Operating Expense Payments. Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (the “Annual Estimate”), which may be revised by Landlord from time to time during such calendar year. Commencing on the Commencement Date and continuing on the first day of each month during the Term, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of the Annual Estimate. Payments for any fractional calendar month shall be prorated.

Operating Budget Matters. Within [●] days of the Closing Date, the Company and Buyer shall finalize an operating budget for the Surviving Corporation.

Operating Partnership Units. The interest held by the Saul Organization in the Saul Holdings Limited Partnership.

Operating Company Obligations. The Operating Company hereby agrees that # it shall introduce and maintain appropriate control systems to protect the Information; and # subject to Section 5(c), it shall not Disclose Information other than as permitted in accordance with this Agreement.

Operating System Baselines. Describe [[Organization A:Organization]]’s operating system security controls and configurations. Examples: Operating system services that have been removed because not required by [[Organization A:Organization]]’s services to [[Bank of America:Organization]]. Identify and provide current operating system fixes that have not been applied, if any.

Operating Partnership Interests. An Affiliate of the Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for Special OP Units. The Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption by the Operating Partnership, in accordance with the terms of the Operating Partnership Agreement. To the extent distributions to the Special OP Units are not paid from net sales proceeds, such amounts will count against the limit on Operating Expenses. In the event of termination of this Agreement by the Company for Cause, the Company shall redeem the Special OP Units in exchange for a one-time cash payment to the Advisor’s Affiliate of $1.00.

operating margins including gross profit, operating expenses and operating income as a percentage of sales;

If ​ is not furnishing any particular work or service (the cost of which, if performed by ​, would be included in Operating Expenses) to a ​ who has undertaken to perform such work or service in lieu of the performance thereof by ​, Operating Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses which would reasonably have been incurred during such period by ​ if it had at its own expense furnished such work or service to such ​. If the Project is not fully occupied during all or a portion of any Expense Year, ​ may make an appropriate adjustment to the components of Operating Expenses which vary with variations in Project occupancy levels for such year to determine the amount of Operating Expenses that would have been incurred had the Project been fully occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for such year.

Computation of Operating Expense Reconciliation. “Operating Expense Reconciliation” shall mean the difference between Estimated Operating Expenses and actual Operating Expenses for any calendar year as determined below. Within one hundred twenty (120) days after the end of each calendar year, or as soon thereafter as practicable, Landlord shall deliver to Tenant a statement of actual Operating Expenses for the calendar year just ended, accompanied by a computation of Operating Expense Reconciliation. If such statement shows that Tenant’s monthly payment based upon Estimated Operating Expenses are 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. If such statement shows that Tenant’s payments of Estimated Operating Expenses for the previous calendar year 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 thirty (30) 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 Reconciliation shall be paid by the appropriate party within thirty (30) days after the date of delivery of the statement. Tenant’s Proportionate Share of the Operating Expense Reconciliation shall be prorated based on the actual number of days and the number of calendar months during such calendar year that this Lease is in effect. Notwithstanding anything to the contrary contained in Paragraph 4.1 or 4.2, 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.

Cap on Controllable Expenses. Notwithstanding anything to the contrary above or elsewhere in this Lease, that portion of [[Organization B:Organization]]’s pro rata share of Controllable Operating Costs exceeding one hundred five percent (105%) of [[Organization B:Organization]]’s pro rata share of Controllable Operating Costs for the preceding calendar year (taking into account the cap for such prior year described in this paragraph), if any, shall be excluded from Operating Expenses for that calendar year. As used herein, “Controllable Operating Costs” means all Operating Expenses other than utilities, insurance premiums, snow plowing and Real Estate Taxes.