Common use of Actual Statement Clause in Contracts

Actual Statement. By March 1st of each calendar year during the Term of this Lease, Master Lessor will also endeavor to deliver to Master Lessee a statement (“Actual Statement”) which states Master Lessee’s Share of the actual Common Area Expenses for the preceding calendar year. If the Actual Statement reveals that Master Lessee’s Share of the actual Common Area Expenses is more than the total Additional Rent paid by Master Lessee for Common Area Expenses on account of the preceding calendar year, Master Lessee agrees to pay Master Lessor the difference in a lump sum within ten (10) days of receipt of the Actual Statement. If the Actual Statement reveals that Master Lessee’s Share of the actual Common Area Expenses is less than the Additional Rent paid by Master Lessee for Common Area Expenses on account of the preceding calendar year, Master Lessor will credit any overpayment toward the next monthly installment(s) of Master Lessee’s Share of the Common Area Expenses due under this Lease.