Everlast Worldwide Inc. Contracts
Sample Business Contracts
New York-New York-720-780 East 132nd Street Lease Renewal and Modification Agreement - 780 East 132 Street Co. and Everlast World's Boxing Headquarters Corp.
Lease Forms
- Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
- When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
- Tenants of residential property should prepare a sublease agreement if they are seeking to sublease a room or the entire apartment or house to a third party. All parties should review the original lease agreement to see if there are any restrictions on subletting or assigning the premises.
- Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
- When renting an office space, tenants should understand the amount of the rent and duration of the lease. Other important terms include whether the space can be subleased, which parties are responsible for maintenance, and whether any furniture and furnishings will be provided.
LEASE RENEWAL AND MODIFICATION AGREEMENT
AGREEMENT made as of the 30th day of April, 1994, between 780
EAST 132 STREET COMPANY, a New York general partnership, having an office c/o
Benenson Realty Company, 780 Third Avenue, New York, New York, as Landlord
(referred to herein as "Landlord"), and EVERLAST WORLD'S BOXING HEADQUARTERS
CORPORATION, a New York corporation having a office at 720 East 132nd Street,
Bronx, New York (referred to herein as "Tenant").
W I T N E S S E T H :
WHEREAS;
1. Under date of January 28, 1974 Landlord, and Tenant entered
into a lease affecting a portion of the main floor and basement in the building
known as 720-780 East 132nd Street, Borough of the Bronx, City of New York,
(said lease as modified by various written agreements, including, without
limitation, agreements dated as of February 22, 1974, March 14, 1974, April 14,
1974 and January 1, 1983 is referred to as the "Lease" and the premises demised
therein, together with all appurtenances, fixtures, improvements, additions and
other property attached thereto or installed therein, other than Tenant's
personal property, are referred to herein, collectively, as the "Demised
Premises";
2. Landlord and Tenant now desire to extend the Lease and in
connection with such extension modify the provisions of the Lease.
NOW, THEREFORE, in consideration of the mutual covenants
contained herein the parties agree as follows:
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FIRST: Landlord and Tenant agree and acknowledge that the
terms, covenants and conditions of the Lease are hereby modified as follows:
(A) Extension - Second Renewal Term: The Term of the
Lease shall be extended for the period (sometimes referred to herein as the
"Second Renewal Term") beginning in May 1, 1994 and ending in April 30, 2004
(which date is sometimes referred to herein as the "Expiration Date") upon all
of the executory terms, covenants or conditions of this Lease except as
otherwise modified herein:
(B) Fixed Rent - Second Renewal Term: The Fixed Rent
under the Lease (referred to in the Lease and herein as "Fixed Rent") during the
Second Renewal Term shall be as follows:
(A) the sum of THREE HUNDRED SIXTY-FIVE THOUSAND FORTY-
THREE and 00/100 ($365,043.00) DOLLARS per annum for
the period May 1, 1994 to April 30, 1997, and the
monthly installments of Fixed Rent for such period
shall each be THIRTY THOUSAND FOUR HUNDRED TWENTY and
25/100 ($30,420.25) DOLLARS;
(B) the sum of THREE HUNDRED EIGHTY-THREE THOUSAND FORTY-
THREE and 00/100 ($383,043.00) DOLLARS per annum for
the period beginning in May 1, 1997 and ending on
April 30, 2000 and the monthly installments of Fixed
Rent for such period shall each be THIRTY-ONE
THOUSAND NINE HUNDRED TWENTY and 25/100 ($31,920.25)
DOLLARS.
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(C) the sum of FOUR HUNDRED ONE THOUSAND FORTY-THREE
00/100 ($401,043.00) DOLLARS per annum for the period
beginning in May 1, 2000 and ending on the Expiration
Date and the monthly installments of Fixed Rent for
such period shall each be THIRTY-THREE THOUSAND FOUR
HUNDRED TWENTY and 25/100 ($33,420.25) DOLLARS.
(C) As of the date hereof the provisions of Article
79 of the Lease (entitled "Tenant's Single Renewal Option) shall be deemed
deleted therefrom;
(D) The provisions of Article 38, Article 77
(entitled "Escalation For Area X")1, and Article 78 of the Lease (entitled
"Escalation for 1982 Additional Space")2 shall not apply to the Second Renewal
Term.
(E) The following new Article 80 entitled "Second
Renewal Term Escalation" shall be deemed added to the Lease as of May 1, 1994
and shall apply to the Second Renewal Term:
"ARTICLE 80
SECOND RENEWAL TERM ESCALATION
Section 80.01. In the determination of any increase in the
Fixed Rent under the provisions of this Article 80, Landlord and Tenant
agree that the following terms shall have the following meanings:
(A) The term "Tax Escalation Year" shall mean each
fiscal year commencing July 1st and ending on the following June 30th
which shall include any part of the Demised Term from and after May 1,
1994.
(B) The Term "Taxes" shall be deemed to include all
real estate taxes and assessments, special or otherwise, upon or with
respect to the Building and plot of Land upon
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1 (included in the Lease under the provisions of the April 14, 1977
Lease Amendment)
2 (included in the Lease under the provisions of the January 1, 1983
Lease Amendment)
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which the Building stands, presently designated as Block 2543, Lot 60
(which Building and plot of Land are sometimes referred to herein,
collectively, as the "Real Property") imposed by the City of New York
or County of the Bronx or any other taxing authority without reduction
for any exemption or abatement, provided that the tax assessed by any
other taxing authority is to create a new or additional source of
revenue through taxation of real estate as such. If, due to any change
in the method of taxation, any franchise, income, profit, sales,
rental, use and occupancy or other tax shall be substituted for, or
levied against Landlord or any owner of the Real Property, in lieu of
or in addition to any real estate taxes or assessments upon or with
respect to the Real Property, such tax shall be included in the term
Taxes for the purposes of this Article.
(C) The term "Landlord's Base Tax Liability" shall
mean a sum equal to Taxes paid by Owner for the fiscal tax year
beginning on July 1, 1994 and ending on June 30, 1995, which fiscal tax
year is referred to herein as the "Base Tax Year".
(D) The term "Tenant's Proportionate Share" shall
mean Forty-Nine and nine tenths (49.9%) percent.
(E) The term "Landlord's Tax Statement" shall mean an
instrument containing a computation of any increase in the Fixed Rent
pursuant to the provisions of Section 80.02(A) of this Article.
Section 80.02(A) If Taxes payable in any Tax Escalation Year
shall be in such amount as shall constitute an increase above
Landlord's Base Tax Liability, then, subject to any "Tenant Tax
Escalation Credit" as determined by the provisions of Subsection (C) of
this Section 80.02, the Fixed Rent for such Tax Escalation Year shall
be increased by a sum equal to Tenant's Proportionate Share of any such
increase in Taxes.
(B) Unless the Demised Term shall expire on a June
30th, any increase in the Fixed Rent pursuant to the provisions of said
Subsection (A) for the Tax Escalation Year in which the date of the
expiration of the Demised Term shall occur shall be apportioned in that
percentage which the number of days in the period from July 1st of such
Tax Escalation Year to such date of expiration, both inclusive, shall
bear to the total number of days in such Tax Escalation Year.
(C) Provided that Tenant is not then in default of
any of the terms, covenants or conditions of this Lease on the part of
Tenant to be observed or performed beyond any applicable grace period
expressly provided for in this Lease for the curing of such default, if
the Taxes payable by Landlord for any Tax Escalation Year after the
Base Tax Year shall be less
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than the Landlord's Base Tax Liability, then3, the amount constituting
Tenant's Proportionate Share of the difference between the Taxes for
such Tax Escalation Year and Landlord's Base Tax Liability shall be
credited against any future increase in Fixed Rent on account of any
increases in Taxes (in accordance with the provisions of this Article
80) for any future Tax Escalation Year. The amount of such credit to
which Tenant shall be entitled under the provisions of this Subsection
(C) is referred to herein as "Tenant's Tax Escalation Credit"). Subject
to the provisions of the next following sentence, the amount of such
Tenant's Tax Escalation Credit shall be cumulative for each Tax
Escalation Year after the Base Tax Year in which Taxes payable by
Landlord are less then Landlord's Base Tax Liability. However, the
amount of Tenant's Tax Escalation Credit may only be used once so that
if all or portion of Tenant's Tax Escalation Credit is applied as a
credit against any increase in Fixed Rent under the provisions of this
Article 80 such amount shall not be used as a further credit against
further Fixed Rent increases and Tenant's Tax Escalation Credit shall
be appropriately reduced by the amount so used as a credit. Tenant's
Tax Escalation Credit may only be applied against increases in Fixed
Rent on account of increases in Taxes in accordance with the provisions
of this Article 80 and shall not be applied or used as a credit against
the payment of Fixed Rent or any other sums due and payable by Tenant
to Landlord under this Lease. In calculating any Tenant's Tax
Escalation Credit under the provisions of this Subsection (C) the term
Taxes for any Tax Escalation Year shall include Tenant's Proportionate
Share of all costs and expenses, including counsel fees, paid or
incurred by Landlord in connection with any application, proceeding or
action to cause such decrease in Taxes provided that such counsel fees
shall not be in excess of one third (1/3) of the amount of such
decrease in Taxes. Examples of the operation of this Subsection (C) and
the following Subsection (D) are provided in Schedule A annexed to and
made a part hereof.
(D) Notwithstanding the provisions of the above
Subsection (C) to the contrary, in the event that (i) in any Tax
Escalation Year after the Base Tax Year the Fixed Rent shall be
increased by reason of an increase in Taxes in accordance with the
provisions of Section 80.02(A) and (ii) in any subsequent Tax
Escalation Year (after such increase in Fixed Rent on account of Taxes)
the Taxes payable by Landlord for such subsequent Tax Escalation Year
shall be less than the Landlord's Base Tax Liability, then, provided
that Tenant is not then in default of any of the terms, covenants or
conditions of this Lease on the part of Tenant to be observed or
performed beyond any applicable grace period expressly provided for in
this Lease for the curing of such default, Tenant shall be entitled to
a credit against the next accruing installments of Fixed Rent in an
amount equal to Tenant's Proportionate Share of the difference between
the Taxes payable by Landlord for such subsequent Tax Escalation Year
and Landlord's Base Tax Liability, provided that the amount of such
credit shall not exceed the aggregate amount of the increases
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3 (subject to the provisions of the following subsection (D))
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in Fixed Rent paid by Tenant on account of increases in Taxes by
operation of the provisions of this Article 80. The amount to which
Tenant shall be entitled under the provisions of this Subsection (D) is
sometimes referred to herein as "Tenant's Tax Escalation Refund").
However, the amount of Tenant's Tax Escalation Refund may only be used
once so that if all or portion of Tenant's Tax Escalation Refund is
applied as a credit against the next accruing installments of Fixed
Rent under the provisions of this Article 80 the amount of the credit
so used shall not be applied as a credit against further installments
of Fixed Rent and Tenant's Tax Escalation Refund shall be appropriately
reduced by the amount so used as such credit. In calculation any
Tenant's Tax Escalation Credit under the provisions of this Subsection
(D) the term Taxes for any Tax Escalation Year shall include Tenant's
Proportionate Share of all costs and expenses, including counsel fees,
paid or incurred by Landlord in connection with any application,
proceeding or action to cause such decrease in Taxes provided that such
counsel fees shall not be in excess of one third (1/3) of the amount of
such decrease in Taxes. In the event that Tenant's Tax Escalation
Refund shall be applied as provided in this Subsection (D) by reason of
such decrease in Taxes, the provisions of Subsection (C) with regard to
any Tenant Tax Escalation Credit shall not be applicable. Examples of
the operation of this Subsection (D) and Subsection (C) are provided in
Schedule A annexed to and made a part hereof.
Section 80.03.(A) Landlord shall render to Tenant, either in
accordance with the provisions of Article 27 or by personal delivery at
the Demised Premises, an Landlord's Tax Statement with respect to each
Tax Escalation Year, either prior to or during such Tax Escalation
Year. However, Landlord's failure to render an Landlord's Tax Statement
with respect to any Tax Escalation Year shall not prejudice Landlord's
right to recover any sums due to Landlord hereunder with respect to
such Tax Escalation Year, nor shall it deprive Tenant of any credit to
which it otherwise might be entitled for such Tax Escalation Year
pursuant to the provisions of Subsection (D) of this Section 80.03. The
obligations of Landlord and Tenant under the provisions of Section
80.02 and this Section 80.03 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 ten
(10) days next following rendition of the first Landlord's Tax
Statement which shows an increase in the Fixed Rent for any Tax
Escalation Year, Tenant shall pay to Landlord one half (1/2) of the
amount of the increase shown upon such Landlord's Tax Statement for
such Tax Escalation Year (minus any monies previously paid to Landlord
on account of such increase). In order to provide for current payments
on account of (i) the next installment of Taxes payable by Landlord 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 80.02 for future Tax Escalation
Years, Tenant shall (a) pay to Landlord, on the first day of the
calendar month next following the rendition of such Landlord's Tax
Statement, a sum equal to one twelfth (1/12) of the increase in the
Fixed Rent
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shown upon such Landlord's Tax Statement for such Tax Escalation Year
(before any apportionment pursuant to the provisions of Subsection (B)
of Section 80.02) multiplied by the number of months which may have
elapsed between either (x) July 1st of such Tax Escalation Year if such
Landlord's Tax Statement is rendered between July 1st and December 31st
of such Tax Escalation Year or (y) January 1st of such Tax Escalation
Year if such Landlord'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 Landlord on the first day of
each month of the Demised Term (until rendition by Landlord of a new
Landlord'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 80.02 for the Tax Escalation Year with
respect to which Landlord has most recently rendered an Landlord's Tax
Statement (before any apportionment pursuant to the provisions of
Subsection (B) of Section 80.02); each such monthly installment shall
be added to and payable as part of each monthly installment of Fixed
Rent.
(B) Following rendition of each subsequent Landlord's Tax
Statement a reconciliation shall be made as follows: Tenant shall be
debited with any increase in the Fixed Rent shown upon such Landlord's
Tax Statement and credited with the aggregate amount, if any, paid by
Tenant in accordance with the provisions of Subsection (A) of this
Section on account of potential future increases in the Fixed Rent
pursuant to Subsection 80.02(A) which has not previously been credited
against increases in the Fixed Rent shown upon Landlord's Tax
Statements. Tenant shall pay any net debit balance to Landlord within
ten (10) days next following rendition by Landlord, either in
accordance with the provisions of Article 27 or by personal delivery at
the Demised Premises of an invoice of such net debit balance; any net
credit balance shall be applied as an adjustment against the next
accruing monthly installment as provided in subdivision (b) of
Subsection (A) of this Section 80.03.
(C) Tenant acknowledges that under the present law Taxes are
payable by Landlord (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. Tenant further acknowledges that it is the purpose and
intent of this Section 80.03 to provide Landlord with Tenant's
Proportionate Share of the increase in the Fixed Rent pursuant to the
provisions of Subsection (A) of Section 80.02 at or about the time such
installment of Taxes is required to be paid by Landlord without penalty
or interest. Accordingly, Tenant agrees that if the number of such
installments, and/or the time for payment thereof, and/or the fiscal
year used for purposes of Taxes, is changed, then, (a) at the time any
such revised installment is payable by Landlord, Tenant shall pay to
Landlord the amount which shall provide Landlord with the increase in
the Fixed Rent pursuant to the provisions of Section 80.02(A)
applicable to the revised
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installment of Taxes then required to be paid by Landlord and (b) this
Article shall be appropriately adjusted to reflect such change and the
time for payment by Tenant to Landlord of Tenant's Proportionate Share
of any increase in Taxes as provided in this Article shall be
appropriately revised so that Landlord shall always be provided with
the increase in Fixed Rent for Tenant's Proportionate Share of the
increase in Taxes prior to the installment of Taxes required to be paid
by Landlord.
(D) (1) If, as a result of any application or proceeding
brought by or on behalf of Landlord, Landlord's Base Tax Liability
shall be decreased, Landlord's Tax Statement next following such
decrease shall include any adjustment of Fixed Rent for all prior Tax
Escalation Years reflecting a debit to Tenant equal to the amount by
which (a) the aggregate Fixed Rent payable with respect to all such
prior Tax Escalation Years (pursuant to the operation of the provisions
of Subsection (A) of Section 80.02) based upon such reduction of
Landlord's Base Tax Liability shall exceed (b) the aggregate increases
in Fixed Rent actually paid by Tenant with respect to all such prior
Tax Escalation Years.
(2) If, as a result of any application or proceeding
brought by or on behalf of Landlord for reduction of the assessed
valuation of the Real Property for any fiscal tax year subsequent to
the fiscal tax year commencing July 1st, 1994, and expiring June 30th,
1995, there shall be a decrease in Taxes for any Tax Escalation Year
with respect to which Landlord shall have previously rendered a
Landlord's Tax Statement, Landlord's Tax Statement next following such
decrease shall include an adjustment of any increases in Fixed Rent for
such Tax Escalation Year reflecting a credit to Tenant equal to the
amount by which (i) the increases in Fixed Rent actually paid by Tenant
with respect to such Tax Escalation Year (pursuant to the operation of
the provisions of Section 80.02) less Tenant's Proportionate Share of
all costs and expenses, including counsel fees, paid or incurred by
Landlord in connection with such application or proceeding4, shall
exceed (ii) the increases in Fixed Rent payable with respect to such
Tax Escalation Year (pursuant to the operation of the provisions of
Section 80.02) based upon such reduction of the assessed valuation.
Section 80.04.(A) In the event of any dispute between Landlord
and Tenant arising out of any increases in Fixed Rent provisions of
this Article, such dispute may, at the option of either Landlord or
Tenant, be determined by arbitration in New York City in accordance
with the rules and regulations then obtaining of the American
Arbitration Association or its successor. Any such determination shall
be final and binding upon the parties whether or not a judgment
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4 to the extent that such costs and expenses are not used to calculate
Tenant's Tax Escalation Credit in accordance with the provisions of
Section 80.02 C.
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shall be entered in any court. Notwithstanding any dispute and
submission to arbitration, any increase in the Fixed Rent shown upon
any Landlord's Tax Statement shall be payable by Tenant within the time
limitation set forth in this Article. If the determination in such
arbitration shall be adverse to Landlord, any amount paid by Tenant to
Landlord in excess of the amount determined to be properly payable
shall be credited against the next accruing installments of Fixed Rent
due under this Lease. However, if there are no such installments, such
amounts shall be paid by Landlord to Tenant within ten (10) days
following such determination.
(B) The obligations of Landlord and Tenant under the
provisions of this Article 80 shall survive the expiration or any
sooner termination of the Demised Term. All sums payable by Tenant
under this Article shall be collectible by Landlord in the same manner
as Fixed Rent.
SECOND: (A) This Agreement embodies and constitutes the entire
understanding between the parties with respect to the transaction contemplated
herein. Unless otherwise stated to the contrary, all of the capitalized terms
herein shall have the same meaning attributable to them in the Lease. This
Agreement may not be modified, amended or terminated and Tenant's obligations
hereunder shall in no way be discharged, except by written instrument executed
by the parties hereto. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York. This Agreement shall not be
binding or effective until this Agreement is executed and delivered by Landlord
and Tenant and this Agreement may be executed in several counterparts, each of
which shall constitute an original, but all of which together shall constitute
one and the same instrument.
(B) Landlord and Tenant mutually represent and warrant to the
other than they had no dealings with any brokers, consultants, individuals or
any other entities in the negotiation and/or consummation of this Agreement,
Landlord and Tenant hereby mutually agree to indemnify and hold the other party
harmless from and against any claims, costs, expenses (including, without
limitation, legal fees) and other liabilities incurred by the other party by
reason of any claim or action for a commission or fee or other compensation by
any other person or broker in connection with this Agreement with
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whom the indemnifying party may have dealt. The provisions of this Paragraph (B)
shall survive the expiration or earlier termination of the Lease.
THIRD: This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns.
IN WITNESS WHEREOF, the parties hereto have hereunto set their
hands and seals as of the day and year first above written.
780 EAST 132 STREET COMPANY, Landlord
By: /s/ Illegible
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Name:
Title:
EVERLAST WORLD'S BOXING HEADQUARTERS
CORPORATION, Tenant
By: /s/ Daniel L. Golomb
------------------------
Name: Daniel L. Golomb
Title: Pres.
By: /s/ Ben Nadorf
-----------------------
Name: Ben Nadorf
Title: Sec'y
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STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
On the 12th day of May, 1994, before me personally came Daniel
L. Golomb and Ben Nadorf, to me known, who being by me duly sworn, did depose
and say that they have offices at 780 E. 132nd Street, City of New York -Bronx,
State of New York, that they are the President and Secretary of EVERLAST WORLD'S
BOXING HEADQUARTERS CORPORATION, the corporation described in and which executed
the foregoing Lease Renewal and Modification Agreement, as Tenant; and that they
signed their name thereto by authority of the Board of Directors of said
corporation.
/s/ Leon Seidman
--------------------------
Notary Public
Leon B. Seidman
Notary Public State of New York
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SCHEDULE A
(Example of Application of Tenant's Tax Escalation Credit and Tenant's Tax
Escalation Refund
Under Article 80 of the Lease)
LANDLORD'S BASE TAX LIABILITY = $300,000.00
A) Taxes 7/1/95 - 6/30/96 = $250,000.00
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Tenant's Proportionate Shares of
Landlord's Costs of $16,666.67
(33-1/3% of the Decrease for Attorneys Fees)
(Illegible)
Article 80 Fixed Rent Increase = 0.00
Total Tenant's Tax Escalation Credit = $8,319.99 + 20,799.99 = 29,119.97
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C) Taxes 7/1/97 - 6/30/98 = $320,000.00
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Tenant's Proportionate Share of Increase: 20,000 x 49.9% = 9,980.00
Tenant's Tax Escalation Credit = ($9,980.00)
Article 80 Fixed Rent Increase = 0.00
Total Remaining Tenant's Tax
Escalation Credit: $29,119.97 - $9,980.00 = $19,139.97
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D) Taxes 7/1/98 - 6/30/99 = $360,000.00
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Tenant's Proportionate Shares of Increase: $60,000 x 49.9% = $29,940.00
Remaining Tenant's Tax Escalation Credit = (19,139.97)
Article 80 Fixed Rent Increase = $10,800.03
E) Taxes 7/1/99 - 6/30/2000 = $320,000
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Tenant's Proportionate Share of Landlord's Cost
of $13,333.33 (33-1/3% of the Decrease for Attorneys Fees)
to Obtain Tax Decrease = $6,653.33
Total Increase in Taxes: $20,000 + $6,653.33 = $26,653.33
Tenant's Proportionate Share of Tax Increases
Paid by Tenant Shares of Tax Increases
Paid By Tenant $26,653.33 x 49.9% = $13,300.01
Article 80 Fixed Rent Increase = $13,300.01
F) Taxes 7/1/2000 - 6/30/2001 = $290,000
--------------------------
Tenant's Proportionate Shares of Landlord's Cost
of $10,000 (33-1/3% of the Decrease for Attorneys Fees)
to Obtain Tax Decrease = $4,990.00
Total Decrease in Taxes: $10,000 - $4,990.00 = $5,010.00
Tenant's Proportionate Share of
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Tax Decrease: $5,010.00 X 49.9% - $2,499.99
Total Available as Tenant's Tax Escalation
Refund (see Items D & E above)
$10,800.03 + $13,300.01 = $24,100.04
Tenant's Tax Escalation Refund to be Applied
Against Next Accruing Fixed Rent = $2,499.99
Total Available Unused Tenant's Tax Escalation
Refund: $24,100.04 - $2,499.99 $21,600.05
G) Taxes 7/1/2001 - 6/30/2002 = $290,000
--------------------------
Tenant's Proportionate Shares of Cost to
Obtain Tax Decrease = 0.00
Total Decrease in Taxes = $10,000.00
Tenant's Proportionate Share of
Tax Decrease $10,000 x 49.9% $4,490.00
Tenant's Tax Escalation Refund to be Applied
Against Next Accruing Fixed Rent = $4,490.00
Total Available Unused Tenant's Tax Escalation Refund:
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$21,600.05 - $4,990.00 = $16,610.05
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