Operating Expense Adjustment Sample Clauses
POPULAR SAMPLE Copied 13 times
Operating Expense Adjustment. The parties each acknowledging that the Rent specified in Section 6. of the Lease does not provide for Operating Expenses, Real Estate Taxes, and Utility Costs (hereinafter called "Expenses") or any increase in the Expenses which may hereafter affect the Office Space or the Building; accordingly, during the term of this Lease, and any renewals thereof, Tenant shall pay to Landlord, in the form of Additional Rent (plus any applicable sales tax), the base amount for the Expenses of $3.50 per square foot of the adjusted rentable area of the Office Space per annum ("Expense Base") and its proportionate share of increased Expenses over the Expense Base amount (as hereinafter defined), such proportionate share to be a fraction, the numerator of which is the total number of the Adjusted Rentable Square Feet contained in the Office Space and the denominator of which is the total number of Adjusted Total Rentable square footage in the Building. During the ensuing Lease Year, Tenant shall pay to Landlord, as and when Rent is due and payable hereunder, an amount equal to one-twelfth (1/12th) of Tenant's Expense Base and its proportionate share of the excess Expenses. If Landlord's fiscal year ends less than thirty (30) days prior to the end of the Lease Year, Landlord shall have thirty (30) days after the end of its fiscal year to prepare and submit the required statement, and, upon submission of such statement, Tenant shall pay 1/12th of its Expense Base and its proportionate share of the excess Expenses and a like amount of the first day of each calendar month thereafter commencing on the second month of each Lease Year. The term "Real Estate Taxes" shall mean the annual taxes and any special assessments or other charges levied against the real property of which the Office Space is a part by any authority having the direct power so to tax, including any city, county, state, or federal government, or any school, agricultural, transportation or environmental control agency, lighting, drainage, or other improvement district thereof, and shall include the expense of contesting the amount or validity of any such taxes, charges or assessments, the term "Operating Expenses" shall include the annual expenses of Landlord for the operation and maintenance of the Office Space and Building which are reasonable or customary for the operation of this type of Office Space and Building, and shall include, but not be limited to, management salaries; maintenance and janitorial expen...
Operating Expense Adjustment. Tenant shall pay as additional rent its proportionate share, as defined in paragraph 1 9.2, of the amount by which operating expenses for the Building increase over those experienced by Landlord during the calendar year 1 997 (base year). Effective January 1 of each year Landlord shall estimate the amount by which operating expenses are expected to increase, if any, over those incurred in the base year. Monthly rental for that year shall be increased by one-twelfth of Tenant's share of the estimated increase. Following the end of each calendar year, Landlord shall compute the actual increase in operating expenses and bill Tenant for any deficien▇▇ ▇r credit Tenant with any excess collected. As used herein "operating expenses" shall mean all costs of operating and maintaining the Building as determined by standard real estate accounting practice, including, but not limited to: all water and sewer charges; the cost of natural gas and electricity provided to the Building; janitorial and cleaning supplies and services; administration costs and management fees; superintendent fees; security services, if any; insurance premiums; licenses; permits for the operation and maintenance of the Building and all of its component elements and mechanical systems; the annual amortized capital improvement cost (amortized over such a period as Landlord may select but not shorter than the period allowed under the Internal Revenue Code and at a current market interest rate) for any capital improvements to the Building required by any governmental authority or those which have a reasonable probability of improving the operating efficiency of the Building.
Operating Expense Adjustment. The parties each acknowledge that the Rent specified in Item 3 of the Lease does not provide for increases in operating expenses, real estate taxes and utility costs which may hereafter affect the Premises or the Building: accordingly, during the term of this Lease, and any renewals thereof, Tenant shall pay to Landlord, in addition to the Annual Escalator described in Item 4 hereof, in the form of Additional Rent (plus any applicable tax), its Proportionate Share of increased expenses over the base amount as defined in item 1, Section (I). (Should Tenant exercise any expansion option under the Lease, the foregoing proportionate share shall be adjusted accordingly). Within thirty (30) days after the first twelve (12) months of the term or such calendar year as may be selected, and each anniversary thereafter, Landlord shall deliver to Tenant a statement setting forth the amount of increases for the preceding twelve (12) month period, together with an invoice showing the amount due Landlord from Tenant under such increases. Tenant shall pay any increases over the base amount within (30) days from receipt of the statement and invoice, whether or not Tenant disputes the accuracy of such statement, Tenant reserving the right at its expense to audit Landlord’s records in support of such statement.
Operating Expense Adjustment. Tenant's Share of the amount by which Operating Expenses for any Operating Year exceeds the Operating Expense Allowance. Operating Expense Allowance. The actual Operating Expenses for the Operating Year 2006. Operating Expense Estimate. Landlord's estimate of the Operating Expense Adjustment for an Operating Year. Operating Expense Statement. A written statement from Landlord setting forth (a) the amount of Operating Expenses for the preceding Operating Year, (b) the Operating Expense Adjustment for such Operating Year, (c) all amounts paid by Tenant on account of the Operating Expense Adjustment, and (d) the amount due from or to be credited to Tenant for the Operating Year.
Operating Expense Adjustment. If during all or part of any Lease Year, Landlord does not furnish any work or services that were included in Base Operating Expenses, Landlord will have the right to reduce the Base Operating Expenses by an amount equal to the additional costs and expenses Landlord would have incurred if Landlord furnished such work or services during such Lease Year.
Operating Expense Adjustment. At the end of the first four (4) Contract Quarters during the Applicable Term, HEP Operating shall calculate the aggregate operating expenses incurred in the operation of the Tulsa West Tankage (but such calculation shall not include extraordinary and non-recurring items of expense that are not reasonably expected to recur in future periods during the Applicable Term) (“Initial OPEX”). In the event that the Initial OPEX exceeds the Assumed OPEX for the Tulsa West Tankage set forth on Exhibit C, (A) HFRM shall, within ten (10) days of receiving an invoice from HEP Operating, reimburse HEP Operating an amount equal to (i) the Initial OPEX minus (ii) the Assumed OPEX (the “OPEX Reimbursement Amount”), and (B) from and after the first four (4) Contract Quarters during the Applicable Term, HEP Operating shall, increase the Base Tariff for the Tulsa West Tankage by the amount necessary to allow HEP Operating to recover the OPEX Reimbursement Amount during each subsequent four (4) Contract Quarter period for the remainder of the Applicable Term, and the Parties shall execute an amended, modified, revised or updated Exhibit C reflecting such aggregate OPEX as the new Assumed OPEX for the Tulsa West Tankage. In the event that the Initial OPEX is less than the Assumed OPEX for the Tulsa West Tankage, HEP Operating shall decrease the Base Tariff for the Tulsa West Tankage by the amount necessary to account for the difference between the Assumed OPEX for the Tulsa West Tankage and the Initial OPEX for each subsequent four (4) Contract Quarter Period for the remainder of the Applicable Term, and the Parties shall execute an amended, modified, revised or updated Exhibit C reflecting the Initial OPEX as the new Assumed OPEX for the Tulsa West Tankage.
Operating Expense Adjustment. The Basic Annual Rental payable under paragraph 1(f) hereof is based, in part, on operating expenses existing during the calendar year in which the lease commences ("Base Year"). For the purposes of rental escalations under the terms of this Lease. said operating expenses are defined as and limited to: (i) ad valorem taxes, for which Landlord is liable, assessed against the land, Building and Improvements and in and upon which the Premises are located together with any special assessments and other real estate costs in the nature of taxes or assessments for which Landlord is responsible; (ii) expenses of operation, maintenance and repair of the land, Building, sidewalks and curbs adjacent thereto in a manner deemed reasonable and appropriate and for the best interest of the occupants; (iii) actual expenses incurred for employees, such as wages, fringe benefits, taxes, unemployment and disability insurance, workmen's compensation insurance, social security benefits and any other expenses incurred in connection with such employees. The term "employees" includes employees such as superintendents, engineers, electricians, clerks, mechanics, helpers, security officers, porters, cleaners, and window washers, as well as contract laborers performing services for the Building and other persons, firms or corporations providing contract services for the benefit of the Building; (iv) actual cost of materials and supplies used and consumed for the benefit of the Building and the occupants; (v) full contract cost of third-party contractors for all of the foregoing, including rubbish removal, elevator maintenance, maintenance of air conditioning, heating and ventilation equipment, management services, uniform supply, past control and security service; (vi) all utility services; and (vii) actual cost of insurance, including fire and extended coverage and general liability insurance, but no change for insurance is included that reflects premiums due to any act or omission of any tenant of the Building for which Landlord would be entitled to reimbursement from such tenant. Said operating expenses shall not include administrative salaries and wages of persons not involved in the day-to-day operations of the Building, state or federal income taxes or periodic alterations of improvements to the construction of the Building, and in no case shall Tenant be charged additional rent for any operating expense such as painting, repainting, redecorating, special cleaning service of sp...
Operating Expense Adjustment. If the Operating Expenses (defined below) for the Building for any calendar year, expressed on a per square foot basis, exceed the Base Operating Expense Factor specified in Subsection 2.01(e) above, Lessee shall pay to Lessor increased Rent (herein "Operating Expense Adjustment") in an amount equal to the product of such excess (expressed on a square foot basis) times the Rentable Square Feet Area of Leased Premises as stated in Subsection 2.01(c). The Operating Expense Adjustment shall be payable in monthly installments on the first day of each calendar month based on Lessor's estimate of the Operating Expenses for the then current year. Lessor may at any time give Lessee written notice specifying Lessor's estimate of the Operating Expenses for the then current calendar year or the subsequent calendar year and specifying the Operating Expense Adjustment to be paid by Lessee for each such year. Within one hundred twenty (120) days after the end of each calendar year, Lessor shall give written notice to Lessee specifying the actual Operating Expenses for the prior calendar year and any necessary adjustment to the Operating Expense Adjustment paid by Lessee for that calendar year. Lessee shall pay any deficit amount to Lessor within fifteen (15) days after receipt of Lessor's written notice. Any excess payment by Lessee for the prior calendar year shall reduce the Operating Expense Adjustment for the following calendar year. The provisions of this paragraph shall survive the cancellation or termination of this Lease.
Operating Expense Adjustment. Tenant shall pay as additional rent Tenant's Proportionate Share of the amount by which operating expenses for the Building increase over those experienced by Landlord during the calendar year 1988 (base year). Effective January 1 of each year Landlord shall estimate the amount by which operating expenses are expected to increase, if any, over those incurred in the base year. Monthly rental for that year shall be increased by one-twelfth of Please initial KTL -------- ------ Landlord Tenant
Operating Expense Adjustment. 5 B. Real Estate Tax Adjustment................................ 6 4 ELECTRICITY............................................................. 8 5 USE..................................................................... 12 6 REPAIRS, ALTERATIONS AND LIENS.......................................... 13 7 FLOOR LOAD, NOISE, WINDOW CLEANING...................................... 18 8 LAWS, ORDINANCES, REQUIREMENTS OF PUBLIC AUTHORITIES.................... 18 9 INSURANCE, PROPERTY LOSS, REIMBURSEMENT................................. 19 10 DAMAGE OR DESTRUCTION BY FIRE OR OTHER CAUSE............................ 22 11 ASSIGNMENT, SUBLETTING, MORTGAGING...................................... 24