Parking Operating Expenses definition

Parking Operating Expenses means all actual, out-of-pocket third-party costs and expenses of any kind or description whatsoever incurred or accrued each calendar year by Sublandlord with respect to the parking located on the Parcel. The term “Sublease Operating Expenses” means Parcel Common Area Operating Expenses, Parking Operating Expenses and Campus Common Area Operating Expenses.
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Parking Operating Expenses means all of the Operating Expenses described in Exhibit I attached hereto incurred by Landlord from time to time, other than Taxes and insurance premiums (which are included in the calculation of Operating Expenses), as applicable to the Garage. For the avoidance of doubt, the Garage OpEx Exclusion (as defined on Exhibit I) shall not apply when calculating the Parking Operating Expenses. The Parking Fee shall be subject to an annual upward adjustment of three percent (3%) of the then-current Parking Fee. The first such adjustment shall become effective commencing on the first (1st) annual anniversary of the Commencement Date, and subsequent adjustments shall become effective on every successive annual anniversary of the Commencement Date for so long as this Lease continues in effect. The Parking Fee shall be considered Additional Rent and shall be payable in monthly installments in advance on the first day of each month, shall be prorated for any partial month at the beginning of the Term, and shall not be subject to any abatement of rent. The Parking Fee shall commence on the Commencement Date. The Parking OpEx shall be considered Additional Rent, shall be charged to Tenant annually (commencing on the Commencement Date, and prorated for any partial years in the Term), in arrears (but Landlord may elect from time to time to charge Parking OpEx more frequently), and shall be payable within ten (10) Business Days after Tenant’s receipt of an invoice therefor. Landlord shall have the right to adopt rules and regulations from time to time as to the use and maintenance of the Parking Spaces, including without limitation, security, access, identification requirements and restrictions as to size and type of vehicle. Tenant shall require its employees to comply with such reasonable rules and regulations as may be promulgated by Landlord from time to time. Tenant understands and expressly agrees that (i) Landlord will not accept any vehicle in bailment or for safekeeping; (ii) Landlord is not responsible for loss or damage to any vehicle or its contents by fire, vandalism, theft or any other cause; and (iii) Landlord is not responsible for loss, damage or injury by or to other customers or any other individual personal injury of any nature. Tenant expressly acknowledges that Landlord does not assume any obligation to protect individuals using the Parking Spaces, or vehicles or property in the Parking Spaces, from criminal activities. Landlord reserves the right to...
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Examples of Parking Operating Expenses in a sentence

  • For each succeeding month, throughout the term of the Lease, the Custodian shall release to ABPC for deposit into its Surface Parking Operating Expenses Account from the Surface Parking Gross Receipts, on the fifteenth of each month, an amount equal to one month of the current approved annual Surface Parking Operating Expenses Budget.

  • Subtenant’s share of (i) Parcel Operating Expenses (defined below) is one hundred percent (100%) (“Parcel Share”), (ii) Parking Operating Expenses (defined below) is ninety percent (90%) (“Parking Share”) and (iii) Campus Operating Expenses (defined below) is six and 86/100 percent (6.86%) (“Campus Share”, collectively with the Parcel Share and Parking Share, “Subtenant’s Share”).

  • In the event of an increase or decrease in the combined Surface Parking Operating Expenses and Garage Operating Expenses in any Lease Year which exceeds $300,000 when compared with the amount budgeted therefor, the State and ABPC shall mutually agree to modify Surface Parking parking rates and/or Garage parking rates in order to compensate for such increase or decrease in such operating expenses.

  • The term “Parcel Operating Expenses” means all actual, out-of-pocket third-party costs and expenses of any kind or description whatsoever incurred or accrued by Sublandlord with respect to the Common Areas of the Parcel (excluding Parking Operating Expenses), including, without limitation, Additional Rent (as defined in the ▇▇▇▇▇▇▇▇▇) and rent under the ▇▇▇▇▇▇▇▇▇ applicable to the Common Areas of the Parcel.

  • For the avoidance of doubt, the Garage OpEx Exclusion (as defined on Exhibit I) shall not apply when calculating the Parking Operating Expenses.