Base Years. Section 4.2 of the Lease is hereby amended to read in its entirety as follows:
Base Years. (a) Base Year for Real Property Taxes (paid by Landlord): Tax Year 1994 - 1995 (see Article 8).
Base Years. The Base Expense Year for Operating Expenses shall be calendar year 2007 for the Phase I Premises and 2010 for the Phase II Premises, and the Base Tax Year shall be calendar year 2007 for the Phase I Premises and 2010 for the Phase II Premises.
Base Years. There shall be no adjustments for per diem in Phase M in Section B for the four (4) base years of the performance period, as all escalations are to be included in the firm fixed price. Offerors shall include wages and fringe benefits which cannot be less than the predecessor contractors' CBA/MOUs as identified in DOL issued wage determinations.
Base Years. With respect to the Expansion Premises only, (a) the “Base Operating Expense Year” as set forth in Section 1.1 of the Lease shall be defined as “Calendar year 2011 (i.e. January 1, 2011 through December 31, 2011)” and (b) the “Base Tax Year” as set forth in Section 1.1 of the Lease shall be defined as “Calendar year 2011 (i.e. January 1, 2011 through December 31, 2011).” The Base Operating Expense Year and the Base Tax Year for the Existing Premises shall be as set forth in the Lease.
Base Years. The Base Expense Year for Operating Expenses shall be calendar year 2016, and the Base Tax Year shall be calendar year 2016.
Base Years. Generally, in a retail lease, tenants are required to pay for their share of common area costs on a complete pass-through basis. Office tenants, on the other hand, typically are charged only for the amount by which operating costs during any year of the term of the lease exceed a base amount. Establishing the base amount will have a material impact on the obli- gations of an office tenant. Plug Numbers The base amount is set to equal the operating costs the landlord is incurring at the inception of the lease term. For an office building under construction, however, this number is impossible to determine. In these circumstances, the landlord may use a “plug” number based on a detailed, but estimated, budget developed by the landlord. Usually, after the land- lord has convinced its permanent lender and the first major tenants of the reasonableness of the budget, the landlord is able to convince the rest of the marketplace to accept the base figure. Current Year Versus Prior Year With respect to an existing project that is near full occupancy, the issue is whether the base operating costs should be equal to the amount of operating costs for the latest year for which the landlord has actual figures or for the year in which the term commencement date occurs. The landlord prefers to use the known figure because it enables the landlord to determine its return on the transaction. If the base year figure is not known at the time of lease execution, it is possible that an increase in operating costs in the base year will reduce the landlord’s return over the entire term. On the other hand, using the prior year exposes the tenant to an increase in rent commencing as of the first day of the lease term. De- pending on market conditions, the landlord may insist on an increase in the fixed rent if the tenant insists on using the year in which the term commencement date occurs as the base year.
Base Years. For the extension of the Initial Term of the Master Lease for the period from January 1, 2015 through December 31, 2021, the Base Year shall be 2015. If Tenant exercises its first Renewal Option under Section 2.3 of the Master Lease for the period from January 1, 2022 through December 31, 2026, the Base Year shall be 2022. If Tenant exercises its second Renewal Option under Section 2.3 of the Master Lease for the period from January 1, 2028 through December 31, 2032, the Base Year shall be 2028.
Base Years. A. Section 1.1(i) of the Lease is hereby amended such that the Base Expense Year for Operating Expenses for the "Total Premises" shall be calendar year 1997, and shall be effective as of January 1, 1997.
