Common use of Payment of Operating Expenses Clause in Contracts

Payment of Operating Expenses. Tenant shall pay to Landlord its Prorata Share of all costs and expenses of every kind and nature (collectively, "Operating Expenses") paid or incurred by Landlord in connection with the maintenance, repair, replacement, operation, protection, lighting and policing of the Common Area and the Project in the manner set forth in Section 6.2 as Additional Rent. Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs for future periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to pay, Tenant shall pay the balance due within thirty (30) days after receipt of said statement, and if Tenant shall have paid an amount greater than it is required to pay, the additional amount shall be credited to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, within thirty (30) days of Landlord's inspection of the audit, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was in error by more than three percent (3%), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date.

Appears in 2 contracts

Sources: Lease Agreement (Allegiant Travel CO), Lease Agreement (Allegiant Travel CO)

Payment of Operating Expenses. In addition to the payment of Base Rent, Tenant shall pay Tenant’s Share to Landlord during the Term. Landlord shall provide a good faith estimate of the Operating Expenses for the current calendar year and an estimate of Tenant’s Share, if any (the “Estimate Statement”). Tenant shall remit monthly one-twelfth ( 1/12th ) of Tenant’s Share (the “Estimated Payment”) as Additional Rent together with its Prorata payments of Base Rent; provided that, if applicable, Landlord may invoice Tenant retroactively for the months of January through the month of issuance of the Estimate Statement. On or before March 31st of each calendar year, Landlord shall send a statement to Tenant detailing all Operating Expenses for the prior year and setting forth the amount representing the Tenant’s Share, as reconciled for the actual Operating Expenses of the prior year (the “Operating Expense Statement”). If the Operating Expense Statement indicates that the estimated Operating Expenses paid by Tenant during the preceding year exceeded Tenant’s Share, then Tenant shall be given a credit in the amount of the difference between the Estimated Payments made in the preceding year and the Tenant’s Share against its next due installments of all costs and expenses of every kind and nature (collectively, "Operating Expenses") paid or incurred by . If the Operating Expense Statement indicates that Tenant’s Share exceeded the Estimated Payments, then Tenant shall remit the difference to Landlord in connection with the maintenance, repair, replacement, operation, protection, lighting and policing of the Common Area and the Project in the manner set forth in Section 6.2 as Additional Rent. Landlord’s failure to provide a statement shall not prejudice Landlord’s right to collect a shortfall or Tenant's obligations set forth in this Section 8.7 form ’s right to receive a material part of the consideration credit for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs for future periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to pay, Tenant shall pay the balance due within thirty (30) days after receipt of said statement, and if Tenant shall have paid an amount greater than it is required to pay, the additional amount shall be credited to Tenant's next such over payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, within thirty (30) days of Landlord's inspection of the audit, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was in error by more than three percent (3%), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement (Pricesmart Inc)

Payment of Operating Expenses. For each calendar year during the Lease Term, Landlord shall provide Tenant with Landlord’s reasonable estimate of the Operating Expenses for the following calendar year (the “Estimate Statement”). Tenant shall thereafter pay to Landlord its Prorata Share in advance in monthly installments, with the Base Rent, the estimated amount of all costs and expenses of every kind and nature (collectively, "the Operating Expenses") paid or incurred by Landlord in connection with the maintenance, repair, replacement, operation, protection, lighting and policing of the Common Area and the Project in the manner set forth in Section 6.2 as Additional Rent. Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall Such Estimate Statement may be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and revised from time to time to adjust by Landlord, but no more than one time for every calendar quarter under the estimated amount based on Lease. Landlord shall within the period of 120 calendar days (or as soon thereafter as possible) after the close of each calendar year give Tenant a statement of such year’s actual amounts incurred and on projected costs for future periods. When Operating Expenses and, together with a reconciliation statement comparing the actual amounts of costs with the costs set forth in the Estimate Statement (an “Expense Reconciliation”). In the event such charges have been determined, and if Tenant shall have paid reconciliation statement reveals an amount less than it is required to payunderpayment by Tenant, Tenant shall pay the balance due within thirty (30) days after receipt of said statement, and if Tenant shall have paid an amount greater than it is required to pay, the additional amount shall be credited to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, thenshall, within thirty (30) days days, pay to Landlord the amount of Landlord's inspection of such underpayment. If, on the auditother hand, the reconciliation statement reveals an overpayment Landlord shall credit promptly refund to Tenant the amount of such over-charge toward overpayment or, at Landlord’s election, credit such amount to the payments succeeding monthly installments of Base Rent and Additional Rent next coming due Rent; provided, however, no refunds of Additional Rent, or amounts escrowed hereunder, shall be paid to Tenant until Tenant has cured any default of any of its obligations under the Lease. Should the audit determine that The failure of Landlord to submit statements provided for herein shall not relieve Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees of its obligation to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was in error by more than three percent (3%), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration DateExpenses.

Appears in 2 contracts

Sources: Lease Agreement (TGPX Holdings I LLC), Lease Agreement (Traeger, Inc.)

Payment of Operating Expenses. Commencing on the Commencement Date, Tenant shall be obligated to pay to Landlord all Operating Expenses as Additional Rent. Without limitation of the foregoing, commencing on the Commencement Date, Tenant shall pay to Landlord its Prorata Share Landlord, as Additional Rent, one twelfth (1/12th) of all costs and expenses Operating Expenses for the Premises for each calendar year on or before the first day of every kind and nature (collectivelyeach month during such year, "Operating Expenses") paid or incurred in advance, in an amount reasonably estimated by Landlord in connection with the maintenance, repair, replacement, operation, protection, lighting good faith and policing of the Common Area and the Project in the manner set forth in Section 6.2 as Additional Rent. billed by Landlord to Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and to reasonably revise such estimate from time to time to adjust time. Within one hundred twenty (120) days after the expiration of each calendar year, Landlord shall furnish Tenant with a statement (“Landlord’s Operating Expense Statement”), setting forth in reasonable detail the actual amount of Operating Expenses for the Premises for such year. If the actual amount of Operating Expenses due for such year payable by Tenant differs from the estimated amount based on actual amounts incurred and on projected costs of Operating Expenses paid by Tenant for future periods. When the actual amounts of such charges have been determinedyear, and then, if Tenant owes any amounts to Landlord, such amounts shall have be paid an amount less than it is required to pay, by Tenant shall pay the balance due (whether or not this Lease has terminated) within thirty (30) days after receipt of said statementLandlord’s Operating Expense Statement, and if Tenant shall have paid an amount greater than it is required Landlord owes any amounts to payTenant, the additional amount such amounts shall be credited against the next installments of Base Rent and Additional Rent due from Tenant (or if the Lease has terminated for any reason other than Tenant’s default, paid to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, within thirty (30) days after delivery of Landlord's inspection of the audit, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of ’s Operating Expenses was in error by more than three percent (3%Expense Statement), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement (Zulily, Inc.)

Payment of Operating Expenses. Commencing on the Rent Commencement Date, Tenant shall pay to Landlord its Prorata as Additional Rent one twelfth (1/12th) of Tenant’s Proportionate Share of all costs and expenses Operating Expenses for the Property for each calendar year on or before the first day of every kind and nature (collectivelyeach month during such year, "Operating Expenses") paid or incurred in advance, in an amount reasonably estimated by Landlord in connection with the maintenance, repair, replacement, operation, protection, lighting good faith and policing of the Common Area and the Project in the manner set forth in Section 6.2 as Additional Rent. billed by Landlord to Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and to reasonably revise such estimate once during each calendar year. Within one hundred twenty (120) days after the expiration of each calendar year, Landlord shall furnish Tenant with a statement (“Landlord’s Operating Expense Statement”), setting forth in reasonable detail the actual amount of Tenant’s Proportionate Share of Operating Expenses for such year. If the actual amount of Tenant’s Proportionate Share of Operating Expenses due for such year differs from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs of Tenant’s Proportionate Share of Operating Expenses paid by Tenant for future periods. When the actual amounts of such charges have been determinedyear, and then, if Tenant owes any amounts to Landlord, such amounts shall have be paid an amount less than it is required to pay, by Tenant shall pay the balance due (whether or not this Lease has terminated) within thirty (30) days after receipt of said statementLandlord’s Operating Expense Statement, and if Tenant shall have paid an amount greater than it is required Landlord owes any amounts to payTenant, the additional amount such amounts shall be credited against the next installments of Base Rent and Additional Rent due from Tenant (or if the Lease has terminated for any reason other than Tenant’s default, paid to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, within thirty (30) days after delivery of Landlord's inspection of the audit, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of ’s Operating Expenses was in error by more than three percent (3%Expense Statement), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date.

Appears in 1 contract

Sources: Lease Agreement (Sonicwall Inc)

Payment of Operating Expenses. Landlord shall deliver to Tenant shall pay to Landlord its Prorata Share of all costs and expenses of every kind and nature (collectively, "Operating Expenses") paid or incurred by Landlord in connection with the maintenance, repair, replacement, operation, protection, lighting and policing ----------------------------- a written estimate of the Common Area Operating Expenses and the Project in portion thereof payable by Tenant for the manner set forth in Section 6.2 as Additional Rentensuing year or portion thereof. Tenant's obligations set forth in this Section 8.7 form a material part On or before the first day of each month during the consideration for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs for future periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to payTerm, Tenant shall pay such estimated amount of Tenant's annualized share of such Operating Expenses in twelve (12) equal monthly installments, in advance. Following the balance due within expiration of each calendar year, Landlord shall furnish Tenant a statement showing in reasonable detail the actual Operating Expenses for the preceding calendar year. Within thirty (30) days after receipt service of said the aforementioned statement, and if Tenant shall have paid an amount greater than it is required pay to payLandlord, or Landlord shall credit against the next rent payment or payments due from Tenant, as the case may be, the additional amount shall be credited to difference between Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata actual Proportionate Share of Operating Expenses if Landlord fails to send for the preceding calendar year and the amount of Operating Expenses paid by Tenant during such year. If this Lease shall commence, expire or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have be terminated on any date other than the right, not more frequently than once per last day of a calendar year, after notice then Tenant's Proportionate Share of Operating Expenses and Taxes for such partial calendar year shall be prorated on the basis of the number of days during the year this Lease was in effect in relation to Landlord the total number of days in such year. Without limiting other obligations of Tenant which shall survive the expiration of the Term, the obligations of Tenant to pay Operating Expenses and at reasonable times, Taxes shall survive the expiration of the Term. Subject to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should the foregoing obligation of Tenant dispute any to pay its Proportionate Share of Operating Expenses, Tenant shall be entitled, but not later than one year following and subject to the operating year in question, right of Landlord to retain an independent certified public accountant contest or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted dispute all or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, within thirty (30) days of Landlord's inspection any part of the auditOperating Expenses, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was in error by more than three percent (3%), in which case Landlord shall pay for on or before the audit. The obligations of Tenant date they are due and Landlord to make payments required under this Section 8.7 shall survive the Expiration Datepayable.

Appears in 1 contract

Sources: Lease (Wam Net Inc)

Payment of Operating Expenses. On or about the Rent Commencement Date, and as soon as possible after the beginning of each "Expense Year" (which shall mean each [AS APPLICABLE [calendar] [fiscal] year in which any portion of the Term falls, through and including the [calendar] [fiscal] year in which the Lease Term expires), Landlord shall provide Tenant with an estimate of the Operating Expenses. On or before the first day of each month, commencing on the Rent Commencement Date, Tenant shall pay pay, in advance, as monthly Additional Rent, the amount estimated by Landlord to Landlord its Prorata Share of all costs and expenses of every kind and nature (collectively, "be Tenant’s Operating Expenses") paid or incurred by Landlord in connection with . As soon as possible after the maintenance, repair, replacement, operation, protection, lighting and policing end of the Common Area Expense Year, Landlord shall provide Tenant with a written statement of the actual Operating Expense, the amount of Tenant’s share thereof for such Expense Year, and the Project in the manner set forth in Section 6.2 as payments made by Tenant for such Expense Year. Any overpayments shall be credited against subsequent Additional Rent. Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this LeaseRent payments, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges underpayments shall be paid by ▇▇▇▇▇▇ in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs for future periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to pay, Tenant shall pay the balance due within thirty (30) days after receipt of said statement, and if Tenant shall have paid an amount greater than it is required to pay, the additional amount shall be credited to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, lump sum within thirty (30) days of receipt of Landlord's inspection ’s statement. Such overpayments or underpayments shall be deemed to have accrued during the prior Expense Year and shall be credited to Tenant or become due and payable from Tenant, as the case may be, even though the Term of this Lease may have expired or this Lease may have been terminated prior to ▇▇▇▇▇▇’s receipt of the auditstatement. If payment is made after the fifth (5th) of the month, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse pay Landlord for such amount a late charge as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was set forth in error by more than three percent (3%), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date4.3 above.

Appears in 1 contract

Sources: Lease Agreement

Payment of Operating Expenses. Tenant shall pay In addition to Landlord its Prorata Share the payment of all costs and expenses of every kind and nature (collectivelyBase Rent, "Operating Expenses") paid or incurred by Landlord in connection with the maintenancecommencing August 1, repair, replacement, operation, protection, lighting and policing of the Common Area and the Project in the manner set forth in Section 6.2 as Additional Rent. Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs for future periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to pay2005, Tenant shall pay Tenant's Share to Landlord in those fiscal years during the balance due within thirty Term in which Operating Expenses (30stated on a per rentable square foot basis) days after receipt exceed the Expense Stop. If in any fiscal year during the term of said statementthis Sublease, and if Operating Expenses are below the Expense Stop, Tenant shall have paid an not be entitled to any credit or refund of such underage below the Expense Stop. On or before January 31st of each year, Landlord shall provide a good faith estimate of the Operating Expenses for the current fiscal year and a good faith estimate of Tenant's Share, if any (the "Estimate Statement"). If the estimated Operating Expenses exceed the Expense Stop, Tenant shall remit monthly one-twelfth (1/12th) of Tenant's Share (the "Estimated Payment") as Additional Rent together with its payments of Base Rent; provided that Landlord may invoice Tenant retroactively for the months of November through the month of issuance of the Estimate Statement. On or before January 31st of each year, Landlord shall send a statement to Tenant of Operating Expenses for the prior fiscal year and setting forth the amount greater than it representing the Tenant's Share, as reconciled for the actual Operating Expenses of the prior fiscal year (the "Operating Expense Statement"), accompanied by detailed receipts and invoices and such other supporting data with respect to the Operating Expense Statement as Tenant may reasonably request. Tenant's request may be made after Tenant is required to paymake a payment of Additional Rent, the additional amount in which event Tenant shall be credited make payment without prejudice to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required rights under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, within thirty (30) days of Landlord's inspection of the audit, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was in error by more than three percent (3%), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date.

Appears in 1 contract

Sources: Sublease Agreement (A21 Inc)

Payment of Operating Expenses. Tenant shall pay a. Notwithstanding anything to Landlord its Prorata Share of all costs and expenses of every kind and nature (collectively, "Operating Expenses") paid or incurred by Landlord in connection with the maintenance, repair, replacement, operation, protection, lighting and policing of the Common Area and the Project contrary contained in the manner set forth in Section 6.2 as Additional Rent. Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this Lease, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges shall be paid in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs for future periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to pay, Tenant shall pay the balance due within thirty (30) days after receipt of said statement, and if Tenant shall have paid an amount greater than it is required to pay, the additional amount shall not be credited to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation obligated to pay Tenant's Prorata ’s Proportionate Share of Operating Expenses if Landlord fails for the Additional Premises until the first anniversary of the Renewal Date. Furthermore, during period beginning September 1, 2014 and ending August 31, 2015, Tenant shall not be required to send pay Tenant’s Proportionate Share of Operating Expenses with respect to the Original Premises; provided, however, nothing herein shall be construed to waive Tenant’s obligation to pay any shortfall in estimated payments (or is late in sending Landlord's to receive a refund of any overpayment) of Tenant’s Proportionate Share of Operating Statement or Estimated Operating Expense notice Expenses for the Original Premises accruing prior to TenantSeptember 1, 2014 during such period. Tenant or its agents shall have Commencing as of September 1, 2015 and thereafter during the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating ExpensesExtended Term, Tenant shall be entitled, but not later than one year following the operating year in question, obligated to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's pay Tenant’s Proportionate Share of Operating Expense records Expenses for the entire Premises (i.e., the Original Premises and the Additional Premises) in accordance with Exhibit D of the Lease, as modified hereby. b. As of the date hereof, the last sentence of Section 1.05 of Exhibit D attached to the Lease shall be deleted and the following shall be substituted in lieu thereof: “All Operating Expenses that vary with occupancy will be adjusted to reflect 95% occupancy during any calendar year in question. Should which the audit determine that Tenant was over-charged, then, within thirty (30) days Project is not fully occupied.” To the best of Landlord's inspection ’s knowledge as of the auditdate hereof, there are no credits, abatements or exemptions granted to Landlord shall credit Tenant from Fairfax County, Virginia against Real Property Taxes applicable to the amount of such over-charge toward Project or the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse Landlord for such amount as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was Building which will not remain in error by more than three percent (3%), in which case Landlord shall pay place for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Datefull Extended Term.

Appears in 1 contract

Sources: Lease Agreement (Geeknet, Inc)

Payment of Operating Expenses. On or about the Rent Commencement Date, and as soon as possible after the beginning of each "Expense Year" (which shall mean each [AS APPLICABLE [calendar] [fiscal] year in which any portion of the Term falls, through and including the [calendar] [fiscal] year in which the Lease Term expires), Landlord shall provide Tenant with an estimate of the Operating Expenses. On or before the first day of each month, commencing on the Rent Commencement Date, Tenant shall pay pay, in advance, as monthly Additional Rent, the amount estimated by Landlord to Landlord its Prorata Share of all costs and expenses of every kind and nature (collectively, "be Tenant’s Operating Expenses") paid or incurred by Landlord in connection with . As soon as possible after the maintenance, repair, replacement, operation, protection, lighting and policing end of the Common Area Expense Year, Landlord shall provide Tenant with a written statement of the actual Operating Expense, the amount of Tenant’s share thereof for such Expense Year, and the Project in the manner set forth in Section 6.2 as payments made by Tenant for such Expense Year. Any overpayments shall be credited against subsequent Additional Rent. Tenant's obligations set forth in this Section 8.7 form a material part of the consideration for this LeaseRent payments, and Tenant hereby waives all rights to make repairs at the expense of Landlord as provided by any Laws now or hereafter in effect. It is understood that the foregoing charges underpayments shall be paid by ▇▇▇▇▇▇ in estimated amounts determined periodically by Landlord. Landlord shall have the right at any time and from time to time to adjust the estimated amount based on actual amounts incurred and on projected costs for future periods. When the actual amounts of such charges have been determined, and if Tenant shall have paid an amount less than it is required to pay, Tenant shall pay the balance due within thirty (30) days after receipt of said statement, and if Tenant shall have paid an amount greater than it is required to pay, the additional amount shall be credited to Tenant's next such payments. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date. In no event shall Tenant be relieved of its obligation to pay Tenant's Prorata Share of Operating Expenses if Landlord fails to send or is late in sending Landlord's Operating Statement or Estimated Operating Expense notice to Tenant. Tenant or its agents shall have the right, not more frequently than once per calendar year, after notice to Landlord and at reasonable times, to inspect and photocopy Landlord's Operating Expense records at Landlord's office. Should Tenant dispute any Operating Expenses, Tenant shall be entitled, but not later than one year following the operating year in question, to retain an independent certified public accountant or other competent real estate professional applying generally accepted accounting industry standards, who is not contracted or compensated on a contingency fee basis, to audit Landlord's Operating Expense records for the calendar year in question. Should the audit determine that Tenant was over-charged, then, lump sum within thirty (30) days of receipt of Landlord's inspection ’s statement. Such overpayments or underpayments shall be deemed to have accrued during the prior Expense Year and shall be credited to Tenant or become due and payable from Tenant, as the case may be, even though the Term of this Lease may have expired or this Lease may have been terminated prior to ▇▇▇▇▇▇’s receipt of the auditstatement. If payment is made after the fifth (5th) of the month, Landlord shall credit Tenant the amount of such over-charge toward the payments of Base Rent and Additional Rent next coming due under the Lease. Should the audit determine that Tenant has been under-charged; Tenant shall reimburse pay Landlord for such amount a late charge as Additional Rent next coming due under the Lease. Tenant agrees to pay the cost of the audit, unless the audit determines that Landlord's calculation of Operating Expenses was set forth in error by more than three percent (3%), in which case Landlord shall pay for the audit. The obligations of Tenant and Landlord to make payments required under this Section 8.7 shall survive the Expiration Date4.4 above.

Appears in 1 contract

Sources: Retail Lease