Common use of REAL ESTATE TAX INCREASES Clause in Contracts

REAL ESTATE TAX INCREASES. LESSEE shall pay to LESSOR as additional rent a proportionate share* (based on square footage leased by LESSEE as compared with the total leaseable square footage of the building or buildings of which the leased premises are a part (hereinafter called the building)) of any increase in the real estate taxes levied against the land and building, whether such increase is caused by an increase in the tax rate or the assessment on the property, or a change in the method of determining real estate taxes. Any additional rent shall be prorated should the lease terminate before the end of any tax year. The base from which to determine the amount of any increase in taxes shall be the rate and the assessment in effect as of July 1, 2007, net of abatements, if any. *(currently 1.615 percent)

REAL ESTATE TAX INCREASES. LESSEE shall pay to LESSOR as additional rent a proportionate share* share (based on square footage leased by LESSEE as compared with the total leaseable square footage of the building or buildings of which the leased premises are a part (hereinafter called the building)) of any increase in the real estate taxes levied against the land and building, whether such increase is caused by an increase in the tax rate or the assessment on the property, or a change in the method of determining real estate taxes. Any additional rent shall be prorated should the lease terminate before the end of any tax year. The base from which to determine the amount of any increase in taxes shall be the rate and the assessment in effect as of July 1, 20072005, net of abatements, if any. *(currently 1.615 percent).