Tenant’s Statement definition
Examples of Tenant’s Statement in a sentence
If Tenant fails to execute Tenant’s Statement within such ten (10) day period, Landlord is hereby authorized to execute Tenant’s Statement as Tenant’s attorney in fact.
Additionally, Tenant’s Statement shall contain such other information as shall be required by the holder or proposed holder of any superior mortgage or the lessor or proposed lessor under any superior lease.
Any determination made by the CPA shall not exceed the amount determined to be due in the first instance by Landlord’s Statement, nor shall such determination be less than the amount claimed to be due by Tenant in Tenant’s Statement (as Tenant’s Statement may be amended by Tenant prior to submission to the CPA based upon Tenant’s review of Landlord’s records), and any determination which does not comply with the foregoing shall be null and void and not binding on the parties.
Notwithstanding anything to the contrary set forth herein, the determination of the Arbiter shall not exceed the amount determined to be due in the first instance by the Operating Statement, nor shall such determination be less than the amount claimed to be due by Tenant in Tenant’s Statement, and any determination which does not comply with the foregoing shall be null and void and not binding on the parties.
If they are unable to do so within thirty (30) days following delivery of a Tenant’s Statement, then either party may notify the other that such disagreement shall be determined by a CPA in accordance with this subsection 6.2(d), and promptly thereafter Landlord and Tenant shall jointly designate a certified public accountant (the “CPA”) whose determination made in accordance with this subsection 6.2(d) shall be binding upon the parties.
It is intended that Tenant’s Statement delivered pursuant to this Section may be relied upon by a prospective purchaser of Landlord’s interest or a mortgagee of Landlord's interest or assignee of any mortgage upon Landlord's interest in the building in which the Premises are located, or by any entity reviewing the City for bond funding or other municipal financing.
If such audit shall show that the Tenant’s Statement of Gross Receipts and extract of daily records under sub-clause (c)(iii) are at variance with the actual Gross Receipts of the Tenant’s business to the extent of one percent (1%) or more resulting in a deficiency in the Monthly Additional Rent, the Tenant shall pay to the Landlord within ten (10) days after demand the reasonable costs of the said audit at current market price in addition to the deficiency.
For each Final Payment, Landlord shall pay to Tenant within 30 days of the date of Landlord’s receipt of the applicable Tenant’s Statement and the applicable Lien Waivers in compliance with the terms of this Section 4, the lesser of (i) an amount equal to Tenant’s Permitted Expenses as detailed on the applicable Tenant’s Statement, or (ii) an amount equal to the unpaid balance of the applicable Landlord’s Contribution.
Additionally, Tenant’s Statement shall contain such other information concerning this lease as shall be reasonably required by the holder or proposed holder of any superior mortgage or the lessor or proposed lessor under any superior lease.
If Tenant fails to deliver a Tenant’s Statement within such ninety (90) day period, then such Additional Charge shall be conclusive and binding on Tenant.