Base Year Calculation. The amount of Taxes attributable to the Base Tax Year shall be reduced by the amount of any Tax refund arising out of an appeal and permanent reduction of the Building’s assessed valuation for the Base Tax Year. If the Facility’s actual assessed valuation for the Base Tax Year shall be lower than what the taxing authority would have determined the Facility’s assessed valuation to have been under conditions where the Building was at stabilized occupancy for the full tax year, and the Building Standard tenant improvements were complete throughout the Building and the construction of the Facility in accordance with the Final Plans were complete prior to commencement of the Base Tax Year, then the amount of Taxes for the Base Tax Year shall be set at an amount equal to what such Taxes would have been if the taxing authority had determined the Facility’s assessed valuation based upon all of said conditions being satisfied.
Base Year Calculation. Except to the extent otherwise expressly provided below, the amount of Assessments attributable to the Base Tax Year shall be reduced by the amount of any Assessment refund arising out of an appeal of an assessment levied or assessed against the Facility for the Base Tax Year. If an Assessment shall be lower than what the taxing authority would have determined it to be if the Building was at stabilized occupancy for the full tax year and the Building standard tenant improvements were complete throughout the Building and the construction of the Facility in accordance with the Final Plans were complete prior to the commencement of the Base Tax Year, then the amount of the assessments for the Base Tax Year shall be set at an amount equal to what such Assessments would have been if the taxing authority had determined the Facility’s assessed valuation based upon all of the said conditions being satisfied.
