Collection of Operating Costs Clause Samples

Collection of Operating Costs. Landlord shall have the right to collect Tenant’s pro rata share (as defined in Section 4.5(a)) of Operating Costs and all other charges provided for under this Article IV including, without limitation, insurance premiums and Real Property Taxes, on a monthly basis. Such amounts shall be based on Landlord’s reasonable estimate of the costs, charges or premiums next due, and shall be paid by Tenant as Additional Rent upon the basis and at the times described herein. Landlord shall provide to Tenant a yearly expense estimate statement (hereinafter “Estimate Statement”) which shall set forth Landlord’s reasonable estimate of the total amount due from Tenant for the current or next ensuing Lease Year for Operating Costs. Tenant shall pay to Landlord with each installment of Minimum Monthly Rent an amount equal to one-twelfth (1/12th) of the estimated amount due from Tenant as set forth ire the Estimate Statement. At anytime during any Lease Year, Landlord may provide a new Estimate Statement to Tenant indicating any additional amount due from Tenant and Tenant agrees to pay such amount to Landlord within fifteen (15) days after notification of the amount of the deficiency. Tenant’s failure to pay such deficiency to Landlord within such fifteen (15)-day period shall constitute a breach of this Lease and entitle Landlord to any and all remedies available under this Lease and applicable law. Such estimated payments shall be paid to Landlord with no obligation to pay the Tenant interest thereon. Within a reasonable period of time after the end of each Lease Year hereunder, Landlord shall give to Tenant a year-end statement (hereinafter “Annual Statement”) which shall indicate all of the Operating Costs and other amounts due from Tenant hereunder for the previous Lease Year, and the amounts paid by Tenant relating thereto. If the amount paid by Tenant is less than the amount owed by Tenant, Tenant agrees to pay such deficiency to Landlord within fifteen (15) days after receipt of the Annual Statement. If the amount paid by Tenant for the prior Lease Year exceeds the amount required to be paid by Tenant, such overage shall be credited to amounts due from Tenant for the next Lease Year. Landlord’s failure to provide such Annual Statement to Tenant as provided above shall in no way excuse Tenant from its obligation to pay any such additional amount of Operating Costs or constitute a waiver of Landlord’s right to collect such Operating Costs from Tenant in accordance w...
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Related to Collection of Operating Costs

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Definition of Operating Expenses Operating Expenses" shall mean and include all expenses incurred and payable in connection with the ownership, operation, maintenance, repair and management of the Premises and the improvements thereon and, without restricting the generality of the foregoing, shall include:

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

  • Maintenance of Operations The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken by the Company during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company of operations at the Project during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken by the Company being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

  • Statement of Operations Statement of Changes in Net Assets.