Additional Rental. In addition to Monthly Rental, Tenant shall pay to Landlord, as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises. (a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable year.
Appears in 1 contract
Sources: Lease (Neurocrine Biosciences Inc)
Additional Rental. In addition (a.) Rental escalation after occupancy shall be calculated as follows:
(i) The increase calculated on a per square foot basis where the actual operating expenses in any lease year exceeds the base operating expense of the base year which, for the purpose herein shall be 2006. A Schedule of which is attached as Exhibit “D” and incorporated herein for all purposes. NO SCHEDULE AVAILABLE.
(ii) The rental escalation shall be the Lessee’s proportionate share of the increase of the actual operating expense in any lease year over the base operating expense factor.
(iii) Lessor has the option to Monthly Rentalcollect additional income based on an operating budget any year after the base year. This collection shall be made on a monthly basis. Lessor shall, Tenant within six months following the close of any calendar year for which additional rental is due, provide actual costs to Lessee along with a statement of Lessee’s share of such actual costs.
(b.) Lessee agrees to pay as Additional Rental its pro-rata share of all Operating Expenses of the Building over the base year, plus a management fee which is 15 of said expenses, as defined herein below. Lessor shall have the right to estimate the amount of such Operating Expenses, which will be incurred with respect to each Lease Year hereunder, and to estimate Lessee’s pro-rata share thereof. Lessee shall pay to LandlordLessor monthly, as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified advance for each month in good faith the term of this lease, beginning on January 1st of the first calendar year after the Commencement Date of the lease, an amount equal to the amount estimated by Landlord from time Lessor to timebe Lessee’s pro-rata share of the actual operating Expenses for such Lease Year, which, divided by the number of months n such Lease Year. If Lessee’s pro-rata share of the actual Operating Expenses with respect to any Lease Year (as determined at the end of each calendar year (or the Lease Year) is less than the amount paid by Lessee as its pro-rata share of the Expiration Dateestimated Operating expense for such Lease Year a “effect ease Year”) then, if earlierprovided that Lessee is not then in default in the performance obligations under this lease, Lessor shall issue credit to lessee the amount by which the amounts paid by Lessee as Lessee’s ), will total Landlord’s reasonable estimate pro rata share of the estimated Operating Expenses to be incurred for such year. For partial years, exceeds Lessee’s pro-rata share of the actual Operating Expenses will for the Dec lease Year promptly following the determination of such actual Operating Expenses; provided, however, in no event shall Lessee ever be calculated on entitled to a full-year basis and then proratedrefund in respect to any Lease Year in excess )f the Additional Rental payments made under this Paragraph 5(c) in respect to such Lease Year. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement the Lessee’s pro-rata share of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid actual Operating Expenses based on Landlordwith respect to any Lease Year exceeds :he amount paid by Lessee to Lessor as Lessee’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement pro-rata share of estimated Operating Expenses for such calendar year Lease Year, then Lessee shall ay to Lessor the amount of such excess within ten (the “Statement”). Any amounts owing for that year shall, within thirty (3010) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlorddays allowing receipt of notice from Lessor setting forth Lessee’s option, be credited against the next installment(s) pro -at share of estimated actual Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to such Lease Pear and the payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments due by Lessee.
(c.) Base Year 2006 shall be due from Tenant which are not billed to Tenant within one calculated individually for four expense categories, as defined in paragraph 5(d), as; (1) year after property axes; (2) property insurance; (3) utilities and (4) all other operating expense categories. In the Expiration Date of this Lease, and provided further event that Tenant’s failure to dispute the any one expense decreases below such expense amount of in any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar prior year, no offset shall be deemed Tenant’s waiver made to ever make a claim other expenses that may have increased in such ear. After the initial year of the Lease Lessee agrees to have he annual rent increased based on Operating Expenses for the applicable yearan operating budget pro-forma.
Appears in 1 contract
Sources: Lease Agreement (Vemics, Inc.)
Additional Rental. In addition to Monthly Rental, Tenant Lessee shall pay to Landlord, Lessor as additional rental (“Additional Rental,” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of the increase each year in Operating Expense (as hereinafter defined) over the Base Operating Expense (as hereinafter defined). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all sums required to be paid by Tenant to Landlord pursuant to this Lease space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges, Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each calendar year, the Lessor shall deliver to the Lessee (i) a statement of Operating Expenses for the fiscal year just ended, (as defined below)ii) a computation of Lessee’s share of such Operating Expenses, interest and late charges(iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and ▇▇▇▇ the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing is elected by Lessor, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee for such calendar year, Lessee shall pay such excess within ten (10) days after receipt of Notice of Payment of Additional Rentals. If Lessee’s Share of the Operating Expenses for the applicable calendar year is less than the Additional Rentals paid by Lessee for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies Additional Rentals for the nonpayment calendar year in which the lease term terminates shall be due and payable upon receipt of Notice of Payment of Additional Rentals even if such rent, including Additional Rental, as it has with Notice is received after the lease termination date. With respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this LeaseAdditional Rentals, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
within sixty (a60) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord days from time to time, which, by the end of each calendar year (or by the Expiration Dateyear, if earlier)Lessee upon reasonable notice to Lessor, will total Landlordmay have access to Lessor’s reasonable estimate of Operating Expenses records to be incurred for such year. For partial yearsverify, at Lessee’s expense, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, . The base operating expense for the 902 square foot vault (G-102 Extension) shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for $3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the applicable yearLessee.
Appears in 1 contract
Sources: Lease Agreement (Radiation Therapy Services Holdings, Inc.)
Additional Rental. In addition to Monthly Rental, (a) Tenant shall also pay to the Landlord, as Additional Rent (“Additional Rental,” Rent’) for each month of each Calendar Year, in addition to Base Rent and all sums other amounts herein required to be paid by Tenant Tenant, (i) an amount equal to one-twelfth of Tenant’s proportionate share (“Tenant’s Proportionate Share”) derived from a fraction using as the numerator the Rentable Area of the Demised Premises, and as the denominator, the Rentable Area of the Property (89,053 square feet) times the amount, if any, by which the aggregate of all Basic Operating Costs (as defined in Section 6) paid or incurred by Landlord pursuant on account of the management, operation and maintenance of the Property, and (ii) the annual taxes (“Taxes”) for the Property.
(b) The Tenant’s obligation under this Section 5 to pay Additional Rent shall be, from the Commencement Date of this Lease includingto the end of the first calendar year, but not limited tobe the sum of based on the estimated amount of $6.42 per square foot of space in the Demised Premises, per year, payable monthly as provided for in Section 4 of this Lease. The foregoing amount is an estimate only and will be subject to adjustment as provided for herein at the end of each calendar year. Landlord shall provide Tenant with a written estimated basic Operating Expenses statement (“Budgeted Basic Operating Expenses”) on or before December 1 of each calendar year indicating the Operating Expenses for the Property for the ensuing calendar year which will be billed to Tenant for its prorata share, in advance monthly commencing with January 1st of each calendar year. By April 1st of each year Landlord shall provide Tenant with a written statement of the actual Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and “Actual Basic Operating Expenses”) incurred by Landlord shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs Property for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of preceding calendar year. Such difference between the Premises.
(a) Tenant shall pay monthly installments of Actual Basic Operating Expenses for the Property incurred by Landlord and the Budgeted Basic Operating Expenses shall be payable by Tenant in a lump sum on the first day of each monththe month following such written notice. Landlord will endeavor to provide Tenant with a written Budgeted Basic Operating Expenses statement and Actual Basic Operating Expense statement on the dates stated herein, in amounts specified in good faith but any failure by Landlord from time to time, which, by the end do so shall not be a waiver of each calendar year (or by the Expiration Date, if earlier), will total nor affect Landlord’s reasonable estimate of right to collect from Tenant any Additional Rent which is provided for herein. If in any year the Actual Basic Operating Expenses attributable to be incurred Tenant is less than the Additional Rent Tenant has paid, Tenant shall receive a credit for such excess amount paid in the form of a credit over the remainder of the year. For partial years, It is further agreed that the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment foregoing adjustment provisions shall survive the termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable year.
Appears in 1 contract
Additional Rental. In addition to Monthly Rental, Tenant shall pay to Landlord, as “Additional Rental,” all sums the Base Rental required to be paid by Tenant to Landlord pursuant to this the provisions hereof, Tenant shall also pay Landlord Additional Rental during the Lease includingTerm and any extensions or renewals thereof, but not limited to, Operating Expenses at Landlord’s address provided herein (or at such other address as defined belowmay be designated by Landlord in writing from time to time), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent without any demand, setoff or deduction whatsoever, calculated and Landlord shall have payable in accordance with the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.following provisions:
(a) Landlord may collect such Additional Rental, or any portion thereof, monthly, in advance, based upon an estimate, and/or in arrears on a yearly basis. In the event Landlord elects to collect the Additional Rental or any portion thereof in arrears, Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant Additional Rental within thirty (30) days after the date Tenant receives a statement from Landlord. Landlord shall also have the option to make an estimate of the StatementAdditional Rental for each upcoming calendar year, or portion thereof in the event of a partial calendar year, and upon written notice to Tenant, may require that Tenant pay Landlord Additional Rental based upon such estimates at the same time and on the same date that the monthly installments of Base Rental are due hereunder, in which event, Tenant will begin paying the Additional Rental with the next installment of Base Rental due after receipt of Landlord’s notice, and will continue paying such increase until Landlord revises Landlord’s estimate. The parties’ obligations In the event that Landlord delivers notice of the estimate to Tenant for any calendar year after the particular calendar year has already commenced, then Landlord shall also be entitled to require Tenant to pay concurrently with the next installment of Base Rental due under the Lease the amount by which (i) the product of one-twelfth (1/12th) of the amount of the estimated Additional Rental for such calendar year times the number of calendar months in such year which have already wholly or partially expired, exceeds (ii) the Additional Rental which has previously been paid by Tenant with respect to payment or refund of such calendar year. At any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due time and from Tenant which are not billed time to time during the Lease Term, Landlord will have the right by written notice to Tenant within one (1) year after which notice shall include an explanation as to the Expiration Date of this Leasejustification for such adjustment), and provided further that Tenant’s failure to dispute change the amount of the monthly Additional Rental payable by Tenant hereunder to reflect more accurately, in the reasonable judgment of Landlord, any Operating Expense or reconciliation statement within 180 days change in Landlord’s estimate of the actual Additional Rental, such change to be effective with the next installment of Base Rental due after receipt by Tenant of Landlord’s written notice. Any amounts paid based on Landlord’s estimate of the Additional Rental shall be subject to adjustment pursuant to Section 3.3(b) hereof when actual Basic Costs and Energy Costs are available for each calendar year.
(b) By April 1 of each calendar year during Tenant’s occupancy, or as soon thereafter as is reasonably practical, Landlord shall furnish to Tenant a statement of Landlord’s calculation of Additional Rental for the previous calendar year. If for any calendar year Additional Rental collected for the prior year, as a result of Landlord’s estimate of Basic Costs or Energy Costs, is in excess of the Additional Rental actually due during such prior year, then Landlord shall refund to Tenant any overpayment within thirty (30) days following the date Landlord delivers such statement to Tenant. Likewise, subject to Tenant’s rights under Section 3.3(c) below, Tenant shall pay to Landlord, within thirty (30) days following receipt of a reconciliation statement for such statement, any underpayment of Additional Rental with respect to the applicable prior year.
(c) Tenant, at its expense, shall have the right no more frequently than once per calendar year, following prior written notice to Landlord, to review Landlord’s books and records relating to Additional Rental. Such request by Tenant must be made within forty five (45) days after receipt of Landlord’s annual statement regarding Additional Rental. Tenant is entitled to object to Landlord’s calculation of Tenant’s Proportionate Share of Excess Basic Costs and/or Energy Costs by sending notice specifying such objection and the reasons therefor to Landlord no later than thirty (30) days after Landlord makes such books and records available for examination. If Tenant objects to any portion of Landlord’s annual statement regarding Additional Rental, Landlord shall refer the matter to an independent certified public accountant, whose certification as to the proper amount shall be deemed final and conclusive as between Landlord and Tenant. Tenant shall promptly pay the cost of such certification unless such certification determines that the annual statement or any separate statement was in error to Tenant’s waiver detriment. Tenant shall have no right to ever make a claim based on Operating Expenses review such books and records following the expiration of such forty (45) day period. Pending resolution of any Tenant objection to the annual statement, Tenant shall continue paying Additional Rent in the amounts determined by Landlord, subject to adjustment after any such objections are so resolved.
(d) Notwithstanding any provision contained herein to the contrary, if less than ninety five percent (95%) of the Net Rentable Area of the Building is occupied during any calendar year of the Lease Term, Additional Rental for purposes of Section 3.3(a) and 3.3(b) hereof shall be increased to the applicable extent necessary to reflect the charges which would have been incurred if ninety five percent (95%) of the Net Rentable Area of the Building had been occupied during such year.
(e) If the term of the Lease commences on a date other than the first day of a calendar year, or ends on a date other than the last day of a calendar year, then during the first and/or last calendar years of the Lease Term, as appropriate, Basic Costs and the Basic Costs Base Rate shall be prorated on the basis of the number of days elapsing during such year to reflect the portion of the Basic Costs and the Basic Costs Base Rate which is allocable to the portion of such first or last year which is included within the Lease Term.
Appears in 1 contract
Additional Rental. In addition The first paragraph of Paragraph Five of the Office Lease Agreement as amended shall be amended effective June 1, 2007 to Monthly Rentalread as follows: Landlord shall absorb and be responsible for paying all Operating Expenses during the first calendar year of the Renewal Term (the “Expense Stop”); and, Tenant Landlord shall pay absorb and be responsible for all Operating Expenses for any other calendar year of the Renewal Term to Landlordthe extent such Operating Expenses in any other calendar year are less than or equal to the Expense Stop. Thereafter, as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord for any calendar year shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses mean Tenant’s Percentage Share of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year in excess of the Expense Stop, “Tenant’s Percentage Share” shall mean a fraction, the numerator of which is the total number of square feet of Net Rentable Area within the Premises (27,268 square feet from and after February 1, 2007) and the “Statement”). Any amounts owing for that year shall, within thirty denominator of which is the greater of (30i) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(sninety-five percent (95%) of estimated the total square footage of all Net Rentable Area in the Building (42,073 as of February 1, 2007); or (ii) the total square footage of all Net Rentable Area in the Building actually leased to rent paying tenants. Paragraph c. of Paragraph Five of the Office Lease Agreement as amended shall be amended effective June 1, 2007 to read as follows: The Annual Operating Expenses and Monthly Rent due from Tenant, or Expense Statement shall be refunded rendered by Landlord to Tenant within thirty (30) days day after calculation of such Annual Operating Expenses by Landlord. The payment of any Additional Rental by Tenant shall not preclude it from questioning the date truth, correctness, or completeness of the any Annual Operating Expense Statement. The parties’ obligations Tenant and its authorized representatives shall have the right to audit Landlord’s records with respect to payment or refund the Annual Operating Expenses. In the event Tenant’s audit discloses discrepancies, the appropriate adjustment shall be made, and if such discrepancies result in an overcharge to Tenant that is in excess of 2% of the annual billing to Tenant for such item(s), Landlord shall also reimburse Tenant its actual out-of-pocket expenses of such audit, but in no event shall Landlord be responsible for audit expenses of Tenant that exceed the amount(s) found to be an overcharge to Tenant. In the event Tenant shall dispute any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Annual Operating Expense payments Statement and the parties cannot resolve their differences within sixty (60) days thereafter, then the matter shall be due from Tenant which are not billed referred to Tenant within one arbitration. The balance of subparagraphs 5 (1a) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, (b) shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable yearremain unchanged.
Appears in 1 contract
Additional Rental. In addition a. The clauses under Article 5. BASE RENTAL ADJUSTMENT of the Bindview Base Lease covering additional rental shall apply to Monthly this Sublease during the term of this Sublease.
b. The base year for Base Rental Adjustment (as defined in Article 5 of the Bindview Base Lease and herein called “Additional Rental”) computations shall be 2005 (the “Base Year”).
c. Subtenant shall pay as Additional Rental any costs incurred in connection with Subtenant’s operation or after hours use of the heating, Tenant ventilation, and air conditioning system (“HVAC”) within the Subleased Premises as permitted by Section 7.04 of the Bindview Base Lease.
d. Beginning in 2006 and for each year thereafter during the Sublease term, Subtenant shall pay to Landlord, Sublandlord as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses Rental its proportionate share (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have i.e. the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord percentage determined from time to timetime by dividing the Net Rentable Area of the Subleased Premises by the total Net Rentable Area of the Bindview Premises during the term of the Bindview Base Lease) of the amount, whichif any, by which the end Basic Cost for each such year exceeds the Base Year Basic Cost.
e. Subtenant’s proportionate share of each calendar year (or by the Expiration DateAdditional Rent shall be payable monthly, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s the estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be Basic Cost being paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses Sublandlord under Sections 5.01 and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date 5.02 of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after Bindview Base Lease and continuing until the Expiration Date of this Sublease. In the event of any adjustment to Sublandlord’s payments with respect to Basic Cost under Sections 5.04, 5.05 and 5.06 of the Bindview Base Lease, Subtenant shall pay or receive, as the case may be, a corresponding adjustment of its payments with respect to Basic Cost under this Paragraph.
f. Sublandlord shall provide to Subtenant, within fifteen (15) days after Sublandlord’s receipt thereof, copies of all estimates and provided further that Tenant’s failure statements received by Sublandlord from Landlord with respect to dispute the amount or payment of Basic Cost for any Operating Expense or reconciliation statement within 180 days after Tenantyear during the term of this Sublease. If Sublandlord elects to exercise its right to audit the Landlord’s receipt books and records relating to Basic Cost, Subtenant shall have the right to examine the results of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable yearsuch audit.
Appears in 1 contract
Additional Rental. In addition a. The clauses under Article 5. BASE RENTAL ADJUSTMENT of the Prime Lease, covering additional rental shall apply to Monthly this Sublease.
b. The base year for Base Rental Adjustment (as defined in Article 5 of the Prime Lease and herein called "Additional Rental") computations shall be 1998 (the "Base Year").
c. Sublessee shall pay as Additional Rental any costs incurred in connection with Sublessee's operation or after hours use of the heating, Tenant ventilation, and air conditioning system ("HVAC") within the Subleased Premises as permitted by Section 15.a hereof.
d. Beginning in 1999 and for each year thereafter during the Sublease term, Sublessee shall pay to LandlordSublessor as Additional Rental its proportionate share (i.e. the percentage determined from time to time by dividing the Net Rentable Area of the Subleased Premises by the total Net Rentable Area of the Prime Leased Premises - initially 32.69 %) of the amount, if any, by which the Basic Cost for each such year exceeds the Base Year Basic Cost.
e. Sublessee's proportionate share of the Additional Rent shall be payable monthly commencing April 1, 1999, based on the estimates of Basic Cost being paid by Sublessor under Sections 5.04 and 5.05 of the Prime Lease. In the event of any adjustment to Sublessor's payments with respect to Basic Cost under Sections 5.06 or 5.07 of the Prime Lease, Sublessee shall pay or receive, as “Additional Rental,” all sums required the case may be, a corresponding adjustment of its payments with respect to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant Basic Cost under this Lease are deemed rent Paragraph.
f. Sublessor shall provide to Sublessee, within fifteen (15) days after Sublessor's receipt thereof, copies of all estimates and statements received by Sublessor from Landlord shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment amount or payment of Monthly Rental. Except to Basic Cost for any year during the extent otherwise provided in term of this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then proratedSublease. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense Sublessor elects to be borne by Tenant under this Lease)exercise its right to audit the Landlord's books and records relating to Basic Cost, Landlord may invoice Tenant for reimbursement Sublessee shall have the right to examine the results of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoiceaudit. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord Sublessor further agrees that it will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations exercise its audit rights with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration years during the term of this Lease; Sublease upon Sublessee's written request, provided that no Operating Expense payments shall be due from Tenant which are not billed Sublessee agrees to Tenant within one (1) year after the Expiration Date of this Lease, reimburse Sublessor for its actual out-of-pocket costs and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable yearexpenses incurred in connection with such audit.
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Additional Rental. In addition (a) For each calendar year during the term of this Lease after the calendar year 1994 (the "Base Calendar Year"), Tenant shall pay its proportionate share of the amount, if any, by which the Actual Operating Expenses (as hereinafter defined) for such year exceed the Actual Operating Expenses for the Base Calendar Year (Tenant's proportionate share of such excess for each year being herein referred to Monthly as" Additional Rental"). It is agreed that, subject to the provisions of Section 2.04(c) of this Lease, Tenant's proportionate share is a fraction, the numerator of which is the Net Rentable Area of the Leased Premises and the denominator of which is the greater of (i) the actual number of square feet of Net Rentable Area leased to tenants of the Project and (ii) ninety-five percent (95%) of the Net Rentable Area of the Building. Landlord's good faith estimate of the Actual Operating Expenses for the Base Calendar Year (after adjustment pursuant to Section 2.04(c) below is $5.60 per square foot of Net Rentable Area.
(b) On or about December 15, 1994 and on December 15 of each calendar year thereafter during the term of this Lease, Landlord shall present to Tenant a good faith estimate of the Actual Operating Expenses for the forthcoming calendar year and a calculation of the monthly installments of Additional Rental ("Forecast Additional Rental") to be due and payable by Tenant during such forthcoming year. Thereafter, unless and until Landlord delivers to Tenant a revision of the estimate, Tenant shall pay to Landlord, as “Landlord the Forecast Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies Rental for the nonpayment of such rentapplicable calendar year in accordance with Section 2.02 hereinabove. From time to time during any calendar year for which Additional Rental is payable, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses Landlord may revise up or down its estimate of the Premises.
(a) Tenant shall pay Additional Rental for such calendar year based on either actual or reasonably anticipated increases in Actual Operating Expenses. Thereafter, the monthly installments of Operating Expenses on Forecast Additional Rental payable by Tenant shall be appropriately adjusted in accordance with the first day of each month, in amounts specified in good faith by Landlord from time to time, which, revised estimate so that by the end of each such calendar year (or year, the total payments of Forecast Additional Rental paid by Tenant shall equal Tenant's proportionate share of the Expiration Date, if earlier), will total Landlord’s reasonable amount by which the revised estimate of Actual Operating Expenses to be incurred for such year. For partial years, exceeds the Actual Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense for the Base Calendar Year.
(or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time c) Within one hundred fifty (150) days after the expense is incurred, in which case Tenant shall pay end of the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable Base Calendar Year and after the end of each subsequent calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided abovethe term of this Lease, Landlord will furnish shall provide Tenant a reasonably detailed statement of showing in reasonable detail (including a line-item breakdown) the Actual Operating Expenses for such said calendar year (year, prepared in accordance with generally accepted accounting practices, and a statement prepared by Landlord comparing the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be Forecast Additional Rental paid by Tenant with the actual Additional Rental. If the Forecast Additional Rental paid by Tenant exceeds the Additional Rental for said calendar year, Landlord shall pay Tenant an amount equal to Landlord. Any amounts overpaid shall, such excess at Landlord’s 's option, be credited by either giving a credit against the rentals next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenantdue, if any, or be refunded by direct payment to Tenant within thirty (30) days after of the date of such statement. In the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided event that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute Additional Rental exceeds the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement Forecast Additional Rental for the applicable said calendar year, Tenant shall be deemed pay Landlord, within thirty (30) days of receipt of the statement, an amount equal to such difference. Tenant shall have the right to audit, at Tenant’s waiver 's expense and after giving twenty (20) days' prior written notice to ever make Landlord, Landlord's books and records relating to Actual Operating Expenses for any period within the term of this Lease and not more than two (2) years prior to the review; provided, however, if such audit reveals a claim based on misstatement by more than five percent (5%) of Actual Operating Expenses for the applicable yearperiod being audited, Landlord shall reimburse Tenant for the reasonable costs of such audit. The exercise by Tenant of its audit rights hereunder shall not relieve Tenant of its obligation to pay all sums due hereunder in a timely manner, including, without limitation, any disputed Actual Operating Expenses.
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Sources: Lease Agreement (Howell Corp /De/)
Additional Rental. Section 8 (Additional Rental) of the Lease is hereby amended to reflect that during the Extension Term and commencing in calendar year 2008, Tenant will pay its proportionate share of Tenant’s Additional Rental based on the excess of Landlord’s projected Operating Expenses in each calendar year over the Base Year Operating Expenses. For purposes of this Second Amendment, the “Base Year” shall mean calendar year 2007. In addition the event the average occupancy level of the Building or the Project for any calendar year, including the Base Year, is not ninety-five percent (95%) or more of full occupancy, then the Operating Expenses for such year shall be apportioned among the tenants by the Landlord to Monthly Rentalreflect those costs which would have occurred had the Building or the Project, as applicable, been ninety-five percent (95%) occupied during such year. For each calendar year after the Base Year, Landlord shall provide Tenant with a comparison of the Base Year Operating Expenses and the projected Operating Expenses for such current calendar year. Such projected increase in Operating Expenses shall be payable in advance on a monthly basis by paying one-twelfth (1/12th) of such projected increase during each month of such respective calendar year. If Landlord has not furnished Tenant such comparison by January 1 of a calendar year, Tenant shall continue to pay on the basis of the prior year’s estimate until the month after such comparison is given. The statement provided by Landlord to Tenant as set forth in Section 8(c) of the Lease shall set forth such year’s actual Operating Expenses compared to Base Year Operating Expenses and a statement comparing Tenant’s proportionate share of projected increases in Operating Expenses which Tenant paid throughout such calendar year with Tenant’s proportionate share of actual Operating Expense increases (the “Final Annual Statement of Operating Expenses”). If Tenant’s proportionate share of increases in actual Operating Expenses are greater than as shown in the statement delivered pursuant to Section 8(c) or greater than the amount of Tenant’s Additional Rental actually paid by Tenant pursuant thereto, Tenant shall pay to Landlord, as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) daysdays of such statement’s receipt, be such additional sum owed by Tenant. If the amount of Tenant’s Additional Rental actually paid by Tenant pursuant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) estimate of estimated Tenant’s proportionate share of increases in Operating Expenses and Monthly Rent due from is greater than Tenant’s share of increases in actual Operating Expenses as shown on the Final Annual Statement of Operating Expenses, Landlord shall credit Tenant, or be refunded to Tenant within thirty (30) days after of such statement issuance, such overpaid amount, or if the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed Lease has expired, will issue a check to Tenant for such overpaid amount within one thirty (130) year after the Expiration Date days of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation such statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable yearissuance.
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Additional Rental. In addition (a) Additional Rental shall include Tenant's Proportionate Share of Excess Operating Expenses for a particular Lease Year or portion thereof which Tenant shall pay Landlord as follows:
(i) For the first Lease Year during the term of this Lease, Tenant shall pay to Monthly RentalLandlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to Landlord's estimate of Tenant's Proportionate Share of Excess Operating Expenses for the Lease Year divided by the number of months remaining in such Lease Year; and for each Lease Year thereafter Tenant shall pay to Landlord each month, on the first day of each month following the Commencement Date of Lease, in lawful money of the United States of America, an amount equal to one-twelfth (1/12) of the then estimated Tenant's Proportionate Share of Excess Operating Expenses.
(ii) Operating Expenses for each Lease Year shall be estimated by Landlord, from which Landlord shall estimate Tenant's Proportionate Share of Excess Operating Expenses, and written notice of such estimate of Tenant's Proportionate Share of Excess Operating Expenses shall be given to Tenant as soon as reasonably possible on or before the beginning of each Lease Year.
(iii) If Operating Expenses increase during a Lease Year, Landlord may revise its estimate of Tenant's Proportionate Share of Excess Operating Expenses during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this in each of the remaining months of such Lease includingYear, but not limited to, the increased Tenant's Proportionate Share of Excess Operating Expenses (as defined below), interest and late charges. All payment obligations divided by the number of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies for the nonpayment of months remaining in such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premisesyear.
(aiv) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year Within one hundred twenty (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 120) days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Lease Year, Landlord shall prepare and deliver to Tenant paid a statement showing the actual amount of Tenant's Proportionate Share of Excess Operating Expenses. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement incurred in respect of any Lease Year exceeds the estimate of Tenant's Estimated Proportionate Share of Excess Operating Expenses for such Lease Year, then Tenant shall pay to Landlord the amount of such difference within twenty (20) days following receipt of notice from Landlord setting forth the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of such Lease Year. If the actual amount of Tenant's Proportionate Share of Excess Operating Expenses in respect of any Lease Year is less than the estimate of Tenant's Proportionate Share of Excess Operating Expenses for such Lease Year, then, provided that Tenant is not then in default in the performance of its obligations under the Lease, Landlord shall refund to Tenant such difference promptly following its determination. If the last Lease Year is a fractional calendar year year, then Landlord shall adjust the Proportionate Share of Excess Operating Expenses to reflect the number of months (the “Statement”). including fractional months) in such fractional Lease Year, as appropriate to reflect any proration of Operating Expenses.
(v) Any amounts owing for delay by Landlord in delivering any estimate or statement pursuant to this Section shall not relieve Tenant of its obligations pursuant to this Section, except that year shall, within Tenant shall not be obligated to make any payments based on such estimate or statement until thirty (30) daysdays after receipt of such estimate or statement.
(b) Additional Rental shall also include, and Tenant shall pay as Additional Rental, a reasonable charge determined by Landlord for any services required to be paid provided by Landlord by reason of any use by Tenant of any services in excess of services customarily provided by Landlord to Landlordall other tenants in the Building or by reason of any use of the Premises by Tenant at any time other than Normal Business Hours. Any amounts overpaid shall, at Landlord’s option, Tenant shall pay for any additional or unusual janitorial services required by reason of Tenant's use of the Premises or by reason of improvements in the Premises other than Building Standard Improvements and any repairs required to be credited against made to the next installment(s) Building due to the unusual use of estimated Operating Expenses and Monthly Rent due from Tenant, the Building by Tenant or be refunded to Tenant its agents or invitees within thirty (30) days after of being billed by Landlord. If improvements in the date Premises other than Building Standard Improvements or Tenant's use or the conduct of business on the Statement. The parties’ obligations Premises or in the Building, whether or not with Landlord's consent and whether or not otherwise permitted by this Lease, results in any increase in ad valorem taxes (not separately assessed) or in premiums for the fire and liability insurance or any other insurance coverage carried by Landlord with respect to payment the Building or refund its contents, Tenant shall pay as Additional Rental any such increase in taxes or premiums (as reasonably allocated by Landlord) within ten (10) days after being billed by Landlord.
(c) Provided that Tenant is not default under this Lease and submits written notice to Landlord no later than sixty (60) days following the furnishing to Tenant of the statement described in Subsection (iv) above, Tenant or its representative shall have the right to examine Landlord's accounting records pertaining to that statement within a reasonable period after the giving of such notice and during normal business hours at the place or places where such records are normally kept. Tenant may take exception to matters included in Operating Expenses, or Landlord's computation of any deficiency or overpayment component thereof, by sending notice specifying such exception and the reasons therefore to Landlord no later than thirty (30) days after Landlord makes such records available for examination. Tenant shall survive termination or expiration pay the costs for such examination unless it is subsequently determined that Landlord's original statement was in error to Tenant's disadvantage by more than five percent (5%) of this Lease; provided that no the Excess Operating Expense payments Expenses allocable to Tenant as Tenant's Proportionate Share, in which event Landlord shall reimburse Tenant for its reasonable out-of-pocket costs incurred in performing the inspection. Any amounts which are determined to have been underpaid by Tenant shall be due from promptly remitted by Tenant which are not billed to Landlord and any amounts overpaid by Tenant shall be credited against the Base Rental next owed by Tenant or promptly reimbursed to Tenant within one (1) year after at the Expiration Date end of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable yearTerm.
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Additional Rental. In addition (a) Commencing with the calendar year in which the Commencement Date occurs and continuing thereafter for each calendar year during the full Lease Term, Landlord shall present to Monthly Tenant prior to the beginning of said calendar year (or for the calendar year in which the Lease Term commences, on or before the Commencement Date) a statement of Tenant’s Forecast Additional Rental. Landlord’s failure to deliver such a statement of Tenant’s Forecast Additional Rental shall not operate to excuse Tenant from the payment of the monthly installment of Tenant’s Forecast Additional Rental due under Section 2.1(a). Rather, Tenant shall continue to pay the monthly installment of Tenant’s Forecast Additional Rental based on Landlord’s most recent calculation thereof until such a statement is delivered to LandlordTenant, as “Additional Rental,” all sums required with such statement being applied retroactively to be paid by the beginning of the calendar year and Tenant to making up any under payments (or Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of refunding any overpayment or affording Tenant under this Lease are deemed rent and Landlord shall have a credit against the same rights and remedies for the nonpayment next ensuing Rental obligations) immediately upon its receipt of such rentstatement. Landlord may, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, whichrecalculate Tenant’s Forecast Additional Rental in order to more accurately reflect Landlord’s good faith estimate of Tenant’s Additional Rental, by and Tenant shall commence paying the end recalculated Tenant’s Forecast Additional Rental, in accordance with Section 2.1(a) hereof, upon the later of each calendar year the next monthly payment date of Rental or ten (or by the Expiration Date10) days after receiving notice thereof.
(b) As used herein, if earlier), will total “Tenant’s Forecast Additional Rental” shall mean Landlord’s reasonable estimate of Operating Expenses to be incurred Tenant’s Additional Rental for such year. For partial years, the Operating Expenses will be calculated on a full-coming calendar year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurredor, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during in which Tenant paid Operating Expenses based on Landlord’s estimates as provided abovethe Lease Term commences, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”year). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable year.
Appears in 1 contract
Additional Rental. In addition Tenant shall pay, as Additional Rental, the amount, if any, by which the number of square feet contained in the Rentable area of the Premises under this Lease multiplied by $6.25 per square foot is less than Tenant's Percentage Share, as hereinafter defined, of the Operating Expenses, as hereinafter defined, for any calendar year "Tenant's Percentage Share" of the Operating Expenses shall be an amount determined by multiplying the total Operating Expenses of the Eastside Physicians Center for the year by a fraction, the numerator of which shall be the Rentable Area of the Premises and the denominator of which shall be the average of all rentable areas occupied by all rent paying tenants in the Building for the year. The Additional Rental payable pursuant to Monthly Rentalthis paragraph shall be determined, and paid in accordance with the following procedures:
(i) During each December of the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of its estimate of Additional Rental payable under this paragraph for the ensuing calendar year. On or before the first day of each month during the ensuing calendar year, Tenant shall pay to Landlord, as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses one-twelfth (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies for the nonpayment 1/12) of such rent, including Additional estimated amounts together with the Base Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided that if such notice is not given in this LeaseDecember, Tenant is solely responsible for all costs for shall continue to pay such Additional Rental during the care, maintenance, taxes, insurance, utilities, repair and operating expenses ensuing calendar year on the basis of the Premisesamounts payable during the calendar year just ended, until the month after such notice is given.
(aii) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end close of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided abovethe Lease Term, Landlord will furnish shall deliver to Tenant a reasonably detailed statement of Operating Expenses the adjustments to be made for such the calendar year (just ended. Such statement shall be final and binding upon Landlord and Tenant absent manifest error. If on the “Statement”). Any amounts owing basis of such statement Tenant owes an amount that is less than the estimated payments for that the calendar year shalljust ended previously made by Tenant, within thirty (30) days, be paid by Tenant Landlord shall credit such excess to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) payments of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded Additional rental coming due. Tenant shall pay as Additional Rental the deficiency to Tenant Landlord within thirty (30) days after the date delivery of the Statement. The parties’ obligations with respect to payment or refund statement.
(iii) If this Lease shall terminate on a day other than the last day of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Leasea calendar year, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, Additional Rental payable shall be deemed Tenant’s waiver prorated. The termination of this Lease shall not affect the obligations of Landlord and Tenant to ever make a claim based on Operating Expenses for the applicable yearbe performed after such termination, pursuant to this paragraph 4.
Appears in 1 contract
Additional Rental. In addition to Monthly Minimum Annual Rental, Tenant shall pay to Landlord, as “Additional Rental,” all sums Landlord when due each sum of money required to be paid by Tenant to Landlord pursuant to this Lease includingArticle 5, but not limited toArticle 16, Operating Expenses (as defined below)Article 18, interest and late charges. All payment obligations any other portion of Tenant under this Lease are deemed rent and Landlord shall have as additional rent, whether or not the same rights and remedies for the nonpayment of such is designated as additional rent, including Additional Rental, as it has with respect . In addition to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this LeaseMinimum Annual Rent payable hereunder, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments Landlord as “Additional Rent” for each calendar year following the Base Year or each portion thereof during the Term Tenant’s Share of the sum of (x) the amount (if any) by which Operating Costs for such period exceed Base Operating Costs, and (y) the amount (if any) by which Premises Taxes for such period exceed Base Taxes. Prior to the end of the Base Year and each calendar year thereafter, Landlord shall notify Tenant of Landlord’s estimate of Operating Expenses Costs, Premises Taxes and Tenant’s Additional Rent for the following calendar year. Commencing on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end January of each calendar year (or by following the Expiration Date, if earlier), will total Landlord’s reasonable estimate Base Year and continuing on the first day of Operating Expenses to be incurred for every month thereafter in such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay to Landlord one-twelfth (1/12th) of the amount so invoiced within 30 days after estimated Additional Rent. If Landlord delivers thereafter estimates that Operating Costs or Premises Taxes for such year will vary from Landlord’s prior estimate, Landlord may, by notice to Tenant, revise the invoiceestimate for such year (and Additional Rent shall thereafter be payable based on the revised estimate). As soon as is reasonably practicable after the end of the Base Year and each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided abovethereafter, Landlord will shall furnish Tenant a reasonably detailed statement of with respect to such year, showing Operating Expenses Costs, Premises Taxes and Additional Rent for such calendar year the year, and the total payments made by Tenant with respect thereto (the “Expense Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Unless Tenant raises any objections to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant Expense Statement within thirty ninety (3090) days after the date receipt of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment same, such Expense Statement shall survive termination or expiration of this Lease; provided that conclusively be deemed correct and Tenant shall have no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure right thereafter to dispute such Expense Statement or any item therein or the amount computation of Additional Rent based thereon. If Tenant does object to such Expense Statement, then Landlord shall provide Tenant with reasonable verification of the figures shown on the Expense Statement and the Parties shall negotiate in good faith to resolve any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable year.9 Landlord /s/ RS____ CA Lease Revision 8.0 – Torrey Hills Corporate Center Tenant /s/ KA____ Skye Bioscience Lease
Appears in 1 contract
Sources: Office Lease (Skye Bioscience, Inc.)
Additional Rental. In addition to Monthly Rental(a) For purposes of this Lease, Tenant shall pay to Landlord, as “Tenant’s Forecast Additional Rental,” all sums required to be paid by Tenant shall mean Landlord’s reasonable estimate of Tenant’s Additional Rental for the coming calendar year or portion thereof If at any time it appears to Landlord pursuant to this Lease including, but not limited to, Operating Expenses that Tenant’s Additional Rental for the current calendar year will vary from Landlord’s estimate by more than five percent (as defined below5%), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights right to revise, but not more than once per year (but Landlord shall have the right to reduce such estimate as many times within any year as Landlord chooses), by notice to Tenant, its estimate for such year, and remedies subsequent payments by Tenant for such year shall be based upon such revised estimate of Tenant’s Additional Rental. Failure to make a revision contemplated by the nonpayment immediately preceding sentence shall not prejudice Landlord’s right to collect the full amount of such rentTenant’s Additional Rental. Prior to the Rental Commencement Date and thereafter prior to the beginning of each calendar year during the Lease Term, including any extensions thereof, Landlord shall present to Tenant a statement of Tenant’s Forecast Additional RentalRental for such calendar year, as it has with respect provided, however, that if such statement is not given prior to the nonpayment beginning of Monthly Rental. Except any calendar year as aforesaid, Tenant shall continue to pay during the extent otherwise provided in next ensuing calendar year on the basis of the amount of Tenant’s Forecast Additional Rental payable during the calendar year just ended until the month after such statement is delivered to Tenant.
(b) For purposes of this Lease, Tenant is solely responsible “Tenant’s Additional Rental” shall mean for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or portion thereof) the Operating Expense Amount (defined below) multiplied by the Expiration Datenumber of square feet of Rentable Floor Area of Demised Premises (not including Storage Space). As used herein, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated “Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant Amount” shall pay mean the amount so invoiced within 30 days after Landlord delivers by which the invoice. As soon as is reasonably practicable after the end sum of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above(x) plus (y) exceeds $[**], Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable year.where:
Appears in 1 contract
Additional Rental. (a) In addition to Monthly Rentalthe Base Rental for each calendar year (or portion thereof) during the term of this Lease, Tenant shall pay to Landlord, as additional rent (the “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, ”) Tenant’s Proportionate Share (as hereinafter defined) of the Operating Expenses (as defined below), interest and late charges. All payment obligations hereinafter defined) for that year in excess of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies Operating Expenses for the nonpayment Base Year (as hereinafter defined) and Tenant’s Proportionate Share of such rent, including Additional Rental, the Real Estate Taxes (as it has with respect to hereinafter defined) in excess of the nonpayment Base Real Estate Taxes (as hereinafter defined) for that year. On or about the beginning of Monthly Rental. Except to each calendar year during the extent otherwise provided in term of this Lease, Landlord shall deliver to Tenant is solely responsible for all costs for Landlord’s good faith estimate (the care, maintenance, taxes, insurance, utilities, repair and operating expenses “Estimated Additional Rental”) of the Premises.
(a) Tenant Additional Rental for that year. The Estimated Additional Rental shall pay monthly be paid in equal installments of Operating Expenses in advance on the first day of each month. If Landlord does not deliver an estimate to Tenant for any year by January 1 of that year, in amounts specified in good faith by Landlord from Tenant shall continue to pay Estimated Additional Rental based on the prior year’s estimate. From time to time, which, by the end of each time during any calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such but not more than twice during any calendar year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurredmay, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within upon thirty (30) days after the date prior written notice, revise its estimate of the Statement. The parties’ obligations with respect to payment Additional Rental for that year based on either actual or refund reasonably anticipated increases in Operating Expenses or Real Estate Taxes, and the monthly installments of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments Estimated Additional Rental shall be due from appropriately adjusted for the remainder of that year in accordance with the revised estimate so that by the end of the year, the total payments of Estimated Additional Rental paid by Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute shall equal the amount of any Operating Expense or reconciliation statement within 180 days after the revised estimate. The parties acknowledge and agree that during calendar year 2000, Tenant’s receipt of a reconciliation statement for the applicable calendar year, Estimated Additional Rental shall be deemed only Tenant’s waiver to ever make a claim based on Operating Expenses for Proportionate Share of the applicable yearReal Estate Taxes in excess of the Base Real Estate Taxes.
Appears in 1 contract
Additional Rental. In addition to Monthly Rental, For calendar year 1998 and for each calendar year thereafter Tenant shall pay to Landlord, as “Additional Rental,” additional rental together with all sums required to be paid other than Annual Rental payable by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and (the "Additional Rental") for each Operating Expense Year (as hereinafter defined) Tenant's Share (as hereinafter defined) of the increase, if any, in the direct expenses paid or incurred by Landlord shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilitiesoperation, repair and operating expenses maintenance of the Premises.
Building, Building Parking Garage, other Common Building Facilities, and the Additional Parking Area (a) Tenant shall pay monthly installments of "Operating Expenses on the first day of each month, Expenses" as more fully defined in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlierExhibit D), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Effective Date of this Lease, and provided further that the total rentable area of the leasable space within the Building is 515,738 square feet; therefore, as of the Effective Date of this Lease, the Tenant’s failure to dispute 's Share of Operating Expenses is three point nine-five percent (3.95%). Notwithstanding the amount foregoing, for purposes of any calculating Additional Rental hereunder (i) the Operating Expenses for 1998 shall not exceed four percent (4%) of the Operating Expense or reconciliation statement within 180 days after Tenant’s receipt Base, and (ii) the Operating Expenses for each Operating Expense Year following 1998 shall not exceed four percent (4%) of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable immediately preceding Operating Expense Year (as limited pursuant to this paragraph 4.02(a)); provided however that such limitation shall apply only to all Operating Expenses other than the real estate taxes and assessments. In calculating the maximum amount of Operating Expenses for Tenants Share, the amount of actual real estate taxes and assessments shall first be deducted from Operating Expenses then the four percent (4%) limitation shall be applied to the remainder and then real estate taxes and assessments shall be added back and the sum of the above amounts shall be the Operating Expenses used in determining Tenant's Share of Operating Expenses; provided however that the amount of real estate taxes and assessments in 1998 shall not be in excess of ten percent (10%) more than the amount of 1997 taxes and for each year after 1998 shall not be in excess of ten percent (10%) of the amount for the prior year. Such Additional Rental shall be payable by Tenant to Landlord as hereinafter provided.
Appears in 1 contract
Additional Rental. In addition to Monthly Rental, Tenant Lessee shall pay to Landlord, Lessor as additional rental (“Additional Rental,” sometimes referred to as “Cost Pass Through” (“CPT” in every day language) Lessee’s share (as hereinafter defined) of the increase each year in Operating Expense (as hereinafter defined) over the Base Operating Expense (as hereinafter defined). “Lessee’s share shall equal that portion of such increase that the square footage of the Premises bears to all sums required to be paid by Tenant to Landlord pursuant to this Lease space available for lease in the Building. The term “Operating Expense” shall include all Lessor’s costs of operation, replacement and maintenance of the Building for each year including, but not limited to, all ad valorem taxes, premiums for insurance, management costs, utility charges. Building and parking lot security expense, parking lot maintenance expenses, janitorial and maintenance expenses, but shall not include the cost of capital improvements (such definition shall in no way increase Lessor’s obligations hereunder). The term “Base Operating Expense” shall mean the sum of $3.00 per square foot per calendar year. As soon as practical after December 31 of each calendar year, the Lessor shall deliver to the Lessee (i) a statement of Operating Expenses for the fiscal year just ended, (as defined below)ii) a computation of Lessee’s share of such Operating Expenses, interest and late charges(iii) a statement of Additional Rentals, if any, payable by Lessee, hereinafter called the “Notice of Payment of Additional Rentals”. Lessee shall pay such Additional Rentals within ten (10) days after receipt of Notice of Payment of Additional Rentals. At Lessor’s option, Lessor may estimate the Additional Rentals and ▇▇▇▇ the Lessee monthly in advance for such Additional Rentals; and Lessee shall pay the same to Lessor in advance, at the same time and together with the monthly Base Rentals. If such monthly billing is elected by Lessor, and Lessee’s share of the Operating Expenses for the applicable calendar year exceeds the Additional Rentals paid by Lessee for such calendar year, Lessee shall pay such excess within ten (10) days after receipt of Notice of Payment of Additional Rentals. If Lessee’s Share of the Operating Expenses for the applicable calendar year is less than the Additional Rentals paid by Lessee for such calendar year, Lessor shall immediately credit and reduce Lessee’s current Additional Rental payments accordingly. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies Additional Rentals for the nonpayment calendar year in which the lease term terminates shall be due and payable upon receipt of Notice of Payment of Additional Rentals even if such rent, including Additional Rental, as it has with Notice is received after the lease termination date. With respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this LeaseAdditional Rentals, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
within sixty (a60) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord days from time to time, which, by the end of each calendar year (or by the Expiration Dateyear, if earlier)Lessee upon reasonable notice to Lessor, will total Landlordmay have access to Lessor’s reasonable estimate of Operating Expenses records to be incurred for such year. For partial yearsverify, at Lessee’s expense, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, . The base operating expense for the 902 square foot vault (G-102 Extension) shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for $ 3.47 less ad valorem taxes per square foot per annum. Ad valorem taxes shall be paid directly by the applicable yearLessee.
Appears in 1 contract
Sources: Lease Agreement (Radiation Therapy Services Holdings, Inc.)
Additional Rental. In addition to Monthly Rentalthe Base Rental payable pursuant to paragraph A above, Tenant shall pay to Landlordas Additional Rental for the period from and after the Commencement Date (i) Tenant’s Percentage Share of (a) Operating Expenses and (b) Impositions as provided in paragraph B of Article 7, (ii) utility charges as “Additional Rental,” provided in paragraph A of Article 7 and Tenant Impositions as provided in paragraph B of Article 7, and (iii) all sums required other payments to be paid made by Tenant to Landlord Delta pursuant to Articles 9, 10 and 16 of this Lease includingand all other payments to be made by Tenant to Delta with respect to capital improvements, but not limited to, capital replacements or other capital expenditures as provided in Article 1 of this Lease. Operating Expenses (as defined below)prior to the first January 1 to occur after the Commencement Date shall be estimated based upon a budget prepared by Delta and approved by Tenant, interest and late chargeswhich approval shall not be unreasonably withheld or delayed. All payment obligations For each succeeding calendar year of Tenant under this Lease are deemed rent and Landlord Lease, the estimate of Operating Expenses shall have the same rights and remedies be based upon actual Operating Expenses for the nonpayment of such rent, including Additional Rental, as it has previous calendar year (with respect to the nonpayment of Monthly Rentalfirst full calendar year, adjusted, if necessary, to reflect a Commencement Date on a date other than January 1). Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments one-twelfth (1/12th) of Tenant’s Percentage Share of such estimated Operating Expenses (“Tenant’s Estimated Operating Expenses”) for the calendar year on the first (1st) day of each calendar month, in amounts specified in good faith by Landlord from time to time, which, by the end . By April 1 of each calendar year (or by following the Expiration Commencement Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses Delta shall furnish to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Delta’s actual Operating Expenses for such the previous calendar year (and the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlordcalculation of Tenant’s option, be credited against the next installment(s) of estimated Estimated Operating Expenses and Monthly Rent due from Tenantfor the current calendar year. Tenant agrees to pay Delta, or be refunded to Tenant within thirty (30) days after receipt of Delta’s statement, any amount of Tenant’s Percentage Share of actual Operating Expenses which was not previously paid as Tenant’s Estimated Operating Expenses for such previous calendar year. If for any calendar year the date amount of Tenant’s Estimated Operating Expenses paid by Tenant during such calendar year is greater than Tenant’s Percentage Share of actual Operating Expenses during such calendar year, as shown by Delta’s statement or, if audited, by the audit thereof described below (provided such auditor’s determination is confirmed by Delta or otherwise determined to be correct), then, (i) if such overpayment is less than $50,000.00, Delta shall apply and credit such overpayment in reduction of the Statementnext accruing installment of Additional Rental payable by Tenant to Delta, and (ii) if such overpayment is greater than $50,000.00, Delta shall refund to Tenant the entire amount of any such overpayment within ten (10) days of Tenant’s written request to Delta for payment of such amount. The parties’ obligations If such audit reflects an underpayment by Tenant with respect to payment or refund the period audited, then Tenant shall pay to Delta the entire amount of any deficiency or overpayment such underpayment within ten (10) days of receipt of Delta’s invoice therefor. Tenant shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant have the right, within one hundred eighty (1180) days after receipt of Delta’s statement of actual Operating Expenses for the previous calendar year, to cause Delta’s books and records relating to Operating Expenses to be audited by a Big Eight accounting firm designated by Tenant and reasonably acceptable to Delta, and Delta shall cooperate with Tenant and such accountants in connection with any such audit; provided, however, that Tenant shall pay all costs and expenses of such audit unless such audit reveals that the amount of Operating Expenses set forth in Delta’s statement for the previous calendar year after exceeds the Expiration Date actual amount of this Lease, such Operating Expenses for such calendar year as disclosed by such audit by more than five percent (5%) (and provided further that such auditor’s determination is confirmed by Delta or otherwise determined to be correct), in which event Delta shall pay the costs and expenses of such audit, including the fees and expenses of Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable yearaccountant.
Appears in 1 contract
Sources: Lease Agreement (Ws Financing Corp)
Additional Rental. In addition to Monthly Rental, Tenant shall pay to Landlord, as “Additional Rental,” all sums required to be paid by Tenant to Landlord pursuant to this Lease including, but not limited to, Operating Expenses (as defined below), interest and late charges. All payment obligations of Tenant under this Lease are deemed rent and Landlord shall have the same rights and remedies for the nonpayment of such rent, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date of the Statement. The parties’ obligations with respect to payment or refund of any deficiency or overpayment shall survive termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable year.
(b) As used in this Lease, the term “Operating Expenses” means any and all costs, expenses and disbursements of every kind and character that Landlord in good faith incurs, pays or becomes obligated to pay in connection with its ownership interest in the Property, or the operation, maintenance, management, repair, replacement, and security thereof; plus, with respect to such costs, expenses, and disbursements for the Property which do not exclusively pertain to the Property, the portion of such expenses which Landlord reasonably and equitably allocates to the Property. If before the Multi-Tenant Provisions become effective, there are any costs incurred in a single b▇▇▇ or contract (e.g., landscaping services) which benefit both the Property and the Adjacent Parcel, Landlord may allocate the costs of such items on an equitable basis to the Property and the Adjacent Parcel, and include that portion of the b▇▇▇ which is reasonably and equitably allocated to the Property in Operating Expenses. Operating Expenses include, without limitation, any and all assessments Landlord must pay pursuant to any covenants, conditions or restrictions, reciprocal easement agreements, tenancy-in-common agreements or similar restrictions and agreements affecting the Premises, Taxes (as defined below), assessments and other similar governmental charges; water and sewer charges; the cost and expense of insurance, including loss of rents coverage and all other coverage procured by Landlord, and any applicable deductibles (provided the same are commercially reasonable and to the extent in excess of $25,000, such deductibles shall be treated as a Capital Expense (as defined below)); utilities (other than those paid directly by Tenant to the utility provider); security; labor and personnel costs (including applicable overhead); parking lot maintenance and repair; a management fee to Landlord or its agent in the amount of 3.5% of the Monthly Rental (the “Management Fee”); heating, ventilating and air conditioning repairs, replacements (which will be treated as Capital Items), and maintenance; waste disposal; elevator maintenance; repair, replacement (which replacements may, in certain circumstances described below, be treated as Capital Items), and maintenance of the plumbing, heating, ventilating, air conditioning, electrical, life safety and building management systems furnished by Landlord (the “Building Systems”); costs associated with the upkeep and operation of all parking and Common Areas; costs and expenses of gardening and landscaping; maintenance of signs (other than costs incurred by Tenant to maintain Tenant’s signs); and personal property taxes levied on or attributable to personal property used in connection with the Property. As to Capital Expenses (as defined below), such expenses shall only be included in Operating Expenses if such Capital Items (as defined below) (i) are incurred in order for the Property to comply with Applicable Laws, (ii) can reasonably be anticipated to reduce Operating Expenses that would otherwise be incurred, or (iii) are determined by Landlord to be reasonably necessary to keep the Property in a first class condition based upon wear and tear of such items, but all such Capital Expenses shall be amortized over the reasonable useful life of such improvement, replacement, repair or equipment as reasonably determined by Landlord (including an interest factor of the then-applicable Prime Rate). All Operating Expenses for Capital Items are "Capital Expenses.” For purposes of this Lease, the term “Capital Items” means those items that individually cost more than $50,000.00 that are considered capital repairs, replacements, improvements or equipment under generally accepted accounting principles consistently applied, and any insurance deductible to the extent exceeding $25,000.00.
Appears in 1 contract
Sources: Lease (Neurocrine Biosciences Inc)
Additional Rental. In addition (a) For purposes of this Lease, "Tenant's Forecast Additional Rental" shall mean Landlord's reasonable estimate of Tenant's Additional Rental for the coming calendar year or portion thereof. If at any time it appears to Monthly Landlord that Tenant's Additional Rental for the current calendar year will vary from Landlord's estimate by more than five percent (5%), Landlord shall have the right to revise, by notice to Tenant, its estimate for such year, and subsequent payments by Tenant for such year shall be based upon such revised estimate of Tenant's Additional Rental. Failure to make a revision contemplated by the immediately preceding sentence shall not prejudice Landlord's right to collect the full amount of Tenant's Additional Rental. Prior to the Rental Commencement Date and thereafter prior to the beginning of each calendar year during the Lease Term, including any extensions thereof, Landlord shall present to Tenant a statement of Tenant's Forecast Additional Rental for such calendar year; provided, however, that if such statement is not given prior to the beginning of any calendar year as aforesaid, Tenant shall continue to pay during the next ensuing calendar year on the basis of the amount of Tenant's Forecast Additional Rental payable during the calendar year just ended until the month after such statement is delivered to LandlordTenant.
(b) For purposes of this Lease, as “"Tenant's Additional Rental,” all sums required " shall mean for each calendar year the Operating Expense Amount (defined below) multiplied by the number of square feet of Rentable Floor Area of Demised Premises. As used herein, "Operating Expense Amount" shall mean an amount equal to be paid by Tenant to Landlord pursuant to this Lease including(i) plus (ii), but not limited to, where:
(i) equals the amount of Operating Expenses (as defined below)) for such calendar year; and
(ii) equals a management fee contribution equal to three percent (3%) of the sum of the Base Rental plus the amount due under item (i) above. Notwithstanding anything to the contrary set forth in item (ii) above, interest for the period beginning on the Effective Date and late chargesending on August 31,2001, Tenant's management fee contribution shall continue to be calculated as provided in the Original Lease (i.e., $.34 per square foot of Rentable Floor Area of Demised Premises for calendar year 2000, and $.35 per square foot of Rentable Floor Area of Demised Premises for the applicable portion of calendar year 2001) and the three percent (3%) management fee contribution described in item (ii) above shall become effective as of September 1,2001. All payment obligations Tenant's management fee contribution for calendar year 2001 shall be appropriately pro-rated as of September 1, 2001.
(c) Within one hundred fifty (150) days after the end of the calendar year in which the Rental Commencement Date occurs and of each calendar year thereafter during the Lease Term, Landlord shall provide Tenant a statement showing the Operating Expenses (including components thereof in reasonable detail) for said calendar year, and a statement prepared by Landlord comparing Tenant's Forecast Additional Rental with ATLOI/IO756990v6 Tenant's Additional Rental. In the event Tenant's Forecast Additional Rental exceeds Tenant's Additional Rental for said calendar year, Landlord shall credit such amount against Rent next due hereunder or, if the Lease Term has expired or is about to expire, refund such excess to Tenant if there is not an event of default on the part of Tenant under this Lease are deemed rent (in the instance of an event of default such excess shall be held as additional security for Tenant's performance, may be applied by Landlord to cure any such event of default, and Landlord shall have not be refunded until any such event of default is cured). In the same rights and remedies event that the Tenant's Additional Rental exceeds Tenant's Forecast Additional Rental for the nonpayment of such rentsaid calendar year, including Additional Rental, as it has with respect to the nonpayment of Monthly Rental. Except to the extent otherwise provided in this Lease, Tenant is solely responsible for all costs for the care, maintenance, taxes, insurance, utilities, repair and operating expenses of the Premises.
(a) Tenant shall pay monthly installments of Operating Expenses on the first day of each month, in amounts specified in good faith by Landlord from time to time, which, by the end of each calendar year (or by the Expiration Date, if earlier), will total Landlord’s reasonable estimate of Operating Expenses to be incurred for such year. For partial years, the Operating Expenses will be calculated on a full-year basis and then prorated. If at any time Landlord incurs an unanticipated Operating Expense (or any other expense to be borne by Tenant under this Lease), Landlord may invoice Tenant for reimbursement of such expense any time after the expense is incurred, in which case Tenant shall pay the amount so invoiced within 30 days after Landlord delivers the invoice. As soon as is reasonably practicable after the end of each calendar year during which Tenant paid Operating Expenses based on Landlord’s estimates as provided above, Landlord will furnish Tenant a reasonably detailed statement of Operating Expenses for such calendar year (the “Statement”). Any amounts owing for that year shall, within thirty (30) days, be paid by Tenant to Landlord. Any amounts overpaid shall, at Landlord’s option, be credited against the next installment(s) days of estimated Operating Expenses and Monthly Rent due from Tenant, or be refunded to Tenant within thirty (30) days after the date receipt of the Statementstatement, an amount equal to such difference. The parties’ obligations with respect to provisions of this Lease concerning the payment or refund of any deficiency or overpayment Tenant's Additional Rental shall survive the expiration or earlier termination or expiration of this Lease; provided that no Operating Expense payments shall be due from Tenant which are not billed to Tenant within one (1) year after the Expiration Date of this Lease, and provided further that Tenant’s failure to dispute the amount of any Operating Expense or reconciliation statement within 180 days after Tenant’s receipt of a reconciliation statement for the applicable calendar year, shall be deemed Tenant’s waiver to ever make a claim based on Operating Expenses for the applicable year.
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