Operating Expense Adjustment definition
Operating Expense Adjustment means the difference between Estimated Operating Expenses and actual Operating Expenses for any fiscal year determined as hereinafter provided. Within one hundred twenty (120) days after the end of each fiscal year, or as soon thereafter as practicable, Landlord shall deliver to Tenant a statement of actual Operating Expenses for the fiscal year just ended, accompanied by a computation of Operating Expense Adjustment. If such statement shows that Tenant's payment based upon Estimated Operating Expenses is less than Tenant's Proportionate Share of Operating Expenses, then Tenant shall pay to Landlord the difference within twenty (20) days after receipt of such statement, such payment to constitute Additional Rent for all purposes hereunder. If such statement shows that Tenant's payments of Estimated Operating Expenses exceed Tenant's Proportionate Share of Operating Expenses, then (provided that Tenant is not in default under this Lease) Landlord shall pay to Tenant the difference within twenty (20) days after delivery of such statement to Tenant. If this Lease has been terminated or the Term hereof has expired prior to the date of such statement, then the Operating Expense Adjustment shall be paid by the appropriate party within twenty (20) days after the date of delivery of the statement. Should this Lease commence or terminate at any time other than the first day of the fiscal year, Tenant's Proportionate Share of the Operating Expense Adjustment shall be prorated based on a month of 30 days and the number of calendar months during such fiscal year that this Lease is in effect. Notwithstanding anything to the contrary contained in Paragraph 7.A or 7.B, Landlord's failure to provide any notices or statements within the time periods specified in those paragraphs shall in no way excuse Tenant from its obligation to pay Tenant's Proportionate Share of Operating Expenses.
Operating Expense Adjustment shall have the meaning set forth in Subsection 2B below.
Operating Expense Adjustment means the difference between Estimated Operating Expenses and actual Operating Expenses for any fiscal year as reasonably determined by Landlord. Within one hundred twenty (120) days after the end of each fiscal year, or as soon thereafter as such amounts have been finally determined, Landlord shall deliver to Tenant a statement of actual Operating Expenses for the fiscal year just ended (the “Annual Statement”), accompanied by a computation of any Operating Expense Adjustment. If the Annual Statement shows that Tenant’s payments based upon Estimated Operating Expenses are less than Tenant’s Share of Operating Expenses, then Tenant shall pay to Landlord the difference within thirty (30) days after receipt of the Annual Statement. If the Annual Statement shows that Tenant’s payments of Estimated Operating Expenses exceed Tenant’s Share of Operating Expenses, then (provided that Tenant is not in default under this Lease) Landlord shall, at Landlord’s election, either credit the amount of such overpayment against Tenant’s Share of Operating Expenses next due or pay Tenant the difference within such thirty (30) day period. The provisions of this Section shall survive the expiration or sooner termination of this Lease. Landlord’s failure to provide any notices or statements within the time periods specified above shall not excuse Tenant from its obligation to pay Tenant’s Share of Operating Expenses.
Examples of Operating Expense Adjustment in a sentence
If the amount of the actual Tax and Operating Expense Adjustment is less than the estimated payments for such calendar year made by Tenant, any excess shall be credited against Rent (as hereinafter defined) next payable by Tenant under this Lease or, if the Lease Term has expired, any excess shall be paid to Tenant.
The Operating Expense Adjustment shall be appropriately adjusted on the basis of such audit.
If this Lease has been terminated or the Term hereof has expired prior to the date of such statement, then the Operating Expense Adjustment shall be paid by the appropriate party within twenty (20) days after the date of delivery of the statement.
In the event that such results show that Tenant has underpaid its obligations for a preceding period, Tenant shall be liable for Landlord's actual accounting fees, and the amount of such underpayment shall be paid by Tenant to Landlord with the next succeeding installment obligation of estimated Tax and Operating Expense Adjustment.
In the event that the results of the review of records (taking into account, if applicable, the results of any additional review caused by Landlord) reveal that Tenant has overpaid obligations for a preceding period, the amount of such overpayment shall be credited against Tenant's subsequent installment obligations to pay the estimated Tax and Operating Expense Adjustment.
More Definitions of Operating Expense Adjustment
Operating Expense Adjustment means the difference between Estimated Operating Expenses and actual Operating Expenses for any fiscal year as determined by Landlord. Within one hundred twenty (120) days after the end of each fiscal year, or as soon thereafter as such amounts have been finally determined, Landlord shall deliver to Tenant a statement of actual Operating Expenses for the fiscal year just ended (the “Annual Statement”), accompanied by a computation of any Operating Expense Adjustment. If the Annual Statement shows that Tenant’s payments based upon Estimated Operating Expenses are less than Tenant’s Share of Operating Expenses, then Tenant shall pay to Landlord the difference within twenty (20) days after receipt of the Annual Statement. If the Annual Statement shows that Tenant’s payments of Estimated Operating Expenses exceed Tenant’s Share of Operating Expenses, then (provided that Tenant is not in default under this Lease) Landlord shall, at Landlord’s election, either credit the amount of such overpayment against Tenant’s Share of Operating Expenses next due or pay Tenant the difference within such twenty (20) day period. The provisions of this Section shall survive the expiration or sooner termination of this Lease. Landlord’s failure to provide any notices or statements within the time periods specified above shall not excuse Tenant from its obligation to pay Tenant’s Share of Operating Expenses.
Operating Expense Adjustment. The Tenant's leased sq. ft. shall be changed from 791 sq. ft. to 2,776 sq. ft. in terms of calculating future operating expense increase adjustments.
Operating Expense Adjustment means Tenant's Proportionate Share of the excess of the actual Operating Expenses for the current Operating Year over the actual Operating Expenses for 1996 Operating Year. Except as set forth in subsection e. below, there shall be no Operating Expense Adjustment for the 1996 Operating Year.
Operating Expense Adjustment. The Operating Expense Adjustment shall continue in accordance with Section 11.3 of the Lease. Lessee's pro-rata share of the building shall be amended to reflect the square footage in Paragraph 1 of this Second Lease Amendment, thereby increasing Lessee's pro-rata share of the building to 28.72 % for the purposes of calculating operating expense reimbursements.
Operating Expense Adjustment means the difference between Estimated Operating Expenses and actual Operating Expenses for any fiscal year determined as hereinafter provided. Within one hundred twenty (120) days after the end of each fiscal year, Landlord shall deliver to Tenant a statement of actual Operating Expenses for the fiscal year just ended, accompanied by a computation of Operating Expense Adjustment. If such statement shows that Tenant’s payment based upon Estimated Operating Expenses is less than Tenant’s Proportionate Share of Operating Expenses, then (provided that Tenant is not in default beyond the expiration of any applicable cure period under this Lease) Landlord shall pay to Tenant the difference within twenty (20) days after delivery of such statement to Tenant. If this Lease has been terminated or the Term hereof has expired prior to the date of such statement, then the Operating Expense Adjustment shall be paid by the appropriate party with twenty (20) days after the date of delivery of the statement. Should this Lease commence or terminate at any time other than the first day of the fiscal year, Tenant’s Proportionate Share of the Operating Expense Adjustment shall be prorate by reference to the exact number of calendar days during such fiscal year that this Lease is in effect.
Operating Expense Adjustment. $ 1996 Base Year, subject to escalation as described in Paragraph 4 hereinbelow.
Operating Expense Adjustment. $1994 Base, subject to escalation --------- as described in Paragraph 4 hereinbelow.