Definition of Tenants Proportionate Share of Operating Expenses
Tenants Proportionate Share of Operating Expenses shall mean an amount equal to the product of Tenants Proportionate Share times the Operating Expenses.
Examples of Tenants Proportionate Share of Operating Expenses in a sentence
The Tenants Proportionate Share of Operating Expenses payable hereunder for the Operating Years in which the Term begins and ends shall be prorated to correspond to that portion of said Operating Years occurring within the Term.
Tenants Proportionate Share of Operating Expenses and any other sums due and payable under this Lease shall be adjusted upon receipt of the actual bills therefor, and the obligations of this Section 3 shall survive the termination or expiration of the Lease.
For purposes of calculating Tenants Proportionate Share of Operating Expenses, a year shall mean a calendar year except the first year, which shall begin on the Commencement Date, and the last year, which shall end on the expiration of this Lease.
Upon Landlords or Agents notice to Tenant of such estimated amount, Tenant shall pay, on the first day of each month during that Operating Year, an amount (the Estimated Additional Rent) equal to the estimate of the Tenants Proportionate Share of Operating Expenses divided by 12 (or the fractional portion of the Operating Year remaining at the time Landlord delivers its notice of the estimated amounts due from Tenant for that Operating Year).
If Landlord fails to give Tenant notice of its estimate of Tenants Proportionate Share of Operating Expenses in accordance with this subsection for any calendar year, then Tenant shall continue making Additional Rent payments in accordance with the estimate for the previous calendar year until a new estimate is provided by Landlord.