Net Overage Rents definition
Net Overage Rents means the overage rents actually collected from the Property during the period from January 1, 1998 through December 31, 1998 less an amount determined as follows for tenants who are allowed a recapture of property taxes from their percentage rent: the proportionate supplemental taxes which the overage rent paying tenants would have paid for the new property tax assessment for the sale as though it had taken place at the beginning of their overage rent period for which they are paying, rather than the actual taxes they had paid for that period. The additional Consideration shall be distributed to the Constituent Partners in the ratios set forth in paragraph 6 above, both as to percentage thereof and as to whether the additional Consideration is cash or OP Units based on the average closing price for shares of stock of AHP for the five trading days immediately preceding the payment of said additional Consideration. If reassessment of the Property shall not have occurred or if Supplemental Property Taxes are not known by February 28, 1999 such additional Consideration will be paid when such reassessment is made; provided, however, that the actual tax amount for the 1997-1998 fiscal tax year shall be used if the Property has not been reassessed by July 1, 2000. Transferor shall have the right to apply to the Tax Assessor for reassessment as soon as possible following the Closing Date, and shall seek the lowest possible assessment. Transferee shall execute such instruments as may be necessary to evidence Transferor's authority to apply for such reassessment.