Lease Agreement between City and 7 WTC Company, Mar 1998

NYC 9/11 Public Portal Document

5. If the Price index ceases to use the 1982-84 average equaling 100 as the basis of calculation, then the Price Index shall be appropriately adjusted to reflect the change in the Price Index from that in effect at the date of this Lease. If such Price Index shall no longer be published by said Bureau, then any substitute or successor index published by said Bureau or other governmental agency of the United States, and similarly adjusted as aforesaid, shall be used. If such Price Index (or a successor or substitute index similarly adjusted) is not available, a reliable governmental or other reputable publication selected by Landlord and Tenant jointly and evaluating the information theretofore used in determining the Price Index shall be used.

6. If any part of a year of the term of this Lease shall include any part of a Lease Year, Tenant’s liability under this Subsection A.2. shall be apportioned so that Tenant shall pay only such part of the sums required to be paid under this Subsection A.2. that shall be included in the Term of this Lease.

Example for calculating CPI Index changes.

Index point change CPI..................................... 118.5 Less CPI for previous period 113.8 Equals index point change ... ....4.7

Percent Change Index point difference....................... ........... 4.7 Divided by the previous index.......... ........113.8 Equals.............................................. ........ 0.041 Results multiplied by 100................. .0.041x100 Equals percent change...................... .......... 4.1

B. REAL ESTATE TAX ESCALATIONS

The term "Taxes" and "Real Estate Taxes" as used herein, shall mean the real estate taxes and assessments (excluding the BID and special assessments attributable to additions or capital improvements (other than replacements) to the Building which are not customary for a first-class office Building) on or with respect to the Building and the Land upon which it is located, assessed, levied, or imposed by any governmental authority having jurisdiction. Excluded (unless in substitution in whole or in part for Taxes and Real Estate Taxes) from the foregoing enumerations of Taxes and Real Estate Taxes will be (i) any income, franchise, inheritance, capital stock, excise, excess profits, occupancy or rent, gift, estate, payroll or stamp taxes or foreign ownership or control taxes or any capital gains tax, deed tax, transfer tax and mortgage recording tax imposed by municipal, state or federal law, (ii) any expenses incurred by Landlord, or Landlord's estate, including payments to attorneys and appraisers, in contesting the Taxes and Real Estate Taxes by tax certiorari proceedings and such expenses and payments shall be the obligation of Landlord, and (iii) any Taxes resulting from an increase of the assessed value

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