Examples of Escalation Year in a sentence
Each successive Escalation Year shall commence on the anniversary of the immediately preceding Escalation Year.
If the Landlord fails to submit an Operating Expense Escalation Claim to the Tenant, within one (1) year from the end of the respective Escalation Year, no payment will be allowed for such period and the Operating Expense Escalation Claim therefor shall be deemed waived.
In the event that the Taxes paid by the Landlord for any Escalation Year shall be more or less than the Taxes paid by the Landlord for the Base Year, then the Fixed Rent shall be adjusted up or down, as the case may be, by an amount equal to the Tenant’s Proportionate Share of such increase or decrease (hereinafter referred to as the “Tax Escalation Payment”).
In the event that the costs paid by the Landlord for Operating Expenses (as defined hereinafter) for any Escalation Year shall be more or less than the costs paid by the Landlord for Operating Expenses (as defined hereinafter) for the Base Year, then the Fixed Rent shall be adjusted up or down, as the case may be, by an amount equal to the Tenant’s Proportionate Share of such increase or decrease (hereinafter referred to as the “Operating Expense Escalation Payment”).
If the Landlord is unable or refuses to produce sufficient documentation, in accordance with Generally Accepted Accounting Principles (hereinafter referred to as “GAAP”), consistently applied, to support the amounts set forth and included in the Base Year or any Escalation Year, to the Tenant as set forth above, within one hundred twenty (120) days of demand therefor, the Operating Expense Escalation Claim shall be disallowed and payment therefor denied without recourse.