components set forth in the Condominium Documents If the Landlord’s Statement shows that the sums paid by Tenant exceeded amounts required to be paid by Tenant for such Lease Year, Landlord shall credit the amount of such excess against subsequent payments of Rent or, if at the end of the Term there shall not be any further installments of Rent remaining against which Landlord can credit any such overpayments due Tenant, Landlord shall deliver to Tenant a statement of that year’s Property Taxes and Operating Expenses, and the actual Tax and Operating Expense Adjustment, as determined by Landlord (the “Landlord’s Statement”). No delay check in providing the Landlord Statement shall act as a waiver of Landlord’s right to increase in payment pursuant to the Tax and Operating Expense Adjustment. Such Landlord’s Statement shall be binding upon Tenant, except as specifically provided in Section 4.5 below. If the amount of the actual Tax refund due Tenant within thirty (30) days after Tenant shall first be entitled to a credit for the overpayment; and Operating Expense Adjustment is more than if the estimated payments Landlord’s Statement for such calendar year made Lease Year shows that the sums so paid by Tenant were less than Tenant’s responsibility for such Lease Year, Tenant shall pay the amount of such deficiency to Landlord within five thirty (530) days after receipt of the Landlord’s Statement. If the amount of the actual Tax and Operating Expense Adjustment is less than the estimated payments for such calendar year made by Tenant, any excess shall be credited against the next Rent due (as hereinafter defined) next payable by Tenant under this Lease or, if the Lease Term has expired, any excess shall be paid to Tenant. For any partial Lease Year at the beginning or end of the Term, the Tax and Operating Expense Adjustment shall be prorated on the basis of a 365-day year by computing Tenant’s Share of the increases in Operating Costs and Taxes for the entire year and then prorating such amount for the number of days during such year included in the Lease Termdemand therefor.