Agmt04 Recycled Water (PVG Mana - Laserfiche WebLink

Browse Search

2.3.9 Reconciliation. On or before April 1 of each year after the' first Adjustment Period (or as soon thereafter as is practical), Landlord shall deliver to Tenant a statement (the "Statement") setting forth the Rental Adjustment for the preceding year. If the actual Rental Adjustment for the preceding Adjustment Period exceeds the total of the estimated monthly payments made by Tenant for such Adjustment Period, Tenant shall pay Landlord the amount of the deficiency within thirty (30) days of the receipt of the statement. If such total of estimated payments made exceeds the actual Rental Adjustment for such Adjustment Period, then Landlord shall credit against Tenant's next ensuing monthly installment(s) of Rent or estimated Rental Adjustment an amount equal to the difference until the credit is exhausted. If the credit is due from Landlord on the Expiration Date, Landlord shall pay Tenant the amount of the credit. The obligations of Tenant and Landlord to make payments required under this Section 2.3.9 shall survive the Expiration Date. 2.3.10 landlord's Records. Landlord shall maintain records respecting Real Estate Taxes and Operating Expenses and determine the same in accordance with sound accounting and management practices, consistently applied. Although this Lease contemplates the computation of Real Estate Taxes and Operating Expenses on a cash basis, Landlord shall make reasonable and appropriate accrual adjustments to ensure that each Adjustment Period includes substantially the same recurring items. Landlord reserves the right to change to a full accrual system of accounting so long as the same is consistently applied and Tenant's obligations are not materially adversely affected. Tenant or its representative shall have the right to examine such records upon reasonable prior notice specifically such records Tenant desires to examine, during normal business hours at the place or places where such records are normally kept, by sending such notice no later than one hundred twenty (120) days following the furnishing of the Statement. 2.3.10.1 Audit Right. Tenant may take exception to matters included in Real Estate Taxes or Operating Expenses, or Landlord's computation of Tenant's Pro Rata Share of either, by sending notice specifying such exception and the reasons therefor to Landlord no later than one-hundred and twenty (120) days after Landlord makes such records available for examination. Landlord's Statement shall be considered final, except as to matters to which exception is taken after examination of Landlord's records in the manner and within the times specified herein. Tenant acknowledges that Landlord's ability to budget and incur expenses depends on the finality 11 ... -'._"'ft~ T T' T -.