Common use of Adjustment of Impositions Clause in Contracts

Adjustment of Impositions. Impositions with respect to the Property for a billing period during which Lessee’s obligation to indemnify Lessor pursuant to this Lease expires or terminates as to the Property shall be adjusted and prorated on a daily basis between Lessor and Lessee, whether or not such Imposition is imposed before or after such expiration or termination of this Lease, and Lessee’s and Lessor’s obligation to pay its pro rata share thereof shall survive such expiration or termination (to the extent, with respect to Lessor, it is obligated to reimburse Lessee for Impositions paid by Lessee for periods after expiration of the Lease Term). Lessee acknowledges that at closing under the Purchase Contract, no credit was given to Lessor for accrued real estate taxes, in consideration for Lessee’s agreement to pay accrued real estate taxes through the termination of the Lease. Thus, in the year in which the Lease Term terminates, and promptly after the final real estate tax xxxx for that tax year is received by Lessor, Lessor will calculate Lessee’s obligation for real estate taxes through the termination date and submit an invoice and a copy of the tax xxxx to Lessee. Lessee will be obligated to pay to Lessor the amount so determined. Lessor acknowledges that Lessee may bring any tax certiorari or other actions for refunds of Impositions or adjustments of Impositions for which Lessee is liable under this Lease or relating to periods prior to the commencement date of the Lease Term and Lessee shall be entitled to all such refunds, provided that Lessee shall take no such action which could increase any Imposition for a period after the expiration of this Lease. During the Lease Term, Lessor agrees to cooperate with Lessee in such proceedings, at no cost to Lessor.

Adjustment of Impositions. Impositions with respect to the Property for a billing period during which LesseeXxxxxx’s obligation to indemnify Lessor pursuant to this Lease expires or terminates as to the Property shall be adjusted and prorated on a daily basis between Lessor and Lessee, whether or not such Imposition is imposed before or after such expiration or termination of this Lease, and LesseeXxxxxx’s and Lessor’s obligation to pay its pro rata share thereof shall survive such expiration or termination (to the extent, with respect to Lessor, it is obligated to reimburse Lessee for Impositions paid by Lessee for periods after expiration of the Lease Term). Lessee Xxxxxx acknowledges that at closing under the Purchase Contract, no credit was given to Lessor for accrued real estate taxes, in consideration for LesseeXxxxxx’s agreement to pay accrued real estate taxes through the termination of the Lease. Thus, in the year in which the Lease Term terminates, and promptly after the final real estate tax xxxx bill for that tax year is received by Lessor, Lessor will calculate Lessee’s obligation for real estate taxes through the termination date and submit an invoice and a copy of the tax xxxx bill to Lessee. Lessee will be obligated to pay to Lessor the amount so determined. Lessor acknowledges that Lessee may bring any tax certiorari or other actions for refunds of Impositions or adjustments of Impositions for which Lessee is liable under this Lease or relating to periods prior to the commencement date of the Lease Term and Lessee shall be entitled to all such refunds, provided that Lessee shall take no such action which could increase any Imposition for a period after the expiration of this Lease. During the Lease Term, Lessor Xxxxxx agrees to cooperate with Lessee Xxxxxx in such proceedings, at no cost to Lessor. The parties acknowledge that upon any subsequent sale of the Property by Lessor the City of Chicago will require that a Certificate of Value or equivalent be filed by the buyer of the Property, in accordance with City Ordinances, disclosing the true and full sale price paid by such buyer for the Property, which may then result in the Assessor for the City of Chicago increasing the assessed valuation of the Property and thereby lead to an increase in the annual ad valorem taxes imposed on the Property. Lessor covenants that if the assessed valuation of the Property is increased by the Assessor within the twelve months following any year in which the fee simple ownership of the Property is transferred, then Lessor or then owner of the Property shall annually thereafter promptly pay to or reimburse Lessee for an amount equal to the increased ad valorem real estate taxes imposed upon the Property as a result of such increase in assessed valuation due to such sale. The parties agree that the portion of ad valorem taxes payable by Lessor shall be based on the difference between the assessed valuation of the Property as of January 1st of the year preceding the ownership change and the assessed valuation of the Property as of January 1st of the year following the year in which the ownership change occurred (the “Lessor Tax Contribution”). If Lessor does not directly pay the Lessor Tax Contribution prior to such Taxes being delinquent, then Lessee upon notice to Lessor may from time to time set-off the amount owed by Xxxxxx (together with interest at the Prime Rate on the Lessor Tax Contribution) against installments of Rent due hereafter.

Adjustment of Impositions. Impositions with respect to the Property for a billing period during which Lessee’s obligation to indemnify Lessor pursuant to this Lease expires or terminates as to the Property shall be adjusted and prorated on a daily basis between Lessor and Lessee, whether or not such Imposition is imposed before or after such expiration or termination of this Lease, and Lessee’s and Lessor’s obligation to pay its pro rata share thereof shall survive such expiration or termination (to the extent, with respect to Lessor, it is obligated to reimburse Lessee for Impositions paid by Lessee for periods after expiration of the Lease Term). Lessee acknowledges that at closing under the Purchase Contract, no credit was given to Lessor for accrued real estate taxes, in consideration for Lessee’s agreement to pay accrued real estate taxes through the termination of the Lease. Thus, in the year in which the Lease Term terminates, and promptly after the final real estate tax xxxx for that tax year is received by Lessor, . Lessor will calculate Lessee’s obligation for real estate taxes through the termination date and submit an invoice and a copy of the tax xxxx to Lessee. Lessee will be obligated to pay to Lessor the amount so determined. Lessor acknowledges that Lessee may bring any tax certiorari or other actions for refunds of Impositions or adjustments of Impositions for which Lessee is liable under this Lease or relating to periods prior to the commencement date of the Lease Term and Lessee shall be entitled to all such refunds, provided that Lessee shall take no such action which could increase any Imposition for a period after the expiration of this Lease. During the Lease Term, Lessor agrees to cooperate with Lessee in such proceedings, at no cost to Lessor.

Adjustment of Impositions. Impositions with respect to the Property for a billing period during which LesseeXxxxxx’s obligation to indemnify Lessor pursuant to this Lease expires or terminates as to the Property shall be adjusted and prorated on a daily basis between Lessor and Lessee, whether or not such Imposition is imposed before or after such expiration or termination of this Lease, and LesseeXxxxxx’s and Lessor’s obligation to pay its pro rata share thereof shall survive such expiration or termination (to the extent, with respect to Lessor, it is obligated to reimburse Lessee for Impositions paid by Lessee for periods after expiration of the Lease Term). Lessee Xxxxxx acknowledges that at closing under the Purchase Contract, no credit was given to Lessor for accrued real estate taxes, in consideration for LesseeXxxxxx’s agreement to pay accrued real estate taxes through the termination of the Lease. Thus, in the year in which the Lease Term terminates, and promptly after the final real estate tax xxxx bill for that tax year is received by Lessor, Lessor will calculate Lessee’s obligation for real estate taxes through the termination date and submit an invoice and a copy of the tax xxxx bill to Lessee. Lessee will be obligated to pay to Lessor the amount so determined. Lessor acknowledges that Lessee may bring any tax certiorari or other actions for refunds of Impositions or adjustments of Impositions for which Lessee is liable under this Lease or relating to periods prior to the commencement date of the Lease Term and Lessee shall be entitled to all such refunds, provided that Lessee shall take no such action which could increase any Imposition for a period after the expiration of this Lease. During the Lease Term, Lessor Xxxxxx agrees to cooperate with Lessee Xxxxxx in such proceedings, at no cost to Lessor.