NYC 9/11 Public Portal Document
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 Shan er less > 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 <of reeeivfr frem-Lcwdlofd as a credit
against rent (additional-rent and/or base rent, at Tenants optionj^a-sum equal to pcFccRt (-%) ef sueh
inorease or decrease^. a sum equal to two point three seven percent (2.37%) of such increase,
which represents Tenant's proportionate share of such increase -<er-deefees^ . The amount of such
additional rent payable horrent-eredit rcecivablc^ 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> 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.
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 <have an obligation to immediat^> use reasonable efforts to notify
Tenant in writing each time a tax assessment is challenged. -<€T4aGHT> This paragraph shall
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NYC-WTC_000170597
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