OPERATING EXPENSE ADJUSTMENTS. For the purposes of this Article, the following terms are defined as follows: Base Year: The calendar year in which this lease term commences (provided, however, that the Base Year shall in no event be earlier than the first full calendar year following the date of initial occupancy by the first occupant of said Building). Comparison Year: Each calendar year of the term after the Base Year. Direct Expenses: All direct costs of operation and maintenance, as determined by standard accounting practices, and shall include the following costs by way of illustration, but not limited to: real property taxes, (whether assessed against the Landlord or assessed against the Tenant and collected by the Landlord, or both); water and sewer charges; insurance premiums; utilities; janitorial services; labor; costs incurred in the management of the Building, if any; air-conditioning & heating; elevator maintenance; supplies; materials; equipment; and tools; including maintenance, costs, and upkeep of all parking and common areas. (“Direct Expenses” shall not include depreciation on the Building of which Premises are a part or equipment therein, loan payments, executive salaries or real estate brokers’ commissions.) During the Renewal Term, If the Direct Expenses paid or incurred by the Landlord for the Comparison. Year on account of the operation or maintenance of the Building of which the Premises are a part are in excess of the Direct Expenses paid or incurred for the Base Year, then the Tenant shall pay a percentage of the increase. This percentage is that portion of the total rentable area of the Building occupied by the Tenant hereunder. Landlord shall endeavor to give to Tenant on or before the first day of March of each year following the respective Comparison Year a statement of the increase in rent payable by Tenant hereunder, but failure by Landlord to give such statement by said date shall not constitute a waiver by Landlord of its right to require an increase in rent. Upon receipt of the statement for the first Comparison Year, Tenant shall pay in full the total amount of increase due for the first Comparison Year, and in addition for the current year, the amount of any such increase shall be used as an estimate for said current year and this amount shall be divided into twelve (12) equal monthly installments and Tenant shall pay to Landlord concurrently with the regular monthly rent payment next due following receipt of such statement, an amount equal to one (...
OPERATING EXPENSE ADJUSTMENTS. For the purposes of this Article, the following terms are defined as follows:
OPERATING EXPENSE ADJUSTMENTS. The parties each acknowledge that the Rent shall provide for increases or decreases, as the case may be, in Operating Expenses (as hereinafter defined) which may hereafter affect the Demised Premises. Accordingly, during the Term of this Lease, and any extension(s) thereof, beginning with the first day of any Lease Year, Tenant shall pay to Landlord estimated Operating Expenses (the “Estimated Operating Expenses”) in the form of additional rent, plus any applicable taxes (“Additional Rent”). The Estimated Operating Expenses shall be calculated on a calendar year basis and prior to each calendar year, Landlord shall provide Tenant with the basis for the Estimated Operating Expense for the upcoming calendar year. To implement and effect the foregoing obligation of Tenant to pay the Estimated Operating Expenses, Tenant shall pay Landlord on or before the first day of each calendar month one-twelfth (1/12) of the amount of the Estimated Operating Expenses for the then current Lease Year. There shall be an annual reconciliation between what Tenant paid and what Tenant should have paid, and Landlord shall deliver to Tenant a statement reflecting such reconciliation with a reasonably detailed statement of actual Operating Expenses for the preceding year, with appropriate back-up data (together, the “Reconciliation Statement”), within ninety (90) days following the end of each calendar year. Any amount paid by Tenant which exceeds the actual Operating Expenses due shall be credited to the next succeeding payment of Estimated Operating Expenses due under this Section 3.1 (except that if the amount paid exceeds 110% of the actual Operating Expenses for the preceding year, Landlord shall refund the overpayment to Tenant simultaneous with the delivery to Tenant of the Reconciliation Statement). If Tenant has paid less than the correct amount due, Tenant shall pay the balance within thirty (30) days of receipt of written notice from Landlord. Tenant’s obligation to pay the adjustments described in this Section 3.1(e) shall survive the expiration or earlier termination of this Lease. Tenant shall have ninety (90) days after receipt of a Reconciliation Statement to notify Landlord of its election to audit the preceding year’s Operating Expenses. Upon such notice, Tenant shall have the right, by itself, or through its employees or agents, at reasonable times and at a reasonable place designated by Landlord, to audit Landlord’s books and records in support of the then appl...
OPERATING EXPENSE ADJUSTMENTS. [DELETED]
OPERATING EXPENSE ADJUSTMENTS. Notwithstanding any other provision to the contrary, it is agreed that if the Building is less than one-hundred percent (100%) occupied during any calendar year, an adjustment shall be made by Landlord with respect to such Operating Expenses that vary with occupancy for such year so that Tenant’s Share of Operating Expenses shall be equivalent to the Operating Expenses calculated as though the Building had been one hundred percent (100%) occupied during such year. In addition, if the Operating Expenses in any year other than the Base Year increase due to a change of policy or practice in operating the Building, such as a determination to carry earthquake insurance or provide 24-hour security guard service, such increase shall be included in Operating Expenses only to the extent of the increase in cost over the projected costs that would have been included in Operating Expenses for the Base Year if such policy or practice had been in effect during the entire Base Year. Conversely, if the Operating Expenses in any year other than the Base Year decrease due to an elimination of the service underlying the Operating Expense, then the cost of such service shall be deleted from the Base Year Operating Expenses for purposes of determining the Operating Expenses payable for subsequent years that the service is not included; provided, however, in no event shall the amount payable by Tenant as an Expense Increase attributable to Operating Expenses decrease below zero. Adjustments to Operating Expenses and Property Taxes shall be determined separately, and a reduction in the aggregate amount of Operating Expenses or Property Taxes in any calendar year shall not be applied to reduce any increase otherwise applicable to the other category. Tenant shall not be entitled to any reduction, refund, offset, allowance or rebate in Base Rent due hereunder if Operating Expenses or Property Taxes for any calendar year following the applicable Base Year are less than Operating Expenses and Property Taxes incurred relating to Operating Expenses and/or Property Taxes, as applicable, during the applicable Base Year.
OPERATING EXPENSE ADJUSTMENTS. For the purposes of this Article, the following terms are defined as follows: Base Year The Base Year shall be 1997. Comparison Year Each calendar year of the term after the Base Year.
OPERATING EXPENSE ADJUSTMENTS. For the purposes of this Article, the term Direct Expenses is defined as follows: All direct costs of operation and maintenance, as determined by standard practices, and shall include the following costs by way of illustration, but not be limited to: real property taxes and assessments; rent taxes, gross receipt taxes, (whether assessed against the Landlord or assessed against the Tenant and collected by the Landlord, or both); water and sewer charges; Insurance premiums; utilities; janitorial services; labor; window cleaning; costs incurred in the management of the Building, if any; air conditioning and heating; elevator maintenance; supplies; materials, equipment; and tools; including maintenance, costs, and upkeep of all common areas, and all building repairs except repair of structural defects ("Direct Expenses" shall not include depreciation on the Building of which the Premises are a part or equipment therein, loan payments, executive salaries or real estate brokers' commissions.) Tenant shall pay one hundred percent (100%) of Direct Expenses paid or incurred by the Landlord for the operation or maintenance of the Building of which the Premises are a part. Even though the term has expired and Tenant has vacated the Premises, when the final determination is made of Tenant's share of Direct Expenses for the year in which this Leave terminates, Tenant shall immediately pay any increase due over the estimated expenses paid and conversely any overpayment made in the event of said expenses decrease shall be immediately rebated by Landlord to Tenant.
OPERATING EXPENSE ADJUSTMENTS. Within 120 days after the expiration of each calendar year, or as soon thereafter as is practicable, Landlord shall submit a statement to Tenant showing the actual Operating Expenses for such calendar year and Tenant’s CAM Payment with respect to such Operating Expenses. If for any calendar year, Tenant’s estimated monthly payments exceed Tenant’s CAM Payment for such calendar year, then Landlord shall give Tenant a credit in the amount of the overpayment toward Tenant’s next monthly payments of Tenant’s CAM Payment. In the event this Lease has expired, any such overpayment shall be paid directly to the Tenant within 30 days of the issuance of such statement. If for any calendar year Tenant’s estimated monthly payments are less than Tenant’s CAM Payment for such calendar year, then Tenant shall pay the total amount of such deficiency to Landlord within 30 days after receipt of the statement from Landlord. Landlord’s and Tenant’s obligations with respect to any overpayment or underpayment of Tenant’s CAM Payment shall survive the expiration or termination of this Lease.
OPERATING EXPENSE ADJUSTMENTS. Notwithstanding anything in this Lease ----------------------------- to the contrary, if any lease entered into by Landlord with any tenant in the Building is on a "net" basis, or provides for a different basis of computation for any Operating Expenses with respect to its leased premises, then, to the extent that Landlord determines that an adjustment should be made in making the computations of Operating Expenses under this Lease. Landlord may modify the computation of Base Operating Expenses, Building Rentable Area, and Operating Expenses for any Lease Year in order to eliminate or otherwise modify any such expenses which are paid for in whole or in part by that tenant. Furthermore, Landlord shall also be permitted to make such adjustments and modifications to the provisions of this Paragraph as shall be reasonably necessary, to achieve the intent of this Lease or the intention of the parties hereto.
OPERATING EXPENSE ADJUSTMENTS. (a) For the purpose of this Lease, "
