Base Insurance definition
Examples of Base Insurance in a sentence
If the Insurance Costs for the Real Property for any Lease Year or Partial Lease Year during the Term will be greater than the Base Insurance Costs (reduced proportionately to correspond to the duration of periods less than a Lease Year), Tenant will pay to Landlord as Additional Rent for each Lease Year or Partial Lease Year, Tenant’s Percentage of such excess Insurance Costs.
If, during the term hereof, Insurance Costs (as hereinafter defined) paid or incurred by Landlord in any calendar year (an “Operating Year”) shall exceed Base Insurance Costs, Tenant shall reimburse Landlord, as Additional Rent, for Tenant’s Percentage of any such excess (such amount being hereinafter referred to as the “Insurance Excess”).
Tenant shall pay to Landlord, in addition to the Monthly Base Rent and for each calendar year of the Term, an amount equal to the excess, if any, of Tenant's Share of Insurance Costs (as defined below) paid or incurred by Landlord during such calendar year, over the Base Insurance Amount (such excess is hereinafter referred to as the "Excess Insurance Costs").
Tenant shall pay to Landlord, as additional rent for the Leased Premises, Tenant's Pro Rata Share of any excess in premiums for casualty, rent loss and all liability insurance (with all endorsements) paid annually by Landlord with respect to the Real Estate during the Lease term over the Base Insurance Premium.
In no event shall Tenant be entitled to receive any reimbursement or credit if Insurance Costs for any Operating Year are less than Base Insurance Costs.
Such proration shall be made by multiplying the total estimated or actual (as the case may be) Real Estate Taxes, CAM Charges, and / or Insurance Costs (as the case may be) for such calendar year(s), as well as the Base Real Estate Taxes, Base CAM Charges, and / or Base Insurance Costs (as the case may be), by a fraction, the numerator of which shall be the number of days of the Term during such calendar year, and the denominator of which shall be three hundred sixty-five (365).
Subsequent to the Base Year --------------------------------------------- and Base Tax Fiscal Year, Landlord shall provide one or more statements to Tenant setting forth the Operating Cost Base, Insurance Cost Base, and/or the Tax Base (each such statement being referred to hereinafter as a "Base ---- Statement").
Reference Appendix E for updated rates to the Base Insurance Plan and the calculations year over year.
Tenant shall pay to Landlord, as additional rent for the Leased Premises, Tenant’s Pro Rata Share of Landlord’s Insurance premiums paid annually by Landlord with respect to the Real Estate during the Lease term over the Base Insurance Premium.
If the Insurance Costs for the Building and Office Building Area for any Lease Year or partial Lease Year during the Term shall be greater than the Base Insurance Costs (adjusted proportionately for periods less than a Lease Year), Lessee shall pay to Lessor as Additional Rent for each Lease Year or partial Lease Year commencing from and after the Commencement Date, Lessee's Percentage of such excess Insurance Costs.