Escalations. With respect to any sums due under leases for operating expenses incurred by the Seller in excess of that billed and collected by Seller for the calendar year 1996 (the "1996 Expense Escalations"), the Seller shall after Closing provide to each tenant a statement of the amount of the 1996 Expense Escalations due from such Tenant, and Seller shall be entitled to retain the entire amount of such sum, notwithstanding anything contained in this Section 15 to the contrary. Any 1996 Expense Escalations paid to the Buyer after Closing shall be immediately remitted to the Seller. With respect to any sums due under leases for operating expenses incurred by the Seller in excess of that billed and collected by Seller during 1997 (the "1997 Expense Escalations"), at the time that the Buyer bills and collects the 1997 Expense Escalations, the Buyer shall reimburse the Seller for the actual amount incurred by Seller for 1997 in excess of that billed and paid by tenants during 1997.
Appears in 5 contracts
Samples: Agreement of Sale Five Eves (Brandywine Realty Trust), Agreement of Sale (Brandywine Realty Trust), Agreement of Sale (Brandywine Realty Trust)
