STATEMENT OF OPERATING EXPENSES Clause Samples
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STATEMENT OF OPERATING EXPENSES. (1) Prior to December 1st of a particular calendar year, Landlord shall make a reasonable estimate of the Operating Expenses for the next calendar year (the “Expense Estimate”), and will furnish Tenant a written statement setting forth in reasonable detail the estimate of those Operating Expenses (the “Expense Notice”). For each calendar month of that next calendar year (beginning with January 1st after the date of the Expense Notice), Tenant shall pay to Landlord, as Additional Rent hereunder, one-twelfth (1/12th) of Tenant’s Pro Rata Share of the Expense Estimate (the “Tenant’s Monthly Share”) in advance, without deduction, set off or demand on the 1st day of each calendar month with Tenant’s payment of Basic Monthly Rental.
(2) Within sixty (60) days after the end of the calendar year for which the Expense Estimate was made, Landlord shall furnish Tenant a statement setting forth in reasonable detail the actual Operating Expenses incurred by Landlord for the previous calendar year (the “Actual Expenses”). If the Actual Expenses are greater than the Expense Estimate, Landlord may increase Tenant’s Monthly Share for the ensuing calendar year to reflect the Actual Expenses, and Tenant will pay to Landlord, as Additional Rent within thirty (30) days after written demand therefor, Tenant’s pro Rata Share of the difference between the Actual Expenses and the Expense Estimate. If the Actual Expenses are less than the Expense Estimate, Landlord may reduce Tenant’s Monthly Share for the ensuing calendar year, or Landlord will credit Tenant’s overpayment for Operating Expenses against the next due payment(s) of Tenant’s Monthly Share.
(3) Tenant or its agent shall have the right, for a period of one (1) year after Tenant’s receipt of the statement of Actual Expenses for the respective calendar year and upon giving reasonable notice to Landlord and during normal business hours, to review and inspect all of Landlord’s bills, invoices and records applicable to the Actual Expenses or to the Expense Estimate for that particular calendar year in order to verify the Operating Expenses. If the Landlord and Tenant determine after said review that an error has been made and the Tenant has been overcharged for Operating Expenses, then Landlord will refund the amount of the overcharge to Tenant within thirty (30) days after such determination. Under no circumstances will Landlord be responsible to Tenant for Tenant’s cost of said review of the Operating Expenses.
STATEMENT OF OPERATING EXPENSES. Landlord shall submit to Tenant a statement setting forth Landlord's determination of (i) the actual Operating Expenses; (ii) Tenant's proportionate share of such amounts; (iii) Tenant's net obligation for such Operating Expenses for the calendar year ("Tenant's Net Obligation") which reflects the credit of Tenant's Estimated Payments during the prior calendar year ("Tenant's Net Credit"), and (iv) the amount, if any, that the Tenant's Net Credit exceeds the Tenant's Net Obligation. Within thirty (30) days after the delivery of such statement (including any statement delivered after the expiration or earlier termination of this Lease or the early termination of Tenant's right to occupy the Premises), Tenant shall pay Landlord the full stated amount of Tenant's Net Obligation. Tenant's obligation to pay the full stated amount of Tenant's Net Obligation shall survive the expiration or earlier termination of this Lease or the early termination of Tenant's right to occupy the Premises. If the aggregate amount of Tenant's Estimated Payments. during the prior calendar year exceeds Tenant's proportionate share of the actual Operating Expenses for that calendar year, the excess shall, at Landlord's option, either be refunded to Tenant or credited to Tenant's next payment of Rent, until such-excess is fully refunded or credited to Tenant.
STATEMENT OF OPERATING EXPENSES. On or before the end of the ------------------------------- ninety (90) day period following January 1 of each calendar year or portion thereof for which Tenant has made estimated payments of or is liable for any Operating Expenses, Landlord shall furnish Tenant a statement with respect to such year showing Tenant's Share of Operating Expenses, and the total payments made by Tenant. Unless Tenant raises any objections to Landlord's statement within two (2) years after receipt of the same, such statement shall conclusively be deemed correct and Tenant shall have no right thereafter to dispute such statement or any item therein or the computation of Operating Expenses or Tenant's Share of Operating Expenses in such statement. Any amounts due Landlord or Tenant shall be paid in the manner set forth below. Landlord shall keep at Landlord's headquarters or at its property manager's office accurate and separate books of account and records for Operating Expenses. Tenant may, upon ten (10) days advance notice to Landlord, and no more than twice each calendar year during business hours and on the day(s) specified by Landlord, inspect such books and records at Tenant's sole cost.
STATEMENT OF OPERATING EXPENSES. Landlord shall have available for inspection by Tenant during normal business hours a written statement showing in reasonable detail Landlord's actual Operating Expenses for the previous twelve (12) month period which shall be retained for a period of twenty-four (24) months after the calendar year in question pursuant to which the notice referred to in Section 3.02 (c) has been given. ▇▇▇▇▇▇▇▇ agrees that Tenant, its accountants and authorized representatives at Tenant's expense shall have the right within two (2) years after the close of each calendar year to audit all of the books and records of Landlord relating to Operating Expenses for the calendar year in question. Any such audit shall be performed in ▇▇▇▇▇▇▇▇'s office during Landlord's normal business hours. If such audit shows that Operating Expenses attributable to Tenant for the calendar year were overstated by more than five percent (5%), then Landlord shall reimburse Tenant for its Proportionate Share of such overstated amount and the reasonable costs of the audit. If the overstatement is five percent (5%) or less, Landlord shall reimburse Tenant for its Proportionate Share of such overstated amount.
STATEMENT OF OPERATING EXPENSES