TAX AND OPERATING EXPENSE ESCALATIONS. The Landlord and the Tenant agree that in addition to the annual Base Rent provided for in the preceding paragraphs of this Lease, Additional Rent shall be payable, consisting of Real Estate Tax escalations and Operating Expense escalations as those terms are hereinafter defined. Tenant shall pay its pro rata share, which is thirty-two percent (32%) of any increase in direct Operating Expenses or Real Estate Taxes.
Appears in 2 contracts
Sources: Lease Renewal and Amendment Agreement (Clipper Realty Inc.), Lease Agreement (Clipper Realty Inc.)