Tenant Verification Clause Samples
The Tenant Verification clause establishes the landlord's right to confirm the identity, background, and suitability of a prospective tenant before finalizing a lease agreement. This typically involves requiring the tenant to provide personal information, references, and consent for background or credit checks. By implementing this clause, landlords can reduce the risk of leasing to unreliable or unsuitable tenants, thereby protecting their property and ensuring a more secure rental arrangement.
Tenant Verification. Tenant shall have the right to inspect, upon reasonable notice, at reasonable times and in a reasonable manner, during the ninety (90) day period following the delivery of Landlord's Year End Statement, such of Landlord's books of account and records as pertain to and contain information concerning the Common Area Charges for such year in order to verify the amounts thereof (herein referred to as a "Tenant Audit"). The Tenant acknowledges and agrees that the calculation of the amounts due on the Year End Statement require a certain threshold level of financial competence and, consequently, if Tenant elects to engage a third party to conduct a Tenant Audit, that third party shall be an independent certified public accountant. If the Tenant Audit is conducted by such an independent certified public accountant, and the fee arrangement between Tenant and such independent certified public accountant is a contingency or similar fee arrangement pursuant to which the Tenant's independent certified public accountant is paid a fee as a percentage of the amount of any reduction that it obtains in the calculation of the amount due from Tenant on account of such Common Area Charges (herein a "Contingency Fee"), then the Tenant shall be obligated to pay a fee to the Landlord in an amount equivalent to the greater of either (i) the amount of all reasonable costs and expenses paid or incurred by Landlord in connection with any such Tenant Audit, including, without limitation, an amount calculated by Landlord to reimburse Landlord, on an hourly basis, for the costs associated with utilizing its own internal accountants and/or property management personnel to facilitate the completion of such a Tenant Audit (the "Landlord's Overhead Fee"), or (ii) the amount of the Contingency Fee, in either case, to reimburse Landlord for the time and expense associated with responding and furnishing information for such Tenant Audit. If such independent certified public accountant is not to be compensated by Tenant with a Contingency Fee, the Tenant shall, nonetheless, be obligated to pay to Landlord the Landlord's Overhead Fee in connection with any such Tenant Audit. The amounts due from Tenant to Landlord on account of the Landlord's Overhead Fee or on account of any such Contingency Fee shall not be due if the results of any such Tenant Audit or any Final Determination, as specified below, result in a credit due to the Tenant in an amount equal to five percent (5%) of the aggregate am...
Tenant Verification. Tenant or its accountants shall have the right to inspect, at reasonable times and in a reasonable manner, during the ninety (90) day 8 period following the delivery of Landlord's statement of the actual amount of Tenant's Annual Rental Adjustment, such of Landlord's books of account and records as pertain to and contain information concerning the Operating Expenses in order to verify the amounts thereof. In the event that an audit by Tenant reveals an error by Landlord of more than five percent (5%) in the aggregate, Landlord shall reimburse Tenant the reasonable cost of the audit, not to exceed Two Thousand Five Hundred Dollars and 00/100 ($2,500.00).
Tenant Verification. Tenant or its accountants shall have the right to inspect, at reasonable times and in a reasonable manner, during the ninety (90) day period following the delivery of Landlord's statement of the actual amount of the Annual Rental Adjustment, such of Landlord's books of account and records as pertain to and contain information concerning such costs and expenses in order to verify the amounts thereof.
Tenant Verification. Tenant or its accountants shall have the right to inspect, at reasonable times and in a reasonable manner during the forty-five (45) calendar day period following the delivery of Landlord's statement of Additional Rent, such of Landlord's books of account and records as pertain to and contain information concerning such costs and expenses, in order to verify the amounts thereof. If Tenant shall dispute any item or items included in the determination of Additional Rent for a particular calendar year, and such dispute is not resolved by the parties hereto within forty-five (45) calendar days after the statement for such year was delivered to Tenant, then either party may, within thirty (30) calendar days thereafter, request that a firm of independent certified public accountants selected by Landlord render an opinion as to whether or not the disputed item or items may properly be included in the determination of Additional Rent for such year; and the opinion of such firm on the matter shall be conclusive and binding upon the parties hereto. The fees and expenses incurred in obtaining such an opinion shall be borne by the party adversely affected thereby; and if more than one item is disputed and the opinion adversely affects both parties, the fees and expenses shall be apportioned accordingly. If Tenant shall not dispute any item or items included in the determination of Additional Rent for a particular calendar year within forty-five (45) calendar days after the statement for such year was delivered to it, Tenant shall be deemed to have approved such statement.
Tenant Verification. In the event Tenant is not satisfied with the statement submitted by Landlord pursuant to Section 3.07 hereof in connection with Additional Rent, for a period of thirty (30) days following delivery of such statement, Tenant or its accountant shall have the right to inspect, at reasonable times and in reasonable manner, such of Landlord’s books and records as pertain to and contain information concerning the costs and expenses referred to herein as Landlord’s Operating Expenses in order to verify the amounts thereof. Any such inspection of Landlord’s books and records shall be performed at Tenant’s sole cost and expense. If such an inspection shall show an overpayment by Tenant in connection with its payment of Landlord’s Operating Expenses, the amount of such overpayment shall be promptly paid by Landlord to Tenant, and if such inspection shall show such variable expense adjustment to have been underpaid, then such deficiency shall be promptly paid by Tenant to Landlord. If such audit shall show that Landlord has overstated Landlord’s Operating Expenses for any relevant period by more than seven percent (7%) of the total of Landlord’s Operating Expenses as determined by such audit, then such fees and expenses charged by Tenant’s independent accountant making such audit shall be paid by Landlord.
Tenant Verification. Tenant shall have the right to inspect, at reasonable times and in a reasonable manner, during the ninety (90) day period following the delivery of Landlord’s statement of the actual amount of the Additional Rent, such of Landlord’s books of account and records as pertain to and contain information concerning such costs and expenses in order to verify the amounts thereof. Such inspection shall take place at Landlord’s Chicago area office. Such inspection shall be conducted only by Tenant or a certified public accountant that is not being compensated for its services on a contingency fee basis. Tenant shall sign a confidentiality agreement with Landlord prior to its inspection of Landlord’s books and records. Tenant shall also agree to follow Landlord’s reasonable procedures for auditing such books and records. Tenant shall provide Landlord with a copy of its findings within sixty (60) days after completion of the audit. Tenant’s failure to exercise its rights hereunder within said ninety (90) day period shall be deemed a waiver of its right to inspect or contest the method, accuracy or amount of the Additional Rent.
Tenant Verification. Tenant shall have the right to inspect, upon reasonable notice, at reasonable times and in a reasonable manner, during the ninety (90) day period following the delivery of Landlord's Year-End Statement, such of Landlord's books of account and records as pertain to or contain information concerning the Operating Costs for such year in order to verify the amounts thereof (herein referred to as a "Tenant Audit"). If Tenant fails to specifically identify to Landlord any errors or omissions in the Year-End Statement within such ninety (90) day period, the amounts due to Landlord or to be credited to Tenant, as reflected on the Year-End Statement, shall be conclusively due in the manner set forth in such Year-End Statement. If, within such ninety (90) day period, Tenant specifically identifies to Landlord any errors or omissions in the Year-End Statement, and provides a copy of the Tenant Audit to Landlord to verify such errors or omissions, Landlord shall promptly correct and re-issue the Year-End Statement and the terms of Section 6.4.5 shall apply. If and to the extent that the actual amount of the Annual Rent Adjustment, as determined by the Tenant Audit, is at least five percent (5%) less than the amounts indicated to be due from Tenant on the Landlord's initial Year-End Statement, Landlord shall pay or reimburse Tenant for the costs and expenses associated with obtaining the Tenant Audit. In all other cases, the Tenant shall be responsible for the cost of obtaining the Tenant Audit.
Tenant Verification. In the event Tenant is not satisfied with the statement submitted by Landlord pursuant to Section 3.05 hereof in connection with Reimbursement of Operating Expenses, for a period of thirty (30) days following delivery of such statement, Tenant or its accountant shall have the right to inspect, at reasonable times and in reasonable manner, such of Landlord’s books and records as pertain to and contain information concerning the costs and expenses referred to herein as Landlord’s Operating Expenses in order to verify the amounts thereof. Any such inspection of Landlord’s books and records shall be performed at Tenant’s sole cost and expense.
Tenant Verification. Tenant shall have the right to inspect, at reasonable times and in a reasonable manner, during the one hundred twenty (120) day period following the delivery of Landlord's statement of the actual amount of the Operating Expenses, such of Landlord's books of account and records as pertain to and contain information concerning such costs and expenses in order to verify the amounts thereof. Tenant's failure to exercise its rights hereunder within said one hundred twenty (120) day period shall be deemed a waiver of its right to inspect or contest the method, accuracy or amount of the Annual Rental Adjustment.
Tenant Verification. Tenant or its designated agents shall -------------------- have the right to inspect, at reasonable times and in a reasonable manner, during the ninety (90) day period following the delivery of Landlord's statement of the actual amount of Operating Costs, such of Landlord's books of account and records as pertain to and contain information concerning such costs and expenses in order to verify the amounts thereof. Where the audit discloses errors resulting in an overcharge to Tenant of more than five percent (5%), Landlord shall pay for such audit and, if the audit discloses errors resulting in an overcharge equal to or less than five percent (5%) of the Operating Costs, Tenant shall pay the costs of the audit. If Tenant shall not elect to cause an audit within the time period permitted hereby, then Landlord's statement shall be conclusively deemed to have been approved and accepted by Tenant.