Common use of Real Estate Tax Adjustment Clause in Contracts

Real Estate Tax Adjustment. On or about September 15 of each calendar year during the Demised Term, a statement shall be rendered by Landlord to Tenant of the Real Estate Taxes incurred in respect of such year and the Estimated Tax Per Square Foot for such calendar year. Commencing in the first calendar year in which the Estimated Tax per Square Foot shall exceed the Base Tax Per Square Foot, Tenant shall pay to Landlord as Additional Rent for such calendar year an amount equal to such excess per rentable square foot multiplied by the Rentable Area of the Demised Premises, which amount shall be payable within thirty (30) days from the sending of such statement. Effective as of January 1 of the immediately following calendar year, and as of January 1 of each subsequent calendar year in respect of which a rental adjustment for Real Estate Taxes shall be payable, the monthly installment of Base Rent shall be increased by an amount equal to one-twelfth (1/12) of the prior year’s rental adjustment for Real Estate Taxes payable by Tenant, which amount shall be applied on account of the rental adjustment for Real Estate Taxes payable by Tenant in respect of the then current calendar year; if the aggregate of such monthly amounts so paid on account for such calendar year shall be less than the amount of the rental adjustment for Real Estate Taxes payable by Tenant hereunder with respect to such year, the deficiency shall be payable by Tenant within thirty (30) days from the sending of a statement of such deficiency by Tenant; and if Tenant shall have paid an excess, it shall be applied on account of rent due or next to become due from Tenant to Landlord, or if the Demised Term has expired under this Lease and Tenant is or was not in default, such excess shall be paid by Landlord to Tenant within thirty (30) days after the date of such statement. Should Landlord recover, by legal proceedings taken by Landlord in its sole discretion or otherwise, Real Estate Taxes in respect of any calendar year or part thereof during the Demised Term, such recovery, less all fees, costs and expenses incurred in connection therewith, shall be treated as a reduction of Real Estate Taxes payable by Landlord for the calendar year in which the recovery is received. This provision shall survive the expiration or sooner termination of this Lease.

Real Estate Tax Adjustment. On In the event that the Real Estate Taxes payable for any Tax Year shall exceed the amount of such Real Estate Taxes, as finally determined, payable with respect to the Base Tax Year, Tenant shall pay to Landlord, as additional rent ("Tenant's Tax Payment") for such Tax Year, an amount equal to the Percentage of the excess. By or about September 15 after the start of the Tax Year following the Base Tax Year, and by or after the start of each calendar year during the Demised TermTax Year thereafter, Landlord shall furnish to Tenant a statement shall be rendered by Landlord to Tenant of the Real Estate Taxes incurred in payable with respect to such Tax Year, and a statement of such year and the Estimated Tax Per Square Foot for such calendar year. Commencing in the first calendar year in which the Estimated Tax per Square Foot shall exceed Real Estate Taxes payable during the Base Tax Per Square FootYear. Within thirty (30) days after the issuance by the governmental authority having jurisdiction thereover of tax bills for Real Estate Taxes assessed, levied and/or imposed upon the Land and Building for any Tax Year, Landlord shall submit to Tenant a photostatic copy of such bill xxx/or bills and thereafter on or about each respective anniversary date shall submit a copy of the tax bill xxx/or bills for the Real Estate Taxes assessed, levied or imposed upon the Land and Building for such Tax Year, together with a statement which shall indicate the amount, if any, of Tenant's Tax Payment. Landlord's failure to submit copies of bills as aforesaid shall not be considered a default by Landlord or a defense by Tenant to such tax payment. Within thirty (30) days after the issuance of the statement, Tenant shall pay Tenant's Tax Payment in the amount set forth on such statement. Such statement shall be conclusively deemed binding upon Tenant unless Tenant shall have objected thereto in writing within thirty (30) days of receipt thereof. Notwithstanding the foregoing provisions of this paragraph, Tenant's Tax Payment shall be payable in the same number of installments as Real Estate Taxes are payable to the taxing authority and shall be payable by tenant not less In the event Landlord shall receive a final reduction or refund of Real Estate Taxes for any Tax Year for which Tenant is obligated to pay any additional rent under the provisions of this subsection B of Section 3.04, the amount or the proceeds of such reduction or refund, less legal fees and other expenses incurred in collecting the same or achieving such reduction, shall be applied and allocated to the periods for which such final reduction or refund was obtained, and proper adjustment shall be made between Landlord and Tenant. Tenant has been advised that proceedings to protest the Real Estate Tax Assessment for the Base Tax Year may have been filed and may result in a reduction of Real Estate Taxes for the Base Tax Year. Any payments or refunds due hereunder for any period of less than a full Tax Year at the commencement or end of the Term of this Lease shall be equitably prorated to reflect such event. In addition to Tenant's obligation to pay Tenant's Tax Payment as aforesaid, Tenant shall pay to Landlord as Additional Rent for such calendar year an amount equal to such excess per rentable square foot multiplied by the Rentable Area of the Demised Premisesadditional rent payable upon demand, which amount shall be payable within thirty (30) days from the sending of such statement. Effective as of January 1 of the immediately following calendar yearany occupancy tax or rent tax now in effect or hereafter enacted, and as of January 1 of each subsequent calendar year in respect of which a rental adjustment for Real Estate Taxes shall be payable, the monthly installment of Base Rent shall be increased by an amount equal to one-twelfth (1/12) of the prior year’s rental adjustment for Real Estate Taxes if payable by Tenant, which amount shall be applied on account of Landlord in the rental adjustment for Real Estate Taxes payable by Tenant in respect of the then current calendar year; if the aggregate of such monthly amounts so paid on account for such calendar year shall be less than the amount of the rental adjustment for Real Estate Taxes payable by Tenant hereunder with respect first instance or hereafter required to such year, the deficiency shall be payable by Tenant within thirty (30) days from the sending of a statement of such deficiency by Tenant; and if Tenant shall have paid an excess, it shall be applied on account of rent due or next to become due from Tenant to Landlord, or if the Demised Term has expired under this Lease and Tenant is or was not in default, such excess shall be paid by Landlord to Tenant within thirty (30) days after the date of such statement. Should Landlord recover, by legal proceedings taken by Landlord in its sole discretion or otherwise, Real Estate Taxes in respect of any calendar year or part thereof during the Demised Term, such recovery, less all fees, costs and expenses incurred in connection therewith, shall be treated as a reduction of Real Estate Taxes payable by Landlord for the calendar year in which the recovery is received. This provision shall survive the expiration or sooner termination of this LeaseLandlord.

Real Estate Tax Adjustment. On In the event that the Real Estate Taxes payable for any Tax Year shall exceed the amount of such Real Estate Taxes, as finally determined, payable with respect to the Base Tax Year, Tenant shall pay to Landlord, as additional rent ("Tenant's Tax Payment") for such Tax Year, an amount equal to the Percentage of the excess. By or about September 15 after the start of the Tax Year following the Base Tax Year, and by or after the start of each calendar year during the Demised TermTax Year thereafter, Landlord shall furnish to Tenant a statement shall be rendered by Landlord to Tenant of the Real Estate Taxes incurred in payable with respect to such Tax Year, and a statement of such year and the Estimated Tax Per Square Foot for such calendar year. Commencing in the first calendar year in which the Estimated Tax per Square Foot shall exceed Real Estate Taxes payable during the Base Tax Per Square FootYear. Within thirty (30) days after the issuance by the governmental authority having jurisdiction thereover of tax bills for Real Estate Taxes assessed, levied and/or imposed upon the Land and Building for any Tax Year, Landlord shall submit to Tenant a photostatic copy of such xxxx and/or bills and thereafter on or about each respective anniversary date shall submit a copy of the tax xxxx and/or bills for the Real Estate Taxes assessed, levied or imposed upon the Land and Building for such Tax Year, together with a statement which shall indicate the amount, if any, of Tenant's Tax Payment. Landlord's failure to submit copies of bills as aforesaid shall not be considered a default by Landlord or a defense by Tenant to such tax payment. Within thirty (30) days after the issuance of the statement, Tenant shall pay Tenant's Tax Payment in the amount set forth on such statement. Such statement shall be conclusively deemed binding upon Tenant unless Tenant shall have objected thereto in writing within thirty (30) days of receipt thereof. Notwithstanding the foregoing provisions of this paragraph, Tenant's Tax Payment shall be payable in the same number of installments as Real Estate Taxes are payable to the taxing authority and shall be payable not more than thirty (30) days in advance of the date on which the corresponding installment is due such taxing authority without incurring any penalty, interest or late charge. In the event Landlord shall receive a final reduction or refund of Real Estate Taxes for any Tax Year for which Tenant is obligated to pay any additional rent under the provisions of this subsection B of Section 3.04, the amount or the proceeds of such reduction or refund, less legal fees and other expenses incurred in collecting the same or achieving such reduction, shall be applied and allocated to the periods for which such final reduction or refund was obtained, and proper adjustment shall be promptly made between Landlord and Tenant. Tenant has been advised that proceedings to protest the Real Estate Tax assessment for the Base Tax Year may have been filed and may result in a reduction of Real Estate Taxes for the Base Tax Year. Any payments or refunds due hereunder for any period of less than a full Tax Year at the commencement or end of the Term of this Lease shall be equitably prorated to reflect such event. In addition to Tenant's obligation to pay Tenant's Tax Payment as aforesaid, Tenant shall pay to Landlord as Additional Rent for such calendar year an amount equal to such excess per rentable square foot multiplied by the Rentable Area of the Demised Premisesadditional rent payable upon demand, which amount shall be payable within thirty (30) days from the sending of such statement. Effective as of January 1 of the immediately following calendar yearany occupancy tax or rent tax now in effect or hereafter enacted, and as of January 1 of each subsequent calendar year in respect of which a rental adjustment for Real Estate Taxes shall be payable, the monthly installment of Base Rent shall be increased by an amount equal to one-twelfth (1/12) of the prior year’s rental adjustment for Real Estate Taxes if payable by Tenant, which amount shall be applied on account of Landlord in the rental adjustment for Real Estate Taxes payable by Tenant in respect of the then current calendar year; if the aggregate of such monthly amounts so paid on account for such calendar year shall be less than the amount of the rental adjustment for Real Estate Taxes payable by Tenant hereunder with respect first instance or hereafter required to such year, the deficiency shall be payable by Tenant within thirty (30) days from the sending of a statement of such deficiency by Tenant; and if Tenant shall have paid an excess, it shall be applied on account of rent due or next to become due from Tenant to Landlord, or if the Demised Term has expired under this Lease and Tenant is or was not in default, such excess shall be paid by Landlord to Tenant within thirty (30) days after the date of such statement. Should Landlord recover, by legal proceedings taken by Landlord in its sole discretion or otherwise, Real Estate Taxes in respect of any calendar year or part thereof during the Demised Term, such recovery, less all fees, costs and expenses incurred in connection therewith, shall be treated as a reduction of Real Estate Taxes payable by Landlord for the calendar year in which the recovery is received. This provision shall survive the expiration or sooner termination of this LeaseLandlord.

Real Estate Tax Adjustment. On In the event that the Real Estate Taxes payable for any Tax Year shall exceed the amount of such Real Estate Taxes, as finally determined, payable with respect to the Base Tax Year, Tenant shall pay to Landlord, as additional rent ("Tenant's Tax Payment") for such Tax Year, an amount equal to the Percentage of the excess. By or about September 15 after the start of the Tax Year following the Base Tax Year, and by or after the start of each calendar year during the Demised TermTax Year thereafter, Landlord shall furnish to Tenant a statement shall be rendered by Landlord to Tenant of the Real Estate Taxes incurred in payable with respect to such Tax Year, and a statement of such year and the Estimated Tax Per Square Foot for such calendar year. Commencing in the first calendar year in which the Estimated Tax per Square Foot shall exceed Real Estate Taxes payable during the Base Tax Per Square FootYear. Within thirty (30) days after the issuance by the governmental authority having jurisdiction thereover of tax bills for Real Estate Taxes assessed, levied and/or imposed upon the Land and Building for any Tax Year, Landlord shall submit to Tenant a photostatic copy of such xxxx and/or bills and thereafter on or about each respective anniversary date shall submit a copy of the tax xxxx and/or bills for the Real Estate Taxes assessed, levied or imposed upon the Land and Building for such Tax Year, together with a statement which shall indicate the amount, if any, of Tenant's Tax Payment. Landlord's failure to submit copies of bills as aforesaid shall not be considered a default by Landlord or a defense by Tenant to such tax payment. Within thirty (30) days after the issuance of the statement, Tenant shall pay Tenant's Tax Payment in the amount set forth on such statement. Such statement shall be conclusively deemed binding upon Tenant unless Tenant shall have objected thereto in writing within thirty (30) days of receipt thereof. In the event Landlord shall receive a final reduction or refund of Real Estate Taxes for any Tax Year for which Tenant is obligated to pay any additional rent under the provisions of this subsection B of Section 3.04, the amount or the proceeds of such reduction or refund, less legal fees and other expenses incurred in collecting the same or achieving such reduction, shall be applied and allocated to the periods for which such final reduction or refund was obtained, and proper adjustment shall be made between Landlord and Tenant and if such refund or reduction shall be received following the Expiration Date, Landlord shall pay to Tenant the amount of such adjustment, as determined above, promptly following Landlord's receipt of such refund or reduction. Tenant has been advised that proceedings to protest the Real Estate Tax Assessment for the Base Tax Year may have been filed and may result in a reduction of Real Estate Taxes for the Base Tax Year. Any payments or refunds due hereunder for any period of less than a full Tax Year at the commencement or end of the Term of this Lease shall be equitably prorated to reflect such event. In addition to Tenant's obligation to pay Tenant's Tax Payment as aforesaid, Tenant shall pay to Landlord as Additional Rent for such calendar year an amount equal to such excess per rentable square foot multiplied by the Rentable Area of the Demised Premisesadditional rent payable upon demand, which amount shall be payable within thirty (30) days from the sending of such statement. Effective as of January 1 of the immediately following calendar yearany occupancy tax or rent tax now in effect or hereafter enacted, and as of January 1 of each subsequent calendar year in respect of which a rental adjustment for Real Estate Taxes shall be payable, the monthly installment of Base Rent shall be increased by an amount equal to one-twelfth (1/12) of the prior year’s rental adjustment for Real Estate Taxes if payable by Tenant, which amount shall be applied on account of Landlord in the rental adjustment for Real Estate Taxes payable by Tenant in respect of the then current calendar year; if the aggregate of such monthly amounts so paid on account for such calendar year shall be less than the amount of the rental adjustment for Real Estate Taxes payable by Tenant hereunder with respect first instance or hereafter required to such year, the deficiency shall be payable by Tenant within thirty (30) days from the sending of a statement of such deficiency by Tenant; and if Tenant shall have paid an excess, it shall be applied on account of rent due or next to become due from Tenant to Landlord, or if the Demised Term has expired under this Lease and Tenant is or was not in default, such excess shall be paid by Landlord to Tenant within thirty (30) days after the date of such statement. Should Landlord recover, by legal proceedings taken by Landlord in its sole discretion or otherwise, Real Estate Taxes in respect of any calendar year or part thereof during the Demised Term, such recovery, less all fees, costs and expenses incurred in connection therewith, shall be treated as a reduction of Real Estate Taxes payable by Landlord for the calendar year in which the recovery is received. This provision shall survive the expiration or sooner termination of this LeaseLandlord.