Operating Expense Statement definition

Operating Expense Statement means a statement in writing signed by Landlord, setting forth in reasonable detail (i) the Operating Expense for the preceding Operating Year; (ii) the Operating Expense Allowance; and (iii) the Tenant’s Operating Expense Adjustment for such Operating Year or portion thereof. The Operating Expense Statement for each Operating Year shall be available for inspection by Tenant at Landlord’s office during normal business hours.

Operating Expense Statement shall have the meaning assigned to such term in Section 2.2(f).

Operating Expense Statement means a statement provided by Landlord, setting forth in reasonable detail: (a) the Operating Expenses for the Operating Year (or portion thereof if less than a full Operating Year) immediately preceding the Operating Year in which the statement is issued, reasonably detailed by major categories, (b) the Tenant's Expense Payment (defined in Section 6.2) for such preceding Operating Year, prorated if only a part of the Operating Year falls within the term of this Lease, (c) the amount of payments made by Tenant on account of the Tenant's Expense Payment during such preceding Operating Year, (d) the amount of payments of the Monthly Operating Expense Estimate made by Tenant in the Operating Year in which the Expense Statement is issued, and (e) the Monthly Operating Expense Estimate for the Operating Year in which the Operating Expense Statement is issued.

Examples of Operating Expense Statement in a sentence

• Unless Tenant has submitted documentation that it validly disputes Landlord’s billing for Fixed Monthly Rent hereunder, or is completing an audit of Landlord’s Operating Expense Statement, if Tenant is in default in payment of Fixed Monthly Rent or Additional Rent hereunder, Tenant waives the right to designate the items against which any payments made by Tenant are to be credited.

• If Tenant does not notify Landlord in writing of any objection to any Operating Expense Statement within one hundred twenty (120) days after receipt thereof, then Tenant shall be deemed to have waived such objection.

• Owner's failure to render an Owner's Operating Expense Statement with respect to any Escalation Year shall not prejudice Owner's right to recover any sums due to Owner hereunder with respect to such Escalation Year.

• Unless Tenant has submitted documentation that it validly disputes Landlord's billing for Fixed Monthly Rent hereunder, or is completing an audit of Landlord's Operating Expense Statement, if Tenant is in default in payment of Fixed Monthly Rent or Additional Rent hereunder, Tenant waives the right to designate the items against which any payments made by Tenant are to be credited.

• Each Annual Operating Expense Statement rendered to Tenant shall be considered final, unless Tenant has given written notice to Landlord of its intention to audit the books and records of Landlord, which notice must be given within forty five (45) days following Tenant’s receipt of such Annual Operating Expense Statement.

More Definitions of Operating Expense Statement

Operating Expense Statement means a statement in writing signed by Landlord, setting forth in reasonable detail (1) the Operating Expense for the preceding Operating Year, (2) the Operating Expense Allowance and (3) the Tenant's Operating Expense Adjustment for such Operating Year, if any, or portion thereof. The Operating Expense Statement shall constitute a final determination as between Landlord and Tenant of the Operating Expense and the Operating Expense Adjustment for any Operating Year.

Operating Expense Statement means a statement that shows the Operating Expense Payment for a particular Operating Expense Year.

Operating Expense Statement shall have the meaning given such term in Section 5.1.

Operating Expense Statement means a statement setting forth in reasonable detail the amount payable by Tenant with respect to Operating Expenses for any Computation Year.

Operating Expense Statement shall have the meaning set forth in Section A(3)(e) of Article V.

Operating Expense Statement means a statement provided by Landlord, setting forth in reasonable detail: (a) the Operating Expenses for the Operating Year (or portion thereof if less than a full Operating Year) immediately preceding the Operating Year in which the statement is issued, reasonably detailed by major categories and labeled as controllable or noncontrollable expenses, (b) Tenant’s Expense Payment (defined in Section 8) for such preceding Operating Year, prorated if only a part of the Operating Year falls within the Term, (c) the amount of payments made by Tenant on account of Tenant’s Expense Payment during such preceding Operating Year, (d) the amount of payments of the Monthly Operating Expense Estimate (defined in Subsection 8(a)(i)) made to date by Tenant in the Operating Year in which the Expense Statement is issued, and (e) the Monthly Operating Expense Estimate for the Operating Year in which the Operating Expense Statement is issued.

Operating Expense Statement means a written statement setting forth: (i)the Operating Expense for the preceding Operating Year (or portion thereof if less than a full Operating Year), (ii) the Operating Expense for the Base Year, (iii) Tenant's Operating Expense Adjustment for such preceding Operating Year, prorated if only a part of the Operating Year falls within the Term, (iv) the amount of payments ("Monthly Expense Estimate") made by Tenant against the Operating Expense Adjustment for the preceding Operating Year, and (v) the Monthly Expense Estimate to be paid against the estimated Operating Expense Adjustment for the current Operating Year. The Operating Expense Statement for each Operating Year shall be prepared in accordance with the terms of this Lease and generally accepted accounting principles, and shall be sent to Tenant within 90 days after the end of the applicable Operating Year.