INCREASES IN TAXES AND OPERATING EXPENSES
Section 7.1 Definitions. For the purposes of this Article 7, the following terms shall have the meanings set forth below:
(a) Assessed Valuation shall mean the amount for which the Real Property is assessed pursuant to the applicable provisions of the City Charter and the Administrative Code of New York, or any successor Requirements, for the purpose of imposition of Taxes.
(b) Base BID Assessments shall mean the BID Assessments payable with respect to the 2019/2020 Tax Year.
(c) Base Operating Expenses shall mean the Operating Expenses for the Base Expense Year.
(d) Base Tax Year shall mean the second full Tax Year immediately following the Tax Year during which the Real Property becomes Stabilized (as defined below). By way of example, if the Real Property becomes Stabilized during calendar year 2019, the Base Tax Year shall be the Tax Year commencing upon July 1, 2021 and ending upon June 30, 2022.
(e) Base Taxes shall mean the Taxes for the Base Tax Year.
(f) BID Assessments shall mean any assessments made as a result of the Building being within a business improvement district.
(g) Comparison Year shall mean (i) with respect to Taxes, each Tax Year commencing subsequent to the Base Tax Year, and (ii) with respect to Operating Expenses, each calendar year commencing subsequent to the Base Expense Year.
(h) Operating Expenses shall mean the aggregate of all costs and expenses paid or incurred by or on behalf of Landlord in connection with the ownership, operation, repair and maintenance of the Real Property, including without limitation, (i) the cost of services and utilities (including taxes and other charges incurred in connection therewith) provided to the Building, including, without limitation, water, power, gas, sewer, waste disposal, telephone and cable television facilities, fuel, supplies, equipment, tools, materials, service contracts, janitorial services, waste and refuse disposal, window cleaning, maintenance and repair of sidewalks and Building exterior and services areas, gardening and landscaping; (ii) the cost of insurance premiums and deductibles, including, but not limited to, public liability, fire, property damage, wind, hurricane, earthquake, terrorism, flood, rental loss, rent continuation, boiler machinery, business interruption, contractual indemnification and property/casualty coverage insurance for the Real Property and such other insurance as is reasonably and customarily carried by operators of other first-class office buildings in the vicinity of the Building, to the extent carried by Landlord in its discretion; (iii) the cost of compensation, including employment, welfare and social security taxes, paid vacation days, disability, pension, medical and other fringe benefits of all persons (including independent contractors) who perform services connected with the ownership, operation, repair and maintenance of the Real Property; (iv) any association assessments, costs, dues and/or expenses relating to the Real Property; (v) personal property taxes on and maintenance and repair of equipment and other personal property used in connection with the