Common use of Calculation and Payment of Taxes Clause in Contracts

Calculation and Payment of Taxes. A. Owner shall render to Tenant, either in accordance with the provisions of Article 27 or by regular mail to the same address as Fixed Rent bills are sent by Owner, an Owner’s Tax Statement with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s failure to render an Owner’s Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such Tax Escalation Year pursuant to the provisions of Subsection D of this Section 23.03. The obligations of Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 with respect to any increase in the Fixed Rent or any credit to which Tenant may be entitled shall survive the expiration or any sooner termination of the Demised Term. Within thirty (30) days next following rendition of the first Owner’s Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation Year, Tenant shall pay to Owner one half ( 1/2) of the amount of the increase shown upon such Owner’s Tax Statement for such Tax Escalation Year. In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s Tax Statement, a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s Tax Statement for such Tax Escalation Year (before any apportionment pursuant to the provisions of Subsection B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s Tax Statement) a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s Tax Statement (before any apportionment pursuant to the provisions of Subsection B of Section 23.02); each such monthly installment shall be added to and payable as part of each monthly installment of Fixed Rent.

Calculation and Payment of Taxes. A. Owner shall render to Tenant, either in accordance with the provisions of Article 27 or by personal delivery at the Demised Premises or by regular mail to the same address as Fixed Rent bills are sent by Owner, an Owner’s 's Tax Statement with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s 's failure to render an Owner’s 's Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s 's right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such Tax Escalation Year pursuant to the provisions of Subsection D of this Section 23.03. The obligations of Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 with respect to any increase in the Fixed Rent or any credit to which Tenant may be entitled shall survive the expiration or any sooner termination of the Demised Term. Within thirty ten (3010) days next following rendition of the first Owner’s 's Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation Year, Tenant shall pay to Owner one half ( (1/2) of the amount of the increase shown upon such Owner’s 's Tax Statement for such Tax Escalation YearYear (in the event that the Commencement Date shall occur during such Tax Escalation Year on a date other than a July 1st, the sum payable by Tenant under the foregoing provisions of this Subsection 23.03.A shall be apportioned so that Tenant shall pay that percentage thereof which the number of days in the period from the Commencement Date to the date upon which the next installment of Taxes is required to be paid by Owner bears to one hundred eighty (180) days, thereby giving effect to the apportionment provisions of Subsection B of Section 23.02). In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s 's Tax Statement, a sum equal to one one-twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s 's Tax Statement for such Tax Escalation Year (before any apportionment pursuant to the provisions of Subsection B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s 's Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s 's Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s 's Tax Statement) a sum equal to one one-twelfth (1/12th1/12) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s 's Tax Statement (before any apportionment pursuant to the provisions of Subsection B of Section 23.02); each such monthly installment shall be added to and payable as part of each monthly installment of Fixed Rent.

Calculation and Payment of Taxes. A. Owner shall render to Tenant, either in accordance with the provisions of Article 27 or by regular mail to the same address as Fixed Rent bills are sent by Owner, an Owner’s 's Tax Statement or Statements with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s 's failure to render an Owner’s 's Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s 's right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, unless same is not rendered within two (2) years, nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such for any Tax 54 Escalation Year pursuant to the provisions of Subsection D B of this Section 23.03. The obligations of Tenant acknowledges that under present law, Taxes are payable by Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 (i) with respect to any increase a fiscal year commencing July 1st and ending on the following June 30th, and (ii) in two (2) installments, in advance, the Fixed Rent or any credit to first of which Tenant may be entitled shall survive is payable on July 1st, and the expiration or any sooner termination second and final payment of which is payable on the Demised Termfollowing January 1st. Within thirty twenty (3020) days next following rendition of the first Owner’s 's Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation Year, Tenant shall pay to Owner one one-half ( 1/2) of the amount of the increase shown upon such Owner’s Tax Statement for such Tax Escalation Year. In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s Tax Statement, a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s 's Tax Statement for such Tax Escalation Year (before any apportionment pursuant to the provisions of Subsection B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s Tax Statement) a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s Tax Statement (before including any apportionment pursuant to the provisions of Subsection B of Section 23.02); each and, subsequently, provided Owner shall have rendered to Tenant an Owner's Tax Statement, Tenant shall pay to Owner not later than thirty (30) days prior to the date on which the installment of Taxes is required to be paid by Owner a sum equal to one half (1/2) of Tenant's Proportionate Share of Taxes payable with respect to such Tax Escalation Year as shown on such Owner's Tax Statement. Tenant further acknowledges that it is the purpose and intent of this Section 23.03 to provide Owner with Tenant's Proportionate Share of Taxes thirty (30) days prior to the time such installment of Taxes is required to be paid by Owner without penalty or interest. Accordingly, Tenant agrees if the number of such installments and/or the date of payment thereof and/or the fiscal year used for the purpose of Taxes shall change then (a) at the time that any such revised installment is payable by Owner, Tenant shall pay to Owner the amount which shall provide Owner with Tenant's Proportionate Share of Taxes applicable to the revised installment of Taxes then required to be paid by Owner, and (b) this Article shall be appropriately adjusted to reflect such change and the time for payment to Owner of Tenant's Proportionate Share of Taxes as provided in this Article shall be appropriately revised so that Owner shall always be provided with Tenant's Proportionate Share of Taxes thirty (30) days prior to the installment of Taxes required to be paid by Owner. Notwithstanding the foregoing provisions of this Subsection A to the contrary, in the event the holder of any mortgage affecting the Real Property shall require Owner to make monthly deposits on account of real estate taxes, then this Article shall be appropriately adjusted to reflect the requirement that Owner make monthly deposits on account of real estate taxes so that Owner shall always be provided with one-twelfth (1/12th) of Tenant's Proportionate Share of Taxes with respect to any Tax Escalation Year thirty (30) days prior to the payment by Owner of such monthly installment shall be added to and payable as part deposits on account of each monthly installment of Fixed Rentreal estate taxes.

Calculation and Payment of Taxes. A. Owner shall render to Tenant, either in accordance with the provisions of Article 27 or by regular mail to personal delivery at the same address as Fixed Rent bills are sent by OwnerDemised Premises, an Owner’s 's Tax Statement or Statements with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s 's failure to render an Owner’s 's Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s 's right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, Year nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such for any Tax Escalation Year pursuant to the provisions of Subsection D subsection B of this Section 23.03. The obligations of Tenant acknowledges that under present law, Taxes are payable by Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 (i) with respect to any increase a fiscal year commencing July 1st and ending on the following June 30th, and (ii) in two (2) installments, in advance, the Fixed Rent or any credit to first of which Tenant may be entitled shall survive is payable on July 1st, and the expiration or any sooner termination second and final payment of which is payable on the Demised Termfollowing January 1st. Within thirty ten (3010) days next following rendition of the first Owner’s 's Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation Year, Tenant shall pay to Owner one one-half ( 1/2) of the amount of the increase shown upon such Owner’s Tax Statement for such Tax Escalation Year. In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s Tax Statement, a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s 's Tax Statement for such Tax Escalation Year (before including any apportionment pursuant to the provisions of Subsection B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s Tax Statement) a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s Tax Statement (before any apportionment pursuant to the provisions of Subsection subsection B of Section 23.02); each and, subsequently, provided Owner shall have rendered to Tenant an Owner's Tax Statement, Tenant shall pay to Owner not later than thirty (30) days prior to the date on which the installment of Taxes is required to be paid by Owner a sum equal to one half (1/2) of Tenant's Proportionate Share of Taxes payable with respect to such Tax Escalation Year as shown on such Owner's Tax Statement. Tenant further acknowledges that it is the purpose and intent of this Section 23.03 to provide Owner with Tenant's Proportionate Share of Taxes thirty (30) days prior to the time such installment of Taxes is required to be paid by Owner without penalty or interest. Accordingly, Tenant agrees if the number of such installments and/or the date of payment thereof and/or the fiscal year used for the purpose of Taxes shall change then (a) at the time that any such revised installment is payable by Owner, Tenant shall pay to Owner the amount which shall provide Owner with Tenant's Proportionate Share of Taxes applicable to the revised installment of Taxes then required to be paid by Owner, and (b) this Article shall be appropriately adjusted to reflect such change and the time for payment to Owner of Tenant's Proportionate Share of Taxes as provided in this Article shall be appropriately revised so that Owner shall always be provided with Tenant's Proportionate Share of Taxes thirty (30) days prior to the installment of Taxes required to be paid by Owner. Notwithstanding the foregoing provisions of this subsection A to the contrary, in the event the holder of any mortgage affecting the Real Property shall require Owner to make monthly deposits on account of real estate taxes, then this Article shall be appropriately adjusted to reflect the requirement that Owner make monthly deposits on account of real estate taxes so that Owner shall always be provided with one-twelfth (1/12th) of Tenant's Proportionate Share of Taxes with respect to any Tax Escalation Year thirty (30) days prior to the payment by Owner of such monthly installment shall be added to and payable as part deposits on account of each monthly installment of Fixed Rentreal estate taxes.

Calculation and Payment of Taxes. A. Owner shall render to Tenant, either in accordance with the provisions of Article 27 or by regular mail to personal delivery at the same address as Fixed Rent bills are sent by OwnerDemised Premises, an Owner’s 's Tax Statement with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s 's failure to render an Owner’s 's Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s 's right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such Tax Escalation Year pursuant to the provisions of Subsection D of this Section 23.03. The obligations of Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 with respect to any increase in the Fixed Rent or any credit to which Tenant may be entitled shall survive the expiration or any sooner termination of the Demised Term. Within thirty ten (3010) days next following rendition of the first Owner’s 's Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation Year, Tenant shall pay to Owner one half ( (1/2) of the amount of the increase shown upon such Owner’s Tax Statement for such Tax Escalation Year. In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s Tax Statement, a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s 's Tax Statement for such Tax Escalation Year (before any apportionment pursuant in the event that the Commencement Date shall occur during such Tax Escalation Year on a date other than a July 1st, the sum payable by Tenant under the foregoing provisions of this Subsection 23.03.A shall be apportioned so that Tenant shall pay that percentage thereof which the number of days in the period from the Commencement Date to the date upon which the next installment of Taxes is required to be paid by Owner bears to one hundred eighty (180) days, thereby giving effect to the apportionment provisions of Subsection Sub section B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s Tax Statement) a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s Tax Statement (before any apportionment pursuant to the provisions of Subsection B of Section 23.02); each such monthly installment shall be added to and payable as part of each monthly installment of Fixed Rent.

Calculation and Payment of Taxes. A. Owner shall render to -------------------------------- Tenant, either in accordance with the provisions of Article 27 or by regular mail to personal delivery at the same address as Fixed Rent bills are sent by OwnerDemised Premises, an Owner’s 's Tax Statement or Statements with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s 's failure to render an Owner’s 's Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s 's right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, Year nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such for any Tax Escalation Year pursuant to the provisions of Subsection D subsection B of this Section 23.03. The obligations of Tenant acknowledges that under present law, Taxes are payable by Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 (i) with respect to any increase a fiscal year commencing July 1st and ending on the following June 30th, and (ii) in two (2) installments, in advance, the Fixed Rent or any credit to first of which Tenant may be entitled shall survive is payable on July 1st, and the expiration or any sooner termination second and final payment of which is payable on the Demised Termfollowing January 1st. Within thirty ten (3010) days next following rendition of the first Owner’s 's Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation Year, Tenant shall pay to Owner one one-half ( 1/2) of the amount of the increase shown upon such Owner’s Tax Statement for such Tax Escalation Year. In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s Tax Statement, a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s 's Tax Statement for such Tax Escalation Year (before including any apportionment pursuant to the provisions of Subsection B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s Tax Statement) a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s Tax Statement (before any apportionment pursuant to the provisions of Subsection subsection B of Section 23.02); each and, subsequently, provided Owner shall have rendered to Tenant an Owner's Tax Statement, Tenant shall pay to Owner not later than thirty (30) days prior to the date on which the installment of Taxes is required to be paid by Owner a sum equal to one half (1/2) of Tenant's Proportionate Share of Taxes payable with respect to such Tax Escalation Year as shown on such Owner's Tax Statement. Tenant further acknowledges that it is the purpose and intent of this Section 23.03 to provide Owner with Tenant's Proportionate Share of Taxes thirty (30) days prior to the time such installment of Taxes is required to be paid by Owner without penalty or interest. Accordingly, Tenant agrees if the number of such installments and/or the date of payment thereof and/or the fiscal year used for the purpose of Taxes shall change then (a) at the time that any such revised installment is payable by Owner, Tenant shall pay to Owner the amount which shall provide Owner with Tenant's Proportionate Share of Taxes applicable to the revised installment of Taxes then required to be paid by Owner, and (b) this Article shall be appropriately adjusted to reflect such change and the time for payment to Owner of Tenant's Proportionate Share of Taxes as provided in this Article shall be appropriately revised so that Owner shall always be provided with Tenant's Proportionate Share of Taxes thirty (30) days prior to the installment of Taxes required to be paid by Owner. Notwithstanding the foregoing provisions of this subsection A to the contrary, in the event the holder of any mortgage affecting the Real Property shall require Owner to make monthly deposits on account of real estate taxes, then this Article shall be appropriately adjusted to reflect the requirement that Owner make monthly deposits on account of real estate taxes so that Owner shall always be provided with one-twelfth (1/12th) of Tenant's Proportionate Share of Taxes with respect to any Tax Escalation Year thirty (30) days prior to the payment by Owner of such monthly installment shall be added to and payable as part deposits on account of each monthly installment of Fixed Rentreal estate taxes.

Calculation and Payment of Taxes. A. Owner shall render to Tenant, either in accordance with the provisions of Article 27 or by regular mail to personal delivery at the same address as Fixed Rent bills are sent by OwnerDemised Premises, an Owner’s 's Tax Statement with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s 's failure to render an Owner’s 's Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s 's right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such Tax Escalation Year pursuant to the provisions of Subsection D of this Section 23.03. The obligations of Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 with respect to any increase in the Fixed Rent or any credit to which Tenant may be entitled shall survive the expiration or any sooner termination of the Demised Term. Within thirty ten (3010) days next following rendition of the first Owner’s 's Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation Year, Tenant shall pay to Owner one half ( 1/2) of the amount of the increase shown upon such Owner’s 's Tax Statement for such Tax Escalation YearYear (in the event that the Commencement Date shall occur during such Tax Escalation Year on a date other than a July 1st, the sum payable by Tenant under the foregoing provisions of this Subsection 23.03A shall be apportioned so that Tenant shall pay that percentage thereof which the number of days in the period from the Commencement Date to the date upon which the next instalment of Taxes is required to be paid by Owner bears to one hundred eighty (180) days thereby giving effect to the apportionment provisions of Subsection B of Section 23.02). In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s 's Tax Statement, a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s 's Tax Statement for such Tax Escalation Year (before any apportionment pursuant to the provisions of Subsection B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s 's Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s 's Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s 's Tax Statement) a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s 's Tax Statement (before any apportionment pursuant to the provisions of Subsection B of Section 23.02); each such monthly installment shall be added to and payable as part of each monthly installment of Fixed Rent.

Calculation and Payment of Taxes. A. Owner A.Owner shall render to Tenant, either in accordance with the provisions of Article 27 or by personal delivery at the Demised Premises or by regular mail to the same address as Fixed Rent bills are sent by Owner, an Owner’s Tax Statement or Statements with respect to each Tax Escalation Year, either prior to or during such Tax Escalation Year. Owner’s failure to render an Owner’s Tax Statement with respect to any Tax Escalation Year shall not prejudice Owner’s right to recover any sums due to Owner hereunder with respect to such Tax Escalation Year, Year nor shall it deprive Tenant of any credit to which it otherwise might be entitled with respect to such for any Tax Escalation Year pursuant to the provisions of Subsection C of this Section 23.03, provided however, that Owner shall submit an Owner’s Tax Statement with respect to any Tax Escalation Year within two (2) years after the end of any such Tax Escalation Year, otherwise, Owner shall be deemed to have waived the right to collect any sums as a result of increased taxes with respect to such Tax Escalation Year, provided that in the event Owner shall have so timely submitted such Owner’s Tax Statement, Owner shall not be precluded from exercising Owner’s rights under Subsection D of this Section 23.0323.03 with respect to such Tax Escalation Year subsequent to such two (2) year period. The obligations of Owner and Tenant under the provisions of Section 23.02 and this Section 23.03 with respect to any increase in the Fixed Rent or any payment or credit to which Tenant may be entitled shall survive the expiration or any sooner termination of the Demised Term. Tenant acknowledges that under present law, Taxes are payable by Owner (i) with respect to a fiscal year commencing July 1st and ending on the following June 30th, and (ii) in two (2) installments, in advance, the first of which is payable on July 1st, and the second and final payment of which is payable on the following January 1st. Within thirty (30) days next following rendition of the first Owner’s Tax Statement which shows an increase in the Fixed Rent for any Tax Escalation YearYear (but in no event shall the same be due from Tenant prior to the date thirty (30) days before such payment is due to the taxing authority), Tenant shall pay to Owner one one-half ( 1/2(½) of the amount of the increase shown upon such Owner’s Tax Statement for such Tax Escalation Year. In order to provide for current payments on account of (i) the next installment of Taxes payable by Owner for such Tax Escalation Year, if any, and (ii) future potential increases in the Fixed Rent which may be payable by Tenant pursuant to the provisions of Subsection A of Section 23.02 for future Tax Escalation Years, Tenant shall (a) pay to Owner, on the first day of the calendar month next following the rendition of such Owner’s Tax Statement, a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent shown upon such Owner’s Tax Statement for such Tax Escalation Year (before any apportionment pursuant to the provisions of Subsection B of Section 23.02) multiplied by the number of months which may have elapsed between either (x) July 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between July 1st and December 31st of such Tax Escalation Year and the month in which such payment is made or (y) January 1st of such Tax Escalation Year if such Owner’s Tax Statement is rendered between January 1st and June 30th of such Tax Escalation Year and the month in which such payment is made, and (b) thereafter pay to Owner on the first day of each month of the Demised Term (until rendition by Owner of a new Owner’s Tax Statement) a sum equal to one twelfth (1/12th) of the increase in the Fixed Rent payable pursuant to the provisions of Subsection A of Section 23.02 for the Tax Escalation Year with respect to which Owner has most recently rendered an Owner’s Tax Statement (before including any apportionment pursuant to the provisions of Subsection B of Section 23.02); each and, subsequently, provided Owner shall have rendered to Tenant an Owner’s Tax Statement, Tenant shall pay to Owner not later than thirty (30) days prior to the date on which the installment of Taxes is required to be paid by Owner a sum equal to one-half (½) of Tenant’s Proportionate Share of Taxes payable with respect to such Tax Escalation Year as shown on such Owner’s Tax Statement. Tenant further acknowledges that it is the purpose and intent of this Section 23.03 to provide Owner with Tenant’s Proportionate Share of the increase in Taxes pursuant to the provisions of this Subsection A thirty (30) days prior to the time such installment of Taxes is required to be paid by Owner without penalty or interest. Accordingly, Tenant agrees if the number of such installments and/or the date of payment thereof and/or the fiscal year used for the purpose of Taxes shall change then (a) at the time that any such revised installment is payable by Owner, Tenant shall pay to Owner the amount which shall provide Owner with Tenant’s Proportionate Share of the increases in Taxes pursuant to the provisions of Subsection 23.02.A applicable to the revised installment of Taxes then required to be paid by Owner, and (b) this Article shall be appropriately adjusted to reflect such change and the time for payment to Owner of Tenant’s Proportionate Share of any increase in Taxes as provided in this Article shall be appropriately revised so that Owner shall always be provided with Tenant’s Proportionate Share of the increase in Taxes thirty (30) days prior to the installment of Taxes required to be paid by Owner. Notwithstanding the foregoing provisions of this Subsection A to the contrary, in the event the holder of any mortgage affecting the Building, the plot of land on which it stands, or any ground or underlying lease, including, but not limited to, the Ground and Development Rights Lease, shall require Owner to make monthly deposits on account of real estate taxes, then this Article shall be appropriately adjusted to reflect the requirement that Owner make monthly deposits on account of real estate taxes so that Owner shall always be provided with one-twelfth (1/12th) of Tenant’s Proportionate Share of such increase in Taxes with respect to any Tax Escalation Year thirty (30) days prior to the payment by Owner of such monthly installment shall be added to and payable as part deposits on account of each monthly installment of Fixed Rent.real estate taxes.