Expense Records definition
Examples of Expense Records in a sentence
Triple Net Expense Records: Landlord will maintain appropriate and complete accounts, records, documents and other evidence showing and supporting all calculation of Triple Net Expenses.
Except as expressly set forth in Section 1.5.3 below, in no event shall Tenant be entitled to withhold, deduct, or offset any monetary obligation of Tenant to Landlord under this Lease (including without limitation, Tenant’s obligation to make all payments of Base Rent and all payments of Additional Rent pending the completion of, and regardless of the results of, any review of Expense Records under this Section 1.5).
In the event Tenant shall elect to audit such Operating Expense Records and the audit reveals a discrepancy which reflects an over-payment by Tenant of more than twenty percent (20%) of the sums paid or reimbursed by Tenant to Landlord as Additional Rent under the terms of Lease for the Lease Year in which such were invoiced to Tenant, Landlord shall reimburse Tenant for all costs and expenses incurred in carrying out the audit plus the amount of any over-payment by Tenant.
Within twelve (12) months after Tenant’s receipt of a Landlord’s Statement and upon reasonable prior notice to Landlord, the Expense Records shall, during Landlord’s regular business hours at the office of Landlord or its managing agent within the CT-NY-NJ tristate area, be made reasonably available to Tenant (and its consultants) for purposes of auditing, reviewing and, to the extent reasonably necessary, photocopying the Expense Records applicable to such Landlord’s Statement.
SBC shall make available to the City for review, at SBC’s San Diego offices during normal business hours, the applicable Expense Records.