Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

governmental authorities (Federal, State or City, or any political subdivision thereof) other than as provided in the City Agreement, but not any amounts in excess of those imposed under the City Agreement.

2. The term "Pilot Square Foot Factor" shall mean the annual per rentable square foot factor used in computing the Pilot under the City Agreement for the relevant Tax Year. If payments under the City Agreement become payable on a basis other than an annual amount per occupied rentable square foot (as defined in Section 5.1.7 of the Underlying Lease), then unless such payments are separately assessed and levied or allocated to the Real Property, the Port Authority will allocate such payments equiUbly on the basis of proration between the total number of square feet in the World Trade (Senter subject to such payments and the total number of square feet in the Building subject to such payments and Landlord will notify Tenant of such allocation, in which event, the "Pilot Square Foot Factor" shall equal the payments so allocated to the Building divided by the Building Area, i.e., 1,936,000 square feet.

3. The term "Base Pilot Square Foot Factor" shall mean the Pilot Square Foot Factor applicable to the period July 1, 1997 through June 30, 1998 (as finally determined).

4. The term "Pilot Rate Multiple" shall mean the number of rentable square feet allocated to the Demised Premises for purposes of Section 6.8 of the Underlying Lease, such number of rentable square feet to be determined pursuant to Section 5.1.7 of the Underlying Lease.

5. The term “Tax Year" shall mean the twelve (12) month period commencing July 1 of each year, or such other period of twelve (12) months as may be duly adopted as the fiscal year for real estate tax purposes in the City of New York.

6. (A) Tenant shall pay as additional rent for each Tax Year, all or any portion of which shall be within the Term a sum ("Tenant's Pilot Payment") computed by multiplying the Pilot Rate Multiple by the excess of the Pilot Square Foot Factor for such Tax Year over the Base Pilot Square Foot Factor. Tenant's Pilot Payment for each Tax Year shall be due and payable by Tenant within thirty (30) days after receipt of a demand from Landlord, based upon the most recent Landlord’s Statement. If there shall be any increase or decrease in Pilot for any Tax Year, whether during or after such Tax Year, Landlord shall furnish a revised Landlord’s Statement for such Tax Year. If a Landlord's Statement is furnished to Tenant after the commencement of a Tax Year in respect of which such Landlord's Statement is rendered. Tenant shall, within thirty (30) days after receipt of such statement, pay to Landlord the amount of any underpayment of Tenant's Pilot Payment with respect to such Tax Year or in the event of any overpayment. Landlord shall either pay to Tenant or, at Tenant’s election, credit against subsequent payments of fixed rent, the amount of Tenant’s overpayment, except that any overpayment equal to less than one monthly installment thereof shall be credited against subsequent payments of fixed rent (any overpayment due from Landlord to Tenant to be paid to Tenant within thirty (30) days after Tenant’s demand therefor). If at any time after the date

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