Base Year definition
Examples of Base Year in a sentence
During the Third Extended Term, Tenant shall continue to pay to Landlord its percentage share of direct expense increases as provided in paragraph 5 of the Lease, as amended in Section 4 of the Second Amendment, except that the Base Year forpurposes of determining the Direct Expense Increases payable by Tenant shall be 2026, and shall be reconciled and adjusted thereafter in accordance with paragraph 5 of the Lease, as amended.
Landlord hereby agrees that the Controllable Operating Expenses (as defined below) included in Operating Expenses for any calendar year during the term of this Lease after the Base Year will not exceed the Controllable Operating Expenses included in Base Year Operating Expenses plus (for each calendar year after the Base Year) five percent (5%) per annum, on a non-compounded, non-cumulative basis.