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 ("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 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. 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. 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. 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. (a) Upon request by Company at any time following ninety percent (90%) completion of each PhaseComponent 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 PhaseComponent of the Project (“GPLET Lease”), whereby Company will convey that portion of the Property comprising the applicable PhaseComponent 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 PhaseComponent 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, excluding the City’s ongoing obligation to supply water to the Crystal Lagoon.
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.
Government Property Lease Excise Tax. Subject to City Council approval at its discretion and Applicable Laws, and as an alternative for any portion of the Property for which either an Improvement District or a CFD may not be formed, the City and Developer may agree to implement and provide Developer with all statutorily-authorized government property lease excise tax abatements (“GPLET”) pursuant to A.R.S. §§ 42-6201 through 42-6210, inclusive. The implementation of the GPLET is contingent upon the City and Developer entering into a GPLET Agreement, and an amendment to this Agreement as to the GPLET area, which will include renegotiated and mutually agreed upon provisions concerning the forms of the deed and lease to be utilized for each such GPLET, the rent payable by Developer pursuant to each such lease, the amount (if any) by which the Sales Tax Rebates will be reduced by reason of the GPLET, and any other matters related to implementing the GPLET.
Government Property Lease Excise Tax. (a) Following issuance of the Certificate of Completion, the Office Parcel and the Office Project will be subject to the Government Property Lease Excise Tax as provided for under A.R.S. §42-6201 through 6209. The parties hereby confirm that (i) the Office Parcel is located in a single central business district within the municipal boundaries of the City; (ii) the Office Parcel is located entirely within a slum or blighted area that is established pursuant to A.R.S. Title 36, Chapter 12, Article 3; and (iii) the Improvements to be constructed by Developer in accordance with this Agreement will result in an increase in property value of at least one hundred percent. Accordingly, Developer shall be entitled to all statutorily-authorized property tax abatements available pursuant to A.R.S. §42-6209. In connection with the foregoing, the City hereby agrees to accept, subject to the terms and provisions of this Agreement and approval by the City of the condition of title pursuant to a title report provided by Developer to the City and upon the issuance of the Certificate of Completion for the Office Project, the conveyance of the Office Parcel from Developer and to lease back all of the Office Parcel and the Office Project to the Developer for a term of eight (8) years from the date of issuance of the Certificate of Completion pursuant to the terms and conditions of that Land and Improvements Lease substantially in the form attached hereto as Exhibit "E" (the "Lease"). During the term of the Lease the Office Project shall be taxed at the applicable Government Property Lease Excise Tax rate as provided in A.R.S. §42-6201 through 6209, subject, however, to an abatement of such Government Property Lease Excise Tax for the eight (8) year term of the Lease pursuant to the provisions of A.R.S. §42-6209. During the term of the Lease, City may not approve an amendment to change the use of the Office Parcel during the period of abatement unless the requirements of A.R.S. §42-6209(C)(3) have been satisfied.
