Coach 2013 Annual Report Download - page 582

(b) If the Extension Term commences prior to a determination of the Fixed Annual Rent for such Extension Term as herein
provided, then the amount to be paid by Tenant on account of Fixed Annual Rent until such determination has been made shall be the estimate set forth in
Landlord’s Broker’s Letter. After the Fixed Annual Rent during the Extension Term has been determined as aforesaid, any amounts theretofore paid by Tenant
to Landlord on account of Fixed Annual Rent in excess of the amount of Fixed Annual Rent as finally determined shall be credited by Landlord with interest at
the Interest Rate (calculated from the date Tenant made such overpayment until such overpayment is credited and/or paid by Landlord) against the next
ensuing monthly Fixed Annual Rent payable by Tenant to Landlord.
(c) Promptly after the Fixed Annual Rent has been determined, Landlord and Tenant shall execute and deliver an agreement
setting forth the Fixed Annual Rent for the Extension Term, as finally determined, provided that the failure of the parties to do so shall not affect their
respective rights and obligations hereunder.
(d) For purposes of this Article 48, the determination of “Renewal FMRV“ shall mean the then fair market rent for the
Extension Premises that an unaffiliated third party would be willing to pay to Landlord as of the Extension Term Notice Date for a term comparable to the
Extension Term on all the terms and conditions which the Extension Premises will be leased to Tenant pursuant to this Article 48, each party acting prudently
and under no compulsion to lease, and taking into account the terms set forth in Section 48.01 and all other then relevant factors, whether favorable to
Landlord or Tenant. Landlord and Tenant agree that notwithstanding the foregoing, the particular value to Tenant of its own leasehold improvements shall not
be taken into account as a relevant factor.
Notwithstanding anything to the contrary contained in this Article 48, if Tenant shall exercise Tenant’s Extension Option, Landlord shall have the right, in its
sole discretion, to waive the conditions to the effectiveness of Tenant’s exercise of Tenant’s Extension Option set forth in Section 48.01 without thereby waiving
any default by Tenant, in which event, (i) the Term shall be extended without execution or delivery of any other or further document in accordance with the
provisions of this Article 48 with the same force and effect as if the Extension Term had originally been included in the term of this Lease, and (ii) Landlord
shall be entitled to all of the remedies provided by this Lease and at law with respect to any such default by Tenant.
ARTICLE 49
OPERATING EXPENSE ESCALATION
49.01 Tenant covenants to pay, directly to the Condominium Board (as such term is defined in the Declaration) before any fine,
penalty, interest or cost may be added thereto for the nonpayment thereof, as Additional Rent, all Common Charges accruing during the Term in respect of the
Premises.
49.02 Definitions: For the purpose of this Lease, the following definitions shall apply:
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