Base Rent Adjustment. The "Base Rent Adjustment" for each calendar year will equal the product of (a) the Net Rentable Area of the Premises, times (b) a rate per annum per square foot of Net Rentable Area equal to the sum of (i) the excess, if any, of the rate of Operating Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Operating Costs Base Rate, (ii) the excess, if any, of the rate of Tax Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Tax Costs Base Rate, and (iii) the excess, if any, of the rate of Utilities Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Utilities Costs Base Rate. Effective on any change in the Net Rentable Area of the Premises or the Building in accordance with this Lease, the calculation of the Base Rent Adjustment will change accordingly. The Base Rent Adjustment will never lower Base Rent below the amount specified in the Basic Lease Information. Prior to January 1 of each calendar year after the Base Year (or as soon thereafter as reasonably practical), Landlord will provide an estimate of the Base Rent Adjustment for the forthcoming calendar year, and the Monthly Rent Installments due thereafter will be adjusted to reflect the Base Rent Adjustment so estimated by Landlord. By June 1 of each calendar year, or as soon thereafter as reasonably practical, Landlord will furnish to Tenant a statement (the "Annual Statement") showing in reasonable detail the calculation of the Base Rent Adjustment for the immediately preceding calendar year and comparing the actual Base Rent Adjustment to the estimated Base Rent Adjustment actually paid by Tenant. If the estimated Base Rent Adjustment paid is less than the actual Base Rent Adjustment reflected on the Annual Statement, Tenant must pay Landlord the amount of the deficit in a lump sum no later than thirty (30) days after receipt of the Annual Statement. If the estimated Base Rent Adjustment paid is greater than the actual Base Rent Adjustment reflected on the Annual Statement, Landlord will allow Tenant equal monthly credits against the Monthly Rent Installments due for the remainder of the then current calendar year in an aggregate amount equal to the surplus, or if Landlord so chooses, Landlord will pay Tenant the amount of the surplus in a lump sum within thirty (30) days after delivery of the Annual Statement. In calculating any surplus or deficit owed for any calendar year in which the Term expires, the Base Rent Adjustment will be prorated in proportion to the number of days elapsed during the Term in that calendar year.
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Samples: Lease Agreement (National Bancshares Corp of Texas)
Base Rent Adjustment. The "Base Rent Adjustment" for each calendar shall be subject to upward revision at the beginning of every lease year will equal during the product of (a) the Net Rentable Area term of the PremisesLease to compensate for increases in property taxes, times (b) a rate per annum per square foot of Net Rentable Area equal insurance premiums, including but not limited to the sum of (i) the excessfire and other casualty insurance and public liability insurance, if any, and operating costs of the rate of Operating Costs per square foot of Net Rentable Area in Building, herein collectively referred to as "Building Costs"; the Building first such adjustment to be made for the applicable calendar one (1) year over period commencing the Operating Costs Base Ratefirst day of November, (ii) the excess, if any, of the rate of Tax Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Tax Costs Base Rate, and (iii) the excess, if any, of the rate of Utilities Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Utilities Costs Base Rate2007. Effective on any change in the Net Rentable Area of the Premises or the Building in accordance with this Lease, the calculation The amount of the Base Rent Adjustment will change accordinglypayable by Tenant during the second year of this Lease and each year thereafter shall not exceed One Hundred and Eight Percent (108%) of the amount paid by Tenant for the prior Lease Year, excluding Property Taxes. The In the event that Landlord does not contest increases in Property Taxes, Tenant shall have the right to contest any such increase and shall keep Landlord informed of the steps being taken. Landlord agrees to cooperate fully with Tenant in prosecuting any appeal taken by Tenant as a result of such increase, at no cost or expense to Landlord. To the extent Tenant obtains any reduction as a result of such contest and to the extent such reduction is not applied to Tenant's Proportionate Share of responsibility for such taxes, Tenant shall have the right to recoup from future installments of Base Rent and Base Rent Adjustment will never lower Base Rent below all reasonable costs and expenses, including reasonable attorney fees, incurred by Tenant in connection with such contest, provided the same shall not exceed the amount specified of the reduction in Property Taxes resulting therefrom and further provided and on the Basic Lease Informationcondition that Tenant supply documentation in reasonable detail of such costs and expenses. Prior Commencing November 1, 2007, Tenant shall pay, in addition to January 1 Tenant's regular monthly rent, one-twelfth (1/12th) of each calendar year after Tenant's pro-rata share of any estimated Comparison Year Building Cost increase over the Base Year Building Costs. Certain variable expenses such as water, electric, trash, and janitorial costs shall be allocated based on occupied square footage or actual expenses if they can be separately determined. The Building property taxes and insurance premiums for the calendar year and the operating costs of the Building for the calendar year in which this Lease commences (or as soon thereafter as reasonably practical2006) shall be considered the "Base Year" Building Costs. Property taxes, insurance premiums and operating costs of the Building for each subsequent year of the lease term shall be considered "Comparison Year" Building Costs. The Building Costs shall be based on an accrual basis and shall be determined by taking into account all maintenance and management costs directly attributable to the Building, including building superintendents, all labor costs involved in the operation and maintenance of the Building, utilities (water, sewer, natural gas, electricity), costs of August 10, 2006 Landlord will provide JCO Tenant GC supplies used in the Building, and all other costs which can properly be considered expenses of operating but excluding property additions and capital improvements, alterations for tenants, depreciation, interest, income taxes, lease commissions, asbestos-related and/or hazardous substance abatement, administrative costs not specifically incurred in the operation of the Building. To determine the Tenant's share of the increase with respect to the above expenses, if any, the Base Year operating costs shall be subtracted from the applicable Comparison Year costs and the remainder, if positive, shall be divided by the total Building rentable square footage. The resulting quotient shall be multiplied by the Tenant's total rentable square footage to determine the Tenant's share of the increase in Building Costs. Landlord shall give to Tenant on or before the first (1st) day of the fourth (4th) month following each Comparison Year a statement of the increase in Base Rent or other payment payable by Tenant hereunder, but failure by Landlord to give such statement by said date shall not constitute a waiver by Landlord of its right to require an increase in the Base Rent or other payment. Upon receipt of the statement for the first (1st) Comparison Year, Tenant shall pay in full the total amount of any increase due for the first (1st) Comparison Year in excess of the estimated Comparison Year Building Costs previously paid to Landlord. In addition, the amount of any such increase shall be used as an estimate of Building Costs for the then current Comparison Year and this amount shall be divided into twelve (12) equal monthly installments and Tenant shall pay to Landlord currently with the regular monthly rent payment next due following the receipt of such statement, an amount equal to one (1) monthly installment multiplied by the number of months from the first (1st) month in the lease year in which said statement is submitted through the month of such payment. Subsequent installments, based on the estimate for the current Comparison Year, shall be payable concurrently with the regular monthly Base Rent payments for the balance of that Comparison Year and shall continue until the next Comparison Year's statement is rendered. If the second or any succeeding Comparison Year results in a greater increase in Building Costs, then upon receipt of a statement from Landlord, Tenant shall pay a lump sum equal to the Tenant's share of such total increase in Building Costs over the Base Rent Adjustment for Year less the forthcoming calendar yeartotal of the monthly installments of estimated increases paid in the previous Comparison Year, and the Monthly Rent Installments due thereafter will estimated monthly installments to be paid for the next Comparison Year following said Comparison Year shall be adjusted to reflect the Base Rent Adjustment so estimated by Landlord. By June 1 of each calendar year, or as soon thereafter as reasonably practical, Landlord will furnish to Tenant a statement (the "Annual Statement") showing in reasonable detail the calculation of the Base Rent Adjustment for the immediately preceding calendar year and comparing the actual Base Rent Adjustment to the estimated Base Rent Adjustment actually paid by Tenantsuch increase. If in any Comparison Year the estimated Base Rent Adjustment paid Tenant's share of Building Costs is less than the actual preceding Comparison Year, then upon receipt of Landlord's statement, any overpayment made by Tenant on the monthly installment basis provided above shall be a credit to the succeeding month's Base Rent Adjustment reflected payment or payments as the same become due and the estimated monthly installments of Building Costs to be paid for the next Comparison Year shall be adjusted to reflect such lower Building Costs for the preceding Comparison Year. Landlord's accountant shall prepare the determination of Building Costs per square foot and/or Landlord may employ other authorized representatives as with respect to such year and their determination shall be final and conclusive on both parties. The space occupied by the Annual Statement, Tenant must pay hereunder is 14,659 rentable square feet. Landlord the amount shall at all times maintain accurate records of the deficit in a lump sum no later than thirty (30) days after receipt of the Annual StatementBuilding Costs. If the estimated Base Rent Adjustment paid is greater than the actual Base Rent Adjustment reflected on the Annual Statement, Landlord will allow Tenant equal monthly credits against the Monthly Rent Installments due for the remainder of the then current calendar year in an aggregate amount equal Said records shall be made available to the surplusTenant at the Landlord's August 10, or if 2006 Landlord so chooses, Landlord will pay JCO Tenant the amount GC management offices for a period of the surplus in a lump sum within thirty no less than three (303) days after delivery of the Annual Statement. In calculating any surplus or deficit owed for any calendar year in which the Term expires, the Base Rent Adjustment will be prorated in proportion to the number of days elapsed during the Term in that calendar yearComparison Years upon ten (10) business days' prior written notification by Tenant.
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Base Rent Adjustment. The "Base Rent Adjustment" for each calendar year will equal the product of (a) the Net Rentable Area of the Premises, times (b) a rate per annum per square foot of Net Rentable Area equal to the sum of (i) the excess, if any, of the rate of Operating Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Operating Costs Base Rate, (ii) the excess, if any, of the rate of Tax Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Tax Costs Base Rate, and (iii) the excess, if any, of the rate of Utilities Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Utilities Costs Base Rate. Effective on any change in the Net Rentable Area of the Premises or the Building in accordance with this Lease, the calculation amount of the Base Rent Adjustment will change accordingly. The Base Rent Adjustment will never lower Base Rent below the amount specified in the Basic Lease Information. Prior to shall be increased as of January 1 of each calendar year after of the Lease Term to equal the Base Rent stated in item 15 of the Summary of Lease Terms for such Lease Year plus an amount equal tot he produce obtained by multiplying (i) such Base Rent for such Lease Year by (ii) the Percentage Increase determined as of the date of adjustment; provided, however, that Base Rent (as previously adjusted) shall never decrease by virtue of this Section. Landlord shall notify Tenant in writing of the new annual Base Rent amount and the new monthly installment amount thereof at least three (3) days prior to the date on which the increase in Base Rent becomes effective or, if Landlord is not reasonably able to determine such amounts by such time, promptly following the time when such amounts can reasonably be determined. Tenant covenants and agrees to pay to Landlord the adjusted Base Rent in equal monthly installments on the first day of each and every month for the pertinent calendar year after notification of the adjusted Base Rent from Landlord. Failure or inability of Landlord to notify Tenant prior to the pertinent January 1 adjustment date, however, shall not affect Tenant's obligation to pay Base Rent as soon adjusted for each and every month of the relevant calendar year and, if Tenant has not been notified of the adjusted amounts of Base Rent prior to January 1 of the calendar year in question, Tenant shall continue to pay Base Rent at the rate in effect prior to the date of adjustment until notified of the new amounts, after which time Tenant shall (x) make further payments of Base Rent thereafter arising as reasonably practical)so adjusted and (y) pay to Landlord in a lump sum any difference arising with respect to Base Rent payments made by Tenant for the calendar year in question prior to the date of Tenant's receipt of such notice. Notwithstanding anything contained herein to the contrary, Landlord will provide in no event shall the Base Rent Adjustment contemplated hereby result in an estimate increase in Base Rent of less than two (2%) percent of the Base Rent Adjustment for the forthcoming calendar year, and the Monthly Rent Installments due thereafter will be adjusted payable by Tenant prior to reflect the Base Rent Adjustment so estimated by Landlord. By June 1 of each calendar year, or as soon thereafter as reasonably practical, Landlord will furnish to Tenant a statement (the "Annual Statement") showing in reasonable detail the calculation of the Base Rent Adjustment for the immediately preceding calendar year and comparing the actual Base Rent Adjustment to the estimated Base Rent Adjustment actually paid by Tenant. If the estimated Base Rent Adjustment paid is less than the actual Base Rent Adjustment reflected on the Annual Statement, Tenant must pay Landlord the amount of the deficit in a lump sum no later than thirty (30) days after receipt of the Annual Statement. If the estimated Base Rent Adjustment paid is greater than the actual Base Rent Adjustment reflected on the Annual Statement, Landlord will allow Tenant equal monthly credits against the Monthly Rent Installments due for the remainder of the then current calendar year in an aggregate amount equal to the surplus, or if Landlord so chooses, Landlord will pay Tenant the amount of the surplus in a lump sum within thirty (30) days after delivery of the Annual Statement. In calculating any surplus or deficit owed for any calendar year in which the Term expires, the Base Rent Adjustment will be prorated in proportion to the number of days elapsed during the Term in that calendar yearsuch adjustment date.
Appears in 1 contract
Base Rent Adjustment. The "Base Rent AdjustmentBASE RENT ADJUSTMENT" for each calendar year will equal the product of (a) the Net Rentable Area of the Premises, times (b) a rate per annum per square foot of Net Rentable Area equal to the sum of (i) the excess, if any, of the rate of Operating Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Operating Costs Base Rate, (ii) the excess, if any, of the rate of Tax Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Tax Costs Base Rate, and (iii) the excess, if any, of the rate of Utilities Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Utilities Costs Base Rate. Effective on any change in the Net Rentable Area of the Premises or the Building in accordance with this Lease, the calculation of the Base Rent Adjustment will change accordingly. The Base Rent Adjustment will never lower Base Rent below the amount specified in the Basic Lease Information. Prior to January 1 of each calendar year after the Base Year (or as soon thereafter as reasonably practical), Landlord will provide an estimate of the Base Rent Adjustment for the forthcoming calendar year, and the Monthly Rent Installments due thereafter will be adjusted to reflect the Base Rent Adjustment so estimated by Landlord. By June 1 of each calendar year, or as soon thereafter as reasonably practical, Landlord will furnish to Tenant a statement (the "Annual StatementANNUAL STATEMENT") showing in reasonable detail the calculation of the Base Rent Adjustment for the immediately preceding calendar year and comparing the actual Base Rent Adjustment to the estimated Base Rent Adjustment actually paid by Tenant. If the estimated Base Rent Adjustment paid is less than the actual Base Rent Adjustment reflected on the Annual Statement, Tenant must pay Landlord the amount of the deficit in a lump sum no later than thirty (30) days after receipt of the Annual Statement. If the estimated Base Rent Adjustment paid is greater than the actual Base Rent Adjustment reflected on the Annual Statement, Landlord will allow Tenant equal monthly credits against the Monthly Rent Installments due for the remainder of the then current calendar year in an aggregate amount equal to the surplus, or if Landlord so chooses, Landlord will pay Tenant the amount of the surplus in a lump sum within thirty (30) days after delivery of the Annual Statement. In calculating any surplus or deficit owed for any calendar year in which the Term expires, the Base Rent Adjustment will be prorated in proportion to the number of days elapsed during the Term in that calendar year.
Appears in 1 contract
Base Rent Adjustment. The "Base Rent Adjustment" for each calendar year will equal base rent payable under the product terms of subparagraph 2.A. of this lease shall be adjusted upward from time to time in accordance with the following provisions: .3313 A. Expense Stop. As used in this lease, (ai) the Net Rentable Area term "Expense Stop" shall mean the sum of the Premises, times (b) a rate per annum $.3313 per square foot of Net Rentable Area space in the building and (ii) the ------ term "Basic Costs" shall mean all real property taxes, assessments (whether general or special) and governmental charges of any kind and nature whatsoever, including, without limitation, assessments due to deed restrictions and/or owners' associations, which accrue against the building and/or project of which the premises are a part during the term of this lease and all insurance premiums Landlord is required to pay or deems necessary to pay, including, without limitation, public liability insurance and fire and extended coverage insurance with respect to the building and/or project. Tenant shall during the term of this lease pay as an adjustment to the base rent, (i.e., the rent payable under subparagraph 2.A. hereof), an amount (per each square foot of space within the premises) equal to the sum excess ("Excess") from time to time of (i) the excess, if any, of the rate of Operating actual Basic Costs per square foot of Net Rentable Area space in the Building building over the Expense Stop. Landlord will make a good faith estimate of the Excess for the applicable each calendar year over and the Operating Costs Base Rate, (ii) the excess, if any, monthly payment of the rate of Tax Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Tax Costs Base Rate, and (iii) the excess, if any, of the rate of Utilities Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Utilities Costs Base Rate. Effective on any change in the Net Rentable Area of the Premises or the Building base rent by Tenant shall be adjusted upward in accordance with this Lease, the calculation of the Base Rent Adjustment will change accordinglysuch estimate. The Base Rent Adjustment will never lower Base Rent below the amount specified in the Basic Lease Information. Prior to January 1 By April 1st of each calendar year after during the Base Year (or as soon thereafter as reasonably practical), Landlord will provide an estimate term of this lease and by April 1st of the Base Rent Adjustment for year following the forthcoming calendar year, and the Monthly Rent Installments due thereafter will be adjusted to reflect the Base Rent Adjustment so estimated by Landlord. By June 1 of each calendar yearyear in which this lease terminates, or as soon thereafter as reasonably practical, Landlord will shall furnish (upon written request) to Tenant a statement (the "Annual Statement") showing in reasonable detail the calculation of the Base Rent Adjustment Landlord's actual Basic Costs for the immediately preceding previous calendar year and comparing the actual Base Rent Adjustment to the estimated Base Rent Adjustment actually paid by Tenantyear. If the estimated Base Rent Adjustment paid is less than the actual Base Rent Adjustment reflected on the Annual Statement, Tenant must pay Landlord the amount of the deficit in a lump sum no later than thirty (30) days after receipt of the Annual Statement. If the estimated Base Rent Adjustment paid is greater than the actual Base Rent Adjustment reflected on the Annual Statement, Landlord will allow Tenant equal monthly credits against the Monthly Rent Installments due for the remainder of the then current calendar year in an aggregate amount equal to the surplus, or if Landlord so chooses, Landlord will pay Tenant the amount of the surplus in a lump sum within thirty (30) days after delivery of the Annual Statement. In calculating any surplus or deficit owed for any calendar year additional rent collected under the terms of this subparagraph 4.A. for the prior year, as a result of Landlord's estimate of Basic Costs, is in excess of the additional rent actually due from Tenant hereunder during such prior year, then Landlord shall credit to Tenant's rental obligations any overpayment (or if Tenant has no further financial obligations under this lease, then Landlord shall refund the overpayment). Likewise, Tenant shall pay to Landlord, on demand, any underpayment with respect to the prior year. Any payment to be made pursuant to this subparagraph 4.A. with respect to the calendar year in which this lease commences or terminates shall be prorated if this lease is not enforced during the Term expiresfull calendar year. If at any time during the term of this lease, the Base Rent Adjustment will present method of taxation shall be prorated changed so that in proportion lieu of the whole or any part of any taxes, assessments or governmental charges levied, assessed or imposed on real estate and the improvements thereon, there shall be levied, assessed or imposed on Landlord a capital levy or other tax directly on the rents received therefrom and/or a franchise tax, assessment, levy or charge measured by or based, in whole or in part, upon such rents for the building and/or project of which the premises are a part, and all such taxes, assessments, levies or charges, or the part thereof so measured or based, shall be deemed to be included within the number of days elapsed during term "real property taxes" for the Term in that calendar yearpurposes hereof.
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Base Rent Adjustment. The "Base Rent Adjustment" for Landlord shall, within one hundred twenty (120) days after the end of each calendar year will equal the product of (a) the Net Rentable Area Operating Period, furnish Tenant with a statement of the Premises, times (b) Operating Expenses during such year and a rate per annum per square foot of Net Rentable Area equal to the sum of (i) the excess, if any, of the rate of Operating Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Operating Costs Base Rate, (ii) the excess, if any, of the rate of Tax Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Tax Costs Base Rate, and (iii) the excess, if any, of the rate of Utilities Costs per square foot of Net Rentable Area in the Building for the applicable calendar year over the Utilities Costs Base Rate. Effective on any change in the Net Rentable Area of the Premises or the Building in accordance with this Lease, the calculation computation of the Base Rent Adjustment will change accordingly(“Expense Statement”). The Failure of Landlord to provide such statement within such time period shall not be a waiver of Landlord’s right to collect any Base Rent Adjustment. If such statement shows that the actual amount Tenant owes is more than the estimated Base Rent Adjustment will never lower paid by Tenant, Tenant shall pay the difference within fifteen (15) days after Tenant’s receipt of the Expense Statement. If the Expense Statement shows that Tenant paid more than the actual amount owed Tenant shall receive a credit therefor, or if this Lease has expired, such amount shall refunded to Tenant. Any credit shall be applied to future monthly payments attributable to the Base Rent below Adjustment. Unless adjusted as a result of an audit by Tenant conducted pursuant to the amount specified express terms of this Lease, the Operating Expenses and Base Rent Adjustment set forth in the Basic Expense Statement shall be binding upon Tenant. Provided, however, that in the event that the Term of this Lease Information. Prior expires, or is terminated pursuant to January 1 the terms of each calendar year after this Lease, on a date other than December 31, then, at the option of Landlord, Landlord may, either prior to the date on which the Term expires, or within thirty (30) days thereafter, elect to provide Tenant with a revised estimate of the Operating Expenses for the Operating Period in which such expiration or termination date occurs and the Base Year Rent Adjustment that will be due from Tenant for such Operating Period, which estimated Base Rent Adjustment shall be prorated to reflect the portion of such Operating Period that is contained within the Term of the Lease (or as soon thereafter as reasonably practicalthe “Final Estimated Base Rent Adjustment”). In the event that Landlord elects to deliver such Final Estimated Base Rent Adjustment to Tenant, Landlord will provide an estimate then (i) Tenant shall pay the prorated Base Rent Adjustment reflected in the Final Estimated Base Rent Adjustment within fifteen (15) days after Tenant’s receipt of such estimate; (ii) the estimated amount of the Base Rent Adjustment for the forthcoming calendar yearfinal Operating Period shall be binding upon Landlord and Tenant; and (iii) Landlord shall not thereafter seek from Tenant any additional Base Rent Adjustment if the actual Operating Expenses for such Operating Period are greater than those reflected in the Final Estimated Base Rent Adjustment, nor shall Landlord have any obligation to refund to Tenant any excess funds paid by Tenant to Landlord should the actual Operating Expenses for such Operating Period be less than those reflected in the Final Estimated Base Rent Adjustment. In the event that Landlord elects not to provide Tenant with a Final Estimated Base Rent Adjustment, then it shall be presumed that Landlord will provide Tenant with an Expense Statement within one hundred twenty (120) days after the end of the final Operating Period contained in the Term, as provided above, and the Monthly Rent Installments due thereafter will be adjusted to reflect the Base Rent Adjustment so estimated by Landlord. By June 1 of each calendar year, or as soon thereafter as reasonably practical, shown in such Expense Statement shall be due from Tenant to Landlord will furnish to Tenant a statement within fifteen (the "Annual Statement") showing in reasonable detail the calculation of the Base Rent Adjustment for the immediately preceding calendar year and comparing the actual Base Rent Adjustment to the estimated Base Rent Adjustment actually paid by Tenant. If the estimated Base Rent Adjustment paid is less than the actual Base Rent Adjustment reflected on the Annual Statement, Tenant must pay Landlord the amount of the deficit in a lump sum no later than thirty (3015) days after Tenant’s receipt of the Annual Statement. If the estimated Base Rent Adjustment paid is greater than the actual Base Rent Adjustment reflected on the Annual Statement, Landlord will allow Tenant equal monthly credits against the Monthly Rent Installments due for the remainder of the then current calendar year in an aggregate amount equal to the surplus, or if Landlord so chooses, Landlord will pay Tenant the amount of the surplus in a lump sum within thirty (30) days after delivery of the Annual Statement. In calculating any surplus or deficit owed for any calendar year in which the Term expires, the Base Rent Adjustment will be prorated in proportion to the number of days elapsed during the Term in that calendar yearsuch statement.
Appears in 1 contract
Samples: Lease Agreement (Us Dataworks Inc)
