Common Area Operating Costs means (1) the pro rata portion, allocated on the basis of the ratio which the area of the Building Parcel bears to the then area of the Office Park, of the expenses of the operation, maintenance and repair of the Common Areas of the Office Park in accordance with the Protective Covenants, (2) insurance premiums for insurance carried by Landlord on the Building or the Building Parcel, (3) the cost of landscape maintenance on the Building Parcel and periodic painting and repair of the exterior of the surface of the Building, (4) repair and maintenance of the roof of the Building (including the roof membrane and exterior of the Building), and (5) all expenses paid or incurred by Landlord for maintaining, operating and repairing the Common Areas (as defined in (b) through (e) of Section 4.1), the Building and the Building Parcel and the equipment and personal property used in conjunction therewith, including, without limitation, the costs of compliance with Governmental Requirements, the costs of refuse collection, water, sewer, electricity, and other utilities services, supplies and cleaning services, services of independent contractors, compensation (including employment taxes and fringe benefits) of all persons who perform duties in connection with the operation, maintenance and repair of the Common Areas and its equipment, the maintenance and repair of parking areas, curbs, landscaping, lighting and outdoor facilities, licenses, permits and inspection fees, taxes, liability insurance for the Office Park including the Building, property management fees, legal and accounting expenses and any other expense or charge whether or not hereinabove described which in accordance with generally accepted accounting and/or property management practices would be considered an expense of maintaining, operating or repairing the Common Areas, the Building or the Building Parcel, excluding:
Examples of Common Area Operating Costs in a sentence
Common Area Operating Costs shall be defined as the amount of Operating Costs allocable to the Common Areas in any Operating Year.
If the agreed or confirmed audit shows an underpayment of Building Operating Costs or Common Area Operating Costs by Tenant, Tenant shall pay to Landlord, within thirty (30) days after the audit is agreed to or confirmed, the amount of such underpayment, and, if the agreed or confirmed audit shows an overpayment of Building Operating Costs or Common Area Operating Costs by Tenant, Landlord shall reimburse Tenant for such overpayment.
If the arbitration or other dispute resolution mechanism selected by the parties confirms that the Building Operating and Common Area Operating Costs, on a combined basis, were not overstated by 3% or more, then Tenant shall bear the cost of the audit and such arbitration or other dispute resolution mechanism.
In such cases, only that portion of the depreciation (or amortization) allocable to the year for which Common Area Operating Costs are being determined and interest on the undepreciated (or unamortized) portion shall be included in then current costs.
Base Common Area Operating Costs means the Common Area Operating Costs paid or incurred by Landlord during the Base Year.