NYC 9/11 Public Portal Document
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 percent (2.37%) 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 beprorateL
The Tax base for the Real Estate Tax Base Year shall be theTmnual Real Estate Taxes
finally imposed or as: on the Land and Building for the Real .r.J
Appro) 11 be-si refund obtained by reason of a reduction in the
assessed varuation 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.
If the assessment of the land and Building shall be reduced for the Real Estate Tax Base
Year as a result of protests of proceedings filed therefor, then the Tax base shall be amended to
the amount actually collectible by the City of New York for the base fiscal tax year on the
corrected assessment. Landlord shall use reasonable efforts to notify Tenant in writing each time
a tax assessment is challenged. This paragraph shall also apply to the Base Pilot Square Foot
Factor.
1. The term "Pilot" shall mean (i) such payments as the Port Authority has agreed
to pay the City of New York under an agreement dated 1967 as it may have been or may be
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NYC-WTC_000170256
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