NYC 9/11 Public Portal Document
1998.
1.3 “Lease Year” shall mean each period of twelve (12) consecutive months.
beginning on the first day of January of each calendar year, during the Term of this Lease.
1.4 “Operating Expenses Base Year” shall mean the calendar year 1998.
2. “Operating Expense Escalation “shall mean a sum payable by Tenant to
Landlord each Lease Year computed by multiplying the sum representing the Base Year
Operating Expenses as defined under Subsection A. 1 of this Article 4 by the percentage, if any.
by which the average Price Index, as published for the month following the last month of the
Lease Year in question, shall exceed the Base Price Index. Such sum shall be multiplied by
2.59% which represents Tenant pro rata share of Operating Expenses for the Building. (See
example for calculating CPI Index changes below.)
3. Such Operating Expense Escalation for every Lease Year which follows the
Operating Expense Base Year shall be billed and paid as follows;
(a) Within five weeks after the beginning of any such Lease Year, Landlord
shall deliver to Tenant a statement (hereinafter the “Estimate”) showing the estimated amount of
such Operating Expense Escalation payable for the then current Lease Year, which estimated
amount shall be calculated by using the previous Lease Year’s CPI factor according to 2. above.
Tenant shall pay Landlord the same sum. in equal monthly installments ( such monthly
installment hereinafter referred to as the “Amount”) in arrears on the last day of each and every
month during such Lease Year. Such Estimate shall be on account of the Operating Expense
Escalation accruing under this Subsection A.2, subparagraph 3 (b), below for the then current
Lease Year.
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