Common use of Operating Expense Base Clause in Contracts

Operating Expense Base. The Expense Stop specified in Section 1.12 of the Lease shall become the actual operating expenses for Calendar year 2006 (“Base Year 2006”) grossed up to reflect 100% occupancy. Adjustments for Controllable operating expenses, excluding insurance and utilities, shall be capped at 3% per year, compounded annually. Adjustments for Tax expenses shall be capped at 10% per year, compounded annually.

Operating Expense Base. The Expense Stop specified in Section 1.12 of the Lease shall become the actual operating expenses for Calendar year 2006 (“Base Year 2006”) grossed up to reflect 10095% occupancy. Adjustments for Controllable operating expenses, excluding insurance and utilities, shall be capped at 3% per year, compounded annually. Adjustments for Tax expenses shall be capped at 10% per year, compounded annually.