Base Year Expense Stop definition
Examples of Base Year Expense Stop in a sentence
After the first twelve (12) full calendar months of the Term, Landlord may give Tenant written notice of Landlord’s estimate of the amount (“Estimated Operating Expenses”) by which Tenant’s Pro Rata Share of actual Operating Expenses will exceed the Base Year Expense Stop, for the remaining calendar year (prorated for the remainder of such calendar year based on a 365 day year).
Additional Rent shall include, but not be limited to, Operating Expenses, Real Estate Taxes, costs of insurance incurred by Landlord (“Landlord’s Insurance”) and Utility Expenses in excess of the Base Year Expense Stop for these items, and any after-hours and all extraordinary costs of all utilities, maintenance repairs, taxes and services provided to the Premises, unless Tenant is billed for such utilities directly by the provider of such services.
Tenant shall pay to Landlord, as Additional Rent, pursuant to this Section 6.9, the amount by which Tenant’s Pro Rata Share, as defined below, of actual Operating Expenses, Real Estate Taxes, Landlord’s Insurance and Utility Expenses (collectively referred to in this Section 6.9 as “Operating Expenses”) exceeds the Base Year Expense Stop for these items.
Tenant shall pay an amount equal to the excess ("Excess Operating Expense") of Tenant's Proportionate Share of the actual Operating Expenses for each calendar year or part thereof during the Term, over the Base Year Expense Stop.
The parties acknowledge that as of September 1, 2006, a 2006 Base Year Expense Stop shall be used for the purposes of calculating Tenant’s liability for Excess under Exhibit C of the Lease, meaning that the first year for calculation of any Excess shall be calendar year 2007.
In the event Lessor's operating expenses for the building and/or project of which the leased premises are a part shall, in any calendar year during the term of this Lease, exceed the sum of the actual 1995 Base Year Operating Expenses (the "Base Year Expense Stop"), Lessee agrees to pay as additional rent Lessee's pro rata share of such excess operating expenses.
In the event that the Lessee fails to quit and surrender the Premises, the Lessor may re-enter and take possession of the Premises and remove all persons and property therefrom, as well as disconnect any telephone lines installed for the benefit of Lessee, without any liability whatsoever to Lessee.
In addition to the Base Rent, Tenant shall pay to Landlord as "Additional Rent" an amount equal to Tenant's Proportionate Share of the sum of the Operating Expenses (hereinafter defined) and the Taxes (hereinafter defined) in excess of the Base Year Expense Stop for each calendar year, which amount shall be prorated for any partial calendar year at the beginning or end of the Lease Term.
The Operating Base Year Expense Stop for the Expansion Premises will be the calendar year of 2008.