Licensee’s Proportionate Share definition
Licensee’s Proportionate Share shall be 3.57%. “Base Operating Expenses” means all Operating Expenses incurred or payable by Licensor during the 2026 calendar year. “Base Real Estate Taxes” means all Real Estate Taxes incurred or payable by Licensor during the 2027 tax fiscal year (commencing on July 1, 2026 and expiring on June 30, 2027). “Operating Expenses” means all costs, expenses and obligations incurred or payable by Licensor in connection with the operation, ownership, management, repair or maintenance of the Building and the Property during or allocable to the Term. “Real Estate Taxes” means any form of assessment, license fee, license tax, business license fee, levy, charge, improvement bond, tax, water and sewer rents and charges, utilities and communications taxes and charges or similar or dissimilar imposition imposed by any authority having the direct power to tax, including any city, county, state or federal government, or any school, agricultural, lighting, drainage or other improvement or special assessment district thereof, or any other governmental charge, general and special, ordinary and extraordinary, foreseen and unforeseen, which may be assessed against any legal or equitable interest of Licensor in the Premises, the Building or the Property.
Examples of Licensee’s Proportionate Share in a sentence
If the Operating Expenses (defined below) for any calendar year during the Term exceed Base Operating Expenses (defined below), Licensee shall pay to Licensor, concurrent with each installment of the License Fee, an amount equal to Licensee’s Proportionate Share (defined below) of such excess (“Operating Expenses Excess”).
If the Real Estate Taxes (defined below) for any tax fiscal year during the Term exceed Base Real Estate Taxes (defined below), Licensee shall pay to Licensor concurrent with each installment of the License Fee (“Taxes Additional Rent”) an amount equal to Licensee’s Proportionate Share of such excess (“Taxes Excess”).