NYC 9/11 Public Portal Document
be the obligation of Landlord, and (iii) any Taxes resulting from an increase of the assessed value
of the Building attributable to additions or capital improvements (other than replacements) to the
Building unless such addition or capital improvement was made in whole or in part for the benefit
of tenants generally. As of the date hereof, to the best of Landlord's knowledge, the only Taxes
affecting the Building and/or the Land are the real estate taxes payable to the City of New York as
Pilot.
Tenant covenants and agrees that for each lease year of the Term commencing with July
1, 1998, where the total annual Real Estate Taxes imposed or assessed upon the land and Building
for such lease year is greater than the Tax base for the New York City fiscal year 1997/1998
(hereinafter referred to as the "Real Estate Tax Base Year"), Tenant shall pay to Landlord as
additional rent, a sum equal to two point three seven five nine percent (2.37%')(2.59%) of such
increase, which represents Tenant's proportionate share of such increase. The amount of such
additional rent payable for any lease year having a duration of less than twelve (12) months shall
be prorated.
The Tax base for the Real Estate Tax Base Year shall be the annual Real Estate Taxes
finally imposed or assessed on the Land and Building for the Real Estate Tax Base Year.
Appropriate credit shall be given for any refund obtained by reason of a reduction in the
assessed valuation made by the assessors or the courts at any time during this Lease or at any time
thereafter taking into account Landlord's costs in obtaining any such reduction. The original
computations, as well as payments of additional rent, if any, under the provisions of this Article,
shall be based on the original assessed valuation with adjustments to be made if and when the Tax
refund, if any, has been paid to Landlord.
F;\CR\LHC\ 4219.1016\NEWLSE.5 16
NYC-WTC_000170200
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