Common use of Tenant to Bear Tenant's Share of Operating Expenses Clause in Contracts

Tenant to Bear Tenant's Share of Operating Expenses. Tenant shall pay to Landlord, as an item of Additional Rent, Tenant’s Share (as defined in Section 7.2) of (i) Project Costs in excess of the Project Costs Expense Base (“Excess Project Costs”), and (ii) Real Property Taxes in excess of the Tax Expense Base (“Excess Real Property Taxes”). Prior to the Commencement Date and thereafter prior to the commencement of each of Landlord’s fiscal years during the Term, Landlord shall give Tenant a written estimate of Tenant’s Share of Excess Project Costs and Excess Real Property Taxes for the ensuing fiscal year or partial fiscal year, as the case may be. Commencing on January 1, 2023 and continuing thereafter throughout the Term, Tenant shall pay, as an item of Additional Rent, such estimated amount in equal monthly installments, in advance, on or before the first (1st) day of each calendar month. If Landlord has not furnished its written estimate by the time set forth above, Tenant shall pay monthly installments of Excess Project Costs and Excess Real Property Taxes at the rate established for the prior fiscal year, if any; provided that when the new estimate is delivered to Tenant, Tenant shall at the next monthly payment date pay Landlord any accrued deficiency based on the new estimate, or Landlord shall credit any accrued overpayment based on such estimate toward Tenant’s next installment payment hereunder. Within ninety (90) days after the end of each fiscal year, Landlord shall furnish Tenant a statement (“Annual Statement’’) showing in reasonable detail Tenant’s Share of the actual Excess Project Costs and Excess Real Property Taxes incurred for the period in question; provided, however, with respect to the fiscal year during which this Lease expires or sooner terminates, rather than wait until after the determination of actual Operating Expenses for such fiscal year to furnish Tenant with an Annual Statement for said fiscal year, Landlord may, at its election, provide Tenant with an Annual Statement for such fiscal year prior to the end of such fiscal year based on estimated (not actual) Operating Expenses for such fiscal year, as determined by Landlord, which Annual Statement shall be subject to further adjustment or reconciliation once actual Operating Expenses are determined for such fiscal year. If Tenant’s estimated payments are less than Tenant’s Share of actual Operating Excess Project Costs and Excess Real Property Taxes as shown by the applicable Annual Statement, Tenant shall pay the difference to Landlord within thirty (30) days thereafter. If Tenant shall have overpaid Landlord, Landlord shall credit such overpayment toward Tenant’s next installment payment hereunder. When the Annual Statement is furnished to Tenant for the fiscal year in which this Lease expires or sooner terminates, Tenant shall, even if this Lease has expired or sooner terminated, pay to Landlord within thirty (30) days after Notice the excess of Tenant’s Share of the actual Excess Project Costs and Excess Real Property Taxes set forth in such Annual Statement over the estimate of Tenant’s Share of such Excess Project Costs and Excess Real Property Taxes paid by Tenant. Conversely, any overpayment shall be rebated by Landlord to Tenant within such thirty (30)-day period. If this Lease expires or sooner terminates on a day other than the last day of a fiscal year, Tenant’s Share of Excess Project Costs and Excess Real Property Taxes for such partial fiscal year shall be calculated over the entire twelve-month fiscal year, but shall be prorated on the basis by which the number of days from the commencement of such fiscal year to and including the expiration or sooner termination of this Lease bears to 365. If Landlord shall determine at any time that the estimate of Tenant’s Share of Excess Project Costs and Excess Real Property Taxes for the current fiscal year is or will become inadequate to meet Tenant’s Share of all such Operating Expenses for any reason, Landlord may, at its election, determine the approximate amount of such inadequacy and issue a supplemental estimate as to Tenant’s Share of such Operating Expenses, and Tenant shall pay any increase as reflected by such supplemental estimate. Landlord shall keep or cause to be kept separate and complete books of accounting covering all Operating Expenses and showing the method of calculating Tenant’s Share of Excess Project Costs and Excess Real Property Taxes, and shall preserve for at least two (2) years after the close of each fiscal year all material documents evidencing said Operating Expenses for that fiscal year. Any delay or failure by Landlord in delivering any estimate or statement pursuant to this Section 7.1 shall not constitute a waiver of its right to require Tenant to pay Tenant’s Share of Excess Project Costs and Excess Real Property Taxes pursuant hereto. If the Building is not 100% occupied during any fiscal year, as determined by Landlord, then Operating Expenses shall be computed by Landlord for such fiscal year as if the Building had been 100% occupied during such fiscal year.

Tenant to Bear Tenant's Share of Operating Expenses. Tenant shall pay to Landlord, as an item of Additional Rent, Landlord Tenant’s 's Share (as defined in Section 7.2) of (i) Project Costs Operating Expenses in excess of the Project Costs Operating Expense Base (“Excess Project Costs”), and (ii) Real Property Taxes in excess of the Tax Expense Base (“Excess Real Property Taxes”). as follows: Prior to the Commencement Date and thereafter prior to the commencement of each of Landlord’s 's fiscal years during the Term, Landlord shall give Tenant a written estimate of Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses in excess of the Operating Expense Base for the ensuing fiscal year or partial fiscal year, as the case may be. Commencing on January 1, 2023 and continuing thereafter throughout the Term, Tenant shall pay, as an item of Additional Rent, such estimated amount in equal monthly installments, in advance, on or before the first (1st) day of each calendar monthmonth concurrent with its payment of Monthly Rent. If Landlord has not furnished its written estimate by the time set forth above, Tenant shall pay monthly installments of Excess Project Costs and Excess Real Property Taxes Operating Expenses in excess of the Operating Expense Base at the rate established for the prior fiscal year, if any; provided that when the new estimate is delivered to Tenant, Tenant shall at the next monthly payment date pay Landlord any accrued deficiency based on the new estimate, or Landlord shall credit any accrued overpayment based on such estimate toward Tenant’s 's next installment payment hereunder. Within ninety a reasonable period of time after the end of each fiscal year (90in no event less than one hundred (120) days after the end of each fiscal year, year unless sooner completed by Landlord) Landlord shall furnish Tenant a statement (“Annual Statement’’) showing in reasonable detail Tenant’s Share 's share of the actual Excess Project Costs and Excess Real Property Taxes Operating Expenses in excess of the Operating Expense Base incurred for the period in question; provided, however, with respect to the fiscal year during which this Lease expires or sooner terminates, rather than wait until after the determination of actual Operating Expenses for such fiscal year to furnish Tenant with an Annual Statement for said fiscal year, Landlord may, at its election, provide Tenant with an Annual Statement for such fiscal year prior to the end of such fiscal year based on estimated (not actual) Operating Expenses for such fiscal year, as determined by Landlord, which Annual Statement shall be subject to further adjustment or reconciliation once actual Operating Expenses are determined for such fiscal year. If Tenant’s 's estimated payments are less than Tenant’s 's Share of actual Operating Excess Project Costs and Excess Real Property Taxes Expenses in excess of the Operating Expense Base as shown by the applicable Annual Statementstatement, Tenant shall pay the difference to Landlord within thirty (30) days thereafter. If Tenant shall have overpaid Landlord, Landlord shall credit such overpayment toward Tenant’s 's next installment payment hereunder. When the Annual Statement final determination is furnished to Tenant made of Tenant's Share of the actual Operating Expenses in excess of the Operating Expense. Base for the fiscal year in which this Lease expires or sooner terminates, Tenant shall, even if this Lease has expired or sooner terminated, pay to Landlord within thirty fifteen (3015) days after Notice notice the excess of Tenant’s 's Share of such actual Operating Expenses in excess of the actual Excess Project Costs and Excess Real Property Taxes set forth in such Annual Statement Operating Expense Base over the estimate of Tenant’s 's Share of such Excess Project Costs and Excess Real Property Taxes paid by TenantOperating Expenses paid. Conversely, any overpayment shall be rebated by Landlord to Tenant within such thirty (30)-day period. If this Lease expires or sooner terminates on a day other than the last day of a fiscal year, Tenant’s Share of Excess Project Costs and Excess Real Property Taxes for such partial fiscal year shall be calculated over the entire twelve-month fiscal year, but shall be prorated on the basis by which the number of days from the commencement of such fiscal year to and including the expiration or sooner termination of this Lease bears to 365. If Landlord shall determine at any time that the estimate of Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses in excess of the Operating Expense Base for the current fiscal year is or will become inadequate to meet Tenant’s 's Share of all such Operating Expenses for any reason, Landlord may, at its election, shall immediately determine the approximate amount of such inadequacy and issue a supplemental estimate as to Tenant’s 's Share of such Operating Expenses, Expenses and Tenant shall pay any increase as reflected by such supplemental estimate. Landlord shall keep or cause to be kept separate and complete books of accounting covering all Operating Expenses and showing the method of calculating Tenant’s 's Share of Excess Project Costs and Excess Real Property TaxesOperating Expenses in excess of the Operating Expense Base, and shall preserve for at least two twelve (212) years months after the close of each fiscal year all material documents evidencing said Operating Expenses for that fiscal year. Tenant, at its sole cost and expense, through any certified public accountant designated by it, shall have the right, during reasonable business hours and not more frequently than once during any fiscal year, to examine and/or audit the books and documents mentioned above evidencing such costs and expenses for the previous fiscal year. Any delay or failure by Landlord in delivering any estimate or statement pursuant to this Section 7.1 shall not constitute a waiver of its right to require Tenant to pay Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses in excess of the Operating Expense Base pursuant hereto. If the Building is not 100% occupied during any fiscal year, as determined by Landlord, then Operating Expenses shall be computed by Landlord for such fiscal year as if the Building had been 100% occupied during such fiscal year.

Tenant to Bear Tenant's Share of Operating Expenses. Tenant shall pay to Landlord, as an item of Additional Rent, Tenant’s 's Share (as defined in Section 7.2) of (i) Project Costs in excess of the Project Costs Expense Base (“"Excess Project Costs”"), and (ii) Real Property Taxes in excess of the Tax Expense Base (“"Excess Real Property Taxes”"). Prior to the Commencement Date and thereafter prior to the commencement of each of Landlord’s 's fiscal years during the Term, Landlord shall give Tenant a written estimate of Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes for the ensuing fiscal year or partial fiscal year, as the case may be. Commencing on January 1, 2023 2017 and continuing thereafter throughout the Term, Tenant shall pay, as an item of Additional Rent, such estimated amount in equal monthly installments, in advance, on or before the first (1st) day of each calendar month. If Landlord has not furnished its written estimate by the time set forth above, Tenant shall pay monthly installments of Excess Project Costs and Excess Real Property Taxes at the rate established for the prior fiscal year, if any; provided that when the new estimate is delivered to Tenant, Tenant shall at the next monthly payment date pay Landlord any accrued deficiency based on the new estimate, or Landlord shall credit any accrued overpayment based on such estimate toward Tenant’s 's next installment payment hereunder. Within ninety (90) days a reasonable period of time after the end of each fiscal year, Landlord shall furnish Tenant a statement (“"Annual Statement’’") showing in reasonable detail Tenant’s 's Share of the actual Excess Project Costs and Excess Real Property Taxes incurred for the period in question; provided, however, with respect to the fiscal year during which this Lease expires or sooner terminates, rather than wait until after the determination of actual Operating Expenses for such fiscal year to furnish Tenant with an Annual Statement for said fiscal year, Landlord may, at its election, provide Tenant with an Annual Statement for such fiscal year prior to the end of such fiscal year based on estimated (not actual) Operating Expenses for such fiscal year, as determined by Landlord, which Annual Statement shall not be subject to further adjustment or reconciliation once actual Operating Expenses are determined for such fiscal year. If Tenant’s 's estimated payments are less than Tenant’s 's Share of actual Operating Excess Project Costs and Excess Real Property Taxes as shown by the applicable Annual Statement, Tenant shall pay the difference to Landlord within thirty (30) days thereafter. If Tenant shall have overpaid Landlord, Landlord shall credit such overpayment toward Tenant’s 's next installment payment hereunder. When the Annual Statement is furnished to Tenant for the fiscal year in which this Lease expires or sooner terminates, Tenant shall, even if this Lease has expired or sooner terminated, pay to Landlord within thirty fifteen (3015) days after Notice the excess of Tenant’s 's Share of the actual Excess Project Costs and Excess Real Property Taxes set forth in such Annual Statement over the estimate of Tenant’s 's Share of such Excess Project Costs and Excess Real Property Taxes paid by Tenant. Conversely, any overpayment shall be rebated by Landlord to Tenant within such thirty (30)-day periodTenant. If this Lease expires or sooner terminates on a day other than the last day of a fiscal year, Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes for such partial fiscal year shall be calculated over the entire twelve-month fiscal year, but shall be prorated on the basis by which the number of days from the commencement of such fiscal year to and including the expiration or sooner termination of this Lease bears to 365. If Landlord shall determine at any time that the estimate of Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes for the current fiscal year is or will become inadequate to meet Tenant’s 's Share of all such Operating Expenses for any reason, Landlord may, at its election, determine the approximate amount of such inadequacy and issue a supplemental estimate as to Tenant’s 's Share of such Operating Expenses, and Tenant shall pay any increase as reflected by such supplemental estimate. Landlord shall keep or cause to be kept separate and complete books of accounting covering all Operating Expenses and showing the method of calculating Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes, and shall preserve for at least two twelve (212) years months after the close of each fiscal year all material documents evidencing said Operating Expenses for that fiscal year. Any delay or failure by Landlord in delivering any estimate or statement pursuant to this Section 7.1 shall not constitute a waiver of its right to require Tenant to pay Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes pursuant hereto. If the Building is not 100at least 95% occupied during any fiscal year, as determined by Landlord, then Operating Expenses shall be computed by Landlord for such fiscal year as if the Building had been 10095% occupied during such fiscal year.

Tenant to Bear Tenant's Share of Operating Expenses. Tenant shall pay to Landlord, as an item of Additional Rent, Landlord Tenant’s 's Share (as defined in Section 7.2) of (i) Project Costs in excess of the Project Costs Expense Base (“Excess Project Costs”), and (ii) Real Property Taxes in excess of the Tax Expense Base (“Excess Real Property Taxes”). Operating Expenses as follows: Prior to the Commencement Date and thereafter prior to the commencement of each of Landlord’s 's fiscal years during the Term, Landlord shall give Tenant a written estimate of Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses for the ensuing fiscal year or partial fiscal year, as the case may be. Commencing on January 1, 2023 and continuing thereafter throughout the Term, Tenant shall pay, as an item of Additional Rent, such estimated amount in equal monthly installments, in advance, on or before the first (1st) day of each calendar monthmonth concurrent with its payment of Monthly Rent. If Landlord has not furnished its written estimate by the time set forth above, Tenant shall pay monthly installments of Excess Project Costs and Excess Real Property Taxes Operating Expenses at the rate established for the prior fiscal year, if any; provided that when the new estimate is delivered to Tenant, Tenant shall at the next monthly payment date pay Landlord any accrued deficiency based on the new estimate, or Landlord shall credit any accrued overpayment based on such estimate toward Tenant’s next installment payment hereunder. Within ninety after the end of each fiscal year (90in no event less than one hundred (120) days after the end of each fiscal year, year unless sooner completed by Landlord) Landlord shall furnish Tenant a statement (“Annual Statement’’) showing in reasonable detail Tenant’s 's Share of the actual Excess Project Costs and Excess Real Property Taxes Operating Expenses incurred for the period in question; provided, however, with respect to the fiscal year during which this Lease expires or sooner terminates, rather than wait until after the determination of actual Operating Expenses for such fiscal year to furnish Tenant with an Annual Statement for said fiscal year, Landlord may, at its election, provide Tenant with an Annual Statement for such fiscal year prior to the end of such fiscal year based on estimated (not actual) Operating Expenses for such fiscal year, as determined by Landlord, which Annual Statement shall be subject to further adjustment or reconciliation once actual Operating Expenses are determined for such fiscal year. If Tenant’s 's estimated payments are less than Tenant’s 's Share of actual Operating Excess Project Costs and Excess Real Property Taxes Expenses incurred for the period in question. If Tenant's estimated payments are less than Tenant's Share of actual Operating Expenses as shown by the applicable Annual Statementstatement, Tenant shall pay the difference to Landlord within thirty (30) days thereafter. If Tenant shall have overpaid Landlord, Landlord shall credit such overpayment toward Tenant’s 's next installment payment hereunder. When the Annual Statement final determination is furnished to Tenant made of Tenant's Share of the actual Operating Expenses for the fiscal year in which this Lease expires or sooner terminates, Tenant shall, even if this Lease has expired or sooner terminated, pay to Landlord within thirty fifteen (3015) days after Notice notice the excess of Tenant’s 's Share of the such actual Excess Project Costs and Excess Real Property Taxes set forth in such Annual Statement Operating Expenses over the estimate of Tenant’s 's Share of such Excess Project Costs and Excess Real Property Taxes paid by TenantOperating Expenses paid. Conversely, any overpayment shall be rebated by Landlord landlord to Tenant within such thirty fifteen (30)-day period. If this Lease expires or sooner terminates on a day other than the last day of a fiscal year, Tenant’s Share of Excess Project Costs and Excess Real Property Taxes for such partial fiscal year shall be calculated over the entire twelve-month fiscal year, but shall be prorated on the basis by which the number of days from the commencement of such fiscal year to and including the expiration or sooner termination of this Lease bears to 36515) days. If Landlord shall determine at any time that the estimate of Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses for the current fiscal year is or will become inadequate to meet Tenant’s 's Share of all such Operating Expenses for any reason, Landlord may, at its election, shall immediately determine the approximate amount of such inadequacy and issue a supplemental estimate as to Tenant’s 's Share of such Operating Expenses, Expenses and Tenant shall pay any increase as reflected by such supplemental estimate. Landlord shall keep or cause to be kept separate and complete books of accounting covering all Operating Expenses and showing the method of calculating Tenant’s 's Share of Excess Project Costs and Excess Real Property TaxesOperating Expenses, and shall preserve for at least two twelve (212) years months after the close of each fiscal year all material documents evidencing said Operating Expenses for that fiscal year. Tenant, at its sole cost and expense, through its officers or any public accountant designated by it, shall have the right, during reasonable business hours and not more frequently than once during any fiscal year, to examine and/or audit the books and documents mentioned above evidencing such costs and expenses for the previous fiscal year. Any delay or failure by Landlord in delivering any estimate or statement pursuant to this Section 7.1 shall not constitute a waiver of its right to require Tenant to pay Tenant’s 's Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses pursuant hereto. If the Building is not 100% occupied during any fiscal year, as determined by Landlord, then Operating Expenses shall be computed by Landlord for such fiscal year as if the Building had been 100% occupied during such fiscal yearSee Rider 7.1.

Tenant to Bear Tenant's Share of Operating Expenses. Tenant shall pay to Landlord, as an item of Additional Rent, Tenant’s Share (as defined in Section 7.2) of (i) Project Costs in excess of the Project Costs Expense Base (“Excess Project Costs”), and (ii) Real Property Taxes in excess of the Tax Expense Base (“Excess Real Property Taxes”). Operating Expenses as follows: Prior to the Commencement Date and thereafter prior to the commencement of each of Landlord’s fiscal years during the Term, Landlord shall give Tenant a written estimate of Tenant’s Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses for the ensuing fiscal year or partial fiscal year, as the case may be. Commencing on January 1, 2023 the Commencement Date and continuing thereafter throughout the Term, Tenant shall pay, as an item of Additional Rent, such estimated amount in equal monthly installments, in advance, on or before the first (1st) day of each calendar monthmonth during the Term. If Landlord has not furnished its written estimate by the time set forth above, Tenant shall pay monthly installments of Excess Project Costs and Excess Real Property Taxes Operating Expenses at the rate established for the prior fiscal year, if any; provided that when the new estimate is delivered to Tenant, Tenant shall at the next monthly payment date pay Landlord any accrued deficiency based on the new estimate, or Landlord shall credit any accrued overpayment based on such estimate toward Tenant’s next installment payment hereunder. Within ninety (90) days a reasonable period of time after the end of each fiscal year, Landlord shall furnish Tenant a statement (“Annual Statement’’”) showing in reasonable detail Tenant’s Share of the actual Excess Project Costs and Excess Real Property Taxes Operating Expenses incurred for the period in question; provided, however, with respect to the fiscal year during which this Lease expires or sooner terminates, rather than wait until after the determination of actual Operating Expenses for such fiscal year to furnish Tenant with an Annual Statement for said fiscal year, Landlord may, at its election, provide Tenant with an Annual Statement for such fiscal year prior to the end of such fiscal year based on estimated (not actual) Operating Expenses for such fiscal year, as determined by Landlord, which Annual Statement shall not be subject to further adjustment or reconciliation once actual Operating Expenses are determined for such fiscal year. If Tenant’s estimated payments are less than Tenant’s Share of actual Operating Excess Project Costs and Excess Real Property Taxes Expenses as shown by the applicable Annual Statement, Tenant shall pay the difference to Landlord within thirty (30) days thereafter. If Tenant shall have overpaid Landlord, Landlord shall credit such overpayment toward Tenant’s next installment payment hereunder. When the Annual Statement is furnished to Tenant for the fiscal year in which this Lease expires or sooner terminates, Tenant shall, even if this Lease has expired or sooner terminated, pay to Landlord within thirty fifteen (3015) days after Notice the excess of Tenant’s Share of the actual Excess Project Costs and Excess Real Property Taxes Operating Expenses set forth in such Annual Statement over the estimate of Tenant’s Share of such Excess Project Costs and Excess Real Property Taxes Operating Expenses paid by Tenant. Conversely, any overpayment shall be rebated by Landlord to Tenant within such thirty (30)-day periodTenant. If this Lease expires or sooner terminates on a day other than the last day of a fiscal year, Tenant’s Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses for such partial fiscal year shall be calculated over the entire twelve-month fiscal year, but shall be prorated on the basis by which the number of days from the commencement of such fiscal year to and including the expiration or sooner termination of this Lease bears to 365. If Landlord shall determine at any time that the estimate of Tenant’s Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses for the current fiscal year is or will become inadequate to meet Tenant’s Share of all such Operating Expenses for any reason, Landlord may, at its election, determine the approximate amount of such inadequacy and issue a supplemental estimate as to Tenant’s Share of such Operating Expenses, Expenses and Tenant shall pay any increase as reflected by such supplemental estimate. Landlord shall keep or cause to be kept separate and complete books of accounting covering all Operating Expenses and showing the method of calculating Tenant’s Share of Excess Project Costs and Excess Real Property TaxesOperating Expenses, and shall preserve for at least two twelve (212) years months after the close of each fiscal year all material documents evidencing said Operating Expenses for that fiscal year. If Tenant does not notify Landlord of any objection to the Annual Statement within thirty (30) days of Landlord’s delivery thereof, Tenant shall be deemed to have accepted such statement as true and correct and shall be deemed to have waived any right to dispute Tenant’s Share of Operating Expenses due pursuant to such statement. Any delay or failure by Landlord in delivering any estimate or statement pursuant to this Section 7.1 shall not constitute a waiver of its right to require Tenant to pay Tenant’s Share of Excess Project Costs and Excess Real Property Taxes Operating Expenses pursuant hereto. If the Building is not 100% occupied during any fiscal year, as determined by Landlord, then Operating Expenses shall be computed by Landlord for such fiscal year as if the Building had been 100% occupied during such fiscal year.