Definition of Tenants Exterior CAM Expenses


Tenants Exterior CAM Expenses shall mean all expenses, costs and disbursements (other than Taxes) paid or incurred by Landlord in connection with the ownership, management, maintenance, operation, replacement and repair of the Common Areas of the Building. Tenants Exterior CAM Expenses shall not include: (a) costs of tenant alterations; (b) costs of capital improvements (except for costs of any capital improvements made or installed for the purpose of reducing Expenses or made or installed pursuant to governmental requirement or insurance requirement, which costs shall be amortized by Landlord in accordance with sound accounting and management principles); (c) interest and principal payments on mortgages (except interest on the cost of any capital improvements for which amortization may be included in the definition of Tenants Exterior CAM Expenses) or any rental payments on any ground leases (except for rental payments which constitute reimbursement for Taxes and Tenants Exterior CAM Expenses); (d) advertising expenses and leasing commissions; (e) any cost or expenditure for which Landlord is reimbursed, whether by insurance proceeds or otherwise, except through Adjustment Rent (hereinafter defined); (f) legal expenses of negotiating leases; and (g) salaries and fringe benefits of employees above the grade of building manager. Tenants Exterior CAM Expenses shall be determined on a cash or accrual basis, as Landlord may elect.
Sample 1