Common use of Operating Payment Clause in Contracts

Operating Payment. Tenant shall pay Landlord, as Additional Rental, an Operating Payment in an amount equal to Tenant's Proportionate Share of the excess of (i) Operating Expenses for each calendar year, over the (ii) Base Year (as defined in Section 1.1.J.), which Operating Payment shall be paid by Tenant in monthly installments in such amounts as are estimated and billed by Landlord, each installment being due in advance on the first day of each calendar month. Within one hundred twenty (120) days, or a reasonable time thereafter (in Landlord's determination), after the end of each calendar year Landlord shall deliver to Tenant a statement of Operating Expenses for such calendar year and the monthly installments paid or payable shall be adjusted between Landlord and Tenant, and each party hereby agrees that Tenant shall pay Landlord or Landlord shall credit Tenant's account (or, if such adjustment is at the end of the Term, reimburse Tenant), within thirty (30) days of receipt of such statement, the amount of any excess or deficiency in Operating Payment paid by Tenant to Landlord during such calendar year. Upon reasonable notice, Landlord shall make available for Tenant's inspection at Landlord's office, during normal business hours, Landlord's records relating to the Operating Expense for such preceding calendar year. Failure of Landlord to provide the statement called for hereunder within the time prescribed shall not relieve Tenant from its obligations hereunder.

Operating Payment. For each Comparison Year, Landlord shall furnish to Tenant a statement setting forth Landlord's reasonable estimate of ▇▇▇▇▇▇'s Operating Payment for such Comparison Year (the "Expense Estimate"). Tenant shall pay Landlord, as Additional Rental, an Operating Payment in to Landlord on the 1st day of each month during such Comparison Year an amount equal to Tenant's Proportionate Share 1/12 of the excess of Expense Estimate. If Landlord furnishes an Expense Estimate for a Comparison Year subsequent to the commencement thereof, then (i) Operating Expenses for each calendar yearuntil the 1st day of the month following the month in which the Expense Estimate is furnished to Tenant, over the (ii) Base Year (as defined in Section 1.1.J.), which Operating Payment Tenant shall be paid by Tenant in monthly installments in such amounts as are estimated and billed by Landlord, each installment being due in advance pay to Landlord on the first 1st day of each calendar month. Within one hundred twenty (120) days, or a reasonable time thereafter (in Landlord's determination), after the end of each calendar year Landlord shall deliver month an amount equal to Tenant a statement of Operating Expenses for such calendar year and the monthly installments paid or sum payable shall be adjusted between Landlord and Tenant, and each party hereby agrees that Tenant shall pay Landlord or Landlord shall credit Tenant's account (or, if such adjustment is at the end of the Term, reimburse Tenant), within thirty (30) days of receipt of such statement, the amount of any excess or deficiency in Operating Payment paid by Tenant to Landlord under this Section 4.4 during such calendar year. Upon reasonable noticethe last month of the preceding Comparison Year, (ii) promptly after the Expense Estimate is furnished to Tenant or together therewith, Landlord shall make available for give notice to Tenant stating whether the installments of Tenant's inspection at LandlordOperating Payment previously made for such Comparison Year were greater or less than the installments of Tenant's officeOperating Payment to be made for such Comparison Year in accordance with the Expense Estimate, and (A) if there shall be a deficiency, Tenant shall pay the amount thereof within ten (10) business days after demand therefor, or (B) if there shall have been an overpayment, Landlord shall credit the amount thereof against subsequent payments of Operating Expenses due hereunder (or refund the overpayment, if this Lease has expired or terminated), and (iii) on the 1st day of the month following the month in which the Expense Estimate is furnished to Tenant, and on the 1st day of each month thereafter throughout the remainder of such Comparison Year, Tenant shall pay to Landlord an amount equal to 1/12 of the Expense Estimate. Landlord shall have the right to reasonably adjust the Expense Estimate for the remainder of the Comparison Year one (1) time during normal business hoursa Comparison Year. Notwithstanding anything to the contrary set forth in this Article 4, Landlord's records Base Operating Expenses shall exclude one-time Conservation Costs and other special charges, costs or fees incurred in the Comparison Year only, including market-wide increases due to extraordinary circumstances, including, but not limited to, boycotts, strikes, Force Majeure events and utility rate increases due to extraordinary circumstances including, but not limited to, conservation surcharges, boycotts, public health emergencies, embargoes or other shortages and amortized costs relating to the Operating Expense for such preceding calendar year. Failure of Landlord to provide the statement called for hereunder within the time prescribed shall not relieve Tenant from its obligations hereundercapital improvements.