Central HVAC System definition

Central HVAC System is a centralized system providing chilled water and hot water to the Premises in common with other premises in the Podium Building and Tenant shall pay, monthly in advance and concurrently with payments of installments of all other Additional Rent, a “Chilled and Hot Water Charge” for Tenant’s share of the expenses associated with the operation, repair, maintenance and replacement of the Central HVAC System. Said expenses shall include, but not be limited to, (a) the cost of maintenance, repair, insurance and utilities incurred in operating the Central HVAC System and either (b) the cost of replacing, as necessary, any equipment, components or facilities of the Central HVAC System or (c) at Landlord’s option, if such replacement cost exceeds Twenty-Five Thousand Dollars ($25,000.00), and the replaced item has a useful life of more than five (5) years, the total payments of principal and interest owed for each year or partial year on any commercially reasonable loan which is fully amortized over said useful life that Landlord may obtain from a third party, or that Landlord may make itself, for the benefit of Tenant and all other tenants at the Podium Building to finance said replacement cost; provided, however, if Landlord shall make such a loan. Landlord shall charge interest on the basis of actual days elapsed compared to a 360-day year, compounded monthly, at a fixed rate which is the lesser of the maximum lawful rate or two percent (2%) above the annual rate of yield available at the time of replacement on a Treasury Note or Bond of the United States of America maturing at approximately the end of said useful life. In addition, Tenant shall pay an amount to Landlord for accounting, bookkeeping and collecting of said expenses equal to fifteen percent (15%) of the total of Tenant’s Chilled and Hot Water Charge for each calendar year. Landlord agrees that Tenant’s Chilled and Hot Water Charge shall be based upon Tenant’s use as hereinafter set forth, and that with respect to the cost of replacing any equipment, components or facilitates of the Central HVAC, Landlord shall not include such costs to the extent that the same covered by warranty. Tenant shall utilize the chilled water for its space cooling purposes and shall not connect refrigerator or freezer equipment to the system.
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Examples of Central HVAC System in a sentence

  • Landlord agrees to maintain and repair, subject to contributions by other tenants serviced by the Central HVAC System, all other portions of the Central HVAC System and that portion of the Premises HVAC System including the VAV control box thermostat and the ductwork connecting the VAV control box outward to the Central HVAC System ("Landlord's HVAC Maintenance").

  • At the end of each calendar or partial calendar year during the Lease Term, Landlord shall compare the total of all Chilled and Hot Water Charges paid by Tenant during the calendar year with the total expenses associated with the operation, maintenance, repair, replacement, insurance and utilities incurred in operating the Central HVAC System for such year.

  • In each Lease Year, Tenant agrees to pay Landlord annually, as additional rental in twelve (12) equal monthly installments, together with Fixed Minimum Rent), an amount (the "Central HVAC System Equipment Rentalization") equal to One and 02/100 Dollars ($1.02) multiplied by the Premises GLA.

  • Chilled and hot water shall be provided from the Central HVAC System with sufficient capacity to permit Tenant’s HVAC system to meet the operating criteria set forth below for a maximum population density of one (1) person per one hundred fifty (150) square feet of useable floor area served.

  • Description Unit Quantity Rate Price The Supply, Installation and Commissioning of Energy Efficient Heat Pumps to replace the current Steam Boilers of the Central HVAC System for the Bellville Head Office in the Western Cape Operating Unit Health & Safety NOTE: H&S Plan to be submitted by tenderers at tender stage.

  • Tenant agrees to pay on a monthly basis its pro rata share of Landlord's HVAC Maintenance costs (including labor, parts, materials and overhead but excluding Central HVAC System Equipment Rentalization or depreciation).

  • Notwithstanding anything to the contrary contained in this Lease, Landlord warrants that the Central HVAC System shall comply with Exhibit "SBG1.0".

  • In the event the Premises are served, in whole or in part, by the Central HVAC System (as hereinafter defined) provided by Landlord, then Tenant agrees to pay the special charges therefor in accordance with and computed on the basis set forth in Exhibit D hereto annexed.