Percentage of Operating Costs Sample Clauses

Percentage of Operating Costs. For Building Operating Costs, a li-action, the numerator of which is the total rentable area of the Premises and the denominator of which is the total rentable area of the Building. For Project Operating Costs, a fraction, the numerator of which is the total rentable area of the Premises and the denominator of which is the total rentable area of the Project.
Percentage of Operating Costs. In the event that Landlord shall, for any reason, be unable to furnish a statement on or before April 1st of any year, the Landlord may furnish the statement as soon thereafter as practicable, with the same force and effect as if timely delivered.

Related to Percentage of Operating Costs

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

  • Definition of Operating Expenses The term "Operating Expenses" includes all expenses incurred by Lessor with respect to the maintenance and operation of the Building (except for items described below) and includes, but is not limited to, the following: maintenance, repair and replacement costs; security; wages and benefits payable to employees of Lessor to the extent their duties are directly connected with the operation and maintenance of the Building; management fees, all services, utilities for common areas, supplies, repairs, replacement or other expenses for maintaining and operating the common parking and plaza areas; the cost, amortized over its useful life, of any expense required to be capitalized under GAAP principles other than capital improvements; the cost, amortized over its useful life, of any capital improvement made to the Building by Lessor after the date of this Lease, if required under any governmental law or regulation other than improvements made to the Building to effect compliance with the Americans With Disabilities Act (the "ADA") or as otherwise set forth herein, which capital improvements must be of mutual benefit to all tenants of the Building; and the cost, amortized over its useful life, of installation of any device or other equipment to the extent it improves the operating efficiency of any system within the Leased Premises and thereby reduces Operating Expenses, provided that, prior to installing any such device or equipment, Lessor will inform Lessee of such installation and the estimated cost savings and Lessor and Lessee must reasonably agree upon the estimated cost savings before agreeing to such installation. The term Operating Expenses does not include the following: expenses incurred to maintain the roof, foundation and structural soundness of the exterior walls of the Building; expenses incurred should the entire roof the Building need to be replaced; expenses to bring the Building into compliance with applicable law such as the ADA and Environmental Laws, expenses incurred to xxxxx or remove any Hazardous Substance in the Building that was placed there by Lessor, income and franchise taxes of Lessor; expenses incurred in leasing to or procuring of lessees, leasing commissions, advertising expenses and expenses for the renovating of space for new lessees; interest or principal payments on any mortgage or other indebtedness of lessor; compensation paid to any employee of Lessor other than maintenance and property management personnel to the extent these services are directly associated with the operation and maintenance of the Building; any depreciation allowance or expense (except for depreciation of capital improvements and equipment specifically included within the definition of Operating Expenses); or operating expenses which are the responsibility of Lessee or any other lessee of the Building; or expenses (herein called "Defect Expenses") incurred as a result of or caused by latent defects, punch list items, or Lessor's failure to construct the Shell Building Improvements or Lessee Improvements in accordance with the requirements of this Lease and substantially in accordance with the Final Shell Plans and Specifications and Lessee Improvements Final Plans and Specifications as provided herein (such items being herein called "Defects"); and/or operating expenses otherwise caused by or resulting from Lessor's breach of its obligations under the Lease.

  • Date of Operation This Agreement shall come into operation from the 10 December 2002 and remain in force until 30 October 2005. The parties to this Agreement shall continuously monitor the application of the Agreement via a Consultative Committee.

  • Period of Operation OF THIS PART OF THE AGREEMENT This part of the Agreement shall come into operation on the same date as fixed by the Minister of Labour in terms of Clause 2 of this Agreement.

  • Operating Costs The term “Operating Costs,” as used in this Lease, shall mean all expenses and costs of every kind and nature which Landlord shall pay or become obligated to pay because of or in connection with the ownership, operation, maintenance, replacement, and repair of the Building, Real Estate and Common Areas (but expressly excluding all costs associated with the initial construction of the Building and Tenant Improvements) including, without limitation, any and all buildings, structures, and improvements in the Common Areas, and the Real Estate computed in accordance with generally accepted accounting principles consistently applied (“GAAP”), including, without limitation, painting (including, without limitation, façade painting or caulking); service and maintenance contracts; accounting, consulting, and reasonable legal fees incurred in the operation of Real Estate (not tenant specific or related to Landlord’s operation as an entity); windows and general cleaning; removing of snow, ice, debris, garbage, and other refuse and surface water; security personnel; electronic intrusion and fire control and telephone alert systems; machinery and equipment used in the maintenance, repair, replacement, and operation of the Common Areas and the Building; storm, sanitary, and other drainage or detention systems; sprinklers and other fire protection systems; irrigation systems; electrical, gas, water, sewage, telephone, and other utility systems and charges; roof, roof membrane, entrances; the cost of compliance with any accessibility statute including, without limitation, the Americans with Disabilities Act, including all amendments thereto and regulations thereof (“ADA”) occurring after the Possession Date and, if such compliance requires a capital repair or improvement, the same shall be subject to the limitations provided below; all costs and expenses of water or other common utilities; off-site improvements (including off-site detention areas, landscaping, and traffic signals); traffic regulation, directional signs, and traffic consultants; all licenses, permits, certificates, and inspection fees related to ongoing maintenance and operations of the Building or Real Estate including all Common Areas; paving, curbs, sidewalks, walkways, roadways, and parking surfaces (including repaving, sealing, striping, and patching and snow, ice and hazard removal), lighting facilities; informational signage; surcharges levied upon or assessed against parking spaces or areas; payments toward mass transit or otherwise as required by federal, state or local governmental authorities; the cost and expense of landscaping, gardening, and planting; decorating; heating, ventilating, and air conditioning and other Building systems maintenance serving the Common Areas that are not otherwise the obligations of Tenant hereunder; the costs of any and all types of insurance coverages customary for similar buildings or otherwise required herein and carried by Landlord covering the Common Areas, Building and Real Estate, including, without limitation, public liability, personal and bodily injury and property damage liability and automobile coverage, fire and extended coverage, vandalism and malicious mischief and all broad form coverages, sign insurance, rental abatement insurance, terrorism (if customary), and any other insurance that may be carried by Landlord covering the Common Areas, Building and Real Estate which is customary for similar buildings or otherwise required herein; the rental charges for such machinery and equipment used therefor; all charges for utilities supplied to the Common Areas; the cost of personnel (including applicable payroll taxes, workmen’s compensation insurance, and disability insurance) to the extent actually involved in the operations of the Building or required to implement any of the foregoing, including the policing of the Common Areas and the directing of traffic and parking of automobiles on the parking areas thereof with costs to be prorated based on the actual time spent on operations for the Common Areas; all costs and expenses incurred by Landlord pursuant to any off-site easement or other agreement or matter of record related to the Real Estate (including, without limitation, the off-site parking easement and access easements benefitting the Real Estate); and an overhead cost equal to five percent (5%) of the amount of all Operating Costs exclusive of the overhead costs (“Administration Fee”). Landlord may cause any or all of said services to be provided by an independent contractor or contractors, management agent, or management company, provided that the costs of providing such services shall paid exclusively from the Administrative Fee and shall not be separately included as part of the Operating Costs. The cost of any Operating Costs incurred by Landlord which are required or permitted to be capitalized pursuant to Section 263A of the Internal Revenue Code of 1986, as amended, and Department of Treasury regulations promulgated thereunder (a “Capitalized Expense”), shall be amortized over the useful life of such Capitalized Expense on a straight-line basis without markup (except for the Administration Fee), and Tenant shall reimburse Landlord for the amortized portion of such Capitalized Expense accrued, as an Operating Costs, each calendar year until the Capitalized Expense is fully amortized. The useful life of any Capitalized Expense shall be determined by reference to the categories of property under the “general depreciation system” as published by the Internal Revenue Service from time to time (currently published as IRS Publication 946). In addition, in the event Landlord installs equipment in or makes improvements or alterations to the Building or Real Estate which are for the purpose of reducing energy costs, maintenance costs, or other costs and expenses, or which are required under any Laws (including any accessibility statute) which were not required as of the Possession Date, the same shall also be considered a Capitalized Expenses, Landlord may amortize such investment on a straight line basis over the useful life of such equipment, improvement, or alteration determined by reference to the categories of property under the “general depreciation system” as published by the Internal Revenue Service from time to time (currently published as IRS Publication 946). For the avoidance of doubt, in the event the Lease terminates prior to the conclusion of any amortization period determined hereunder, Tenant shall not be liable for the unamortized amount of any Capitalized Expense that remains outstanding as of the time of such termination. ). In no event shall those matters set forth in Exhibit H be included in Operating Costs.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Hours of Operation Tenant will carry on its business diligently and continuously in the Premises and will keep the Premises open for business not less than sixteen (16) consecutive hours each day seven (7) days per week, including holidays. Director or his/her representative may, from time to time, change such required hours of operation, in which event, Tenant will remain open during such revised hours. Similarly, Tenant may, from time to time, request to revise its hours of operation. Such change must be approved by Director or his/her representative, in writing, prior to its occurrence. Tenant may not, at any time, vacate or abandon the Premises.

  • Net Operating Income For any Real Estate and for a given period, the sum of the following (without duplication): (a) gross revenues (including interest income) received in the ordinary course from such Real Estate minus (b) all expenses paid or accrued related to the ownership, operation or maintenance of such Real Estate, including but not limited to taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Real Estate, but specifically excluding general overhead expenses of the REIT, Borrower or any Subsidiary, any property management fees, debt service charges, income taxes, depreciation, amortization, other non-cash expenses, and any extraordinary, non-recurring expense associated with any financing, merger, acquisition, divestiture or other capital transaction) minus (c) a management fee in the amount of three percent (3.0%) of the gross revenues for such Real Estate for such period.

  • Tax Expenses Tenant shall pay to Landlord Tenant’s Share of all Tax Expenses applicable to the Project. Prior to delinquency, Tenant shall pay any and all taxes and assessments levied upon Tenant’s Property (defined below in Section 10) located or installed in or about the Premises by, or on behalf of Tenant. To the extent any such taxes or assessments are not separately assessed or billed to Tenant, then Tenant shall pay the amount thereof as invoiced by Landlord. Tenant shall also reimburse and pay Landlord, as Additional Rent, within ten (10) days after demand therefor, one hundred percent (100%) of (i) any increase in real property taxes attributable to any and all Alterations (defined below in Section 10), Tenant Improvements, fixtures, equipment or other improvements of any kind whatsoever placed in, on or about the Premises for the benefit of, at the request of, or by Tenant, and (ii) taxes and assessments levied or assessed upon or with respect to the possession, operation, use or occupancy by Tenant of the Premises or any other portion of the Project. “Tax Expenses” means, without limitation, any form of tax and assessment (general, special, supplemental, ordinary or extraordinary), commercial rental tax, payments under any improvement bond or bonds, license fees, license tax, business license fee, rental tax, transaction tax or levy imposed by any authority having the direct or indirect power of tax (including any governmental, school, agricultural, lighting or other improvement district) as against any legal or equitable interest of Landlord in the Premises or Project or any other tax, fee, or excise, however described, including, but not limited to, any tax imposed in substitution (partially or totally) of any tax previously included within the definition of Tax Expenses. “Tax Expenses” shall not include (a) any franchise, estate, inheritance, net income, or excess profits tax imposed upon Landlord, (b) any penalty or fee imposed solely as a result of Landlord’s failure to pay Tax Expenses when due, and (c) any items included or excluded as Operating Expenses. Notwithstanding anything to the contrary contained in this Lease, Landlord agrees to use commercially reasonable efforts to obtain a property tax reduction pursuant to Proposition 8 (as adopted by the voters of the State of California) attributable to the valuation of the Project for the 2010 calendar year. Landlord shall have no obligation to obtain any tax reduction for any subsequent calendar year.