Common use of Cap on Controllable Operating Expenses Clause in Contracts

Cap on Controllable Operating Expenses. Notwithstanding anything to the contrary set forth in this Lease, Landlord agrees that Tenant’s obligation to pay increases in controllable Operating Expenses in any Operating Period shall not exceed five percent (5%) over the controllable Operating Expenses payable in the preceding Operating Period, determined on a cumulative basis throughout the Term. For the purposes of this Lease, “controllable” Operating Expenses include all Operating Expenses other than the cost of all utility services provided to the Project, insurance premiums and any taxes included in Operating Expenses. For purposes of clarity, there is no cap on the amount of Taxes payable by Tenant.