Adjustment of Taxes. That the taxes and local improvement rates and, where necessary, all other charges payable by the Tenant hereunder in respect of the first and last years of the Term shall be adjusted between the Landlord and the Tenant accordingly.
Adjustment of Taxes. For purposes of this Lease, Tax Expenses for the Base Year shall be adjusted upon a reassessment of the Project resulting from the construction of a new building within the Project to increase the Base Year Tax Expenses amount by the amount of Tax Expenses attributable to such new building’s assessed value. Accordingly, during the portion of any Expense Year occurring after the Base Year, Tax Expenses shall be considered to be increased appropriately.
Adjustment of Taxes. For purposes of this Lease, Tax Expenses shall be calculated as if the tenant improvements in the Building were fully constructed and the Project, the Building, and all tenant improvements in the Building were fully assessed for real estate tax purposes. Landlord specifically agrees that the gross receipts component of Tax Expenses for the Base Year and each subsequent year shall be calculated as if the Building were one hundred percent (100%) occupied with rent paying tenants. Accordingly, during the portion of any Expense Year occurring after the Base Year, Tax Expenses shall be considered to be increased appropriately.
Adjustment of Taxes. For purposes of this Lease, Tax ------------------- Expenses (and Taxes included in the definition of Project Operating Costs) shall be calculated as if the tenant improvements in the Building were fully constructed and the Project, the Building, and all tenant improvements in the Building were fully assessed for real estate tax purposes. Landlord specifically agrees that the gross receipts component of Tax Expenses for the Base Year and each subsequent year shall be calculated as if the Building were one hundred percent (100%) occupied with rent paying tenants. Accordingly, during the portion of any Expense Year including the Base Year, Tax Expenses shall be considered to be increased appropriately.
Adjustment of Taxes. Landlord estimates its costs to be expended for Taxes to be approximately $3.30 per square foot of Floor Area on a fully assessed basis. Notwithstanding anything to the contrary set forth in this Lease, if due to a change in the California tax legislation commonly known as Proposition 13, whether by legislative or administrative action or by judicial determination (a "Prop 13 Change"), Landlord's actual costs expended for Taxes in any year after the year in which the Rent Commencement Date occurs (a "Comparison Year") exceed the amount expended for Taxes for the year in which the Rent Commencement Date occurs (the "Tax Base Year") as adjusted pursuant to Section 5.8, Tenant shall pay its pro rata share (based on Tenant's Floor Area as a fraction of the Floor Area of all of the premises included in the Project) of any such excess (the "Excess Taxes") to Landlord, as additional rent, in the manner set forth below. The foregoing adjustment shall be subject to the following: *** Confidential treatment requested.
(i) Excess Taxes shall not include taxes or assessments imposed as a result of a sale or other "change in ownership" (as defined in the California Revenue and Taxation Code book) of the Project or the building in which the Premises are located.
(ii) on or before May 1 of each Comparison Year after a Prop 13 Change (or as soon thereafter as is practical), Landlord shall deliver to Tenant a statement setting forth Tenant's pro rata share of the Excess Taxes for the preceding Comparison Year. The obligations of Tenant to make payments required hereunder shall survive the expiration of the Lease Term. Tenant's pro rata share of Excess Taxes in any partial Comparison Year at the end of the Lease Term shall be appropriately prorated. Landlord's statement given pursuant to this paragraph shall be conclusive and binding upon Tenant unless disputed by Tenant in writing within thirty (30) days after its receipt thereof. If any such dispute arises, Tenant shall have the right after reasonable notice and at reasonable times to inspect Landlord's accounting records at Landlord's accounting office and, if after such inspection Tenant still disputes the amount of Additional Rent owed, a certification as to the proper amount shall be made by an independent certified public accountant mutually agreeable to Landlord and Tenant, which certification shall be final and conclusive. Tenant agrees to pay the cost of such certification unless it is determined that Landlord's o...
Adjustment of Taxes. For purposes of this Lease, Tax Expenses shall be calculated as if the tenant improvements in the Building were fully constructed and the Real Property, the Building, and all tenant improvements in the Building were fully assessed for real estate tax purposes. Landlord specifically agrees that the gross-receipts component of Tax Expenses for the Base Year and each subsequent year shall be calculated as if the Building were one-hundred-percent (100%) occupied with rent-paying tenants. Accordingly, during the portion of any Expense Year occurring after the Base Year, Tax Expenses shall be considered to be increased appropriately.
Adjustment of Taxes. 6 8.5. Calculation and Payment of Additional Rent...........................6 8.5.1. Calculation of Excess........................................6 8.5.2. Statement/Payment of Direct Expenses.........................6 8.6. Landlord's Books and Records.........................................7 9.
Adjustment of Taxes. For purposes of this Lease, Tax Expenses for the Base Year shall be adjusted upon a reassessment of the Project resulting from the construction of a new building within the Project to increase the Base Year Tax Expenses amount by the amount of Tax Expenses attributable to such new building’s assessed value. Landlord specifically agrees that any gross receipts component of Tax Expenses for the Base Year and each subsequent year shall be calculated as if the buildings in the Project were one hundred percent (100%) occupied with rent paying tenants. Accordingly, during the portion of any Expense Year occurring after the Base Year, Tax Expenses shall be considered to be increased appropriately.
Adjustment of Taxes. Tenant hereby acknowledges that title to the Real Property was transferred to Landlord during 1997 before the execution of this Lease, that the Real Property has been or is in the process of being permanently reassessed (as distinguished from a so-called "Proposition 8" reassessment) to reflect Landlord's purchase price for the Real Property and that Tax Expenses for the Base Year shall take into account such reassessment. In addition, for purposes of this Lease, Tax Expenses shall be calculated as if the tenant improvements in the Building were fully constructed and the Real Property, the Building, and all tenant improvements in the Building were fully assessed for real estate tax purposes for the entire Base Year. These provisions shall survive the Lease Expiration Date or other termination of this Lease.
Adjustment of Taxes. If in the Base Year and/or any subsequent calendar year, the Project is less than fully assessed, then the Taxes for such year(s) shall be appropriately adjusted to reflect what the Taxes for such year(s) would have been had the Project been fully assessed as completed and fully occupied. In the event that there are tenants in the Building from time to time that are entitled to exemptions from Taxes, Taxes for such year(s) shall be appropriately adjusted to reflect Landlord's estimate of full assessment.
