Project Operating Expenses Clause Samples

The Project Operating Expenses clause defines which costs are considered necessary for the ongoing operation and maintenance of a project. It typically outlines categories such as utilities, repairs, salaries, insurance, and other recurring expenses directly related to the project's functioning. By clearly specifying what constitutes an operating expense, this clause ensures transparency in budgeting and cost allocation, helping to prevent disputes over which expenses are chargeable to the project.
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Project Operating Expenses. “Project Operating Expenses” shall include all reasonable and necessary expenses incurred by Landlord in the ownership, operation, maintenance, repair and management of the Project and/or the Common Area, including, but not limited to the following:
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Project Operating Expenses. Landlord shall maintain the Project Common Areas in good order, condition and repair and shall operate the Project, in Landlord’s reasonable discretion, as a first class industrial/commercial real property development. Tenant shall pay Tenant’s pro rata share (as defined below) of all costs reasonably incurred by Landlord generally in accordance with customary practices for similar projects in San Diego County for the operation and maintenance of the Project Common Areas (“Project Operating Expenses”). Project Operating Expenses include, but are not limited to, costs and expenses for the following: gardening and landscape maintenance; pest extermination services; utilities, water and sewage charges; maintenance of parking areas; fees, charges and other costs (including consulting, accounting and legal fees) reasonably necessary to manage the Project; costs of compliance with any and all governmental laws, ordinances, and regulations applicable to the Project; maintenance of signs (other than Tenant’s signs); premiums for liability, property damage, fire and other types of casualty insurance on the Project Common Areas and all Project Common Area improvements; all personal property taxes levied on or attributable to personal property used in connection with the Project Common Areas; rental or lease payments paid by Landlord for rented or leased personal property used in the operation or maintenance of the Project Common Areas; fees for management and supervision of the Project and Common Areas (not to exceed five percent (5%) of the annual rent for the Project); fees for required licenses and permits; repairing, resurfacing, repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; and reserves (not to exceed five percent (5%) of all other Project Operating Expenses). Landlord may cause any or all of such services to be provided by third parties, or by entities associated with Landlord. Landlord may, at Landlord’s election, estimate in advance and charge to Tenant monthly as Project Operating Expenses, all real property taxes for which Tenant is liable under the Lease, all insurance premiums for which Tenant is liable under the Lease, and all maintenance and repair costs for which Tenant is liable under the Lease.
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Project Operating Expenses. Project Operating Expenses" shall include all reasonable and necessary expenses incurred by Landlord in the ownership, operation, maintenance, repair and management of the Project Common Area, including, without limitation, Real Property Taxes attributable to the Project Common Area; provided, however that all improvements or replacements made to or assets acquired for the Project after the Commencement Date that are reasonably expected to reduce Project Operating Expenses or are reasonably necessary for the health and safety of the occupants of the Project or required under any government of law or regulation, which costs, or an allocable portion thereof, shall be amortized over the period determined by Landlord, together with interest on the unamortized balance at the Applicable interest Rate actually paid to third party lenders, all in accordance with GAAP consistently applied.
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Project Operating Expenses. The term "Project Operating Expenses" shall mean the reasonable and actual operating expenses which are paid by Landlord in connection with only the Common Areas. The Project Operating Expenses shall be directly attributable to the operations, maintenance, management and repair of the Common Areas, as determined under generally accepted accounting principles, consistently applied, for the applicable period. Project Operating Expenses shall be the following: (A) Real Estate Taxes, as defined in Section 6.b.; (B) premiums for insurance; (C) wages, salaries and related expenses and benefits (including fringe benefits, payroll taxes, workers' compensation and uniforms) of on-site employees engaged in operation, maintenance and security; (D) the reasonable costs of repairs, replacements (amortized, as provided below) and general maintenance (excluding those which are the sole obligation of Landlord expressly so provided herein, those paid for by proceeds of insurance or other parties, and alterations attributable solely to tenants of the Buildings other than Tenant); (E) reasonable charges for steam, heat, ventilation, air conditioning, water, gas, electricity and other utilities used or consumed in the Common Areas; (F) the cost of supplies and equipment used in the operation and maintenance of the Project; (G) reasonable professional fees (e.g., fees of attorneys, auditors and other professionals and consultants) and association dues; (H) the cost of resurfacing and restriping the parking areas and janitorial and other cleaning costs and fees; (I) the cost of governmental licenses and permits, or renewals thereof, necessary for the operation of the Project; (J) the cost of capital improvements made to the Project either (1) for the intended purpose of reducing Project Operating Expenses (but only to the extent of the lesser of the amortized cost of the capital improvement or the actual cost savings resulting from the capital improvement) or (2) pursuant to a requirement of law, ordinance, order, rule or regulation of any governmental, quasi-governmental or public authority (a "Law") or a requirement of any insurance carrier or insurance rating organization or underwriting board, provided the Law or requirement is amended, enacted or promulgated after the Effective Date or (3) as set forth in Section 6.a(vi) hereof; and (K) all other reasonable and actual expenses paid in connection with the operation, maintenance, management and repair of the Common Areas. Th...
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Project Operating Expenses. (a) ▇▇▇▇▇▇▇ shall oversee IDP Portugal’s payment of all Project Operating Expenses as per Article 10.2 of this Agreement. (b) All Project Operating Expenses shall be paid by IDP Portugal out of those Gross Revenues collected by IDP Portugal in the IDP Portugal Project Bank Account.
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Project Operating Expenses. Project Operating Expenses are hereinafter defined as all costs and expenses associated with or in connection with the ownership, operation, management, maintenance and repair of the entire Building and Common Areas of the Project. Project Operating Expenses include (for illustration purposes only), but are not limited to, real property taxes and a property management fee in the amount of 3% of Lessor's monthly gross receipts from tenant(s) located at the Building. Project Operating Expenses that are specifically attributable to Lessee's Premises or to any other tenant's premises in the Building, shall be allocated entirely to Lessee's Premises or to any other tenant's premises, as applicable, in Lessor's reasonable discretion. During Lessee's occupancy of the Premises prior to March 31, 2000, Lessee occupied the entire Building and was responsible for paying all Project Operating Expenses. From and after April 1, 2000, Lessee is responsible for and shall reimburse Lessor for Lessee's Share of all Project Operating Expenses. On or before October 31, 2000, Lessor and Lessee agree to provide each other details of amounts that have been incurred and or paid relating to Project Operating Expenses for the period April 1, 2000, through October 31, 2000. Lessor shall equitably reconcile such amounts, and Lessor and Lessee agree to pay any amounts owed between the parties. After October 31, 2000, if either party identifies additional Project Operating Expenses that should have been included in the aforementioned reconciliation, such additional expenses must be communicated in writing to the other party no later than December 31, 2000, for a final reconciliation of amounts owing between the parties for the period prior to October 31, 2000. From and after April 1, 2000, Lessee shall not be required to directly obtain earthquake insurance. If Lessor is required by Lessor's lender to obtain earthquake insurance, such insurance shall be purchased by Lessor and Lessee shall reimburse to Lessor Lessee's pro rata share of the cost as part of Project Operating Expenses. From and after April 1, 2000, Lessor shall procure and maintain, subject to reimbursement by Lessee as part of Project Operating Expenses, a heating, ventilation and air conditioning system maintenance contract acceptable to Lessor in its reasonable discretion. Beginning November 1, 2000, Lessee's Share of Project Operating Expenses shall be payable by Lessee to Lessor within 10 days after a reasonably deta...
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Project Operating Expenses. [INTENTIONALLY OMITTED]
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Project Operating Expenses. ▇▇▇▇/Mira Mesa industrial Park Association, a California non-profit corporation; police and fire protection services; depreciation and maintenance on operating machinery and equipment used in the maintenance and repair of the Common Areas (if owned) and rental paid for such machinery and equipment used in the maintenance and repair of the Common Areas (if rented); rental for electric and service rooms based upon the average rate in the Project; any parking charges, surcharges or any other costs levied or assessed by local, state or federal government agencies in connection with the use of parking facilities; property management costs; the cost of maintaining and operating the Common Area Facilities (as hereafter defined), including without limitation all utility expenses and salaries of all personnel employed by Landlord in the Common Area Facilities. Such costs and expenses shall not include any allowance for depreciation of the Common Area Facilities or other improvements located in the Common Areas. Landlord may cause any or all of the services described above to be provided by an independent contractor or contractors.
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Project Operating Expenses. All Common Area Operating Costs as assessed by the REA Managing Agent under and in accordance with the terms of the REA including the following costs by way of illustration but not limitation: (i) utility service to the Project Common Area, including without limitation, electrical power, water, waste disposal, and other utilities and installation of meters as commercially reasonable or necessary therefor and all costs and expenses related to illuminating and maintaining Project Common Area and Common Parking Facilities lighting and signs; (ii) repairs, maintenance and replacement of all elements of the Project Common Area, including planting, maintaining, trimming, fertilizing, replanting and replacing flowers, shrubs, trees and other landscaping; repairs, maintenance and replacement of all Common Parking Facilities and Project Common Area fountains and water features; general exterior grounds maintenance, janitorial, and other similar services, including without limitation, removal of trash, rubbish, garbage and other refuse from the Project Common Area; miscellaneous painting, traffic and parking and directional striping and stenciling; pressure washing of sidewalks and walkways, power sweeping of loop road, driveways and parking areas within Common Parking Facilities; maintenance, repair and replacement of Project Common Area street light poles and light fixtures and bulbs; and upgrades to the Project Common Area performed while doing such repair, maintenance and replacement work; and depreciation on personal property; (iii) security services, including without limitation, maintenance and repair of all Project on-site security systems and equipment including repair, maintenance, monitoring, operation and replacement of television security systems and other monitoring and/or surveillance systems and equipment and the cost of all Project on-site security personnel and all Project roving security personnel and equipment including uniforms and security office rental, furniture and equipment, including Project security vehicles as determined by and allocated to the Project Common Areas by the REA Managing Agent in accordance with the terms of the REA; (iv) costs of operating, maintaining, repairing, and replacing all Common Parking Facilities, drive aisles, roadways, sidewalks and other paved areas in the Project including surface and structured parking areas including, without limitation, parking operator costs and fees including personnel, uniforms, parkin...
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Related to Project Operating Expenses

  • Common Area Operating Expenses Lessee shall pay to Lessor during the term hereof, in addition to the Base Rent, Lessee's Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar year of the term of this Lease, in accordance with the following provisions:

  • Operating Costs Tenant shall pay to Landlord the Tenant’s Percentage of Operating Costs (as hereinafter defined) incurred by Landlord in any calendar year. Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Operating Costs, such monthly amounts to be sufficient to provide Landlord, by the end of the calendar year, a sum equal to the Operating Costs, as reasonably estimated by Landlord from time to time. The initial monthly estimated payments shall be in an amount equal to 1/12th of the Initial Estimate of Tenant’s Percentage of Operating Costs for the Calendar Year. If, at the expiration of the year in respect of which monthly installments of Operating Costs shall have been made as aforesaid, the total of such monthly remittances is greater than the actual Operating Costs for such year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.3, the difference; if the total of such remittances is less than the Operating Costs for such year, Tenant shall pay the difference to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement of the Operating Costs, prepared, allocated and computed in accordance with generally accepted accounting principles. Any reimbursement for Operating Costs due and payable by Tenant with respect to periods of less than twelve (12) months shall be equitably prorated.

  • Operating Expenses During the term of this Lease Tenant shall pay to Landlord as additional rent all ad valorem taxes and operating expenses and other charges of every kind and nature (“Operating Expenses”) incurred or paid by Landlord in connection with the maintenance, repair, operation, management, or ownership of the Premises. If requested, Tenant agrees to pay Landlord on the first day of each calendar month, together with the payment of rent, such amount as Landlord estimates from time to time as necessary to pay such expenses. Landlord shall ▇▇▇▇ Tenant annually after the end of each year for such expenses. In the event the aggregate of Tenant’s installments during the year shall be less than the amount of Operating Expenses due from Tenant, such deficiency shall be paid to Landlord within ten (10) days after demand therefore. In the event the aggregate of Tenant’s installments during the year shall be more than the amount of Operating Expenses due from Tenant, such overpayment shall be applied to Tenant’s next monthly installment of Operating Expenses and Rent. As used herein, the term “Operating Expenses” shall include the cost of maintaining casualty and public liability insurance covering the Premises, real estate ad valorem taxes and all costs of managing, operating and maintaining the Premises, including but not limited to: costs of constructing, maintaining and repairing on site and off-site traffic controls; decorating, painting, lighting, sanitary control, and removal of trash, garbage and other refuse; maintenance, repair and replacement of utility systems serving any common areas, including water, sanitary sewer and storm water lines and other utility lines, pipes and conduits; costs of utilities, including water, sewer, electricity, and gas; janitorial, sweeping and cleaning services, trash bin rentals, trash pickup fees, licenses, permits and inspection fees; parking lot painting and restriping; planting, irrigating, gardening and landscaping; signs and markers; parking control and security guards and fire protection or detection service; all general maintenance and repair; other general operation and maintenance costs and expenses; all labor and supplies required by the foregoing; and administrative costs directly attributable thereto.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Total Operating Expenses All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 13.