Government Property Lease Excise Tax. As required under A.R.S. § 42- 6206, Tenant is hereby notified of its potential tax liability under the GPLET provisions of A.R.S. § 42-6201 through 42-6209, as now or hereafter amended. Failure by Tenant to pay the GPLET after notice and an opportunity to cure could result in divesting Tenant of any interest in or occupancy of the government property improvements to which this Lease applies. However, Landlord hereby abates Tenant’s obligation for the GPLET for the Premises pursuant to A.R.S. § 42-6209 for the eight (8) year period commencing on the issuance of the first certificate of occupancy for Phase II of the Premises. Landlord acknowledges receipt of Tenant’s application for such abatement. Landlord agrees to take any additional action requested by Tenant and which Tenant deems to be reasonably necessary for the Premises to qualify for GPLET treatment during the full Lease Term, including, without limitation, the eight (8) year GPLET abatement. Landlord and Tenant agree that the GPLET rates applicable to the Premises, notwithstanding the eight (8) year GPLET abatement, will be the rates set forth in A.R.S. 42-6203(A)(1) as of the Commencement Date (“Existing Rates”). If for any reason, the Premises are subject to rates other than the Existing Rates, and Tenant believes that it is not receiving the level of benefit contemplated when the Lease was executed, Landlord and Tenant shall meet to determine whether in good faith an equitable adjustment should be made to the Rent; if the parties agree on such an adjustment, they shall promptly execute an amendment of this Lease setting forth their agreement in this regard.
Government Property Lease Excise Tax. (a) Upon request by Company at any time following ninety percent (90%) completion of each Component of the Project, the City and Company will enter into a “Government Property Improvements Lease” in the form attached as Exhibit B for each such Component of the Project (“GPLET Lease”), whereby Company will convey that portion of the Property comprising the applicable Component of the Project, to the City by special warranty deed free and clear of or superior in right to all financial liens and encumbrances, the property so conveyed will constitute government property improvements pursuant to A.R.S. § 42-6201(2), the City shall constitute a “government lessor” under A.R.S. § 42-6201(1), and Company will constitute a “prime lessee” under A.R.S. § 42-6201(4). The Parties acknowledge that the initial conveyance of a Component of the Project will be or will include the Crystal Lagoon which conveyance shall conform to the requirements set forth herein. Notwithstanding a termination of the Crystal Lagoon GPLET Lease, at no time will the City become responsible for the operation of the Crystal Lagoon.
(b) Upon request by Company at any time following ninety percent (90%) completion of each Component of the Project, the City and Company will enter into a “Government Property Improvements Lease” in the form attached as Exhibit C (“GPLET Lease”) for such applicable Component, to the City by special warranty deed free and clear of all unpermitted financial liens other than subordinated encumbrances, the property so conveyed will constitute government property improvements pursuant to A.R.S. § 42-6201(2), the City shall constitute a “government lessor” under A.R.S. § 42-6201(1), and Company will constitute a “prime lessee” under A.R.S. § 42-6201(4).
(c) Each GPLET Lease shall be referred to as a “GPLET Lease” and all the GPLET Leases shall be referred to herein as the “GPLET Leases”.
(d) The term of each GPLET Lease shall be Twenty-Five (25) years, with an annual rental payment due from the Company to the City in an amount of One-Hundred Twenty and 00/100 Dollars ($120.00).
(e) Prior to the Parties’ entry into any GPLET Lease, the Company shall provide an appropriately detailed description of the applicable Component of the Project, sufficient to allocate square footage of the areas within the applicable Component of the Project used primarily for athletic, recreational, entertainment, artistic, or cultural activities. Company shall be responsible for continuous complia...
Government Property Lease Excise Tax. Upon request by Developer or an Owner, and at any time following the issuance of a Certificate of Completion for a Lot, the City and Developer (or Owner) shall enter into a “Land and Improvements Lease”, in the form attached as Exhibit F (“GPLET Lease”), whereby Developer or Owner will convey all or part of the Lot (and any other portion of the Property so elected by Owner) to the City, the property so conveyed will constitute “government property improvements” pursuant to A.R.S. §42-6201(2), the City shall constitute a “government lessor” under A.R.S. § 42-6201(1), and Owner will constitute a “prime lessee” under A.R.S. §42-6201(4). As a condition to Owner’s entry into the GPLET Lease, Owner’s obligation for any government property lease excise tax under A.R.S. §42-6202 (A) and (B) with respect to such real property shall be abated pursuant to A.R.S. § 42-6209 for the eight (8) year period from the date which the Certificate of Completion was issued.
Government Property Lease Excise Tax. Lessee shall be responsible for any and all property taxes and all government property lease excise taxes described in A.R.S. § 42-6201 et seq. or similar laws in force from time to time which are lawfully assessed against the Premises or against Lessor or Lessee with respect to the Premises. Pursuant to A.R.S. § 42-6206, failure by Xxxxxx to pay the taxes after notice and an opportunity to cure is an event of default that could result in divesting Lessee of any interest in or right of occupancy of the Premises.
Government Property Lease Excise Tax. As required under Arizona Revised Statutes Section 42-6206, Lessee is hereby notified of its potential tax liability under the Government Property Lease Excise Tax provisions of Arizona Revised Statutes, Section 42-6201, et seq (“GPLET”). Failure of Lessee to pay the tax after notice and an opportunity to cure is an Event of Default that could result in the termination of Lessee’s interest in this Lease and of its right to occupy the Premises. Upon the expiration or earlier termination of this Lease for any reason, including, without limitation, an Event of Default by Lessee, Lessor will convey title to the Premises to Lessee pursuant to Section 26. Notwithstanding the foregoing, or any other term of this Lease (including, but not limited to, the Recitals to this Lease), Lessor does not represent, warrant or guarantee that the benefits provided by GPLET, including but not limited to any abatement of GPLET during any portion of the Term, will be available or in effect at any time during the Term. The benefits provided by GPLET are not a condition to the effectiveness of this Lease or Lessee’s obligations under this Lease; and the nonexistence or failure of GPLET to be maintained, or any changes in or amendments to, GPLET, will not be a default by Lessor. In the event that (for any reason, including but not limited to legislative action taken by the Arizona Legislature or a decision from an Arizona court of competent jurisdiction) GPLET is no longer available, or the provisions of GPLET are modified to the extent that Lessee believes that this Lease no longer provides the benefits intended by Lessee, in Lessee’s sole discretion, then Lessee may terminate this Lease, subject to Lessee’s obligations of indemnity that survive the termination of this Lease, in which event the Land and Improvements will be conveyed to Lessee by Lessor pursuant to Section 26.
Government Property Lease Excise Tax. As required under A.R.S. §42-6206, Tenant is hereby notified of its potential tax liability under the Government Property Lease Excise Tax provisions of A.R.S. §42-6201, et seq. Failure of Tenant to pay the tax after notice and an opportunity to cure is an Event of Default that could result in the termination of Tenant's interest in this Lease and of its right to occupy the Premises.
Government Property Lease Excise Tax. As required under A.R.S. § 42-6206, Tenant is hereby notified of its potential tax liability under the Government Property Lease Excise Tax (“GPLET”) provisions of A.R.S. § 42-6201 through 42-6209, as now or hereafter amended. Failure by Tenant to pay the tax after notice and an opportunity to cure could result in divesting Tenant of any interest in or occupancy of the government property improvements to which this Lease applies. However, Landlord hereby abates Tenant’s obligation for the GPLET for the Premises pursuant to A.R.S. § 42-6209 for the eight (8) year period commencing on the issuance of the shell certificate of substantial completion for the Office and Retail Building and waives the requirement that Tenant apply for such abatement. Landlord agrees to take any additional action as necessary for Tenant to qualify for GPLET tax treatment so that (i) the period of abatement for the Premises will run for a period of eight (8) years from the date of the issuance the shell certificate of substantial completion by the City for the Office and Retail Building and (ii) the Premises will be taxed as “government property improvements” in accordance with A.R.S. § 42-6201 through 42-6209, as now or hereafter amended from the expiration of the eight (8) year abatement period through the end of the Term, if applicable.
Government Property Lease Excise Tax. As required under A.R.S. § 42-6206, Tenant is hereby notified of its potential tax liability under the Government Property Lease Excise Tax ("GPLET") provisions of A.R.S. § 42-6201 through 42-6209, as now or hereafter amended. Failure by Tenant to pay the tax after notice and an opportunity to cure could result in divesting Tenant of any interest in or occupancy of the government property improvements to which this Lease applies. However, Landlord hereby abates Tenant's obligation for the GPLET for the Premises pursuant to A.R.S. § 42-6209 for a period beginning on the Commencement Date and ending on the earlier of (i) two (2) years thereafter, or (ii) the date on which the "Development Cap" (as defined in the Development Agreement) is reached, and City waives the requirement that Tenant apply for such abatement. Landlord agrees to take any additional action as necessary for Tenant to qualify for GPLET tax treatment so that (i) the period of abatement for the Premises will run for a period of two (2) years from the Commencement Date or until the term of this Lease terminates whichever occurs first, and (ii) the Premises will be taxed as "government property improvements" in accordance with A.R.S. § 42-6201 through 42-6209, as now or hereafter amended from the expiration of the eight (8) year abatement period through the end of the Term, if applicable.
Government Property Lease Excise Tax. As required under Arizona Revised Statutes Section 42-6206, Tenant is hereby notified of its potential tax liability under the Government Property Lease Excise Tax provisions of Arizona Revised Statutes, Section 42-6201, et seq. Failure of Tenant to pay the tax after notice and an opportunity to cure is an Event of Default that could result in the termination of Tenant's interest in this Lease and of its right to occupy the Premises. (This is the end of Article 4)
Government Property Lease Excise Tax. Wireless Provider shall be responsible for any and all property taxes and all government property lease excise taxes described in A.R.S. § 42- 6201 et seq. or similar laws in force from time to time. Pursuant to A.R.S. § 42-6206, failure by Wireless Provider to pay the taxes after notice and an opportunity to cure is an event of default that could result in divesting Wireless Provider of any interest in or right of occupancy of the Use Areas.
