Common use of Payment of Project Operating Costs Clause in Contracts

Payment of Project Operating Costs. Tenant's Proportionate Share of Project Operating Costs shall be payable by Tenant to Landlord as follows: a. To provide for current payments of Tenant's Proportionate Share of Project Operating Costs, Tenant shall pay as additional rent, an amount equal to Tenant's Proportionate Share of the Project Operating Costs payable during each calendar year, as estimated by Landlord from time to time. Such payments shall be made in monthly installments, commencing on the first day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first day of the month following the month in which Landlord gives Tenant a new notice of estimated Project Operating Costs. b. On or before April 1 of each calendar year (or as soon thereafter as is practical), Landlord shall deliver to Tenant a statement setting forth Tenant's Proportionate Share of the actual Project Operating Costs for the preceding calendar year. If Tenant's Proportionate Share of the actual Project Operating costs for the previous calendar year exceeds the total of the monthly payments made by Tenant for such year, Tenant shall pay Landlord the amount of the deficiency within thirty (30) days of the receipt of the statement. If such total exceeds Tenant's Proportionate Share of the actual Project Operating Costs for such calendar year, the Landlord shall credit against Tenant's next ensuing monthly installment(s) of Rent an amount equal to the difference until the credit is exhausted. If a credit is due from Landlord on the Expiration Date, Landlord shall pay Tenant the amount of the credit on or before the next succeeding April 1. The obligations of Tenant and Landlord to make payments required under this Section 6.02 shall survive the Expiration Date. c. Tenant's Proportionate Share of Expenses in any lease year having less than 365 days shall be prorated on a daily basis. d. If any dispute arises as to the amount of any additional rent due hereunder, Tenant shall have the right after reasonable notice and at reasonable times to inspect Landlord's accounting records at Landlord's accounting office and, if after such inspection Tenant still disputes the amount of additional rent owed, a certification as to the proper amount shall be made by Landlord's certified public accountant, which certification shall be final and conclusive. Tenant agrees to pay the cost of such certification unless it is determined that Landlord's original statement overstated Project Operating Costs by more than five percent (5%).

Payment of Project Operating Costs. Tenant's ’s Proportionate Share of Project Operating Costs shall be payable by Tenant to Landlord as follows: a. To provide for current payments of Tenant's ’s Proportionate Share of Project Operating Costs, Tenant shall pay as additional rent, an amount equal to Tenant's ’s Proportionate Share of the Project Operating Costs payable during each calendar year, as estimated by Landlord from time to time. Such payments shall be made in monthly installments, commencing on the first day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first day of the month following the month in which Landlord gives Tenant a new notice of estimated Project Operating Costs. b. On or before April 1 of each calendar year (or as soon thereafter as is practical), Landlord shall deliver to Tenant a statement setting forth Tenant's ’s Proportionate Share of the actual Project Operating Costs for the preceding calendar year. If Tenant's ’s Proportionate Share of the actual Project Operating costs for the previous calendar year exceeds the total of the monthly payments made by Tenant for such year, Tenant shall pay Landlord the amount of the deficiency within thirty ten (3010) days of the receipt of the statement. If such total exceeds Tenant's ’s Proportionate Share of the actual Project Operating Costs for such calendar year, the Landlord shall credit against Tenant's ’s next ensuing monthly installment(s) of Rent an amount equal to the difference until the credit is exhausted. If a credit is due from Landlord on the Expiration Date, Landlord shall pay Tenant the amount of the credit on or before April 1 of the next succeeding April 1calendar year. The obligations of Tenant and Landlord to make payments required under this Section 6.02 shall survive the Expiration Date. c. Tenant's ’s Proportionate Share of Expenses in any lease year having less than 365 days shall be prorated on a daily basis. d. If any dispute arises as to the amount of any additional rent due hereunder, Tenant shall have the right after reasonable notice and at reasonable times to inspect Landlord's ’s accounting records at Landlord's ’s accounting office and, if after such inspection Tenant still disputes the amount of additional rent owed, a certification as to the proper amount shall be made by Landlord's ’s certified public accountant, which certification shall be final and conclusive. Tenant agrees to pay the cost of such certification unless it is determined that Landlord's ’s original statement overstated Project Operating Costs by more than five ten percent (510%).