Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

hereof, Taxes or Pilot are required to be paid (either to the appropriate taxing authorities or to the Ground Lessor or as escrow payments to the holder of any superior mortgage or the lessor of any superior lease, in full or in monthly, quarterly or other installments on any date or dates other than as presently required, then upon notice thereof from Landlord, Tenant's Pilot Payment and Tenant's Tax Payment shall be correspondingly accelerated or revised so that said Tenant's Pilot Payment and Tenant's Tax Payment are due at least thirty (30) days prior to the date payments are due to the taxing authorities or the Ground Lessor or the superior mortgagee.

(B) Only Landlord shall have the right to institute tax reduction or other proceedings to reduce the Taxes or the assessed valuation of the Real Property. Nothing herein shall obligate Landlord to file any application or institute any such proceeding. (C) If a Tax Year begins prior to the Rent (Commencement Date or ends after the Expiration Date or sooner termination of this Lease (other than pursuant to Article 30), Tenant's Pilot Payment and Tenant's Tax Payment with respect to such Tax Year shall be apportioned in the ratio of the number of days in such Tax Year occurring within the Term to the total number of days in such Tax Year. If the Rent Commencement Date shall occur on a date other than June 1 or December 1, and there shall be a Tenant's Pilot Payment and Tenant's Tax Payment payable with respect to the period commencing on the Rent Commencement Date, such Tenant's Pilot Payment or Tenant's Tax Payment shall not become due until Landlord shall have furnished a Landlord's Statement with respect thereto and in no event until after the Rent (Commencement Date.

(D) Landlord will use reasonable efforts to obtain a waiver by the Port Authority for payment of Tenant’s Pilot Payment from Tenant named herein. In the event any such waiver is obtained Tenant shall receive the benefit thereof during such period of waiver including all such amounts, if any, previously paid by Tenant to Landlord for the period of time included in such waiver. In the event the Pilot component of the basic annual rental payable by Landlord under the Underlying Lease for the Demised Premises shall be waived by the Port Authority for Tenant and not be payable by Landlord to the Port Authority for the Demised Premises, the Base Rent (on a per square foot basis) shall be reduced by the amount (and duration) of such waiver by the Pon Authority. Landlord makes no representation to Tenant that any of the provisions of this Paragraph (D) shall be effective and the failure to obtain same shall have no effect on this Lease. In the event Real Estate Taxes shall become payable for the Real Property, said reduction in Base Rent shall immediately cease and the Base Rent shall be fully restored to the rentals set forth in Article 2.

E. RIGHT TO AUDIT

Tenant and its authorized representative shall have the right to examine, copy and audit any and all books and records of Landlord, peninent to the escalations under this Article including but not limited to original invoices, originals of executed contracts, original cancelled checks, general ledgers and books of original entry, for the purpose of verifying the accuracy of any statement furnished by Landlord to Tenant. All statements are subject to audit by the

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