Common use of Reconciliation Statement Clause in Contracts

Reconciliation Statement. Within one hundred twenty (120) days after the end of each Calendar Year or as soon as possible thereafter, Landlord shall submit a statement to Tenant showing (i) the difference between the actnal Operating Expenses incurred during the preceding Calendar Year and the estimated Operating Expenses; and (ii) and the difference between Tenant’s Proportionate Shares of the actual Operating Expenses and the estimated Operating Expenses. If such statement indicates that the aggregate amount of such estimated payments exceeded Tenant’s actual liability, then Tenant shall deduct the net overpayment from its next estimated payment(s) pursuant to this Article. If such statement indicates that T▇▇▇▇▇’s actual liability exceeded the aggregate amount of such estimated payments, then Tenant shall pay to Landlord within thirty (30) days after receipt of said statement, the amonnt of such excess as Additional Rent. Landlord’s and Tenant’s obligations with respect to any overpayment or underpayment of Operating Expenses shall survive the expiration or termination of this Lease.