INITIAL OPERATING COST definition
INITIAL OPERATING COST is defined as that amount which shall be paid by Tenant toward Tenant's share of Operating Cost during the FIRST (1ST) calendar year of occupancy. For purposes of this Lease, INITIAL OPERATING COST PER SQUARE FOOT" is $___________ per square foot of net rentable area for calendar year 1998. Landlord represents that such amount is a reasonable and fair estimate. The term "FIRST CALENDAR YEAR OF OCCUPANCY" shall mean the calendar year in which the Commencement Date occurs. The term "ACTUAL OPERATING COST", as used herein with respect to any calendar year of the Term, shall refer to the Operating Cost for such year, as computed pursuant to SECTION 8-(A), the statement of which shall be prepared by an independent certified public accountant.
Examples of INITIAL OPERATING COST in a sentence
The term "INITIAL OPERATING COST" is defined as that amount which shall be paid by Tenant toward Tenant's share of Operating Cost during the FIRST (1ST) calendar year of occupancy.
For purposes of this Lease, INITIAL OPERATING COST PER SQUARE FOOT" is $___________ per square foot of net rentable area for calendar year 1998.