Common use of Additional Rent – Real Estate Taxes Clause in Contracts

Additional Rent – Real Estate Taxes. LESSEE, in addition to the sums payable to LESSOR as Annual Base Rent as determined in Section 2 hereof, shall pay to LESSOR for each year (or portion thereof, as applicable) of the Lease Term, as Additional Rent, LESSEE’s Allocable Percentage of all sums attributable to the municipal real estate taxes on the Building and land on which it is situated (“Taxes”) allocable to said year) (herein the “Additional Real Estate Tax Rent”). Notwithstanding the foregoing, LESSOR shall be under no obligation to file for any abatement of taxes for FY 2014 or any other fiscal year, and LESSEE shall pay all amounts as invoiced by LESSOR, receiving a rebate based on its Allocable Percentage only if an abatement is sought and received by LESSOR. LESSEE shall pay its Allocable Percentage of Additional Real Estate Tax Rent to LESSOR based on a prospective annual schedule prepared by the LESSOR, in monthly increments based on said schedule, with each monthly payment of Annual Base Rent due hereunder. Within one hundred twenty (120) days of the close of each tax year, LESSOR shall adjust the prior year’s schedule of Additional Real Estate Tax Rent to account for actual and properly accrued costs, expenses, and liabilities, and shall issue LESSEE a refund or deficiency statement for that year, as appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days of its receipt of said Operating Statement. Any rebates due LESSEE (not contested by LESSOR) shall, in LESSOR’s reasonable discretion, be credited toward current monthly Additional Real Estate Tax Rent or paid to LESSEE within thirty (30) days. LESSOR shall keep complete books and records regarding Operating Expenses and Taxes at LESSOR’s principal offices, as to which LESSEE shall be given access as contemplated below during LESSOR’s normal business hours for the purpose of reviewing and copying (at LESSEE’s expense except as otherwise set forth herein). LESSOR shall retain all records of Operating Expenses and Taxes for at least three (3) years.

Additional Rent – Real Estate Taxes. LESSEE, in addition to the sums payable to LESSOR as Annual Base Rent as determined in Section 2 hereof, shall pay to LESSOR for each year (or portion thereof, as applicable) of the Lease Term, as Additional Rent, LESSEE’s Allocable Percentage of all sums attributable to the municipal real estate taxes on the Building and land on which it is situated (“Taxes”) allocable to said year) (herein the “Additional Real Estate Tax Rent”). Notwithstanding the foregoing, LESSOR shall be under no obligation to file for any abatement of taxes for FY 2014 2009 or any other fiscal year, and LESSEE shall pay all amounts as invoiced by LESSOR, receiving a rebate based on its Allocable Percentage only if an abatement is sought and received by LESSOR. LESSEE shall pay its Allocable Percentage of Additional Real Estate Tax Rent to LESSOR based on a prospective annual schedule prepared by the LESSOR, in monthly increments based on said schedule, with each monthly payment of Annual Base Rent due hereunder. Within one hundred twenty (120) days of the close of each tax calendar year, LESSOR shall adjust the prior year’s schedule of Additional Real Estate Tax Rent to account for actual and properly accrued costs, expenses, and liabilities, and shall issue LESSEE a refund or deficiency statement for that year, as appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days of its receipt of said Operating Statementinvoice. In the event of any disagreement, the parties shall engage in the negotiation and arbitration processes set forth in the last paragraph of Section 3 hereof. Any rebates due LESSEE (not contested by LESSOR) shall, in LESSOR’s reasonable discretion, be credited toward current monthly Additional Real Estate Tax Rent or paid to LESSEE within thirty (30) days. LESSOR shall keep complete books and records regarding Operating Expenses and Taxes at LESSOR’s principal offices, as provide copies of the relevant tax bills to which LESSEE shall be given access as contemplated below during LESSOR’s normal business hours for the purpose of reviewing and copying (at upon LESSEE’s expense except as otherwise set forth herein). LESSOR shall retain all records of Operating Expenses and Taxes for at least three (3) yearsrequest.

Additional Rent – Real Estate Taxes. LESSEELandlord agrees to pay, before they become delinquent, all real estate taxes and special assessments lawfully levied or assessed against the Shopping Center; however, Landlord may, at its expense, contest and dispute the same and in addition such case the disputed item need not be paid by Landlord until finally adjudged to the sums payable be valid. Tenant agrees to LESSOR as Annual Base Rent as determined in Section 2 hereof, shall pay to LESSOR for each year (or portion thereofLandlord, from and after the Rent Commencement Date, as applicableadditional rent within fifteen (15) days after written demand from the Landlord, and at least ten days prior to Landlord's due date, its pro rata share of all real estate taxes lawfully levied or assessed against the Shopping Center (land, building and improvements). If an assessment covers a period outside of the Lease Term, it will be prorated so that Tenant is charged for only that portion falling within the Lease Term. Landlord's demand shall be accompanied by a copy of the tax bill(s) for the Shopping Center, together with a computation as Additional Rentto txx xmount of Tenant's pro rata share. For the purposes of this Section and Section 2.4, LESSEE’s Allocable Percentage Tenant's pro rata share is 2.7% and is based upon the ratio which the ground floor square feet of the premises leased to Tenant (i.e. 5,000 square feet) bears to the leasable ground floor square feet of all sums attributable buildings (including the Demised Premises, i.e.,186,248 square feet), as the same may be increased or decreased from time to time in the municipal Shopping Center. In the event any proceeding is instituted for the reduction of assessed valuation which results in a refund of taxes, Tenant shall be entitled to its pro rata share (less any expenses in connection therewith), including any refund after the expiration/termination of this Lease relating to a period prior to such expiration/ termination. As used herein "real estate taxes on the Building taxes" shall include but shall not be limited to, betterment and land on which it is situated (“Taxes”) allocable to said year) (herein the “Additional Real Estate Tax Rent”). Notwithstanding the foregoingother assessments, LESSOR shall be under no obligation to file for any abatement of taxes for FY 2014 or any other fiscal yearwater and sewer rents, if any, and LESSEE shall pay all amounts as invoiced by LESSORother charges and for otherwise levied, receiving a rebate based on its Allocable Percentage only if an abatement is sought and received by LESSOR. LESSEE shall pay its Allocable Percentage of Additional Real Estate Tax Rent to LESSOR based on a prospective annual schedule prepared by the LESSORassessed or imposed, in monthly increments based on said schedulegeneral or special, with each monthly payment of Annual Base Rent due hereunder. Within one hundred twenty (120) days of the close of each tax yearordinary or extraordinary, LESSOR shall adjust the prior year’s schedule of Additional Real Estate Tax Rent to account for actual and properly accrued costs, expenses, and liabilities, and shall issue LESSEE a refund land or deficiency statement for that year, as appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days of its receipt of said Operating Statement. Any rebates due LESSEE (not contested by LESSOR) shall, in LESSOR’s reasonable discretion, be credited toward current monthly Additional Real Estate Tax Rent or paid to LESSEE within thirty (30) days. LESSOR shall keep complete books and records regarding Operating Expenses and Taxes at LESSOR’s principal offices, as to which LESSEE shall be given access as contemplated below during LESSOR’s normal business hours for the purpose of reviewing and copying (at LESSEE’s expense except as otherwise set forth herein). LESSOR shall retain all records of Operating Expenses and Taxes for at least three (3) yearsimprovements.

Additional Rent – Real Estate Taxes. LESSEE, in addition to the sums payable to LESSOR as Annual Base Rent as determined in Section 2 hereof, shall pay to LESSOR for each year (or portion thereof, as applicable) of the Lease Term, as Additional Rent, LESSEE’s ’S Allocable Percentage of all sums attributable to the municipal real estate taxes on the Building and land on which it is situated (“‘Taxes”) allocable to said year) (herein the “Additional Real Estate Tax Rent”). Notwithstanding the foregoing, LESSOR shall be under no obligation to file for any abatement of taxes for FY 2014 2011 or any other fiscal year, and LESSEE shall pay all amounts as invoiced by LESSOR, receiving a rebate based on its Allocable Percentage only if an abatement is sought and received by LESSOR. LESSEE shall pay its Allocable Percentage of Additional Real Estate Tax Rent to LESSOR based on a prospective annual schedule prepared by the LESSOR, in monthly increments based on said schedule, with each monthly payment of Annual Base Rent due hereunder. Within one hundred twenty (120) days of the close of each tax year, LESSOR shall adjust the prior year’s schedule of Additional Real Estate Tax Rent to account for actual and properly accrued costs, expenses, and liabilities, and shall issue LESSEE a refund or deficiency statement for that year, as appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days of its receipt of said Operating Statement. Any rebates due LESSEE (not contested by LESSOR) shall, in LESSOR’s ’S reasonable discretion, be credited toward current monthly Additional Real Estate Tax Rent or paid to LESSEE within thirty (30) days. LESSOR shall keep complete books and records regarding Operating Expenses and Taxes at LESSOR’s ’S principal offices, as to which LESSEE shall be given access as contemplated below during LESSOR’s ’S normal business hours for the purpose of reviewing and copying (at LESSEE’s expense except as otherwise set forth herein’S expense). LESSOR shall retain all records of Operating Expenses and Taxes for at least three (3) years. LESSEE shall have the right to audit the applicable records of LESSOR to confirm that the charges billed to LESSEE under Sections 3 and 4 above are proper and conform to the provisions of such Sections. Such right shall be exercisable by LESSEE within three (3) months after LESSEE’S receipt of LESSOR’S Operating Statement for the subject Lease Year. LESSOR shall cooperate with LESSEE in providing LESSEE reasonable access to LESSOR’S books and records during normal business hours to enable LESSEE to audit LESSOR’S books and records as they relate to any costs or expenses passed through to LESSEE pursuant to any provisions of this Lease. If the audit discloses any overpayment on the part of LESSEE, then LESSEE shall be entitled to a credit on the next succeeding installment of Rent for an amount equal to the overcharge plus interest on the amount of such overcharge from the date on which same was paid by LESSEE until the date refunded by LESSOR at the prime rate then published in The Wall Street Journal, and such credit shall be extended to succeeding installments of Rent in the event such overcharge exceeds the amount of the next succeeding such installment and, in the event the term of this Lease has expired or been earlier terminated, then LESSEE shall be entitled to a refund of such excess from LESSOR within thirty (30) days after such date or expiration or earlier termination. If the audit discloses any undercharge or underpayment on the part of LESSEE, then LESSOR shall be entitled payment of that difference, to be paid with the next succeeding installment of Rent, in the amount equal to the undercharge or underpayment.

Additional Rent – Real Estate Taxes. LESSEE, in addition to the sums payable to LESSOR as Annual Base Rent as determined in Section 2 hereof, shall pay to LESSOR for each year (or portion thereof, as applicable) of the Lease Term, as Additional Rent, LESSEE’s ’S Allocable Percentage of all sums attributable to the municipal real estate taxes on the Building and land on which it is situated (“Taxes”) allocable to said year) (herein the “Additional Real Estate Tax Rent”). Notwithstanding the foregoing, LESSOR shall be under no obligation to file for any abatement of taxes for FY 2014 2009, 2010 or any other fiscal year, and LESSEE shall pay all amounts as invoiced by LESSOR, receiving a rebate based on its Allocable Percentage only if an abatement is sought and received by LESSOR. LESSEE shall pay its Allocable Percentage of Additional Real Estate Tax Rent to LESSOR based on a prospective annual schedule prepared by the LESSOR, in monthly increments based on said schedule, with each monthly payment of Annual Base Rent due hereunder. Within one hundred twenty (120) days of the close of each tax calendar year, LESSOR shall adjust the prior year’s schedule of Additional Real Estate Tax Rent to account for actual and properly accrued costs, expenses, and liabilities, and shall issue LESSEE a refund or deficiency statement for that year, as appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days of its receipt of said Operating Statementinvoice. In the event of any disagreement, the parties shall engage in the negotiation and arbitration processes set forth in the last paragraph of Section 3 hereof. Any rebates due LESSEE (not contested by LESSOR) shall, in LESSOR’s reasonable discretion, be credited toward current monthly Additional Real Estate Tax Rent or paid to LESSEE within thirty (30) days. LESSOR shall keep complete books and records regarding Operating Expenses and Taxes at LESSOR’s principal offices, as provide copies of the relevant tax bills to which LESSEE shall be given access as contemplated below during LESSOR’s normal business hours for the purpose of reviewing and copying (at within a reasonable time after LESSEE’s expense except as otherwise set forth herein). LESSOR shall retain all records of Operating Expenses and Taxes for at least three (3) yearsrequest.

Additional Rent – Real Estate Taxes. LESSEE, in addition The Tenant shall pay to the sums Landlord as additional rent the Tenant's share of all real estate taxes or taxes in the nature of real estate taxes, including special and general assessments, however the same may be designated, levied or assessed on or against the leased premises, plus an equitable share of any taxes or assessments which may be assessed on or against the common property (improved and unimproved) belonging to the Landlord and not subject to a Standard Form Proprietary Lease, for each year or part thereof during the term of this Lease. The preceding sentence is intended to apply to taxes and assessments not already included in the Variable Annual Rent, such as might apply following an assessment levied following an improvement constructed by the Landlord. Amounts payable to LESSOR as under this paragraph shall not be duplicative of taxes or assessments already included in the Variable Annual Base Rent Rent. The Tenant's share shall be as determined in Section 2 hereof, a manner of general application to all holders of Standard Form Proprietary Leases (although this shall pay to LESSOR not require that the assessment be the same for each year (or portion thereof, as applicable) of all sites). If the Lease Term, as Additional Rent, LESSEE’s Allocable Percentage of all sums attributable to year shall not be co-extensive with the municipal real estate taxes on the Building and land on which it is situated (“Taxes”) allocable to said year) (herein the “Additional Real Estate Tax Rent”). Notwithstanding the foregoing, LESSOR shall be under no obligation to file for any abatement of taxes for FY 2014 or any other fiscal year, and LESSEE shall pay all amounts as invoiced by LESSOR, receiving a rebate based on its Allocable Percentage only if an abatement is sought and received by LESSOR. LESSEE shall pay its Allocable Percentage of Additional Real Estate Tax Rent to LESSOR based on a prospective annual schedule prepared by the LESSOR, in monthly increments based on said schedule, with each monthly payment of Annual Base Rent due hereunder. Within one hundred twenty (120) days of the close of each tax year, LESSOR there shall adjust be an equitable apportionment of the prior year’s schedule Tenant's liability hereunder for such taxes. Additional rent as described in this Paragraphs 4.B will be payable within twenty days of Additional Real Estate Tax Rent to account receipt by the Tenant from the Landlord of a written xxxx for actual and properly accrued costs, expensesthe same. If the leased premises should now or ever be assessed in common with other property of the Landlord, and liabilitiesan apportionment is not, and shall issue LESSEE a refund or deficiency statement for that yearupon request, as appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days made by the assessors showing the amount of its receipt of said Operating Statement. Any rebates due LESSEE (not contested by LESSOR) shallthe assessment applicable solely to the leased premises, in LESSOR’s reasonable discretion, be credited toward current monthly Additional Real Estate Tax Rent or paid to LESSEE within thirty (30) days. LESSOR shall keep complete books and records regarding Operating Expenses and Taxes at LESSOR’s principal offices, as to which LESSEE then an apportionment shall be given access as contemplated below during LESSOR’s normal business hours made by agreement of the Landlord and Tenant, or if they fail to agree after thirty calendar days, then by arbitration, with the party whose last proposed allocation was further from the allocation determined by the arbitrator to pay for the purpose costs and expenses of reviewing and copying (at LESSEE’s expense except as otherwise set forth herein). LESSOR shall retain all records the arbitration, including reasonable legal fees of Operating Expenses and Taxes for at least three (3) yearsthe prevailing party.