Operating Expense Statement definition

Operating Expense Statement means a statement in writing signed by Landlord, setting forth in reasonable detail (i) the Operating Expense for the preceding Operating Year; (ii) the Operating Expense Allowance; and (iii) the Tenant’s Operating Expense Adjustment for such Operating Year or portion thereof. The Operating Expense Statement for each Operating Year shall be available for inspection by Tenant at Landlord’s office during normal business hours.

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Operating Expense Statement shall have the meaning assigned to such term in Section 2.2(f).

Operating Expense Statement means a statement provided by Landlord, setting forth in reasonable detail: (a) the Operating Expenses for the Operating Year (or portion thereof if less than a full Operating Year) immediately preceding the Operating Year in which the statement is issued, reasonably detailed by major categories, (b) the Tenant's Expense Payment (defined in Section 6.2) for such preceding Operating Year, prorated if only a part of the Operating Year falls within the term of this Lease, (c) the amount of payments made by Tenant on account of the Tenant's Expense Payment during such preceding Operating Year, (d) the amount of payments of the Monthly Operating Expense Estimate made by Tenant in the Operating Year in which the Expense Statement is issued, and (e) the Monthly Operating Expense Estimate for the Operating Year in which the Operating Expense Statement is issued.

Examples of Operating Expense Statement in a sentence

Unless Tenant has submitted documentation that it validly disputes Landlord’s billing for Fixed Monthly Rent hereunder, or is completing an audit of Landlord’s Operating Expense Statement, if Tenant is in default in payment of Fixed Monthly Rent or Additional Rent hereunder, Tenant waives the right to designate the items against which any payments made by Tenant are to be credited.
Landlord shall diligently endeavor to furnish Tenant an Operating Expense Statement not later than one hundred and twenty (120) days following the end of each Operating Year.
If Tenant does not notify Landlord in writing of any objection to any Operating Expense Statement within one hundred twenty (120) days after receipt thereof, then Tenant shall be deemed to have waived such objection.
Unless Tenant has submitted documentation that it validly disputes Landlord's billing for Fixed Monthly Rent hereunder, or is completing an audit of Landlord's Operating Expense Statement, if Tenant is in default in payment of Fixed Monthly Rent or Additional Rent hereunder, Tenant waives the right to designate the items against which any payments made by Tenant are to be credited.
Owner's failure to render an Owner's Operating Expense Statement with respect to any Escalation Year shall not prejudice Owner's right to recover any sums due to Owner hereunder with respect to such Escalation Year.

More Definitions of Operating Expense Statement

Operating Expense Statement means a statement that shows the Operating Expense Payment for a particular Operating Expense Year.

Operating Expense Statement shall have the meaning given such term in Section 5.1.

Operating Expense Statement means a statement setting forth in reasonable detail the amount payable by Tenant with respect to Operating Expenses for any Computation Year.

Operating Expense Statement shall have the meaning set forth in Section A(3)(e) of Article V.

Operating Expense Statement means a statement in writing signed by Landlord, setting forth in reasonable detail (i) the Operating Expense for the preceding Operating Year, (ii) Tenant's Proportionate Share, (iii) the Operating Expense Estimate paid by Tenant, and (iv) the Operating Expense Adjustment for such Operating Year, or portion thereof. If requested by Tenant no later than December 31 of any Operating Year, the Operating Expense for such Operating Year shall be audited and certified by Landlord's independent certified public accountant whose report thereon shall be available for inspection by Tenant at Landlord's office during normal business hours, provided that the cost thereof shall be included in Operating Expenses payable by Tenant. Tenant shall have the right, at its own cost and expense, to audit or inspect Landlord's records (but not more than once in any calendar year) with respect to Taxes and Operating Expenses, as well as all other additional rent payable by Tenant hereunder. Tenant shall give Landlord not less than 30 days prior written notice of its intention to conduct any such audit. Landlord shall cooperate with Tenant during the course of such audit, which shall be conducted during normal business hours in Landlord's office. Landlord agrees to make such personnel available to Tenant as is reasonably necessary for Tenant, or for Tenant's employees or agents to conduct such audit, but in no event shall such audit last more than five business days in duration. If such audit discloses that the amount paid by Tenant as Tenant's Proportionate Share or of other additional rental payable by Tenant hereunder has been overstated by more than four (4) percent, then, in addition to immediately repaying such overpayment to Tenant, Landlord shall also pay the reasonable cost incurred by Tenant in connection with such audit.

Operating Expense Statement shall have the meaning set forth in Section 4.03B(iii) hereof.

Operating Expense Statement means a statement in writing signed by the Landlord, setting forth in reasonable detail (1) the Operating Expense for the Operating Year (or portion thereof if less than a calendar year) immediately preceding the Operating Year in which the statement is issued, (2) Tenant's Operating Expense for such preceding Operating Year, (3) the amount of payments of Operating Expense Estimate made by Tenant on account of the Tenant's Operating Expense during such preceding year, (4) the amount of payments of Operating Expense Estimate made by Tenant in the Operating Year in which the Expense Statement is issued, and (5) the Operating Expense Estimate for the Operating Year in which the Operating Expense Statement is issued. The Operating Expense for each Operating Year shall be audited and certified by Landlord's independent certified public accountant whose report thereon shall be available for inspection by the Tenant at Landlord's office during business hours.

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