Common use of Scenario Three Clause in Contracts

Scenario Three. If, as described in Scenario Two above, on January 31, 2023, 25,175 square feet of the 100,700 rentable square foot Building is deemed to be Eligible Square Footage occupied by one or more Eligible Tenants, but the remaining 75,525 square feet of the Building is not occupied by Eligible Tenants, and then as of January 31, 2024, another new Eligible Tenant occupies 12,588 square feet of the Building (for a total of 37,763 square feet of Eligible Tenants on January 31, 2024), but then the 12,588 s.f. new Eligible Tenant leaves the Building on December 31, 2027, the Total Annual PILOT for the Building shall be as set forth below (and as illustrated in the schedule attached hereto as Exhibit C-3): (i) For tax year 2023: (A) For the 25,175 square feet occupied by the Eligible Tenants, the PILOT would be equal to fifty percent (50%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year for the Project if the Project were not exempt from ad valorem real estate taxation; PLUS (B) For the 75,525 remaining square feet in the Building, the PILOT would be equal to seventy-five percent (75%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year for the Project if the Project were not exempt from ad valorem real estate taxation;