Common use of Operating Expense Adjustment Clause in Contracts

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. 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 an "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 square feet of the Leased Premises as stated in Subsection 2.01(c2.01 (b)). 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. (For purposes herein, for any calendar year, any such deficit amount Lessee is to pay Lessor, or any excess payment Lessee may reduce its Operating Expense Adjustment for the following calendar year by shall be deemed the "tru-up".) In the event the tru- up for any calendar year is five percent (5%) of the Operating Expenses or less. Lessee shall tru-up its Operating Expenses as set forth above; provided, however, if the tru-up for any calendar year is greater than five percent (5%) of the Operating Expenses, then Lessee may amortize such amount into its Operating Expense payments for the following calendar year. The provisions of this paragraph shall survive the cancellation or termination of this LeaseLease Lessee shall have the right, one (1) time per year. with written notice to Lessor, to request Lessor to provide Lessee with a detailed itemization of the Operating Expenses for any calendar year.