Operating Expense Base Year means the Operating Expenses actually due and payable with respect to the 2012 calendar year. Sublessee shall pay to Sublandlord, as additional rent, the Sublessee's Operating Expense Payment, on the first day of each month during such Computation Year, an amount equal to Sublessee's Operating Expense Proportionate Share of 1/12th the Operating Expenses estimate for such Operating Expense Year. Sublandlord shall provide a monthly statement to Subtenant to support such payment.
Examples of Operating Expense Base Year in a sentence
Tenant may, within one hundred eighty (180) days after receiving Landlords statement of Operating Expenses or Taxes, give Landlord written notice (Review Notice) that Tenant intends to review Landlords records of the Operating Expenses or Taxes for that calendar year and, if Tenant so chooses, the Calendar Year immediately preceding and/or the Operating Expense Base Year and Tax Base Year.
Tenant shall pay to Landlord during the term hereof, in addition to the Base Rent, Tenants Share of the amount by which all Operating Expenses for each Comparison Year exceed the amount of all Operating Expenses for the Operating Expense Base Year.
Base Year: Base Year shall have the meaning, with respect to Base Operating Expenses, the Operating Expense Base Year set forth in the Basic Lease Information and, with respect to Base Real Property Taxes, the Tax Base Year set forth in the Basic Lease Information.
Equipment: Equipment shall have the meaning set forth in Section 32.2. Escalation Rent: Tenants Percentage Share of the total dollar increase, if any, in Operating Expenses allocable to each calendar year, or part thereof, after the Operating Expense Base Year, over the amount of Base Operating Expenses, and Tenants Percentage Share of the total dollar increase, if any, in Real Property Taxes allocable to each tax fiscal year, or part thereof, after the Tax Base Year, over the Base Real Property Taxes.
In the event the Building is less than ninety-five (95%) percent occupied during the Operating Expense Base Year, the Operating Expense Base shall mean the amount obtained by adjusting the applicable Operating Expenses for such period to a 95% Building occupancy level, such adjustment to be made by adding to the actual Operating Expenses during such period such additional amounts as would have been incurred if the Building had been 95% occupied.