PILOT Charges definition

PILOT Charges means (i) any and all “Payments in Lieu of Taxes” payable by Landlord to the Ground Lessor under the Ground Lease or the City of New York thereunder, as such term is defined in the Project Operating Agreement (“PILOT”), (ii) any and all BID Charges, and (iii) any expenses incurred by Landlord in contesting the assessed value of the Real Property (which expenses shall be those reasonably and customarily incurred by landlords of first class office buildings in downtown Manhattan), which expenses shall be allocated to the PILOT Year to which such expenses relate. PILOT Charges shall not include any interest and/or penalties resulting from the late payment of PILOT Charges by Landlord to the Ground Lessor under the Ground Lease.‌‌
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PILOT Charges means the aggregate of PILOT, Taxes and
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PILOT Charges means (i) any and all “Payments in Lieu of Taxes” (“PILOT”) payable by Landlord to the Ground Lessor pursuant to Section 3.02 and 3.03 of the Ground Lease, (ii) any and all BID Charges and (iii) any customary out-of-pocket costs and expenses, including but not limited to reasonable attorneys’ fees, actually incurred by Landlord in contesting the assessed value of the Real Property, which expenses shall be allocated to the PILOT Year to which such expenses relate. PILOT Charges shall not include any interest and/or penalties resulting from the late payment of PILOT Charges by Landlord to the Ground Lessor under the Ground Lease.
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Examples of PILOT Charges in a sentence

  • If the Building shall be condominiumized, then Tenant’s Operating Payments and PILOT Payments shall, if necessary, be equitably adjusted such that Tenant shall thereafter continue to pay the same share of the PILOT Charges and Operating Expenses of the Building as Tenant would pay in the absence of such condominimization.

  • All amounts other than Base Rent required under this Lease to be paid by Tenant, including Tenant’s Operating Payment, PILOT Charges, Tenant’s Electricity Costs and any fine, penalty or interest that may be imposed for nonpayment or late payment thereof, shall constitute additional rent (“Additional Rent”) and shall be paid when due in accordance with the terms of this Lease, without any abatement, set-off, deduction or counterclaim, except as may be specifically provided in this Lease.

  • Landlord and Tenant confirm that the computations under this Article 4 are intended to constitute a formula for agreed rental escalation and may or may not constitute an actual reimbursement to Landlord for PILOT Charges and other costs and expenses incurred by Landlord with respect to the Real Property.

  • If any Benefits obtained by Tenant reduce the amount of any PILOT Charges, Operating Expenses and/or other amounts that otherwise have been incurred by Landlord, then Landlord shall pay to Tenant, or credit against the next payments of Rent due from Tenant, the amount of such Benefits as and when such reduction is realized by Landlord.

  • All amounts other than Base Rent required under this Lease to be paid by Tenant, including Tenant’s Operating Payment, PILOT Charges, Tenant’s Electricity Costs and any fine, penalty or interest that may be imposed for nonpayment or late payment thereof, shall constitute additional rent (“Additional Rent”) and shall be paid when due in accordance with the terms of this Lease, without any abatement or set-off (except as may be specifically provided in this Lease), deduction or counterclaim.

  • If the Building shall be condominiumized, then Tenant’s Operating Payments and PILOT Payments shall, if necessary, be equitably adjusted such that Tenant shall thereafter continue to pay the same share of the PILOT Charges and Operating Expenses of the Building as Tenant would pay in the absence of such condominimization, but in no event in excess of amounts Tenant would have paid absent such condominimization.

  • At Tenant’s request, Landlord shall provide copies of the PILOT invoices rendered to Landlord by the Ground Lessor for PILOT Charges for any PILOT Year.