Tenants Projected Share of Taxes means Tenants Tax Payment (as defined in Section 6.1(i)), if any, made by Tenant for the prior Comparison Year, plus an amount equal to Landlords estimate of the amount of increase in Tenants Tax Payment for the then current Comparison Year, divided by twelve (12) and payable monthly by Tenant to Landlord as Additional Rent.
Examples of Tenants Projected Share of Taxes in a sentence
If the reduction in the assessed valuation affects the Tax Base, Tenant shall thereafter be responsible for, and shall pay to Landlord as additional rent, any resultant increase in Tenant's Projected Share of Taxes.
The statement furnished under this Section 4.5 is hereinafter called a "TAX STATEMENT." 4.6 Commencing with the first Tax Year that Landlord shall be entitled to receive a Tax Payment, Tenant shall pay to Landlord, as additional rent for the then Tax Year, Tenant's Projected Share of Taxes.
Upon each date that a Tax Payment or an installment on account thereof shall be due from Tenant pursuant to the terms of Section 4.2 hereof, Landlord shall apply the aggregate amount of the installments of Tenant's Projected Share of Taxes then on account with Landlord (pursuant to Section 4e)), if and as applicable, against the Tax Payment or installment thereof then due from Tenant.
If, however, such aggregate amount shall be greater than the Tax Payment or installment, Landlord shall forthwith either (a) pay the amount of excess directly to Tenant concurrently with the notice or (b) permit Tenant to credit the amount of such excess against the next payment of Tenant's Projected Share of Taxes due hereunder and, if the credit of such payment is not sufficient to liquidate the entire amount of such excess, Landlord shall then pay the amount of any difference to Tenant.
Commencing on the first day of the first full calendar month next succeeding the date on which Landlord gives Tenant such Landlord's Statement with respect to Tenant's Projected Share of Taxes and continuing thereafter on the first day of each and every calendar month of the Term, Tenant shall pay to Landlord, as Additional Rent for the Tax Year in which such Additional Rent payment is due, Tenant's Projected Share of Taxes.