Annual Operating Cost definition

Annual Operating Cost means any and all costs and expenses paid, incurred or charged by Lessor in connection with the operating, servicing, management and maintenance of the Premises, its equipment and the adjacent walks, landscaped areas and the land upon which the same are located, during a calendar year commencing. and ending (or if the Premises is in operation less than a full calendar year, then annualized to a full calendar year) and shall include:

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Annual Operating Cost means any and all costs and expenses paid, incurred or charged by Landlord during an Adjusted Rental Period in connection with the operating, servicing and maintenance of the Building, its equipment and the adjacent walks, landscaped areas and the land upon which the same are located, during a calendar year commencing January 1 and ending December 31 (or if the Building is in operation less than a full calendar year, then annualized to a full calendar year) and shall include but shall not be limited to: (i) The amount of real estate taxes, personal property taxes, assessments, state and local taxes or any other governmental tax assessed against the Building and all improvements now or hereafter located against the Building and all improvements now or hereafter located thereon, including the adjacent walks and landscaped areas and the land upon which the Building and walks and landscaped areas are located, offset by any tax refund received by Landlord with respect to the Building during an Adjusted Rental Period. If the tax year for real estate taxes shall be changed, then an appropriate adjustment shall be made in computation of the Annual Operating Cost in accordance with sound accounting principles to effectuate the changeover to any new tax year adopted by the taxing authorities. (ii) The reasonable expenses incurred by Landlord in contesting the validity or the amount of the assessed valuation or of any taxes for any year with respect to the Building. (iii) Insurance premiums paid by Landlord with respect to the Building, including fire or other casualty insurance, rent loss insurance, plate glass insurance and public liability insurance on the Building. (iv) The wages paid to all personnel of Landlord and amounts paid to its independent contractors for personnel whose duties are connected with the day to day or periodic operation, maintenance, repair or security of the Building, which shall include related employment taxes and fringe benefits or related expenses imposed on Landlord or its independent contractors pursuant to law. (v) A management fee of 5% of the gross monthly rental from the Building and shall represent payment for the handling of the renting and operation of the Building, the hiring and firing of on-site personnel, and the arranging for the collection of and accounting for rent, the paying of bills, bookkeeping services, the purchase of goods and supplies, the contracting for maintenance, repairs, and insurance. To provide such manag...

Annual Operating Cost shall include the following costs by way of illustration, but shall not be limited thereto: real estate taxes and assessments levied on the land and building of which the Demised Premises is a part; utilities and services; insurance premiums (except as otherwise provided in Section 15); licenses, permits, and inspection fees; and the cost of wages, materials and services for the operation, maintenance, and management of the Demised Premises. "Annual Operating Costs" shall not include any of the following: capital improvements (except as described in Paragraph 6); expenses of painting, decorating, and alteration of other than public areas, common areas or the Subleased Premises; interest and amortization of mortgages; depreciation of the Demised Premises; and income or franchise taxes or other such taxes imposed or measured by the net income of the Lessor from operation of the Demised Premises and related exterior appurtenances, of which the Demised Premises, are a part; and certain fire insurance premiums which shall be the obligation of Lessee as provided in Section 15.

Examples of Annual Operating Cost in a sentence

Thereafter, upon receipt of such succeeding Annual statement, Tenant’s monthly payments during the period covered by said Annual Statement shall be adjusted to the actual Annual Operating Cost, and such adjustment shall be paid within thirty (30) days of the date of said Statement.
Landlord’s estimate shall be made on the basis of the most recent Annual Operating Cost Statement, if available, adjusted to reflect reasonably anticipated increases or decreases of Operating Costs.
Sublandlord’s failure to timely deliver the Annual Operating Cost Statement will not diminish or nullify Subtenant’s obligation to pay (or Sublandlord’s obligation to refund to Subtenant) any reconciliation amount owed as a result of the calculations contained in the Annual Operating Costs Statement as described herein.
If on the basis of such the Annual Operating Cost Statement Subtenant owes an amount that is more than the estimated payments for the calendar year just ended previously made by Subtenant, Subtenant shall pay the deficiency to Sublandlord within thirty (30) days after delivery of the Annual Operating Cost Statement from Sublandlord to Subtenant.
See Schedule “F- 3” – Calculating the UNA’s Annual Operating Cost Contribution.
Thereafter, upon receipt of such succeeding Annual Statement, Tenant’s monthly payments during the period covered by said Annual Statement shall be adjusted to the actual Annual Operating Cost, and such adjustment shall be paid within thirty (30) days of the date of said Statement.
Landlord may adjust such Estimated Monthly Annual Operating Cost Payment from time to time and at any time during a fiscal year, and Tenant shall pay, as additional rent, on the first day of each month following receipt of Landlord's notice thereof, the adjusted Estimated Monthly Annual Operating Cost Payment.
Each monthly invoice for Annual Operating Cost and Charges shall be calculated according to the number of Days of Services provided in the calendar month.
Thereafter, upon receipt of each succeeding Annual Statement, Tenant's monthly payments during the period covered by said Annual Statement shall be adjusted to the actual increase in the Annual Operating Cost, and such adjustment shall be paid within thirty (30) days of the date of said Statement.
If on the basis of such the Annual Operating Cost Statement Subtenant owes an amount that is less than the estimated payments actually made by Subtenant for the calendar year just ended, Sublandlord shall credit such excess to the next payments of Rent coming due or, if the term of this Sublease is about to expire, promptly refund such excess to Subtenant.

More Definitions of Annual Operating Cost

Annual Operating Cost is defined as meaning any and all expenses, as determined by generally accepted accounting practices, consistently applied, incurred in a calendar year by the Lessor in connection with the servicing, operation, maintenance, repair, and management of the Demised Premises, and related exterior appurtenances of which the Demised

Annual Operating Cost means, with respect to each calendar year during the term of the Lease, the annual Operating Cost actually incurred by Landlord for said year computed in accordance with the provisions of Section 4.1 and subject to the cap described in Section 5.1(a).