Occupancy Cost definition

Occupancy Cost means building rental expense, real estate taxes, utilities, maintenance and repair and property casualty insurance.
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Occupancy Cost means (i) the “triple net” rental value of the Premises, which the parties have agreed is ( ) per month (the “Rental Component”) and (ii) Tenant’s pro rata share (as set forth in Exhibit B attached hereto and referred to herein as “Tenant’s Pro Rata Share”) of Landlord’s operating expenses for the Project, which operating expenses are more particularly described on Exhibit B attached hereto and made a part hereof (the “Non-Rental Component”). Tenant’s Pro Rata Share of the utility expense portion of the Non-Rental Component (referred to herein as the “Utility Charges”) will be billed to Tenant separately from all of the other operating expenses comprising the Non-Rental Component (all such other operating expenses are referred to herein as the “Operating Expense Charges”). All amounts required to be paid by Tenant under this Lease other than the Occupancy Cost shall be deemed Additional Rent (which, collectively with the Occupancy Cost, shall be deemed “Rent”). Rent shall be made payable to the entity, and sent to the address, Landlord designates in writing to Tenant and shall be made by good and sufficient check or by other means acceptable to Landlord.
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Occupancy Cost shall refer to (a) the "triple net" rental value of the Premises (which shall mean the management reporting depreciation on the land, the land improvements, the building, the building improvements and the building-related building equipment with respect to the Building, based on Hewlett-Packard Company's methods and procedures as of the date hereof (the "Rental Component")) and (b) a pro rata share of Landlord's actual cost of the following with respect to the Building and property on which the Building is located: Landlord's liability and property insurance, property taxes and assessments, utilities (to the extent not separately metered), maintenance to the common areas and areas for the common benefit of all of the occupants of the Building and other charges reasonably and customarily charged by landlords for similar premises (the "Non-Rental Component"). Such amounts shall be due and payable within thirty (30) days of delivery by Landlord of an invoice therefor, without any deduction or offset and without prior notice or demand, at the address indicated by Landlord from time to time. Rent for any period which is for less than one (1) month of the Term shall be a pro rata portion of the monthly installment. All amounts required to be paid by Tenant under this Lease other than Base Rent shall be deemed Additional Rent (which, collectively with Base Rent, shall be deemed "Rent"). Notwithstanding the provisions of the first two sentences of this section, in the event the Term extends or is extended by agreement of the parties beyond October 31, 2001, unless the parties otherwise expressly agree in writing, Base Rent shall be an amount equal to the Occupancy Cost of the Premises, including the use of the Shared Areas, plus an administrative fee equal to ten percent (10%) of the Non-Rental Component of the Occupancy Cost; provided that the Rental Component shall be equal to the fair market value of the Premises on a "triple net" basis. In such event, the parties shall negotiate in good faith to determine the fair market value of the Premises. In the event the parties are unable to agree upon the fair market value prior to August 1, 2001, the fair market rent shall be determined by three appraisers selected and governed by the rules of the American Arbitration Association.
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Examples of Occupancy Cost in a sentence

  • ONTARIO TAX CREDIT— Ontario Property Tax Credit— Occupancy Cost: Given that you are living in a designated university student residence in Ontario, you may claim only $25 as your occupancy cost and not the full amount of residence fees paid when you file your income tax return.

  • The Utility Charges portion of the Non-Rental Component of Occupancy Cost shall be based on the actual monthly costs incurred by Landlord with respect to the Term for the common utility services serving the Premises and Project.

  • The terms of any such lease shall be on the same terms and conditions as this Lease, including, without limitation, the then remaining term, except that the Rental Component of the Occupancy Cost per rentable square foot of Expansion Premises shall be the then Fair Market Rent of the Expansion Premises, as determined by Landlord, which rental value shall be included in Landlord’s ROFO Notice to Tenant.

  • All amounts required to be paid by Tenant under this Lease other than the Occupancy Cost shall be deemed Additional Rent (which, collectively with the Occupancy Cost, shall be deemed “Rent”).

  • Tenant shall pay Landlord as rent for the Premises for each month during the Term, without setoff or deduction, an amount equal to the monthly Occupancy Cost of the Premises, including use of the Shared Areas.

  • Total Occupancy Cost savings shall be calculated by determining the positive difference in absolute dollars between (x) the Baseline Costs for Total Occupancy Costs as reflected in the Baseline Budget or the Adjusted Baseline Budget (as applicable) and (y) the Actual Gainshare Costs based on the actual total Costs incurred by C&S and charged to Tops in connection with the occupancy costs related to the Mainline Operations for the applicable Contract Year for which the Gainshare is being determined.

  • The monthly Rental Component of Occupancy Cost is due and payable by Tenant to Landlord on the first day of each month during the Term.

  • Commencing on the Delivery Date, Tenant shall have the right to access the Premises for the construction of its Improvements (as described in Article 22.00 below) and to install Tenant’s furniture, fixtures, equipment and cabling at any time after the Effective Date (“Early Occupancy Period”) and shall have no obligation to pay Annual Rent or Occupancy Cost for such early occupancy provided Tenant does not commence business from the Premises.

  • The Rental Component, as so adjusted, along with the Non-Rental Component (which shall continue to be payable by Tenant to Landlord during any such Extended Term in accordance with the procedures set forth below) shall constitute the Occupancy Cost for an Extended Term.

  • Buyer also agrees to meet with Seller prior to extending its office lease or agreeing to any increase in its occupancy cost above in TA's Existing Occupancy Cost.

Related to Occupancy Cost

  • Operating Cost means the total cost and expense incurred in operating, managing, insuring, equipping, lighting, repairing, maintaining and policing the Real Property, including the exterior of the Real Property and the common areas, and specifically including, without limitation, items of expense for or related to: insurance premiums and deductibles, management, bookkeeping.

  • Single Room Occupancy or “SRO” means housing consisting of single room dwelling units that is the primary residence of its occupant or occupants. An SRO does not include facilities for students.

  • Occupancy Rate means, for any Property, the percentage of the rentable area of such Property occupied by bona fide tenants of such Property or leased by tenants pursuant to bona fide tenant Leases, in each case, which tenants are not more than 60 days past due in the payment of all rent or other similar payments due under such Leases and paying rent.

  • Lessor's Cost for the Aircraft means the amount denominated as such in Exhibit B to the Lease.

  • Building Operating Expenses means the portion of “Operating Expenses,” as that term is defined in Section 4.2.7 below, allocated to the tenants of the Building pursuant to the terms of Section 4.3.1 below.