Project Expenses definition
Project Expenses means usual and customary operating and financial costs. The term does not include extraordinary capital expenses, development fees and other non-operating expenses.
Project Expenses means the sum of "Operating Expenses" and "Tax Expenses".
Project Expenses. “Operating Revenue”, “Residual Receipt” and “Annual Operating Expenses.”
Examples of Project Expenses in a sentence
Notwithstanding anything to the contrary in this Lease, Landlord shall have the right to install meters, submeters, or other energy-reducing systems in the Premises at any time to measure any or all utilities serving the Premises, the costs of which shall be included in Project Expenses.
For example where some but not all premises in the Project have HVAC, Landlord may reallocate Project Expenses for HVAC to all premises utilizing HVAC to be apportioned on a per square foot basis, or could allocate to each premises utilizing HVAC the cost of maintaining that space's individual unit.
Since the Building is only one of the buildings which constitute the Project, Project Expenses shall be allocated by Landlord, in its reasonable discretion, to both the tenants of the Building and the tenants of the other buildings in the Project.
Notwithstanding anything to the contrary set forth in this Lease, the separate ownership of any buildings and/or Common Areas of the Project by an entity other than Landlord shall not affect the calculation of Project Expenses or Tenant's payment of Tenant's Share of Project Expenses.
If less than one hundred percent (100%) of the Rentable Area of the Project is occupied during any calendar year, then in calculating Project Expenses for such year, the components of Project Expenses which vary based upon occupancy level shall be adjusted to equal Lessor’s reasonable estimate of the amount of such Project Expenses had one hundred percent (100%) of the total Rentable Area of the Project been occupied during such year.
More Definitions of Project Expenses
Project Expenses means, in relation to any period, the expenses of the Company during such period for the operation and maintenance of the Development Project, including debt service, capital expenditure, depreciation, administration, insurance, maintaining permits, royalties, salaries and overheads, legal, accounting and other professional fees;
Project Expenses means and include Taxes, Insurance Expenses and Common Expenses.
Project Expenses means all direct costs and expenses of ownership (excluding, however, any Impositions which are payable by Tenant as provided in Article 3 above), operation, security, protection, replacement, repair and maintenance of the Premises incurred by Landlord, as determined by sound, accrual basis, accounting principles consistently applied, and shall include all costs incurred in connection with the ownership and operation of the parking areas; all Insurance Costs (as defined in Section 7.3 below); accounting and legal fees; and dues, taxes and/or assessments imposed by any applicable property owners' association if any, excepting only those specific costs and expenses that Landlord has specifically agreed to bear with no reimbursement from Tenant and these costs and expenses described in the immediately following sentence. Project Expenses do not include any of the following: (a) interest and principal payments on loans secured by mortgages or deeds of trust covering all or any portion of the Premises, and other debt costs, if any, and rental under any ground lease or other underlying lease, if any, covering all or any portion of the Premises; (b) real estate broker's commissions payable in connection with this Lease; (c) any cost or expenditure (or portion thereof) for which Landlord is reimbursed, whether by insurance proceeds or otherwise (Tenant's Expense Payments are not reimbursements); (d) all costs incurred by Landlord in connection with the satisfaction of the Maintenance and Repair Obligations; (e) costs and expenses incurred in the management of the Premises and/or the administration of Landlord's rights and obligations under this Lease; (f) costs of improvements to, or alterations of, the Premises; (g) depreciation; (h) that portion of any cost or expense which is allocated by Landlord to, or is performed solely for the benefit of, any property owned or operated by Landlord other than the Premises; (i) legal, accounting and similar or related costs paid or incurred in connection with any sale, syndication, financing or refinancing involving the Building and/or the Premises or any of Landlord's interest therein; (j) any fees, fines, penalties and/or interest incurred by Landlord as a result of Landlord's noncompliance with any applicable laws; (k) any costs (including, without limitation, legal fees and expenses), fees, fines, penalties and/or interest incurred by Landlord as a result of Landlord's failure to pay any obligations of Landlord; (l) cost...
Project Expenses means costs and expenses incurred by the Borrower during the applicable period in connection with the Borrower’s operation, maintenance and leasing of the Project during such period, including, but not limited to, all amounts payable by the Borrower on account of all property management fees, costs and expenses (including all salaries, payroll taxes and benefits), issuance fees on the Bond, all maintenance costs and expenses (including maintenance supply costs), all utility costs and expenses, all pest control costs and expenses, all property-related legal fees, costs and expenses, all property-related accounting fees, and all monthly amounts required to be deposited in any replacement reserve required under the Loan Documents (and for purposes of such determination, the Permanent Lender shall include as Project Expenses in any monthly period, 1/12th of the annual real estate taxes and assessments (assuming that the Project has been fully assessed for real estate tax purposes) constituting a lien on the Project (if any), 1/12th of the annual insurance premiums for all insurance required to be carried by the Borrower with respect to the Project and such portion of such other non-monthly expenses as the Permanent Lender may deem appropriate) (provided, however, that for purposes of calculating the Project Expenses described above, "Project Expenses" shall not include any repair or replacement cost which would, in accordance with generally accepted accounting principles, consistently applied, be treated as a capitalized cost or any Debt Service payments payable solely from cash flow). In computing the Debt Service Coverage Ratio for the Conditions to Conversion, Project Expenses in total for all expense categories, except Real Estate Taxes and Insurance, will not be lower than the greater of (1) the original underwriting specified in Exhibit A to the Rate Lock Letter, (2) actual expenses for the past three months annualized and (3), the most recent operating budget prepared by the approved property manager. Real Estate Taxes and Insurance will be included individually, at actual, assuming a fully assessed and occupied property. At any time while the Bonds are outstanding, if Real Estate Taxes are not assessed for the Project, then Project Expenses will not include the Real Estate Taxes.
Project Expenses means the amount equal to the actual expenses paid by the Recipient for the Work funded under the Funding Agreement as set out in Schedule “C” and Schedule “D”, respectively, that are Eligible Expenses and are not Ineligible Expenses. Project Expense Report a summary chart, in the form found on the Website, of the items outlined in parts (b)(iii) and (b)(iv) of the definition of “Request for Funding”, as applicable, that specifies: (a) Invoice numbers or date of Timesheet, as applicable; (b) total Invoice or Timesheet amounts; (c) Ineligible Expenses to be deducted from the Invoices or Timesheets; and (d) a description of any other Project Expenses being claimed in respect of the Disbursement; and which contains a declaration that the expenses listed are Project Expenses.
Project Expenses means and include all Property Expenses, Insurance Expenses, and Taxes related to the Property.
Project Expenses means the sum of Taxes, Insurance Expenses and Common Expenses, related to the Property. See Paragraph 5.1.E.