Operating Expense Rent definition

Operating Expense Rent. (as defined in the Main Lease) in excess of the annual amount payable therefor by Sublessor for the calendar year 1996. Subtenant shall not be obligated to pay any Tax Rent due to increases in Property Taxes of more than 102% per annum (compounded) over the Property Taxes for the 1996 calendar year.
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Operating Expense Rent. The total Operating Expense Rent for the Lease Term shall be according to the following schedule and shall not be modified: Months 1-12 $ 0.00 $ 0.00 Months 13-24 $ 232.28 $ 2,788.53 Months 25-36 $ 464.56 $ 5,574.72 Months 37-348 $ 929.12 $ 11,149.44 Months 49-52 $ 1,858.24 N/A
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Operating Expense Rent defined in Section 5.3.
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Examples of Operating Expense Rent in a sentence

  • If at any time or times it appears to Landlord that the amounts payable for Operating Expenses Rent and Shared Facilities Operating Expense Rent for the current calendar year will vary from its estimate by more than 10%, Landlord, by written notice to Tenant, will revise its estimate for such year, and subsequent payments by Tenant for such year will be in an amount so that by the end of such year Tenant will have paid a total sum equal to such revised estimate.

  • Lessor shall timely pay all Taxes on the Premises, the Common Areas, and the land on which they are located, but not on Lessee’s Property contained in the Premises; provided, however, that this Article 7 shall not negate Lessee’s obligation to reimburse Lessor for its share of such Taxes through the payment of Operating Expense Rent pursuant to Article 3b.

  • Tenant has the right, exercisable no more than once each calendar year on reasonable notice and at a time reasonably acceptable to Landlord, to cause an audit to be performed at Tenant’s sole cost and expense of Landlord’s operations and/or books and records pertaining to Operating Expense Rent and Shared Facilities Operating Expense Rent for the preceding calendar year.

  • Notwithstanding any provision of this Paragraph to the contrary, if the Building (or Project, as applicable) is less than ninety-five percent (95%) leased and/or occupied during any calendar, an adjustment shall be made so that Operating Expense Rent and Shared Facilities Operating Expense Rent, as the case may be shall be computed for such year as though 95% of the Project and/or the Shared Facilities, as the case may be had been leased and occupied during such year.

  • During December of each calendar year or as soon thereafter as practical, Landlord shall provide Tenant with a written notice of its estimate (line item and detailed support included) of Operating Expenses Rent and Shared Facilities Operating Expense Rent for the ensuing calendar year.

  • Lessor shall maintain, repair and keep in good order all of the Common Areas, including without limitation landscape maintenance and replacement, mowing, snow removal, trash removal, and repair, resurfacing and restriping as necessary of the Parking Areas, and the costs thereof shall be included within Operating Expenses, and Lessee’s share thereof shall be reimbursed to Lessor by payment of the Operating Expense Rent due from Lessee hereunder.

  • Any rent (whether Base Rent, Operating Expense Rent or additional rent) or other amount due from Tenant to Landlord under this Lease not paid within five (5) days of the day due shall be assessed an additional one time late charge for any such late payment in the amount of ten percent (10%) of the amount of such late payment.

  • To the extent an Operating Expense Statement reflects an Operating Expense Rent Shortfall Tenant will pay such shortfall within 30 days after receipt of the Operating Expense Statement (or receive a credit for the difference against the next due Rent, as the case may be).

  • In the event Landlord has overstated Operating Expense Rent and Shared Facilities Operating Expense Rent by more than 3%, and provided Tenant is not in default hereunder, within 30 days after demand therefore by ▇▇▇▇▇▇ accompanied by ▇▇▇▇▇▇’s verification of such overcharges and paid invoices, Landlord will reimburse Tenant for all overcharges and the costs of such audit and verification incurred by Tenant.

  • Pro Rata Share of Landlord's estimate of Excess Operating Expenses for the new Operating Expense Year ("Estimated Operating Expense Rent") determined in accordance with this Paragraph; and (5) The amount of the Retroactive Adjustment, if any, in accordance with the following.


More Definitions of Operating Expense Rent

Operating Expense Rent. (as defined in the Main Lease) in excess of the annual amount payable therefor by Sub-Sublessor for the calendar year 1998. Sub-Subtenant shall not be obligated to pay any Tax Rent due to a sale or transfer of the Building. The 1998 base year over which all increases shall be determined shall include all actual operating expenses and taxes, adjusted to reflect the Building being ninety-five percent (95%) occupied. In addition, all other sums (excluding Monthly Basic Rent) payable by Sub-Subtenant hereunder shall be deemed to be Additional Rent.
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Operating Expense Rent. ▇▇▇▇▇▇’s Percentage Share of Operating Expenses.
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Operating Expense Rent means sums paid by a tenant based upon its share of the operating expenses of a Property or the estimated share of operating expenses (including taxes); and (iii) "Seller's Share" shall be a fraction, the numerator of which shall be number of days from and after January 1, 1997 through the Closing Date and the denominator of which shall be 365. If based upon the Appropriate Expense Information, Purchaser reasonably determines that the Operating Expense Rent paid by any tenants of an Office Building will exceed the operating expenses to be passed through to the tenants of that Office Building (as of the Closing Date, hereafter called "Affected Tenants") for the calendar year 1997 and will require a refund or credit to the Affected Tenants of the excess Operating Expense Rent, Purchaser shall deliver written notice ("Adjustment Notice") to Seller on or before October 31, 1997 ("Operating Expense Adjustment Deadline") together with such information as may be reasonably required to substantiate Purchaser's position. Unless Seller delivers written notice ("Operating Expense Objection") to Purchaser within ten (10) days after delivery of the Adjustment Notice, Seller shall promptly pay
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Operating Expense Rent shall be as defined in the Basic Lease Terms.
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Related to Operating Expense Rent

  • Operating Expenses is defined to include all expenses necessary or appropriate for the operation of the Fund (or Class, as applicable), including the Advisor’s investment advisory or management fee detailed in the Investment Advisory Agreement and any Rule 12b-1 fees and other expenses described in the Investment Advisory Agreement, but does not include taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses.

  • Common Area Operating Expenses are defined, for purposes of this Lease, as all costs incurred by Lessor relating to the ownership and operation of the Industrial Center, including, but not limited to, the following: (i) The operation, repair and maintenance, in neat, clean, good order and condition, of the following:

  • Operating Expense means salaries, wages, cost of maintenance and operation, materials, supplies, insurance, and all other items normally included under recognized accounting practices, but does not include allowances for depreciation in the value of physical property.

  • Controllable Operating Expenses means all Operating Expenses except property taxes and assessments, capital expenditures that are reasonably required, costs for repairs and maintenance (excluding preventative maintenance), utility charges, insurance charges, costs of services provided under a union contract, payments under covenants, conditions and restrictions or to an owners’ association and costs associated with repairs due to casualty, vandalism or other cause outside of Landlord’s reasonable control.

  • 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.