Sublandlord Operating Costs shall mean (i) costs incurred by Sublandlord in complying with Sublandlords obligations as set forth in Section 8.B of the Master Lease, (ii) costs of utilities paid by Sublandlord pursuant to Section 11 of the Master Lease, and (iii) all other costs of Sublandlord incurred in the operation, maintenance, repair and replacement of any portion of the Building and/or Project (including, without limitation, any commercially reasonable out-of-pocket property management fee paid by Sublandlord to any entity performing management services at the Property and the fair market rental value of any reasonable-sized property management office serving the Project, as well as the cost of providing the Project Amenities to the extent allowable pursuant to Section 3.3 below). Notwithstanding the foregoing to the contrary, Sublandlord Operating Costs will not include the following:
Examples of Sublandlord Operating Costs in a sentence
Sublandlord will offset all such fees collected against the portion of Project Amenities Costs attributable to the fitness center and which would otherwise be included in Sublandlord Operating Costs.
On or before the first day of each calendar month during such year, Subtenant shall pay to Sublandlord as Additional Rent (i) one-twelfth (1/12th) of Subtenants Building Percentage Share of the estimated Sublandlord Operating Costs and (ii) one twelfth (1/12) of Subtenants Project Percentage Share of the estimated Sublandlord Operating Costs (as such estimate may be modified from time to time by Sublandlord).
Sublandlord shall give Subtenant written notice of its estimate of the amount of Subtenants Percentage Share of Landlord Operating Costs payable for each calendar year; such estimate may be aggregated with Sublandlords estimate of Sublandlord Operating Costs payable for such year.
Sublandlords failure to deliver or delay in delivering a statement of actual Sublandlord Operating Costs with respect to any calendar year shall in no event be construed as Sublandlords waiver of the right to so deliver such statement or collect Subtenants Percentage Share of Sublandlord Operating Costs as described herein, nor shall it be construed as a waiver of Subtenants obligation to pay such amounts.
If Sublandlord and Subtenant determine that Subtenants Percentage Share of Sublandlord Operating Costs for the calendar year was understated by Sublandlord, Subtenant shall pay Sublandlord the amount of any underpayment within thirty (30) days thereafter.