Common use of OPERATING EXPENSE ADJUSTMENTS Clause in Contracts

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.