Upper Level Premises Expense Adjustment Sample Clauses

Upper Level Premises Expense Adjustment. So long as Tenant is leasing all or any portion of the Upper Level Premises, then, as of the first anniversary of the Commencement Date, Tenant shall pay as Additional Rent, subject to Section 6.7 below, an amount (hereinafter referred to as the "Upper Level Premises Expense Adjustment Amount") equal to Tenant's Upper Level Premises Proportionate Share multiplied by the amount by which the Operating Expenses incurred with respect to said Adjustment Year exceeds the Operating Expenses for the Base Year (grossed up in the same manner as provided in Section 6.2 hereof), prorated on a per diem basis for partial Adjustment Years and adjusted as additional space is occupied (or returned) by Tenant for those Adjustment Years that Tenant's Upper Level Premises Proportionate Share increases or decreases. The Upper Level Premises Expense Adjustment Amount with respect to each Adjustment Year shall be paid in monthly installments in advance on the first (1st) day of each and every calendar month during such Adjustment Year commencing on the Commencement Date, in an amount reasonably estimated from time to time by Landlord and communicated by written notice to Tenant and Landlord hereby reserves the right to adjust and revise the Upper Level Premises Expense Adjustment Amount from time to time, but no more than once, during each Adjustment Year with at least thirty (30) days prior written notice to Tenant. Landlord shall cause books and records to be kept showing Operating Expenses in accordance with sound management and accounting principles consistently applied. Within one hundred twenty (120) days following the end of each Adjustment Year, Landlord shall deliver to Tenant a statement setting forth (a) a detailed itemization of Operating Expenses; (b) the actual Upper Level Premises Expense Adjustment Amount paid to Landlord for such Adjustment Year; (c) the total of the estimated monthly installments of the Upper Level Premises Expense Adjustment Amount paid to Landlord for such Adjustment Year; and (d) the amount of any excess or deficiency with respect to such Adjustment Year. Tenant or Landlord, as the case may be, shall pay any deficiency or overpayment, as the case may be, to the other party, as shown by such statement within thirty (30) days after receipt of such statement; provided, however, Landlord shall not be required to pay such overpayment to Tenant if Tenant is in Default (as hereinafter defined) under this Lease, unless and until Tenant cures such De...
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Related to Upper Level Premises Expense Adjustment

  • Maximum Annual Operating Expense Limit The Maximum Annual Operating Expense Limit with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the average daily net assets of each Fund.

  • Rental Adjustment The lesser of (i) 2%, or (ii) 1.25 times the change in the Price Index, as described in Section 4.02.

  • Base Rent Adjustment (a) The BASE RENT (subject to adjustment as set forth in Section 1.08(a) above) payable during the EXTENDED TERM, subject to the provisions of part (b) of this Section 3.03, shall be increased from the BASE RENT payable immediately prior to the first month of the EXTENDED TERM to the then fair market rental rate determined in connection with part (b) of this Section 3.03.

  • Base Year Calendar year 2000.

  • Tenant’s Share The term “Tenant’s Share” shall mean the percentage obtained by dividing Tenant’s Gross Leasable Area by the Building Gross Leasable Area, which as of the Effective Date is the percentage identified in Section G of the Summary.

  • Rental Adjustments 6.1 The Basic Annual Rent then in effect (and as previously increased pursuant to this Section 6.1) shall be increased each year by three percent (3%) on each annual anniversary of the Term Commencement Date for so long as this Lease continues in effect.

  • Operating Expense Limit The Fund’s maximum operating expense limits (each an “Operating Expense Limit”) in any year shall be that percentage of the average daily net assets of the Fund as set forth on Schedule A attached hereto and incorporated by this reference.

  • Annual Fixed Rent Tenant covenants and agrees to pay the Annual Fixed Rent in Section 1.1 to Landlord in advance in equal monthly installments commencing on the Term Commencement Date (if not the first day of a month) and thereafter on the first day of each calendar month during the Term. All payments shall be due without billing or demand and without deduction, setoff or counterclaim, except as expressly set forth in this Lease. Tenant shall make payment for any portion of a month at the beginning or end of the Term. All payments shall be payable to Landlord at Landlord’s address, as specified in Section 1.1, or to such other entities at such other places as Landlord may from time to time designate. Without limiting the foregoing, except as expressly set forth in this Lease, Tenant’s obligation so to pay Rent (as hereinafter defined) shall not be discharged or otherwise affected by any law or regulation now or hereafter applicable to the Premises, or any other restriction on Tenant’s use, or any casualty or taking, or any failure by Landlord to perform any covenant contained herein, or any other occurrence; and, except as expressly set forth in this Lease, Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover Rent. The foregoing notwithstanding, if Landlord fails for any reason within Landlord’s control to provide any service to be supplied by Landlord under the Lease which is necessary for Tenant’s reasonable use of the Premises (such as HVAC, elevator service, electricity, water, or structural repairs), and Tenant is unable to use the Premises on account of such failure, Tenant shall be entitled to a proportional abatement of Annual Fixed Rent and Additional Charges for Operating Expenses and Taxes based on the portion of the Premises which cannot be used by Tenant. This abatement shall begin on the fourth (4th) consecutive Business Day from Tenant’s written notice to Landlord of the failure. The abatement shall end when the services are restored sufficiently to permit use of the Premises.

  • Base Rent Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Common Area Operating Expenses Lessee shall pay to Lessor during the term hereof, in addition to the Base Rent, Lessee's Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar year of the term of this Lease, in accordance with the following provisions:

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