Common use of Adjustment of Payment Clause in Contracts

Adjustment of Payment. Within sixty (60) days after the end of each lease year, Landlord shall submit to Tenant an accurate statement certified by Landlord showing the actual Additional Rent for the year payable by Tenant. In the event that such statement or any audit by Lessee reveals that the amount of additional Rent due from Lessee is less than the amount actually paid by Lessee, then such excess shall be credited to the installment(s) of monthly rental payment next due, or if for the last year of the lease term be paid by Lessor to Lessee upon termination of the Lease Agreement and vacation of the leased premises.