Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive. (b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease. (c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill. (d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to shall pay, during the Term, as Additional Rent, before any fine, penalty, interest interest, or cost may be added thereto for the nonpayment thereof, all taxes and assessments (Landlord is not subject to real estate property taxes pursuant to the West Virginia Code), real property taxes, special assessmentswater and sewer charges, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection incinerator and fire fees, vault charges, license and permit fees, and other governmental levies and charges; , general and all other charges or burdens special, ordinary, and extraordinary, unforeseen as well as foreseen, of whatsoever any kind and nature (including costscollectively, fees, and expenses of complying with any restrictive covenants or similar agreements to “Impositions”) which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be charged, assessed, levied, imposed upon or become due and payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereofof this Lease; provided, however, that if if, by law law, any special assessment Imposition is payable or, or at the option of the party obligated to make such payment, taxpayer may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant may pay the same, together with same (and any accrued interest accrued on the unpaid balance of such special assessment balance) in installments and shall be required to pay only such installments as may become due during the Term of this Lease as the same respectively become payable due and before any fine, penalty, interest interest, or cost may be added thereto for nonpayment thereof; and provided further, that any Imposition relating to a fiscal period of a taxing authority, a part of which period is included within the nonpayment Term of any such installment this Lease and a part of which is included in a period of time before the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end commencement of the Term or after the termination of the this Lease, Tenant's obligation other than a termination of this Lease pursuant to pay Article 18, shall (whether or not such taxes Imposition shall be prorated in assessed, levied, confirmed, imposed, or become a lien upon the event the tax period and Premises or shall become payable, during the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to appropriately pro rated between Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Lease Agreement (Rue21, Inc.)
Impositions. (a) Tenant covenants and agrees The Mortgagor shall pay or cause to pay, during the Term, as Additional Rentbe paid, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, water and sewer rates, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; charges and all other governmental or nongovernmental charges or burdens levies now or hereafter assessed or levied against any part of whatsoever kind and nature the Mortgage Estate (including costsincluding, without limitation, nongovernmental levies or assessments such as maintenance charges, owner association dues or charges or fees, levies or charges resulting from covenants, conditions and expenses of complying with any restrictive covenants restrictions affecting the Mortgage Estate) or similar agreements to which upon the Premises are subject incurred in the use, occupancy, operation, leasing lien or possession estate of the Premises Mortgagee therein (excluding any income taxes on the Fixed Rent imposed on Landlordcollectively, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord“Impositions”), without particularizing as well as all claims for labor, materials or supplies that, if unpaid, might by any known name or by whatever name hereafter calledlaw become a prior lien thereon, and whether within 10 days after request by the Mortgagee will exhibit receipts showing payment of any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereofforegoing; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant the Mortgagor may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest penalty or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on To the net income derived from extent not inconsistent with the Fixed Rentprovisions of the Indenture, if the Mortgagor at any time during its expense may, after prior notice to the TermMortgagee, any method of taxation shall be such that there shall be leviedcontest by appropriate legal, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or lien thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants so long as (i) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or lien thereof, such proceedings shall suspend the collection thereof from the Mortgage Estate, (ii) neither the Mortgage Estate nor any part thereof or interest therein will be sold, forfeited or lost if the Mortgagor pays the amount or satisfies the condition being contested, and the Mortgagor would have the opportunity to pay and discharge do so, in the same, it being the intention event of the parties hereto that Mortgagor's failure to prevail in the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.contest,
Appears in 1 contract
Sources: Leasehold Mortgage
Impositions. (a) Tenant covenants Section 3.1 From and agrees to pay, during after the Commencement Date and throughout the Term, as Additional Rent, before Tenant shall pay and discharge not later than the due date therefor and prior to the date any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rents, ▇▇▇▇▇▇ ▇▇▇htingstorm and sewer rents and charges, excise leviesduties, licensesimpositions, permits, inspection license and permit fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, regulatory application fees, assessments payable to any owner’s association or similar entity, governmental levies and expenses charges, and charges for public utilities of complying any kind, together with any restrictive covenants interest or similar agreements penalties imposed upon the late payment thereof (except to which the extent resulting from Landlord’s negligence or willful misconduct), which, pursuant to past, present or future Applicable Law, during, prior to or after (but attributable to a period falling prior to or within) the Term, shall have been or shall be levied, charged, assessed, imposed upon or grow or become due and payable out of or for or have become a lien on the Premises are subject incurred or any part thereof, any Buildings or personal property (including, without limitation, Tenant’s Personal Property) in or on the usePremises, occupancy, operation, leasing the Rents and income payable by Tenant or possession on account of any use of the Premises (excluding any income taxes on and such franchises as may be appurtenant to the Fixed Rent imposed on Landlord, it being the intent use and occupation of the parties hereto that Premises as well as any tax on the net income derived from the Fixed Rent payable in respect to the Premises sales, use, excise, commercial rent, tangible personal property and similar taxes imposed by any governmental authority shall be paid Governmental Authority or improvement district in connection with the use or operation by Landlord)Tenant of the Premises, without particularizing by any known name or by whatever name hereafter calledthe Facility, and whether the Tenant’s Personal Property, and any interest and penalties assessed in connection therewith as a result of late payment or non-payment of any of the foregoing be general (except to the extent resulting from Landlord’s negligence or special, ordinary willful misconduct) or extraordinary, foreseen late filing or unforeseen, which at non-filing of any time during tax returns or reports due in connection therewith (each of the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises foregoing being an “Imposition” and which are payable during the Term, or any portion thereofcollectively “Impositions”); provided, however, that if Tenant’s obligation to pay directly to the applicable Governmental Authority all regularly assessed ad valorem real estate taxes and assessments (“Real Estate Taxes”) shall be suspended at Landlord’s election, and in such event Tenant shall comply with the terms and provisions of Section 3.5 hereof (in which case Landlord or Mortgagee shall make such payments and shall be responsible for all fines, penalties, interest and costs arising out of the late payment or nonpayment thereof, except to the extent such amounts arise as a result of (i) an Event of Default or (ii) an event of default by law Tenant under any special assessment Mortgage Loan Documents to which Tenant is a party). Notwithstanding anything herein to the contrary, Tenant shall not be obligated to pay (and Landlord or Mortgagee shall not pay from the Imposition Reserve Fund) any franchise, excise, corporate, estate, inheritance, succession or capital levy or tax of Landlord, any intangibles or transfer tax payable oras a result of any financing, refinancing, transfer or exchange of the Premises by Landlord (except for transfers to or from Tenant or any of their Affiliates), or any income, profits or revenue tax upon the income of Landlord, and none of the foregoing shall constitute an Imposition for purposes hereof. The foregoing exclusions shall not include any nursing home privilege or similar taxes on the business operations at the option Facility, which shall be the responsibility of Tenant. Tenant, upon request from Landlord, shall submit to Landlord the proper and sufficient receipts or other evidence of payment and discharge of the party obligated same; provided, however, Tenant shall not be required to furnish such receipts or other evidence for payment with respect to Real Estate Taxes or with respect to Impositions that are being contested in accordance with this Section. If any Impositions are not paid when due from Tenant under this Lease (other than Real Estate Taxes), Landlord shall have the right, but shall not be obligated, to pay the same following written notice to Tenant of such payment, provided Tenant is not contesting the same pursuant to a right to do so herein. If Landlord shall make such payment, may Landlord shall thereupon be paid in installments (whether entitled to repayment by Tenant on demand as Supplementary Rent hereunder.
Section 3.2 Tenant shall have the right to protest and contest any Impositions imposed against the Premises or not interest shall accrue on the unpaid balance of such special assessment)any part thereof. If Tenant so elects to contest, Tenant may pay shall, prior to the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest prosecution or cost may be added thereto for the nonpayment defense of any such installment claim, notify Landlord in writing of its decision to pursue such contest and, to the extent procedurally required, or to prevent jeopardizing any license, permit or certification, including, without limitation, any Health Care License or Medicare and Medicaid certifications under Titles XVIII and XIX of the interest thereonSocial Security Act of 1935, as amended, because of nonpayment thereof, Tenant shall pay the amount in question prior to initiating the contest. Tenant’s right to contest is conditioned upon the following: (i) such contest is done at Tenant’s sole cost and expense, (ii) nonpayment will not subject the Premises or any part thereof to sale or other liability by reason of such nonpayment, (iii) such contest shall not subject Landlord or any Mortgagee to the risk of any criminal or civil liability, and (iv) Tenant shall provide such security as may reasonably be required by Landlord or any Mortgagee or under the terms of any Mortgage or any loan documents in connection therewith to ensure payment of such contested Impositions. Upon request, Tenant shall keep Landlord advised as to the status of such contest. Subject to the provisions of clauses (i) through (iv) above, Landlord agrees to execute and deliver to Tenant any and all documents reasonably acceptable to Landlord and otherwise required for such purpose and to cooperate with Tenant in every reasonable respect in such contest, but without any cost or expense to Landlord. If Landlord should actually receive proceeds of any such contest, to the extent that the same relate to the period of the Term, then Landlord shall remit the same to Tenant.
Section 3.3 To the extent permitted by Applicable Law, Tenant shall have the right to apply for the conversion of any Impositions to make the same payable in annual installments over a period of years. Tenant shall pay all real estate taxessuch deferred installments prior to the expiration or sooner termination of the Term, whether heretofore notwithstanding that such installments shall not then be due and payable, unless such installments relate in part to any fiscal period after the Expiration Date (and no interest, penalties or hereafter levied or assessed upon other fees are imposed on Landlord as a result of such deferred installments); provided, however, that all Impositions relating to a fiscal period of the Premisestaxing authority, a part of which is included in a period of time after the Expiration Date, or relating to any portion thereofspecial assessment for physical improvements with a useful life that extends beyond the expiration of the Term, which are due and payable shall (whether or not such Impositions shall be assessed, levied, confirmed, imposed or become payable, during the Term. At the end ) be prorated between Landlord and Tenant as of the Term Expiration Date, so that Landlord shall pay at its own expense (and not from the Imposition Reserve Fund) that portion of such Impositions which relate to that part of such fiscal period included in the Leaseperiod of time after the Expiration Date, Tenant's obligation to and Tenant shall pay such taxes the remainder thereof (which amount Landlord shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived entitled to withdraw from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, Imposition Reserve Fund to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Leasefunds are available therein).
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Operating Lease (Griffin-American Healthcare REIT II, Inc.)
Impositions. Tenant shall, within thirty (a30) Tenant covenants and agrees days after notice from Landlord, pay to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Landlord Tenant's Pro Rata Share of all real estate taxes, special sales taxes, assessments, utility bills referred to in Para▇▇▇▇▇ ▇water and sewer rates, ▇▇▇▇▇▇ ▇▇▇htingrents or charges, excise leviesuse or occupancy taxes, licensesvault charges, permits, inspection fees, license or permit fees and any other governmental levies or charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, of any kind and nature whatsoever (said taxes, assessments, water and sewer rates or charges, vault charges, license or permit fees and other governmental levies or charges being hereinafter referred to as "IMPOSITION"), which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, are assessed, levied or levied, confirmed, imposed upon or become a lien upon the Premises Land and which are payable Building or become payable, during the Term, or any portion thereofterm of this Lease; provided, however, that that, if by law any special assessment such Imposition is payable or, or may at the option of the party obligated to make such payment, may taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentImposition), Tenant may pay the same, together with same (and any accrued interest accrued on the unpaid balance of such special assessment Imposition) in installments and shall pay only such installments as may become due during the term of this Lease as the same respectively become payable due and before any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment of any such installment and interest; and provided further, that any Imposition relating to a fiscal period which is included within the interest thereon. term of this Lease and a part of which is included in a period of time after the expiration of the term of this Lease, other than a termination of this Lease pursuant to ARTICLE 17 shall (whether or not such Imposition shall be assessed, levied, confirmed, imposed or become a lien upon the Demised Premises, or shall become payable, during the term of this Lease) be adjusted between Landlord and Tenant as of the expiration of the term of this Lease, so that Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any that portion thereof, of such Imposition which are due and payable during the Term. At the end that part of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated fiscal period included in the event period of time after the tax expiration of this Lease bears to such fiscal period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofremainder thereof.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to Trustor shall pay, during the Termor cause to be paid, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofprior to delinquency, all real estate taxes, special property taxes and assessments, utility bills referred to in Para▇▇▇▇▇ ▇general and special, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges taxes and assessments of any kind or burdens of whatsoever kind and nature whatsoever, (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord)including, without particularizing by any known name limitation, non-governmental levies or by whatever name hereafter calledassessments such as maintenance charges, levies, or charges resulting from covenants, conditions and whether any of restrictions affecting the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similarTrust Estate) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied that are assessed or imposed upon the Trust Estate or become due and payable and that create, may create, or appear to create a lien upon the Premises Trust Estate (the above are sometimes referred to herein individually as an “Imposition” and which are payable during the Termcollectively as “Impositions”), or any portion thereof; provided, however, that if by law any special assessment Imposition is payable orpayable, or may at the option of the party obligated taxpayer be paid, in installments, Trustor may pay the same or cause it to make such paymentbe paid, may be paid in installments (whether or not together with any accrued interest shall accrue on the unpaid balance of such special assessment)Imposition, Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable becomes due and before any fine, penalty, interest interest, or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveinterest.
(b) Except for any tax on the net income derived from the Fixed Rent, if If at any time during after the Term, any method of taxation shall be such that date hereof there shall be levied, assessed or imposed on the Landlorda fee, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge assessment on Beneficiary which is measured by or based in whole or in part upon this Deed of Trust or the outstanding amount of the Obligations, then all such gross Rentstaxes, Tenant, assessments or fees shall be deemed to be included within the extent permitted by law, covenants to term “Impositions” as defined in Section 1.8(a) and Trustor shall pay and discharge the samesame as herein provided with respect to the payment of Impositions. If Trustor fails to pay such Impositions prior to delinquency, it being the intention Beneficiary may, at its option, declare all or part of the parties hereto that Obligations, immediately due and payable. If Trustor is prohibited by law from paying such Impositions, Beneficiary may, at its option, declare all or part of the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this LeaseObligations due and payable on a date which is not less than six (6) months from the date such prohibition is imposed on Trustor.
(c) Tenant covenants Subject to furnish Landlordthe provisions of Section 1.8(d) and upon request by Beneficiary, Trustor shall deliver to Beneficiary within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is due and payable by Tenant, Trustor official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to LandlordBeneficiary, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billthereof.
(d) Trustor shall have the right before any delinquency occurs to contest or object to the amount or validity of any Imposition by appropriate proceedings, but this shall not be deemed or construed in any way as relieving, modifying, or extending Trustor’s covenant to pay any such Imposition at the time and in the manner provided in this Section 1.8, unless Trustor has given prior written notice to Beneficiary of Trustor’s intent to so contest or object to an Imposition, and unless, in Beneficiary’s absolute and sole discretion, (i) Trustor shall demonstrate to Beneficiary’s satisfaction that the proceedings to be initiated by Trustor shall conclusively operate to prevent the sale of the Trust Estate or any part thereof or interest therein to satisfy such Imposition prior to final determination of such proceedings, (ii) Trustor shall furnish a good and sufficient bond or surety as requested by and satisfactory to Beneficiary, or (iii) Trustor shall demonstrate to Beneficiary’s satisfaction that Trustor has provided a good and sufficient undertaking as may be required or permitted by law to accomplish a stay of any such sale.
(e) Upon the occurrence and during the continuation of an Event of Default and after the conclusion of any cure period following an Event of Default hereunderupon request by Beneficiary, Tenant Trustor shall pay to LandlordBeneficiary an initial cash deposit in an amount adequate to pay all Impositions for the ensuing tax fiscal year and shall thereafter continue to deposit with Beneficiary, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments installments, an amount equal to one-twelfth (1/12) of the known sum of the annual Impositions reasonably estimated by Beneficiary, for the purpose of paying the installment of Impositions next due (funds deposited for this purpose are referred to as “Impositions Impounds”). In such event, Trustor further agrees to cause all bills, statements, or estimated yearly real estate taxes and assessmentsother documents relating to Impositions to be sent or mailed directly to Beneficiary. Upon receipt of such bills, next payable with respect to the Premises. From time to timestatements, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessmentsor other documents, and in providing there are sufficient Impositions Impounds, Beneficiary shall timely pay such event Landlord shall notify Tenant, in writing, amounts as may be due thereunder out of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimateImpositions Impounds. If at any time and for any reason the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall Impositions Impounds are or will be insufficient to pay such taxes and assessments when amounts as may then or subsequently be due, then Tenant Beneficiary may notify Trustor and upon such notice Trustor shall deposit immediately an amount equal to such deficiency with Beneficiary. Notwithstanding the foregoing, nothing contained herein shall cause Beneficiary to be deemed a trustee of Impositions Impounds or to be obligated to pay any amounts in excess of the amount of funds deposited with Beneficiary pursuant to Landlord this Section 1.8(e) Beneficiary may commingle Impositions Impounds with its own funds and shall not be obligated to pay any interest on any Impositions Impounds. Beneficiary may reserve for future payment of Impositions such amount portion of Impositions Impounds as Beneficiary may be necessary in its absolute and sole discretion deem proper. If Trustor fails to deposit with Beneficiary sums sufficient to fully pay such Impositions at least thirty (30) days before delinquency thereof, Beneficiary may, at Beneficiary’s election, but without any obligation so to do, advance any amounts required to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) , which advances, if any, shall be deposited secured hereby and shall be repayable to Beneficiary upon demand together with interest thereon at the Agreed Rate from the date of such advance, or at the option of Beneficiary the latter may, without making any advance whatever, apply any Impositions Impounds held by it upon any of the Obligations in a federally insured institution reasonably satisfactory such order as Beneficiary may determine, notwithstanding that such Obligations may not yet be due.
(f) Trustor shall not initiate or suffer to Landlord occur or exist the joint assessment of any real and Tenantpersonal property included in the Trust Estate or any other procedure whereby the lien of real property taxes and the lien of personal property taxes shall be assessed, and all interest earned thereon shall accrue levied, or charged to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered Trust Estate as performance of such obligation under the provisions of Paragraph 9(a) hereofa single lien.
Appears in 1 contract
Sources: Leasehold Deed of Trust (Utah Medical Products Inc)
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, shall pay before any fine, penalty, interest interest, or cost may be added thereto for the nonpayment thereof, all real estate estate, municipal utility district and other similar taxes, special assessments, ad valorem taxes (including municipal utility bills referred to in Para▇▇▇▇▇ ▇and other similar district taxes), ▇▇▇▇▇▇ ▇▇▇htingwater and sewer charges, excise leviesvault charges, licenses, permits, inspection license and permit fees, dues or assessments, general or special of any association to which the Premises is subject and other governmental levies and charges; , general and all other charges or burdens special, ordinary, and extraordinary, unforeseen as well as foreseen, of whatsoever any kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to collectively "Impositions") which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laidcharged, assessed, levied or levied, imposed upon or become a lien upon the Premises due and which are payable payable, during the Term, or any portion thereof; provided, however, that if if, by law law, any special assessment Imposition is payable or, or at the option of the party obligated to make such payment, taxpayer may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant may shall pay the same, together with same (and any accrued interest accrued on the unpaid balance of such special assessment balance) in installments and shall be required to pay only such installments as may become due during the Term as the same respectively become payable due and before any fine, penalty, interest interest, or cost may be added thereto for nonpayment thereof and provided further, that any Imposition relating to a fiscal period of a taxing authority, a part of which period is included within the nonpayment Term and a part of any such installment and which is included in a period of time before the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end commencement of the Term or after the termination of the this Lease, Tenant's obligation other than a termination of this Lease pursuant to pay Article 18, shall (whether or not such taxes Imposition shall be prorated in assessed, levied, confirmed, imposed, or become a lien upon the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed RentPremises or shall become payable, if at any time during the Term, any method term of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to appropriately pro rated between Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Assignment of Lease, Indemnity and Assumption Agreement (Aei Income & Growth Fund 24 LLC)
Impositions. Tenant shall pay or cause to be paid (aexcept as in ----------- Section 3.03 hereof provided) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, general and/or special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water, ▇▇▇▇▇▇ ▇▇▇htingfire line, excise steam and sewer rents, fees, rates and charges, levies, licenses, permits, inspection fees, license and permit fees and all other governmental charges; , general and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or and extraordinary, foreseen or unforeseen, of any kind and nature whatsoever, which at any time on or after the Commencement Date may be assessed, levied, confirmed, imposed upon, and/or become due and payable during the balance, if any, of the original Term may be payable. Tenant shall pay all special (or similar) assessments any renewal or installments thereof (including interest thereon) for public improvements extension thereof, out of or benefits whichin respect of, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon on, the Premises and which are payable during the TermDemised Premises, or any portion thereofpart thereof or any appurtenance thereto and/or Tenant's riverboat gaming enterprise (all such taxes, assessments, water, fire line, steam and sewer rents, fees, rates and charges, levies, license and permit fees and other governmental charges being hereinafter referred to as "Impositions," and any of the same being hereinafter referred to as an "Imposition"); provided, however, that if that
(a) if, by law law, any special assessment is payable orImposition may, at the option of the party obligated to make such paymenttaxpayer, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment)installments, Tenant may pay the samesame in equal installments over the period of time allowed under the terms thereof, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fineprovided, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. however that Tenant shall pay all real estate taxes, whether heretofore such installments remaining unpaid at the expiration or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end earlier termination of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.this Lease or any properly exercised renewal or extension thereof; and
(b) Except all Impositions for the calendar or tax years in which the Commencement Date occurs and the Term or any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation renewal term ends shall be such apportioned so that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, only those portions thereof which correspond with the known portion of said calendar years as are within the Term and/or any renewal or estimated yearly real estate taxes extension thereof and assessments, are payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofhereunder.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees To the extent the Trustor is obligated to pay, during do so under the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Facility Lease Trustor will pay when due all real estate taxes, special property taxes and assessments, utility bills referred to in Para▇▇▇▇▇ ▇general and special, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other taxes and assessments of any kind or nature whatsoever, includ ing, without limitation, public, governmental or nongovernmental levies, assessments or charges, such as assessments on appurtenant water stock, maintenance charges, owner association dues or charges or burdens of whatsoever kind and nature (including costs, fees, levies or charges resulting from covenants, conditions and expenses restrictions affecting the Property, which are assessed or imposed upon any of complying with any restrictive covenants the Property, or similar agreements to which arising in respect of the Premises are subject incurred in the useoperation, occupancy, operation, leasing use or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments posses sion thereof (including interest thereon) for public improvements all of which taxes, assessments and other public, governmental or benefits which, during the Term shall be laid, assessed, levied nongovernmental charges of like or imposed upon or become a lien upon the Premises and which different nature are payable during the Term, or any portion thereofhereinafter referred to as "Impositions"); provided, however, that if if, by law law, any special assessment such Imposition is payable orpayable, or may at the option of the party obligated to make such paymentpayer be paid, in installments, Trustor may be paid in installments (whether or not pay the same together with any accrued interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment Imposition in installments install ments as the same respectively may become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensivedue.
(b) Except for If under the provisions of any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that law or ordinance now or hereafter in effect there shall be levied, assessed or imposed: (i) a tax or assessment on the Property in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge Secured Party and measured by or based in whole or in part upon the amount of the outstanding Obliga tions, then all such gross Rentstaxes, Tenantassessments or fees shall be deemed to be included within the term "Impositions" as defined in subparagraph (a) hereof, to the extent permitted by law, covenants to and Trustor shall pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent or cause to be paid hereunder and discharged the same as herein provided or shall reimburse or otherwise compensate Secured Party for the payment thereof. In the event any such law or ordinance specifically provides that Trustor may not pay, reimburse or otherwise compensate Secured Party for the payment of such tax, assessment or fee, then, at the option of Secured Party, Secured Party may declare all of the Obligations to be due and payable within sixty (60) days and the failure of Trustor to pay the Obligations within such period shall be paid an Event of Default entitling Secured Party to Landlord absolutely net without deduction or charge exercise any of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided the remedies set forth in this LeaseDeed of Trust.
(c) Tenant Subject to the provisions of subparagraph (d) hereof, Trustor covenants to furnish Landlordto Secured Party, within thirty (30) days after the date upon which when any Imposition interest or other tax, assessment, levy or charge is payable by Tenantpenalty shall accrue for nonpayment of Impositions, official receipts of the appropriate taxing or other authority, or other appropriate proof reasonably satisfactory to LandlordSecured Party, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billthereof.
(d) Upon the occurrence of If an Event of Default shall occur and after be continuing, at the conclusion request of any cure period following an Event of Default hereunderSecured Party, Tenant Trustor shall pay to Landlord, at Landlord's written demand, Secured Party on the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments first Business Day of each month an amount equal to one-twelfth (1/12) of the known or annual total of Impositions estimated yearly real estate taxes and assessments, next payable with respect by Secured Party to be assessed against the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and Property in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient order to pay the re-estimated amount over the balance installment of such period after giving credit for payments made by Tenant Impositions next due on the previous estimateProperty. If the total monthly payments made by Tenant In such event, Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Secured Party. Provided Trustor has deposited sufficient funds with Secured Party pursuant to this Section 1.12, Secured Party shall exceed pay on or prior to the due date thereof, such amounts as may be due thereunder out of the funds so deposited. Notwithstanding the foregoing, nothing contained herein shall cause Secured Party to be deemed a trustee of said funds or obligate Secured Party to pay any amount in excess of the amount of payments necessary deposited pursuant to this Section 1.12. If at any time and for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to any reason the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall funds deposited with Secured Party are or will be insufficient to pay such taxes amounts as may then be due, Secured Party shall notify Trustor and assessments Trustor shall immediately deposit an amount equal to such deficiency with Secured Party. Should Trustor fail to deposit with Secured Party sums sufficient to fully pay such Impositions when due, then Tenant shall pay Secured Party may, at Secured Party's election, but without any obligation to Landlord such amount as may be necessary do so, advance any amounts required to make up the deficiency. All Trustor shall, on demand, reimburse Secured Party for said amount. Should an Event of Default occur and be continuing hereunder, Secured Party may, at any time at Secured Party's option, apply any sums or amounts then held by it pursuant hereto (including, without limitation, any income earned thereon) to the payment or discharge of the Obligations in the manner set forth in Section 3.3 hereof as if the same were proceeds of sale. The receipt, use or application of any such deposits made sums paid by Tenant Trustor to Secured Party hereunder shall not be construed to affect the maturity of any of the Obligations or to otherwise affect any of the rights or powers of Secured Party hereunder or any of the obligations of Trustor hereunder.
(e) Trustor will pay all taxes, charges, filing, registration and recording fees, excises and levies imposed in connection with the recording of this Deed of Trust or imposed upon Secured Party by reason of its ownership of this Deed of Trust or any mortgage supplemental hereto, and shall pay any and all Internal Revenue stamp taxes and other taxes required to be paid on any of the Obligations (other than taxes required to be paid by the Lenders pursuant to this Paragraph 9(dSection 2.15 of the Credit Agreement). In the event Trustor fails to make any such payment within five (5) Business Days after written notice thereof from Secured Party, then Secured Party shall have the right, but shall not be deposited in a federally insured institution reasonably satisfactory to Landlord obligated to, pay the amount due and TenantTrustor shall, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxeson demand, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofreimburse Secured Party for said amount.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Impositions shall mean all real estate or personal property taxes, special possessory interest taxes, or similar charges, business or license taxes or fees, service payments in lieu of such taxes or fees, annual or periodic license or use fees, excises, assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licensesfees or charges, permitsgeneral and special, inspection feesordinary and extraordinary, other governmental charges; and all other charges or burdens unforeseen as well as foreseen, of whatsoever any kind and nature (including costsfees “in-lieu” of any such tax or assessment) payable over the longest permitted period (provided no extra costs are incurred as a result thereof), feeswhich are assessed, and expenses of complying with levied, charged, confirmed or imposed by any restrictive covenants public authority upon the Land, the Building, its operations or similar agreements to which the Premises are subject incurred Rent (or any portion or component thereof) including, in the useyear paid, occupancyall reasonable fees and costs incurred by Landlord in seeking to obtain an abatement or reduction of, operationor a limit on any increase, leasing in any taxes, regardless of whether any abatement, reduction or possession limitation is obtained, but excluding (i) inheritance or estate taxes imposed upon or assessed against the Building, or any part thereof or interest therein, (ii) taxes computed upon the basis of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable Building by Landlord or the owner of any interest therein, (iii) that portion of the items enumerated in respect this Section which is allocable to the Premises imposed by any governmental authority Commercial Section or the Parking Section of the Building (such allocation of Impositions to the Parking Section to be made in a manner consistent with prior operating practices for the Building [provided that if and for so long as Landlord hereafter increases the percentage allocated to the Parking Section for all other tenants in the Building, Landlord shall also increase such percentage for Tenant] and the remaining Impositions [after such allocation to the Parking Section] to be paid by Landlordallocated on a per square foot basis between the Office Section and the Commercial Section), without particularizing by and (iv) any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, voluntary payments which at any time during the Term Landlord may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated agree to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of Building after the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Lease (Houghton Mifflin Co)
Impositions. (a) Tenant covenants Commencing on the Effective Date and agrees to pay, during thereafter throughout the Term, Tenant shall pay or cause to be paid as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, special payments in lieu of taxes, assessments, utility bills referred to in Para▇▇▇▇▇ ▇water and sewer rents, ▇▇▇▇▇▇ ▇▇▇htingrates and charges, excise levies, licenses, permits, inspection fees, license and permit fees and other governmental charges; , general and all other charges or burdens special, ordinary and extraordinary, foreseen and unforeseen, of whatsoever any kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, whatsoever which at any time during the Term of this Lease may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied levied, confirmed, imposed upon, or imposed upon grow or become due and payable out of or in respect of, or become a lien upon upon, the Premises and which are payable during or the Termleasehold, or any portion thereofpart thereof or any appurtenance thereto, whether such charges are made directly to Tenant or through or in the name of the Landlord, including, without limitation, all Special Taxes (all such taxes, Special Taxes, payments in lieu of taxes, assessments, water and sewer rents, rates and charges, levies, license and permit fees and other governmental charges being hereafter referred to as “Impositions”); provided, however, that if that
(a) Tenant shall pay the water and sewer tap charges imposed as a condition to Tenant’s obtaining a building permit and Tenant hereby irrevocably assigns to Landlord all credits available by law reason of the construction by Landlord’s Affiliates of the infrastructure improvements to National Harbor.
(b) If, by law, any special assessment is payable or, Imposition may at the option of the party obligated to make such payment, may taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment)installments, Tenant may pay the same, together with any interest accrued on same in such installments over such period as the unpaid balance of law allows and Tenant shall only be liable for such special assessment in installments as shall become due during the same respectively become payable and before any fine, penalty, interest or cost may be added thereto Term of this Lease; and
(c) All Impositions for the nonpayment fiscal years in which the Term of any such installment this Lease shall begin and the interest thereon. end shall be apportioned so that Tenant shall pay all real estate only those portions thereof which correspond with the portion of said year as is within the Term hereby demised. Tenant and its Affiliates shall not institute any judicial or administrative proceedings or actions challenging (w) the validity, due authorization or adoption or enforceability of CR-25-2004, ▇▇-▇▇-▇▇▇▇, ▇▇ 26-2004 and CB-24-2004 (the “Legislation”) or CR-23-2008 or similar bond or financial incentive enacted in lieu thereof (the “SHOT Legislation”), (x) the creation of districts thereunder, (y) the imposition, levy, collection or enforcement of any Special Tax, the Hotel Tax, Special Hotel Rental Tax or other taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, except to the extent permitted by lawunder the Legislation or the SHOT Legislation (collectively “Special Taxes”), covenants to pay and discharge (z) the sameextension, it being the intention expansion or increase of the parties hereto that Special Taxes, so long as the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance rate of such certificate, advice Special Taxes is not more than five percent (5%) in the aggregate; provided that in no event shall Tenant or bill.
(d) Upon the occurrence any of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay its Affiliates be prohibited or restricted from objecting to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate contesting the amount of real estate taxes and assessmentsany Special Taxes, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation or any other levy imposed under the provisions of Paragraph 9(a) hereofLegislation or SHOT Legislation.
Appears in 1 contract
Impositions. (a) SECTION 4.1. Tenant covenants and agrees to paypay or cause to be paid, as hereinafter provided, at Tenant's option either to Landlord or to the Governmental Authority or other Person imposing the same or to whom the same may be due and payable, all of the following items (collectively, "IMPOSITIONS") which accrue in or relate to any period beginning on or after the Commencement Date (except to the extent, if any, that any of such items are paid by ▇▇▇▇▇ or the Association): (a) Taxes (defined hereinafter) and real property assessments, (b) personal property taxes, (c) occupancy and rent taxes, (d) water, water meter and sewer rents, rates and charges, (e) excises, (f) levies, (g) license and permit fees, (h) service charges with respect to police protection, fire protection, common area maintenance, sanitation and water supply, if any, (i) Association assessments and charges, and (j) fines, penalties and other similar or like charges applicable to the foregoing and any interest or costs with respect thereto (only to the extent incurred by reason of Tenant's wrongful act or omission or Tenant's failure timely to pay the same or otherwise fully and timely to comply with any provision of this Lease), to the extent that at any time during the Term or any Renewal Term, such items listed in clauses (a) through (j) of this SECTION 4.1 are assessed, levied, confirmed, imposed upon, or would grow or become due and payable out of or in respect of, or would be charged with respect to: (A) the Parcels or any personal property, Equipment or other facility used in the operation thereof, (B) any document (other than this Lease) by which Tenant directly or indirectly creates or transfers any interest or estate in the Parcels, (C) the use and occupancy of the Parcels by Tenant or any Person by, through or under Tenant, or (D) the Rental (or any portion thereof) payable by Tenant hereunder. Each such Imposition, or installment thereof, during the Term, as Additional Rent, Term or any Renewal Term shall be paid at least five (5) days before any the last day the same may be paid without fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereofadditional cost; provided, however, that if if, by law law, any special assessment is payable or, Imposition may at the option of the party obligated to make such payment, may taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentImposition), Tenant may exercise the option to pay the same in such installments and shall be responsible for the payment of such installments only (including, without limitation, any interest or late payment charges payable thereon or in connection therewith); provided, however, that all such installment payments relating to periods prior to the date definitely fixed for the expiration of the Term or any Renewal Terms shall be made prior to the Expiration Date.
SECTION 4.2. If Tenant, or Landlord upon receipt from Tenant, is paying any Imposition directly to the Governmental Authority or other Person imposing the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any finethen each party, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed from time to time upon the Premises, or any portion thereof, which are due and payable during the Term. At the end request of the Term of the Leaseother party, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, furnish evidence reasonably satisfactory to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, requesting party evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Lease Agreement (Coach Inc)
Impositions. Borrower will pay (a) Tenant covenants and agrees or will cause the applicable Subsidiary Guarantor to pay), during on or before the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment due date thereof, (i) all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection license fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, permit fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the usedues, occupancycharges, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter calledfines, and impositions (in each case whether any of the foregoing be general or special, ordinary or extraordinary, or foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof of every character whatsoever (including all penalties and interest thereon) for public improvements now or benefits which, during the Term shall be laidhereafter levied, assessed, levied confirmed, or imposed upon on, or become in respect of, or which might constitute a lien upon the Premises and which are payable during the Termany Property, or any portion part thereof; provided, howeveror any estate, right, or interest therein, or upon the rents, issues, income, or profits thereof, (ii) all premiums on policies of insurance covering, affecting, or relating to any Property, as required pursuant to this Loan Agreement, (iii) all ground rentals, other lease rentals, and other sums, if any, owing by any Subsidiary Guarantor and becoming due under any lease or rental contract affecting any Property, and (iv) all utility charges that if are incurred by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto Subsidiary Guarantor for the nonpayment benefit of each Property or which might become a charge or lien against any such installment Property, for gas, electricity, water, sewer services, and the interest thereon. Tenant shall pay like furnished to such Property, and all real estate taxes, whether heretofore other public or hereafter levied private assessments or assessed upon the Premises, charges of a similar nature affecting each Property or any portion thereof, which are whether or not the nonpayment of same might result in a lien thereon (collectively, “Impositions”). Borrower shall submit (or shall cause the applicable Subsidiary Guarantor to submit) to Lender such evidence of the due and payable during the Term. At the end punctual payment of all such premiums, rentals, charges, and other sums as Lender might require and shall submit to Lender such evidence of the Term due and punctual payment of all such taxes, assessments, and other fees and charges as Lender might require. Borrower shall have the Leaseright, Tenant's obligation to pay before any such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy fee, or charges become delinquent, to contest or object to the amount or validity of any such tax, assessment, fee, or charge is payable by Tenantappropriate legal proceedings, official receipts of the appropriate taxing authorityprovided that said right shall not be deemed or construed in any way as relieving, modifying, or other appropriate proof extending Borrower’s covenant to pay any such tax, assessment, fee, or charge at the time and in the manner provided herein unless (i) Borrower has given prior written notice to Lender of Borrower’s intent to so contest or object, (ii) Borrower shall demonstrate to Lender’s satisfaction that the legal proceedings shall conclusively operate to prevent the sale of each Property, or any part thereof, to satisfy such tax, assessment, fee, or charge prior to final determination of such proceedings, (iii) Borrower shall furnish a good and sufficient bond or surety as requested by and satisfactory to LandlordLender, evidencing the payment of the same. The certificate, advice and (iv) Borrower shall have provided a good and sufficient undertaking as might be required or bill ▇▇ the appropriate official designated permitted by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance accomplish a stay of such certificate, advice or billproceedings.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees Subject to paysection 17 relating to contests, during the Term, as Additional Rent, Lessee will pay all Impositions before any fineinterest, penalty, interest fine or cost may be added thereto for non-payment, provided that (a) if, by law, any Imposition may at the nonpayment thereofoption of the payor be paid in installments, Lessee may exercise such option, and, in such event. Lessee shall give Lessor prompt written notice of such exercise and shall pay all such installments (and interest ii any) becoming due during the term of this Lease as the same respectively become due and before any further interest or any penalty, fine or cost may be added thereto; and (b) any Imposition relating to a period, a part of which is included within the term of this Lease and a part of which extends beyond such term, shall, if an Event of Default shall not then exist under this Lease, be apportioned between Lessor and Lessee as of the expiration of such term. Lessee will furnish to Lessor and to each holder of any mortgage on the Leased Property, for inspection, within 30 days after the date when any Imposition (unless being contested in conformity with section 17) would become delinquent, official receipts, or other proof satisfactory to Lessor or such mortgagee, as the case may be, evidencing the payment of such Imposition Lessor will pay in full when due and payable all real estate taxes, special assessments, utility bills referred to taxes and betterment assessments in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession respect of the Premises (excluding any income taxes on the Fixed Rent imposed on LandlordLeased Property, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable except such as are includible in respect additional rent and are not paid to the Premises imposed Lessor by any governmental authority shall be paid by Landlord)Lessee when such additional rent is due, without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if Lessor may contest, by law any special assessment is payable orappropriate legal proceedings the amount or validity or application, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rentspart, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoevertax or betterment assessment, foreseeable provided that (a) such proceedings shall operate to suspend the collection thereof from the Leased Property, (b) neither the Leased Property nor any part thereof would be in substantial danger of being forfeited or unforeseeablelost, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
and (c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that Lessor shall have furnished such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. Howeversecurity, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when dueany, then Tenant shall pay to Landlord such amount as may be necessary to make up required in the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofproceedings.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees The Mortgagor shall pay or cause to pay, during the Term, as Additional Rentbe paid, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, water and sewer rates, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; charges and all other governmental or nongovernmental charges or burdens levies now or hereafter assessed or levied against any part of whatsoever kind and nature the Mortgage Estate (including costsincluding, without limitation, nongovernmental levies or assessments such as maintenance charges, owner association dues or charges or fees, levies or charges resulting from covenants, conditions and expenses of complying with any restrictive covenants restrictions affecting the Mortgage Estate) or similar agreements to which upon the Premises are subject incurred in the use, occupancy, operation, leasing lien or possession estate of the Premises Mortgagee therein (excluding any income taxes on the Fixed Rent imposed on Landlordcollectively, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord“Impositions”), without particularizing as well as all claims for labor, materials or supplies that, if unpaid, might by any known name or by whatever name hereafter calledlaw become a prior lien thereon, and whether within 10 days after request by the Mortgagee will exhibit receipts showing payment of any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereofforegoing; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant the Mortgagor may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest penalty or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on To the net income derived from extent not inconsistent with the Fixed Rentprovisions of the Indenture, if the Mortgagor at any time during its expense may, after prior notice to the TermMortgagee, any method of taxation shall be such that there shall be leviedcontest by appropriate legal, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or lien thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants so long as (i) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or lien thereof, such proceedings shall suspend the collection thereof from the Mortgage Estate, (ii) neither the Mortgage Estate nor any part thereof or interest therein will be sold, forfeited or lost if the Mortgagor pays the amount or satisfies the condition being contested, and the Mortgagor would have the opportunity to pay and discharge do so, in the same, it being the intention event of the parties hereto that Mortgagor's failure to prevail in the Fixed Rent contest,
(iii) the Mortgagee would not, by virtue of such permitted contest, be exposed to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge any risk of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinarycivil liability for which the Mortgagor has not furnished additional security as provided in clause (iv) below, or to any risk of criminal liability, and neither the Mortgage Estate nor any interest therein would be subject to the imposition of any nature, kind, or description, except lien for which the Mortgagor has not furnished additional security as otherwise expressly provided in this Lease.
clause (civ) Tenant covenants to furnish Landlordbelow, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts as a result of the appropriate taxing authority, failure to comply with such law or other appropriate proof satisfactory of such proceeding and (iv) the Mortgagor shall have furnished to Landlord, evidencing the payment Mortgagee additional security in respect of the same. The certificate, advice claim being contested or bill ▇▇ the appropriate official designated by law loss or damage that may result from the Mortgagor's failure to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and prevail in such event Landlord shall notify Tenant, contest in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up reasonably requested by the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofMortgagee.
Appears in 1 contract
Sources: Mortgage
Impositions. Borrower will pay (a) Tenant covenants and agrees or will cause the applicable Subsidiary Guarantor to pay), during on or before the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment due date thereof, (i) all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection license fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, permit fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the usedues, occupancycharges, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter calledfines, and impositions (in each case whether any of the foregoing be general or special, ordinary or extraordinary, or foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof of every character whatsoever (including all penalties and interest thereon) for public improvements now or benefits which, during the Term shall be laidhereafter levied, assessed, levied confirmed, or imposed upon on, or become in respect of, or which might constitute a lien upon the Premises and which are payable during the Termany Property, or any portion part thereof; provided, howeveror any estate, right, or interest therein, or upon the rents, issues, income, or profits thereof, (ii) all premiums on policies of insurance covering, affecting, or relating to any Property, as required pursuant to this Loan Agreement, (iii) all ground rentals, other lease rentals, and other sums, if any, owing by any Subsidiary Guarantor and becoming due under any lease or rental contract affecting any Property, and (iv) all utility charges that if are incurred by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto Subsidiary Guarantor for the nonpayment benefit of each Property or which might become a charge or lien against any such installment Property, for gas, electricity, water, sewer services, and the interest thereon. Tenant shall pay like furnished to such Property, and all real estate taxes, whether heretofore other public or hereafter levied private assessments or assessed upon the Premises, charges of a similar nature affecting each Property or any portion thereof, which are whether or not the nonpayment of same might result in a lien thereon (collectively, “Impositions”). Borrower shall submit (or shall cause the applicable Subsidiary Guarantor to submit) to Lender such evidence of the due and payable during the Term. At the end punctual payment of all such premiums, rentals, charges, and other sums as Lender might require and shall submit to Lender such evidence of the Term due and punctual payment of all such taxes, assessments, and other fees and charges as Lender might require. Borrower shall have the Leaseright, Tenant's obligation to pay before any such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy fee, or charges become delinquent, to contest or object to the amount or validity of any such tax, assessment, fee, or charge is payable by Tenantappropriate legal proceedings, official receipts of the appropriate taxing authorityprovided that said right shall not be deemed or construed in any way as relieving, modifying, or other appropriate proof satisfactory extending Borrower’s covenant to Landlordpay any such tax, evidencing the payment of the same. The certificateassessment, advice fee, or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid charge at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, the manner provided herein unless (i) Borrower has given prior written notice to L▇▇▇▇▇ of such re-estimate and fix future monthly installments for the remaining period prior B▇▇▇▇▇▇▇’s intent to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.contest or object,
Appears in 1 contract
Sources: Loan Modification Agreement (ExchangeRight Income Fund)
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, shall pay before any fine, penalty, interest interest, or cost may be added thereto for the nonpayment thereof, all taxes (including, without limitation, real estate and personal property, franchise, sales and rent taxes), assessments and levies, ad valorem taxes, special charges for water, sewer, utility and communications services, vault charges, license and permit fees, dues or assessments, utility bills referred general or special, of any association to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, which the Premises is subject and other governmental levies and charges; , general and all other charges or burdens special, ordinary, and extraordinary, unforeseen as well as foreseen, of whatsoever any kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to collectively "Impositions") which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laidcharged, assessed, levied or imposed during the Term of this Lease upon or become a lien upon (i) Tenant, (ii) the Premises and which are payable during or any part thereof or (iii) Landlord, as a result of or arising in respect of the Termacquisition, ownership, occupancy, leasing, use, possession or sale to Tenant of the Premises, any activity conducted on the Premises, or any portion thereofthe Rent; provided, however, that if if, by law law, any special assessment Imposition is payable or, or at the option of the party obligated to make such payment, taxpayer may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant may pay the same, together with same (and any accrued interest accrued on the unpaid balance of such special assessment balance) in installments and shall be required to pay only such installments as may become due during the Term of this Lease as the same respectively become payable due and before any fine, penalty, interest interest, or cost may be added thereto for nonpayment thereof; and provided further, that any Imposition relating to a fiscal period of a taxing authority, a part of which period is included within the nonpayment Term of any such installment this Lease and a part of which is included in a period of time before the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end commencement of the Term or after the termination of the this Lease, Tenant's obligation other than a termination of this Lease pursuant to pay Article 18, shall (whether or not such taxes Imposition shall be prorated in assessed, levied, confirmed, imposed, or become a lien upon the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed RentPremises or shall become payable, if at any time during the Term, any method term of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to appropriately pro rated between Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all real estate taxesas additional rent, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; any and all other charges Impositions (as defined below) that at any time prior to, during, or burdens in respect of, the term of whatsoever kind this Lease may have been or may be assessed, levied, confirmed, imposed upon or with respect to, or grow or become due or payable out of or in respect of, or become a lien on, (i) the Premises or any part thereof or any appurtenance thereto, (ii) Landlord’s reversionary interest in the Premises, (iii) any personal property located at or used in connection with the Premises, (iv) the Rent and nature income received by Tenant from subtenants, (v) any use, possession or occupation of, or activity conducted at, the Premises, (vi) such franchises as may be appurtenant to the use or occupation of the Premises, (vii) this Lease or the transactions contemplated hereby (including costsany Rent payable hereunder and/or the leasehold estate granted hereby), fees, and expenses of complying with and/or (viii) any restrictive covenants or similar agreements document to which the Premises are subject incurred Tenant is a party creating or transferring any right, title or interest or estate in the use, occupancy, operation, leasing or possession Premises. Nothing herein contained shall require Tenant to pay any of the Premises following taxes (excluding any income taxes on and the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived following shall be excluded from the Fixed Rent payable definition of “Impositions” set forth in respect Section 6(b) below), unless such taxes are imposed or levied upon or assessed as a total or partial substitute for, or in lieu of, any other Imposition required to the Premises imposed be paid by any governmental authority Tenant pursuant to this Section 6, in which event same shall be deemed Impositions and shall be paid by Landlord), without particularizing Tenant: (i) transfer taxes or documentary stamp taxes payable by any known name Landlord upon the sale or disposition by whatever name hereafter called, and whether any it of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special Premises; (or similarii) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Termincome taxes assessed against Landlord, or any portion thereofcapital levy, corporation franchise, excess profits, estate or inheritance of Landlord; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments or (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with iii) any interest accrued on the unpaid balance and penalties for late payment of real estate taxes where Landlord is expressly responsible under this Lease for paying such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed RentIn addition, if at any time during the Termterm of this Lease, any the method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, Landlord a capital levy, gross receipts tax or other tax directly on the rents Rents received therefrom, or therefrom and/or a franchise tax, tax or an assessment, gross levy or charge measured by or based based, in whole or in part, upon such Rents, the Premises (including but not limited to the acquisition, leasing, use, or value thereof) or the present or any future Improvements on the Premises or the construction thereof and/or measured in whole or in part upon by Landlord’s income from the Premises, then all such gross Rentstaxes, Tenantassessments, levies and charges, or the part thereof so measured or based, shall be deemed to be included within the extent permitted by lawterm “Impositions” for the purposes hereof, covenants to and Tenant shall pay and discharge the same, it being the intention same as herein provided in respect of the parties hereto that payment of Impositions. Tenant shall furnish to Landlord, promptly after payment of any Impositions, official receipts or other satisfactory proof evidencing payment of such Imposition. Without limiting the Fixed Rent to be paid hereunder generality of the foregoing provisions, Tenant shall be paid responsible for (and shall timely pay) any and all transfer taxes, documentary stamp taxes and similar taxes payable in connection with the execution of this Lease and the transactions contemplated hereby. Tenant’s obligations under this Section 6 shall survive the expiration or sooner termination of this Lease; provided, however, that Tenant shall not be responsible for any Impositions to Landlord absolutely net without deduction or charge the extent that they are in respect of a period beyond the term of this Lease (and, accordingly, upon the termination of this Lease other than on account of an Event of Default, there shall be an appropriate per-diem apportionment of any nature whatsoeverImpositions actually paid by Tenant that are in respect of a period beyond the term of this Lease).
(b) For purposes hereof, foreseeable the term “Impositions” shall mean the following (whether general or unforeseeablespecial, ordinary or extraordinary, foreseen or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.unforeseen):
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees The Company shall pay or cause to pay, during the Term, as Additional Rentbe paid, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, water and sewer rates, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; charges and all other governmental or nongovernmental charges or burdens levies now or hereafter assessed or levied against any part of whatsoever kind and nature the Mortgaged Property (including costsincluding, without limitation, nongovernmental levies or assessments such as maintenance charges, owner association dues or charges or fees, levies or charges resulting from covenants, conditions and expenses of complying with any restrictive covenants restrictions affecting the Mortgaged Property) or similar agreements to which upon the Premises are subject incurred in the use, occupancy, operation, leasing lien or possession estate of the Premises Administrative Agent therein (excluding any income taxes on the Fixed Rent imposed on Landlordcollectively, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord"Impositions"), without particularizing as well as all claims for labor, materials or supplies that, if unpaid, might by any known name or by whatever name hereafter calledlaw become a prior lien thereon, and whether within ten days after request by the Administrative Agent will exhibit receipts showing payment of any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereofforegoing; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant the Company may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest penalty or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on Notwithstanding anything to the net income derived from contrary contained in this Indenture, the Fixed RentCompany at its expense may contest by appropriate legal, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims of mechanics, materialmen, suppliers or Form of Mortgage vendors or lien thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants provided, that (i) if the amount being contested exceeds $500,000, the Company shall give the Administrative Agent prior notice of such intention to pay contest and/or withhold payment, (ii) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or lien thereof, such proceedings shall suspend the collection thereof from the Mortgaged Property or the Company shall have posted such bonds or taken such other action as may be necessary in order to effect such suspension, (iii) neither the Mortgaged Property nor any part thereof or interest therein will be sold, forfeited or lost if the Company pays the amount or satisfies the condition being contested, and discharge the same, it being Company would have the intention opportunity to do so in the event of the parties hereto that Company's failure to prevail in the Fixed Rent contest, (iv) neither the Administrative Agent, nor the Lenders shall, by virtue of such permitted contest, be exposed to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge any risk of any nature whatsoevercriminal liability or any civil liability for which the Company has not furnished additional security as provided in clause (v) below, foreseeable or unforeseeableand neither the Mortgaged Property nor any interest therein would be subject to the imposition of any lien for which the Company has not furnished additional security as provided in clause (v) below, ordinary or extraordinary, as a result of the failure to comply with such law or of any naturesuch proceeding and (v) if a Default shall have occurred and is continuing, kind, or description, except as otherwise expressly provided the Company shall have furnished to the Administrative Agent additional security in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts respect of the appropriate taxing authority, claim being contested or other appropriate proof satisfactory the loss or damage which may result from the Company's failure to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and prevail in such event Landlord shall notify Tenant, contest in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up reasonably requested by the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofAdministrative Agent.
Appears in 1 contract
Impositions. All taxes including real estate taxes (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all which term shall include payments in lieu of real estate taxes), special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, license and permit fees and other governmental charges; , general and all other charges or burdens special, ordinary and extraordinary, foreseen and unforeseen, of whatsoever any kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseenwhatsoever, which at any time during the Lease Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied levied, confirmed, imposed upon, or imposed upon may become due and payable out of or in respect of, or become a lien upon, the Building Complex (including all improvements thereto), other than: (i) municipal, state and federal income taxes (if any) assessed against Landlord; or (ii) municipal, state or federal capital levy, gift, estate, succession, inheritance or transfer taxes of Landlord; or (iii) corporation excess profits or franchise taxes imposed upon any corporate owner of the Building Complex; or (iv) any income, profits or revenue tax, assessment or charge imposed upon the Premises and which are Rent payable during the Termby Tenant under this Lease, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method Lease Term the methods of taxation prevailing at the commencement of the Lease Term shall be such altered so that in lieu of or as a substitute for the whole or any part of the taxes, assessments, levies or charges now levied, assessed or imposed on real estate and the improvements thereon, there shall be levied, assessed and imposed a tax, assessment, levy, imposition or imposed on the Landlordcharge, wholly or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, partially as a capital levylevy or otherwise, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon the Building Complex and imposed upon Landlord, then all such gross Rentstaxes, Tenantassessments, levies, impositions or charges or the part thereof so measured or based, shall be deemed to be included within- the term “Impositions” for the purposes hereof. In addition to the extent permitted by lawforegoing, covenants the term “Impositions” shall include any new tax of a nature not presently in effect, but which may be hereafter levied, assessed, or imposed upon Landlord or the Building Complex, if such tax shall be based solely on or arise out of the ownership, use or occupation of the Building Complex. Landlord shall elect to pay all betterments and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount special assessments of real estate taxes over the longest period permitted under applicable law and assessmentsImpositions shall include only those installments which become due during the Lease Term plus any interest payments due during the same period. In the event the Impositions or any portion thereof are abated or reduced for any reason, and then there shall be a readjustment in such event Landlord shall notify Tenant, in writing, ’s Proportionate Share of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofImpositions.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees To the extent the Trustor is obligated to pay, during do so under the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Facility Lease Trustor will pay when due all real estate taxes, special property taxes and assessments, utility bills referred to in Para▇▇▇▇▇ ▇general and special, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, public, governmental or nongovernmental levies, assessments or charges, such as assessments on appurtenant water stock, maintenance charges, owner association dues or charges or burdens of whatsoever kind and nature (including costs, fees, levies or charges resulting from covenants, conditions and expenses restrictions affecting the Property, which are assessed or imposed upon any of complying with any restrictive covenants the Property, or similar agreements to which arising in respect of the Premises are subject incurred in the useoperation, occupancy, operation, leasing use or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments posses sion thereof (including interest thereon) for public improvements all of which taxes, assessments and other public, governmental or benefits which, during the Term shall be laid, assessed, levied nongovernmental charges of like or imposed upon or become a lien upon the Premises and which different nature are payable during the Term, or any portion thereofhereinafter referred to as "Impositions"); provided, however, that if if, by law law, any special assessment such Imposition is payable orpayable, or may at the option of the party obligated to make such paymentpayer be paid, in installments, Trustor may be paid in installments (whether or not pay the same together with any accrued interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment Imposition in installments install- ments as the same respectively may become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensivedue.
(b) Except for If under the provisions of any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that law or ordinance now or hereafter in effect there shall be levied, assessed or imposed: (i) a tax or assessment on the Property in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge Secured Party and measured by or based in whole or in part upon the amount of the outstanding Obligations, then all such gross Rentstaxes, Tenantassessments or fees shall be deemed to be included within the term "Impositions" as defined in subparagraph (a) hereof, to the extent permitted by law, covenants to and Trustor shall pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent or cause to be paid hereunder and discharged the same as herein provided or shall reimburse or otherwise compensate Secured Party for the payment thereof. In the event any such law or ordinance specifically provides that Trustor may not pay, reimburse or otherwise compensate Secured Party for the payment of such tax, assessment or fee, then, at the option of Secured Party, Secured Party may declare all of the Obligations to be due and payable within sixty (60) days and the failure of Trustor to pay the Obligations within such period shall be paid an Event of Default entitling Secured Party to Landlord absolutely net without deduction or charge exercise any of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided the remedies set forth in this LeaseDeed of Trust.
(c) Tenant Subject to the provisions of subparagraph (d) hereof, Trustor covenants to furnish Landlordto Secured Party, within thirty (30) days after the date upon which when any Imposition interest or other tax, assessment, levy or charge is payable by Tenantpenalty shall accrue for nonpayment of Impositions, official receipts of the appropriate taxing or other authority, or other appropriate proof reasonably satisfactory to LandlordSecured Party, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billthereof.
(d) Upon the occurrence of If an Event of Default shall occur and after be continuing, at the conclusion request of any cure period following an Event of Default hereunderSecured Party, Tenant Trustor shall pay to Landlord, at Landlord's written demand, Secured Party on the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments first Business Day of each month an amount equal to one-twelfth (1/12) of the known or annual total of Impositions estimated yearly real estate taxes and assessments, next payable with respect by Secured Party to be assessed against the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and Property in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient order to pay the re-estimated amount over the balance installment of such period after giving credit for payments made by Tenant Impositions next due on the previous estimateProperty. If the total monthly payments made by Tenant In such event, Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Secured Party. Provided Trustor has deposited sufficient funds with Secured Party pursuant to this Section 1.12, Secured Party shall exceed pay on or prior to the due date thereof, such amounts as may be due thereunder out of the funds so deposited. Notwithstanding the foregoing, nothing contained herein shall cause Secured Party to be deemed a trustee of said funds or obligate Secured Party to pay any amount in excess of the amount of payments necessary deposited pursuant to this Section 1.12. If at any time and for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to any reason the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall funds deposited with Secured Party are or will be insufficient to pay such taxes amounts as may then be due, Secured Party shall notify Trustor and assessments Trustor shall immediately deposit an amount equal to such deficiency with Secured Party. Should Trustor fail to deposit with Secured Party sums sufficient to fully pay such Impositions when due, then Tenant shall pay Secured Party may, at Secured Party's election, but without any obligation to Landlord such amount as may be necessary do so, advance any amounts required to make up the deficiency. All Trustor shall, on demand, reimburse Secured Party for said amount. Should an Event of Default occur and be continuing hereunder, Secured Party may, at any time at Secured Party's option, apply any sums or amounts then held by it pursuant hereto (including, without limitation, any income earned thereon) to the payment or discharge of the Obligations in the manner set forth in Section 3.3 hereof as if the same were proceeds of sale. The receipt, use or application of any such deposits made sums paid by Tenant Trustor to Secured Party hereunder shall not be construed to affect the maturity of any of the Obligations or to otherwise affect any of the rights or powers of Secured Party hereunder or any of the obligations of Trustor hereunder.
(e) Trustor will pay all taxes, charges, filing, registration and recording fees, excises and levies imposed in connection with the recording of this Deed of Trust or imposed upon Secured Party by reason of its ownership of this Deed of Trust or any mortgage supplemental hereto, and shall pay any and all Internal Revenue stamp taxes and other taxes required to be paid on any of the Obligations (other than taxes required to be paid by the Lenders pursuant to this Paragraph 9(dSection 2.15 of the Credit Agreement). In the event Trustor fails to make any such payment within five (5) Business Days after written notice thereof from Secured Party, then Secured Party shall have the right, but shall not be deposited in a federally insured institution reasonably satisfactory to Landlord obligated to, pay the amount due and TenantTrustor shall, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxeson demand, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofreimburse Secured Party for said amount.
Appears in 1 contract
Impositions. Subject to the provisions of Paragraph 18, and except as otherwise provided in this Paragraph 7(a), Tenant shall, before delinquency thereof, pay and discharge the following whether the same became due and payable before, on or after the Commencement Date (a) Tenant covenants collectively, the "Impositions"): all taxes (including sales, use, and agrees gross rental taxes), assessments, levies, fees, water and sewer rents and charges, utilities and communications taxes and charges and all other governmental charges, general and special, ordinary and extraordinary, foreseen and unforeseen, which are, at any time, prior to pay, or during the Term, as Additional imposed upon or assessed against (i) the Premises, (ii) any Basic Rent, before any fineAdditional Rent or other sum payable hereunder, penalty(iii) this Lease, interest the leasehold estate created hereby, (iv) Landlord, Lender, or cost may be added thereto for Tenant, as a result of or arising out of the nonpayment thereofownership, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the useacquisition, occupancy, operationleasing, leasing use, maintenance, management, repair, possession or possession operation of the Premises (excluding including without limitation, any income taxes on the Fixed Rent imposed on Landlordrevenues, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable rents, income, awards, proceeds, capital gains, profits, excess profits, gross receipts, sales, use, excise and other taxes, duties or imports whether similar or not in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laidnature, assessed, levied or imposed upon against Tenant, Landlord or become a lien upon the Premises and which are payable during the Term, or by any portion thereof; provided, however, that if by law governmental authority). If any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment)installments, Tenant may shall have the option to pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fineinstallments; in such event, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, be liable only for those installments which are become due and payable during the Term. At Tenant shall prepare and file all tax reports required by governmental authorities which relate to the end Impositions. Tenant shall upon Landlord's request, deliver to Landlord copies of all receipts for payment of Impositions. Landlord shall either request the Term applicable taxing authority to deliver tax notices or tax bills directly to Tenant, or provide Tenant with complete and correct copies of such tax notices or tax bills promptly upon Landlord's receipt thereof. Notwithstanding the Leaseforegoing, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are Impositions will not coextensive.
include federal, state or local (bi) Except for any tax on the franchise, capital stock or similar taxes, of Landlord, (ii) net income derived from the Fixed Rentincome, if at any time during the Termnet rental, any method excess profits or other taxes, of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent (iii) any estate, inheritance, succession, gift, capital levy or Additional Rentsimilar tax, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefromunless such taxes referred to in clauses (i) and (ii) above are in lieu of, or a franchise taxsubstitute for, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is which, if it were in effect on the Commencement Date, would be payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the sameTenant under this Lease. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence expiration or earlier termination of an Event of Default this Lease, Landlord and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly prorate any pre-paid real estate property taxes and assessments, payable with respect applicable to the Premises in monthly payments equal to one-twelfth (1/12) of the known period after such expiration or estimated yearly termination date and any unpaid real estate property taxes and assessments, next payable with respect attributable to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofexpiration or termination date.
Appears in 1 contract
Sources: Lease (Ace Hardware Corp)
Impositions. (a) Tenant covenants and agrees The Mortgagor shall pay or cause to pay, during the Term, as Additional Rentbe paid, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on LandlordGround Rents and Impositions, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord)including, without particularizing limitation, any sales tax due in connection with the Ground Rents, as well as all claims for labor, materials or supplies that, if unpaid, might by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or law become a lien upon on the Premises Mortgaged Estate, and which are payable during shall submit to Mortgagee such evidence of the Term, or any portion thereofdue and punctual payment of all such Impositions and claims as may be required by law; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant the Mortgagor may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on The Mortgagor at its expense may, after prior notice to the net income derived from the Fixed RentMortgagee, if at any time during the Termcontest by appropriate legal, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or liens thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants as long as (i) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or liens thereof, such proceedings shall suspend the collection thereof from the Mortgaged Estate, (ii) neither the Mortgaged Estate nor any part thereof or interest therein will be sold, forfeited or lost if the Mortgagor pays the amount or satisfies the condition being contested, and the Mortgagor would have the opportunity to pay and discharge do so, in the same, it being the intention event of the parties hereto that Mortgagor's failure to prevail in the Fixed Rent contest, (iii) the Mortgagee would not, by virtue of such permitted contest, be exposed to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge any risk of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinarycivil liability for which the Mortgagor has not furnished additional security as provided in clause (iv) below, or to any risk of criminal liability, and neither the Mortgaged Estate nor any interest therein would be subject to the imposition of any nature, kind, or description, except lien for which the Mortgagor has not furnished additional security as otherwise expressly provided in this Leaseclause (iv) below, as a result of the failure to comply with such law or of such proceeding and (iv) the Mortgagor shall have furnished to the Mortgagee additional security in respect of the claim being contested or the loss or damage that may result from the Mortgagor's failure to prevail in such contest in such amount as may be reasonably requested by the Mortgagee, but in no event less than one hundred and twenty five percent (125%) of the amount of such claim.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after The Mortgagor shall fund the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of Ground Rents Sub-Account and the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect Basic Carrying Costs Sub-Account to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect extent required pursuant to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant Loan Agreement and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such real property taxes and assessments when due, then Tenant shall pay applicable to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) Facility shall be deposited in a federally insured institution reasonably satisfactory to Landlord paid from the relevant Basic Carrying Costs Sub-Account and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph Ground Rents shall be considered as performance of such obligation under paid from the provisions of Paragraph 9(a) hereofGround Rents Sub-Account, all in accordance with the Loan Agreement.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to payshall, during the Termterm of this Lease, as Additional Rentpay before delinquency all taxes and assessments, before any finegeneral, penaltyand special, interest or cost if any, which may be added thereto for lawfully taxed, charged, levied, assessed or imposed upon or against the nonpayment Land, or any part thereof, or any improvements thereon, or upon Tenant's interest in the Land under this Lease, or on account of the leasing by Landlord to Tenant of all or any part thereof, including any new lawful taxes and assessments not of the kind enumerated above to the extent that the same are lawfully made, levied or assessed in lieu of or in addition to taxes or assessments now customarily levied against real estate taxesor personal property; and Tenant shall pay all water and sewer charges, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, and other governmental charges; charges and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinaryimpositions whatsoever, foreseen or unforeseen, which at any time during if not paid when due, would encumber Landlord's title to the Term may be payableLand (all of the foregoing taxes, assessments, charges and impositions are referred to as "Impositions"). Tenant shall pay all special (not be responsible for the payment of any tax or similar) assessments assessment imposed by any governmental authority upon the rentals received by Landlord from the ownership, leasing or installments thereof (including interest thereon) use of the Land or any part thereof, any tax measured by Landlord's income or upon the proceeds of the sale of the Land or any part thereof. Impositions for public improvements the calendar year in which this Lease commences or benefits which, during the Term terminates shall be laid, assessed, levied or imposed upon or become a lien prorated between Landlord and Tenant based upon the Premises and number of days out of the full calendar year during which are payable during the Term, or any portion thereof; provided, however, that if by law term of this Lease continues. In the event any special assessment is payable or, at the option of the party obligated to make such payment, assessments are levied and assessed which may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment)installments, Tenant may shall be required to pay the same, together with any interest accrued on the unpaid balance of only such special assessment in installments thereof as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end term of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period this Lease as and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue when the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is become due and unpaid at the time of making or issuance of such certificate, advice or billpayable.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Ground Lease
Impositions. (a) Tenant covenants 5.1 The Mortgagor will pay or cause to be paid as and agrees to paywhen due and payable, during the Term, as Additional Rent, and before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofthey become delinquent, all real estate taxes, special assessments, utility bills referred to Impositions (as such term is defined in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similarsubsection 5.4.4 hereof) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the TermMortgaged Property, or any portion part thereof for which the Mortgagor and/or the Mortgaged Property, or any part thereof; provided, howevershall be assessed or chargeable and will cause tenants under Major Leases (as such term is defined in the Assignment of Leases, that dated of even date herewith, made by Mortgagor to Mortgagee) to comply with all lease provisions or contracts relating to payment of such Impositions. Notwithstanding the foregoing, if by law any special assessment is payable or, Imposition may at the option of the party obligated to make such payment, may taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant the Mortgagor may cause to be paid or to pay the same, together with same (and any accrued interest accrued on the unpaid balance of such special assessment Imposition) in installments as the same respectively become payable they fall due and before any fine, penalty, further interest or cost may be added thereto for thereto; provided that no Event of Default (as defined in Section 12 hereof) shall then exist under this Mortgage and that payment in installments would not create or cause to be created any Lien on the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, Mortgaged Premises or any portion thereof, thereof which are due and payable during could be levied upon prior to the Term. At the end of the Term of the Lease, Tenant's obligation failure to pay such taxes shall be prorated in the event the tax period and the Term are not coextensivea then due installment.
5.2 The Mortgagor will pay any taxes (including, without limitation, stamp taxes, but excluding (a) income taxes assessed by the United States government or the State of New Jersey or any other State or any political subdivision of any of them, (b) Except for any tax on the net income derived from the Fixed Rentfranchise, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed estate or similar taxes based upon or measured by income) imposed on the LandlordMortgagee on its own behalf and on behalf of the Holders, their successors or assigns, by reason of the holding of this Mortgage or any of the Securities, as the case may be, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention receipt of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Leaseinterest payable thereunder.
(c) Tenant covenants to furnish Landlord5.3 Unless manifestly erroneous, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇▇▇ of the appropriate official designated by law to make or issue the same or to receive payment or any Imposition, which such certificate, advice or ▇▇▇▇ indicates the nonpayment of any Imposition may such Imposition, shall be relied upon by Landlord as sufficient prima facie evidence that such Imposition, Imposition is due and unpaid at the time of the making or issuance of such certificate, advice or bill▇▇▇▇.
(d) Upon 5.4 The Mortgagor shall have the occurrence of an Event of Default and right, at Mortgagor's sole cost, after giving notice to the conclusion Mortgagee to contest the amount or validity, in whole or in part, of any cure period following an Event Imposition, or to seek a reduction in the valuation of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demandthe Mortgaged Property or any portion thereof as assessed for real estate or personal property tax purposes by appropriate proceedings diligently conducted in good faith and where the amount so contested or for which a reduction is sought is in excess of $2,000,000, the known Mortgagor shall also prior to commencement of such contest or estimated yearly real estate taxes proceeding have complied with the provisions of subsections 5.4.1 through 5.4.5, inclusive, hereof or made payment of such Imposition unless such payment would operate as a bar to such contest or interfere materially with the prosecution thereof, in which event the Mortgagor may postpone or defer payment of such Imposition after compliance with the provisions of subsections 5.4.1 through 5.4.5, inclusive, hereof if:
5.4.1 Neither the Mortgaged Property nor any part thereof would by reason of such postponement or deferment be in danger of being forfeited or lost prior to final determination of such contest or proceeding and assessmentsthe Mortgagee shall not, payable with respect by virtue of the contest or proceeding, be in any danger of criminal liability and neither the Mortgaged Property nor any part thereof by any interest therein would be subject to the Premises in monthly payments equal imposition of any lien for which the Mortgagor has not furnished adequate security as provided below; and
5.4.2 Subject to one-twelfth (1/12) the provisions of the known first paragraph of Section 5.4, the Mortgagor shall either have (a) deposited with the Mortgagee in trust the amount (at the option of the Mortgagor in cash or in the form of a letter of credit) so contested and unpaid, together with all interest and penalties in connection therewith and all charges that may or might be assessed against or become a charge on the Mortgaged Property or any part thereof as estimated yearly real estate taxes and assessmentsby the Mortgagee, next payable in such proceedings or (b) posted with respect the Mortgagee a bond issued by a surety company reasonably satisfactory to the Premises. From time Mortgagee, whereby such surety undertakes to timepay such Imposition, after a default hereunderinterest, Landlord may re-estimate penalties and charges (x) in the event that the Mortgagor shall fail to pay the same upon the final disposition of the contest (including appeals), or (y) in the event that the Mortgaged Property or any part thereof is in danger of being sold, forfeited or lost during the pendency of such contest or (z) if the Mortgagor fails to increase the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments bond as hereinafter provided. Any deposit made by Tenant on the previous estimate. If Mortgagor with the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation Mortgagee under the provisions of Paragraph 9(athis subsection 5.4.2, together with any additions thereto made pursuant to this subsection 5.4.2, shall be held in trust and, at the request of the Mortgagor, invested in Collateral Investments (as defined in the Security Agreement), and the interest on such deposits shall be disposed of as hereinafter provided. Upon the termination of any such proceeding (including appeals), or if the Mortgagor should so elect, at any time prior thereto, the Mortgagor shall pay the amount of such Imposition or part thereof as finally determined in such proceeding (or appeal), the payment of which may have been deferred during the prosecution of such proceeding (or appeal), together with any costs, fees, interest, penalties or other liabilities in connection therewith, and upon such payment, the Mortgagee shall return any amount deposited with it together with interest, if any, received thereon with respect to such Imposition. Such payment, at the request of the Mortgagor, shall be made by the Mortgagee out of the amount deposited with it pursuant to clause (a) of this subsection 5.4.2 with respect to such Imposition, to the extent that such amount is sufficient therefor, and any balance due shall be paid by the Mortgagor and any balance remaining shall be paid to the Mortgagor together with interest, if any, received thereon. If, at any time during the continuance of such proceeding, the Mortgagee shall reasonably deem the amount deposited with it or provided by bond insufficient, the Mortgagor shall, within ten (10) days after demand, make an additional deposit of, or increase the amount of its letter of credit or bond by, such additional amount as the Mortgagee may request to cover payment of the items set forth in this subsection 5.4.2, and upon failure of the Mortgagor so to do, the Mortgagee may, after 10 days following written notice from the Mortgagee to the Mortgagor, apply the amount theretofore deposited with it (or the Mortgagee may submit for payment the letter of credit and apply the amount thereof, or may require application of the bonded amount by the surety company, if a bond has been furnished) to or on account of the payment, removal or discharge of such Imposition and the interest and penalties in connection therewith and any costs, fees or other liability accruing in any such proceeding, or any part of any of the same and the balance, if any, shall be returned to the Mortgagor. The Mortgagor shall, during the continuance of any contest (including appeals) referred to herein and at its sole cost and expense, provide the Mortgagee with such information relating to the same as the Mortgagee may reasonably request. If, at any time during the continuance of such proceeding, the Mortgaged Property or any part thereof is, in the judgment of the Mortgagee, in any reasonable danger of being sold, forfeited or lost, the Mortgagee may require, after ten (10) days' notice to the Mortgagor, that the amount theretofore deposited with it be applied to the payment of such Imposition (or the Mortgagee may submit for payment the letter of credit and apply the amount thereof, or may require application of the bonded amount by the surety company, if a bond has been furnished) in the manner provided in the preceding sentence. Notwithstanding anything contained herein to the contrary, no such deposit held by the Mortgagee, or any part thereof, shall be returned to the Mortgagor so long as any Event of Default shall exist hereunder. The Mortgagee shall act as the holder, in trust, of the monies, if any, deposited by the Mortgagor pursuant to this subsection 5.4.2.
5.4.3 The Mortgagor will exhibit to the Mortgagee the original receipts (or copies thereof) or other proof reasonably satisfactory to the Mortgagee of the payment of all real estate taxes within 30 days after the same are required to be paid by the Mortgagor in compliance with subsection 5.1 hereof. Concurrently with the delivery of the financial statements and other information required by Section 1009 of the Indenture, Mortgagor shall for all other Impositions deliver to the Mortgagee quarterly an Officer's Certificate that, to the best knowledge of such officer, all such Impositions have been paid and that, to the best of such officer's knowledge, the aggregate of all unpaid amounts on such Impositions do not exceed $25,000, except for Impositions which are being contested in accordance with the provisions of the first paragraph of subsection 5.
Appears in 1 contract
Sources: Mortgage, Fixture Filing and Security Agreement (Atlantic Coast Entertainment Holdings Inc)
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; , and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseenunforseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-re- estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Impositions. Lessee hereby further agrees, whether or not the transactions contemplated by this Lease shall be consummated, to pay on or before the due date, directly to the appropriate federal, state, local or foreign taxing authority or other Governmental Authority (a “Taxing Authority”) or, if such payment is not allowed under Applicable Law, directly to (a) Tenant covenants Lessor with sufficient prior notice and agrees assistance in order for Lessor to paytimely make payment before the due date), during (i) all taxes as shown on said returns and all taxes assessed, billed or otherwise payable with respect to the TermAircraft or any Collateral, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment part of either thereof, or the transactions contemplated by the Transaction Documents; (ii) all real estate taxeslicense and/or registration or filing fees, special assessments, utility bills governmental charges and sales, use, property, excise, privilege, value added, withholding and other taxes (including any related interest, charges or penalties) or other charges or fees now or hereafter imposed by any Taxing Authority, on Lessor, Lessee, any Lessee Party or any other Person in possession of the Aircraft or any Collateral or any of either thereof, the Aircraft or any Collateral, or any part of any thereof, the Rent (or other amounts payable under the Transaction Documents), or the transactions contemplated by the Transaction Documents, including any of the same imposed with respect to the landing, airport use, manufacturing, ordering, shipment, inspection, purchase, acceptance, rejection, ownership, delivery, installation, management, pooling, interchange, time sharing, leasing (pursuant to this Lease, any sublease, or otherwise), chartering, operation, possession, use, maintenance, repair, condition, removal, registration, de-registration, abandonment, repossession, storage, sale, return, or other disposition of the Aircraft or any part of any thereof, the Rent (or other amounts under the Transaction Documents) or any of the Collateral or any part thereof, or any interest in any thereof; and (iii) any penalties, charges, interest, fines, additions to tax or costs imposed with respect to any items referred to in Parasub-clauses (i) and (ii); the items referred to in sub-clauses (i), (ii), and (iii) above being referred to herein collectively, as “Impositions”; except that “Impositions” shall expressly exclude, and Lessee shall have no such obligation in respect of, any of the same either (A) imposed against Lessor and imposed on or measured by the net income, capital or net worth of Lessor by the jurisdiction in which Lessor was incorporated or formed, or in which Lessor has its principal place of business or (B) arising from the gross negligence or willful misconduct of Lessor (unless imputed by Applicable Law). L▇▇▇▇▇ ▇will indemnify Lessor from, and defend and hold Lessor harmless, on an after-tax basis against, any and all such Impositions. Any Impositions which are not paid when due and which are paid by Lessor shall, at L▇▇▇▇▇▇ ▇▇▇hting’s option, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements become immediately due from Lessee to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveLessor.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Impositions. (a) A. Tenant covenants and agrees to pay, pay during the Termterm of this Lease, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all impositions described herein that accrue on or after the Commencement Date, which include without limitation, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rates and charges, ▇▇▇▇▇▇ ▇▇▇htingsewer rates and charges, including any sum or sums payable for future sewer or water capacity increases, charges for public utilities, street lighting, excise levies, licenses, permits, inspection fees, other governmental charges; , and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Demised Premises are subject subject), incurred in the use, occupancy, ownership, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord)Demised Premises, without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseenunforeseen (all of which are sometimes herein referred to as "Impositions"), which at any time during the Term term may have been or may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or levied, confirmed, imposed upon upon, or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Demised Premises, or any portion thereof, which are due or any appurtenance thereto, rents or income therefrom, and payable during such easements or rights as may now or hereafter be appurtenant or appertain to the Term. At the end use of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveDemised Premises.
(b) Except for any tax on the net income derived from the Fixed RentB. If, if at any time during the Termterm of this Lease, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Basic Rent or Additional Rent, or on the Demised Premises or on the value of the Demised Premises, or any portion thereof, a capital levy, sales or use tax, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rentsrents or value, Tenant, to the extent permitted by law, Tenant covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, whatsoever foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, kind or description, except as in this Lease otherwise expressly provided provided. Nothing in this LeaseLease contained shall require Tenant to pay any municipal, state or federal net income or excess profits taxes assessed against Landlord, or any municipal, state or federal capital levy, estate succession, inheritance or transfer taxes of Landlord, or corporation franchise taxes imposed upon any corporate owner of the fee of the Demised Premises.
(c) C. Tenant covenants to furnish Landlord, within thirty (30) 30 days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.of
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Trustor will pay when due all real estate taxesproperty taxes and assess ments, special assessmentsgeneral and special, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, public, governmental or nongovernmental levies, assessments or charges, such as assessments on appurtenant water stock, maintenance charges, owner association dues or charges or burdens of whatsoever kind and nature (including costs, fees, levies or charges resulting from covenants, conditions and expenses restrictions affecting the Property, which are assessed or imposed upon any of complying with any restrictive covenants the Property, or similar agreements to which arising in respect of the Premises are subject incurred in the useoperation, occupancy, operation, leasing use or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements all of which taxes, assessments and other public, governmental or benefits which, during the Term shall be laid, assessed, levied nongovernmental charges of like or imposed upon or become a lien upon the Premises and which different nature are payable during the Term, or any portion thereofhereinafter referred to as "Impositions"); provided, however, that if if, by law law, any special assessment such Imposition is payable orpayable, or may at the option of the party obligated to make such paymentpayer be paid, in installments, Trustor may be paid in installments (whether or not pay the same together with any accrued interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment Imposition in installments as the same respectively may become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensivedue.
(b) Except for If under the provisions of any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that law or ordinance now or hereafter in effect there shall be levied, assessed or imposed: (i) a tax or assessment on the Property in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge Secured Party and measured by or based in whole or in part upon the amount of the outstanding Obliga tions, then all such gross Rentstaxes, Tenantassessments or fees shall be deemed to be included within the term "Impositions" as defined in subparagraph (a) hereof, to the extent permitted by law, covenants to and Trustor shall pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent or cause to be paid hereunder and discharged the same as herein provided or shall reimburse or otherwise compensate Secured Party for the payment thereof. In the event any such law or ordinance specifically provides that Trustor may not pay, reimburse or otherwise compensate Secured Party for the payment of such tax, assessment or fee, then, at the option of Secured Party, Secured Party may declare all of the Obligations to be due and payable within sixty (60) days and the failure of Trustor to pay the Obligations within such period shall be paid an Event of Default entitling Secured Party to Landlord absolutely net without deduction or charge exercise any of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided the remedies set forth in this LeaseDeed of Trust.
(c) Tenant Subject to the provisions of subparagraph (d) hereof, Trustor covenants to furnish Landlordto Secured Party, within thirty (30) days after the date upon which when any Imposition interest or other tax, assessment, levy or charge is payable by Tenantpenalty shall accrue for nonpayment of Impositions, official receipts of the appropriate taxing or other authority, or other appropriate proof reasonably satisfactory to LandlordSecured Party, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billthereof.
(d) Upon the occurrence of If an Event of Default shall occur and after be continuing, at the conclusion request of any cure period following an Event of Default hereunderSecured Party, Tenant Trustor shall pay to Landlord, at Landlord's written demand, Secured Party on the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments first Business Day of each month an amount equal to one-twelfth (1/12) of the known or annual total of Impositions estimated yearly real estate taxes and assessments, next payable with respect by Secured Party to be assessed against the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and Property in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient order to pay the re-estimated amount over the balance installment of such period after giving credit for payments made by Tenant Impositions next due on the previous estimateProperty. If the total monthly payments made by Tenant In such event, Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Secured Party. Provided Trustor has deposited sufficient funds with Secured Party pursuant to this Section 1.11, Secured Party shall exceed pay on or prior to the due date thereof, such amounts as may be due thereunder out of the funds so deposited. Notwithstanding the foregoing, nothing contained herein shall cause Secured Party to be deemed a trustee of said funds or obligate Secured Party to pay any amount in excess of the amount of payments necessary deposited pursuant to this Section 1.11. If at any time and for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to any reason the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall funds deposited with Secured Party are or will be insufficient to pay such taxes amounts as may then be due, Secured Party shall notify Trustor and assessments Trustor shall immediately deposit an amount equal to such deficiency with Secured Party. Should Trustor fail to deposit with Secured Party sums sufficient to fully pay such Impositions when due, then Tenant shall pay Secured Party may, at Secured Party's election, but without any obligation to Landlord such amount as may be necessary do so, advance any amounts required to make up the deficiency. All Trustor shall, on demand, reimburse Secured Party for said amount. Should an Event of Default occur and be continuing hereunder, Secured Party may, at any time at Secured Party's option, apply any sums or amounts then held by it pursuant hereto (including, without limitation, any income earned thereon) to the payment or discharge of the Obligations in the manner set forth in Section 3.3 hereof as if the same were proceeds of sale. The receipt, use or application of any such deposits made sums paid by Tenant Trustor to Secured Party hereunder shall not be construed to affect the maturity of any of the Obligations or to otherwise affect any of the rights or powers of Secured Party hereunder or any of the obligations of Trustor hereunder.
(e) Trustor will pay all taxes, charges, filing, registration and recording fees, excises and levies imposed in connection with the recording of this Deed of Trust or imposed upon Secured Party by reason of its ownership of this Deed of Trust or any mortgage supplemental hereto, and shall pay any and all Internal Revenue stamp taxes and other taxes required to be paid on any of the Obligations (other than taxes required to be paid by the Lenders pursuant to this Paragraph 9(dSection 2.15 of the Credit Agreement). In the event Trustor fails to make any such payment within five (5) Business Days after written notice thereof from Secured Party, then Secured Party shall have the right, but shall not be deposited in a federally insured institution reasonably satisfactory to Landlord obligated to, pay the amount due and TenantTrustor shall, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxeson demand, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofreimburse Secured Party for said amount.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Trustor will pay when due all real estate taxesproperty taxes and assess- ments, special assessmentsgeneral and special, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, public, governmental or nongovernmental levies, assessments or charges, such as assessments on appurtenant water stock, maintenance charges, owner association dues or charges or burdens of whatsoever kind and nature (including costs, fees, levies or charges resulting from covenants, conditions and expenses restrictions affecting the Property, which are assessed or imposed upon any of complying with any restrictive covenants the Property, or similar agreements to which arising in respect of the Premises are subject incurred in the useoperation, occupancy, operation, leasing use or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements all of which taxes, assessments and other public, governmental or benefits which, during the Term shall be laid, assessed, levied nongovernmental charges of like or imposed upon or become a lien upon the Premises and which different nature are payable during the Term, or any portion thereofhereinafter referred to as "Impositions"); provided, however, that if if, by law law, any special assessment such Imposition is payable orpayable, or may at the option of the party obligated to make such paymentpayer be paid, in installments, Trustor may be paid in installments (whether or not pay the same together with any accrued interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment Imposition in installments as the same respectively may become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensivedue.
(b) Except for If under the provisions of any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that law or ordinance now or hereafter in effect there shall be levied, assessed or imposed: (i) a tax or assessment on the Property in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge Secured Party and measured by or based in whole or in part upon the amount of the outstanding Obligations, then all such gross Rentstaxes, Tenantassessments or fees shall be deemed to be included within the term "Impositions" as defined in subparagraph (a) hereof, to the extent permitted by law, covenants to and Trustor shall pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent or cause to be paid hereunder and discharged the same as herein provided or shall reimburse or otherwise compensate Secured Party for the payment thereof. In the event any such law or ordinance specifically provides that Trustor may not pay, reimburse or otherwise compensate Secured Party for the payment of such tax, assessment or fee, then, at the option of Secured Party, Secured Party may declare all of the Obligations to be due and payable within sixty (60) days and the failure of Trustor to pay the Obligations within such period shall be paid an Event of Default entitling Secured Party to Landlord absolutely net without deduction or charge exercise any of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided the remedies set forth in this LeaseDeed of Trust.
(c) Tenant Subject to the provisions of subparagraph (d) hereof, Trustor covenants to furnish Landlordto Secured Party, within thirty (30) days after the date upon which when any Imposition interest or other tax, assessment, levy or charge is payable by Tenantpenalty shall accrue for nonpayment of Impositions, official receipts of the appropriate taxing or other authority, or other appropriate proof reasonably satisfactory to LandlordSecured Party, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billthereof.
(d) Upon the occurrence of If an Event of Default shall occur and after be continuing, at the conclusion request of any cure period following an Event of Default hereunderSecured Party, Tenant Trustor shall pay to Landlord, at Landlord's written demand, Secured Party on the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments first Business Day of each month an amount equal to one-twelfth (1/12) of the known or annual total of Impositions estimated yearly real estate taxes and assessments, next payable with respect by Secured Party to be assessed against the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and Property in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient order to pay the re-estimated amount over the balance installment of such period after giving credit for payments made by Tenant Impositions next due on the previous estimateProperty. If the total monthly payments made by Tenant In such event, Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Secured Party. Provided Trustor has deposited sufficient funds with Secured Party pursuant to this Section 1.11, Secured Party shall exceed pay on or prior to the due date thereof, such amounts as may be due thereunder out of the funds so deposited. Notwithstanding the foregoing, nothing contained herein shall cause Secured Party to be deemed a trustee of said funds or obligate Secured Party to pay any amount in excess of the amount of payments necessary deposited pursuant to this Section 1.11. If at any time and for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to any reason the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall funds deposited with Secured Party are or will be insufficient to pay such taxes amounts as may then be due, Secured Party shall notify Trustor and assessments Trustor shall immediately deposit an amount equal to such deficiency with Secured Party. Should Trustor fail to deposit with Secured Party sums sufficient to fully pay such Impositions when due, then Tenant shall pay Secured Party may, at Secured Party's election, but without any obligation to Landlord such amount as may be necessary do so, advance any amounts required to make up the deficiency. All Trustor shall, on demand, reimburse Secured Party for said amount. Should an Event of Default occur and be continuing hereunder, Secured Party may, at any time at Secured Party's option, apply any sums or amounts then held by it pursuant hereto (including, without limitation, any income earned thereon) to the payment or discharge of the Obligations in the manner set forth in Section 3.3 hereof as if the same were proceeds of sale. The receipt, use or application of any such deposits made sums paid by Tenant Trustor to Secured Party hereunder shall not be construed to affect the maturity of any of the Obligations or to otherwise affect any of the rights or powers of Secured Party hereunder or any of the obligations of Trustor hereunder.
(e) Trustor will pay all taxes, charges, filing, registration and recording fees, excises and levies imposed in connection with the recording of this Deed of Trust or imposed upon Secured Party by reason of its ownership of this Deed of Trust or any mortgage supplemental hereto, and shall pay any and all Internal Revenue stamp taxes and other taxes required to be paid on any of the Obligations (other than taxes required to be paid by the Lenders pursuant to this Paragraph 9(dSection 2.15 of the Credit Agreement). In the event Trustor fails to make any such payment within five (5) Business Days after written notice thereof from Secured Party, then Secured Party shall have the right, but shall not be deposited in a federally insured institution reasonably satisfactory to Landlord obligated to, pay the amount due and TenantTrustor shall, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxeson demand, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofreimburse Secured Party for said amount.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to pay, during pay throughout the Term, as Additional Rentdirectly to the appropriate Governmental Authority or to the appropriate party, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, any and all real estate taxestaxes and amounts payable under a certain Tax Increment Financing Agreement by and between the Landlord and the Tenant dated November 20, special assessments2007 (the “TIF Agreement”), utility bills referred and payments in lieu of taxes required to in Para▇▇▇▇▇ ▇be paid under any agreement with the Landlord, ▇▇▇▇▇▇ ▇▇▇htingassessments (including, excise but not limited to, all assessments for public improvements or benefits, payable during the term of this Lease), water, sewer and other rents, rates and charges, charges for public utilities, excises, levies, licenses, permits, licenses and permit and inspection fees, other governmental charges; fees and all other charges (imposed by a Governmental Authority or burdens otherwise), general and special, ordinary and extraordinary, foreseen and unforeseen, of whatsoever any kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseenwhatsoever, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, are assessed, levied levied, confirmed, imposed upon, or imposed upon grow or become due or payable out of or in respect of, or become a lien upon on (a) the Premises and which are payable during the TermLand, or (b) any portion thereofpayments reserved or payable hereunder or any other sums payable by the Tenant hereunder, or (c) this Lease or the leasehold estate hereby created, or which arise in respect of the operation, possession, occupancy or use of the Land (all of which taxes, payments in lieu of taxes, assessments, charges, interest, penalties or like charges are sometimes hereinafter referred to collectively as “Impositions” and individually as an “Imposition”); provided, however, that if that:
(i) If, by law law, any special assessment Imposition is payable oror may be payable, at the option of the party obligated to make taxpayer, in installments, the Tenant may pay such payment, may be paid Imposition in installments (whether or not with any accrued interest shall accrue due and payable on the unpaid balance of the Imposition) and shall pay each such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments installment as the same respectively become payable becomes due and before any fine, penalty, further interest or cost may be added thereto for thereto.
(ii) Impositions, whether or not a lien upon the nonpayment of any such installment Land, shall be apportioned between the Landlord and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon at the Premises, or any portion thereof, which are due beginning and payable during the Term. At at the end of the Term of the LeaseTerm, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, only such Impositions which are assessed against the known or estimated yearly real estate taxes and assessments, payable Land with respect to any tax year which falls within the Premises in monthly payments equal Term. The Tenant hereby waives any claim that it is or may become exempt from obligations relating to one-twelfth (1/12) of Impositions based upon the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after Landlord’s status as a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofGovernmental Authority.
Appears in 1 contract
Sources: Ground Lease (Evergreen Solar Inc)
Impositions. (a) Tenant covenants Mortgagor shall pay and agrees discharge, or cause to paybe paid and discharged, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofprior to delinquency, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying other governmental charges (and any interest or costs with respect thereto) and all charges for any restrictive covenants easement or similar agreements to which agreement maintained for the Premises are subject incurred in the use, occupancy, operation, leasing or possession benefit of the Premises (excluding any income taxes on the Fixed Rent imposed on LandlordMortgaged Premises, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, general and whether any of the foregoing be general or special, ordinary or and extraordinary, foreseen or and unforeseen, which of any kind and nature whatsoever, that at any time during prior to or after the Term execution of the Mortgage may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied levied, or imposed upon the Mortgaged Premises or become a lien upon the Premises and which are payable during the Term, rent or income received therefrom or any portion thereof; provideduse or occupancy thereof (hereinafter the "Impositions"). Mortgagor shall, howeverupon request, that if furnish receipted bills to Mortgagee upon receipt by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived Mortgagor from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing or other authority, or other appropriate proof evidence reasonably satisfactory to LandlordMortgagee, evidencing the payment of all Impositions. If any tax or assessment levied or assessed against the sameMortgaged Premises may legally be paid in installments, Mortgagor shall have the option to pay such tax or assessments in installments. The certificateNotwithstanding the foregoing, advice Mortgagor may, at its own expense, after prior written notice to Mortgagee, contest by appropriate proceedings, promptly initiated and conducted in good faith and with due diligence, the amount, validity or bill ▇▇ the appropriate official designated by law to make application, in whole or issue the same or to receive payment in part, of any Imposition may be relied upon by Landlord as sufficient evidence that if:
A. such Imposition, is due proceeding shall suspend the collection thereof from Mortgagor and unpaid at from the time of making or issuance of Mortgaged Premises; and
B. Mortgagor shall have furnished such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, security and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount form as may be necessary to make up required in the deficiency. All such deposits made proceedings or as may be reasonably requested by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofMortgagee.
Appears in 1 contract
Impositions. (a) A. Tenant covenants and agrees to pay, pay during the Termterm of this Lease, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all impositions described herein that accrue on or after the Commencement Date, which include without limitation, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rates and charges, ▇▇▇▇▇▇ ▇▇▇htingsewer rates and charges, including any sum or sums payable for future sewer or water capacity increases, charges for public utilities, street lighting, excise levies, licenses, permits, inspection fees, other governmental charges; , and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Demised Premises are subject subject), incurred in the use, occupancy, ownership, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord)Demised Premises, without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseenunforeseen (all of which are sometimes herein referred to as Impositions"), which at any time during the Term term may have been or may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or levied, confirmed, imposed upon upon, or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Demised Premises, or any portion thereof, which are due or any appurtenance thereto, rents or income therefrom, and payable during such easements or rights as may now or hereafter be appurtenant or appertain to the Term. At the end use of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveDemised Premises.
(b) Except for any tax on the net income derived from the Fixed RentB. If, if at any time during the Termterm of this Lease, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Basic Rent or Additional Rent, or on the Demised Premises or on the value of the Demised Premises, or any portion thereof, a capital levy, sales or use tax, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rentsrents or value, Tenant, to the extent permitted by law, Tenant covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, whatsoever foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, kind or description, except as in this Lease otherwise expressly provided provided. Nothing in this LeaseLease contained shall require Tenant to pay any municipal, state or federal net income or excess profits taxes assessed against Landlord, or any municipal, state or federal capital levy, estate succession, inheritance or transfer taxes of Landlord, or corporation franchise taxes imposed upon any corporate owner of the fee of the Demised Premises.
(c) C. Tenant covenants to furnish Landlord, within thirty (30) 30 days after the date upon which any Imposition or other tax, tax assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇▇▇ of the appropriate official designated by law to make or issue the same or to receive payment of any Imposition or other tax, assessment, levy or charge may be relied upon by Landlord as sufficient evidence that such ImpositionImposition or other tax, assessment, levy or charge is due and unpaid at the time of the making or issuance of such certificate, advice or bill▇▇▇▇, unless Tenant provides Landlord with evidence to the contrary.
D. At Landlord's written demand after any Event of Default (das defined in Section 20 hereinafter) Upon and for as long as such Event of Default is uncured, or upon the occurrence request of any Mortgagee of the Demised Premises, (but only after an Event of Default and after the conclusion of any cure period following an for as long as such Event of Default hereunder, is uncured) Tenant shall pay to Landlord, at Landlord's written demand, Landlord the known or estimated yearly real estate taxes and assessments, assessments payable with respect to the Demised Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, assessments next payable with respect to the Demised Premises. From time to time, after a default hereunder, time Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section Paragraph 16D shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, ; but if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made .
E. Tenant shall have the right at its own expense to contest the amount or validity, in whole or in part, of any Imposition by appropriate proceedings diligently conducted in good faith, but only after Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to provides Landlord and Tenantor the Mortgagee reasonable security, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by or Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance makes payment of such obligation Imposition, unless such payment, or a payment thereof under protest, would operate as a bar to such contest or interfere materially with the prosecution thereof, in which event, notwithstanding the provisions of Paragraph 9(a16A hereof Tenant may postpone or defer payment of such Imposition if neither the Demised Premises nor any portion thereof would, by reason of such postponement or deferment, be in danger of being forfeited or lost, and (b) hereofTenant is not then in Material Breach of this Lease. Upon the termination of any such proceedings, Tenant shall pay the amount of such Imposition or part thereof, if any, as finally determined in such proceedings, the payment of which may have been deferred during the prosecution of such proceedings, together with any costs, fees, including attorney's fees, interest, penalties, fines and other liability in connection therewith, and upon such payment Landlord shall return all amounts or certificates deposited with it with respect to the contest of such Imposition, as aforesaid, or, at the written direction of Tenant, Landlord shall make such payment out of the funds on deposit with Landlord and the balance, if any, shall be returned to Tenant. Tenant shall be entitled to the refund of any Imposition, penalty, fine and interest thereon received by Landlord which have been paid by Tenant or which have been paid by Landlord but for which Landlord has been previously reimbursed in full by Tenant. Landlord shall not be required to join in any proceedings referred to in this Paragraph 16E unless the provisions of any law, rule or regulation at the time in effect shall require that such proceedings be brought by or in the name of Landlord, in which event Landlord shall join in such proceedings or permit the same ________ brought in Landlord's name upon compliance with such conditions as Landlord may reasonably require. Landlord shall not ultimately be subject to any liability for the payment of any fees, including attorney's fees, costs and expenses in connection with such proceedings. Tenant agrees to pay all such fees (including reasonable attorney's fees), costs and expenses or, on demand, to make reimbursement to Landlord for such payment. If Landlord is provided a certificate of deposit or other interest bearing instrument as security for the payment of the contested Imposition, during the time when any such certificate of deposit or other interest bearing instrument is on deposit with Landlord, and prior to the time when the same is returned to Tenant or applied against the payment, removal or discharge of Impositions, as above provided, Tenant shall be entitled to receive all interest paid thereon, if any. Cash deposits shall not bear interest.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, Before interest or cost may penalties are due thereon and otherwise ----------- before the same shall become delinquent, the Company shall pay and discharge, or cause to be added thereto for the nonpayment thereofpaid or discharged, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens taxes of whatsoever every kind and nature (including costs, fees, real and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income personal property taxes on the Fixed Rent imposed on LandlordMortgaged Property, it being the intent of the parties hereto that income, franchise, withholding, profits and gross receipts taxes, any tax imposed directly or indirectly on the net Mortgagee (but not including income derived from the Fixed Rent payable in taxes) with respect to the Premises imposed Mortgaged Property or this Mortgage, the value of the equity of Mortgagor and/or the Company therein, or the indebtedness evidenced by any governmental authority shall be paid by Landlordthe Reimbursement Agreement), without particularizing by all charges for any known name easement or by whatever name hereafter called, and whether agreement maintained for the benefit of any of the foregoing Mortgaged Property, all general and special assessments, levies, permits, inspection and license fees, all mortgages and other liens which may be general permitted by Mortgagee, all water and sewer rents and charges, or specialpayments in lieu of such taxes, ordinary assessments or water and sewer rents and charges, and all other charges and liens whether of a like or different nature, even if unforeseen or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon assessed against Mortgagor and/or the Premises and which are payable during the Term, Company or any portion of the Mortgaged Property or arising in respect of the occupancy, use or possession thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, foregoing may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant thereof the Company may pay the same, same in installments (together with any interest accrued on the unpaid balance of such special assessment in installments thereof as the same respectively become payable and due, before any fine, penalty or cost attaches thereto. The Company shall comply in all respects with all agreements, mortgages, covenants, and restrictions now or hereafter affecting the Realty or Improvements; provided, however, that the Company's failure to so comply shall not constitute an Event of Default hereunder if such failure would not have a material adverse effect on Mortgagor, the Company or the Mortgaged Property. The obligations referred to in this Section are hereinafter collectively referred to as the "Impositions". If the Company shall fail to timely pay or perform any of the Impositions, Mortgagee may, after having given twenty (20) days' prior notice to the Company, pay or perform the same, and add the amount so paid or the cost incurred to the indebtedness evidenced by the Reimbursement Agreement, and all such amounts shall on demand be due and payable, together with interest thereon from the date of such demand at the rate set forth in the PNC Loan Documents. Nothing in this Section 3 shall require the payment or discharge of any Imposition so long as the Company shall, after complying with each of the following conditions, in good faith and at its own expense, contest the same or the validity thereof by appropriate legal proceedings diligently pursued. Before commencing any such proceedings, the Company shall: (i) notify Mortgagee in writing of its intent to do so; (ii) ascertain that such proceedings will operate to prevent the collection thereof or other realization thereon and the sale or forfeiture of the Mortgaged Property or any part thereof to satisfy the same; and (iii) provide security reasonably satisfactory to Mortgagee assuring the discharge of the Company's obligation under this Section 3 and of any additional interest, charge, penalty, interest or cost may be added thereto for expense arising from or incurred as a result of such contest. Notwithstanding the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rentforegoing, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that shall become necessary to prevent a lien foreclosure sale of the Mortgaged Property or any portion thereof because of nonpayment of such Imposition, is due and unpaid at then the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant Company shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises same in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From sufficient time to time, after a default hereunder, Landlord may re-estimate prevent the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofforeclosure sale.
Appears in 1 contract
Sources: Mortgage, Security Agreement and Fixture Filing (V I Technologies Inc)
Impositions. (a) 5.01 During the term of this Lease, Tenant covenants and agrees to pay, during the Term, as Additional Rentrent in addition to all other rent payable hereunder, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofthereof and ten (10) days prior to delinquency, all real estate taxes, special sewer taxes, excises, license and permit fees, assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, water rates and charges and other governmental charges; , general and all other charges or burdens special, ordinary and extraordinary, unforeseen, as well as foreseen, of whatsoever any kind and nature (whatsoever, including costs, fees, and expenses of complying with but not limited to any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession tax based upon a reassessment of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits whichbenefits, which prior to or during the Term shall be laid, assessed, levied term of this Lease are assessed or imposed upon or become due and payable and a lien upon upon: (i) the Leased Premises and which are payable during the Term, or any portion part thereof or any personal property, equipment or other facility used in the operation thereof; or (ii) the rent or income received from subtenants or licensees; or (iii) any use or occupancy of the Leased Premises; or (iv) this transaction or any document to which Tenant is a party creating or transferring an estate or interest in the Leased Premises (all of which taxes, assessments and other governmental charges are hereinafter referred to as "Impositions"); provided, however, that if if, by law law, any special assessment such Imposition is payable orpayable, or may at the option of the party obligated to make such paymenttaxpayer be paid, in installments, Tenant may be paid in installments (whether or not pay the same together with any accrued interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment Imposition in installments as the same respectively become payable due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and interest; and provided, further, that any Imposition relating to a fiscal period of the interest thereon. taxing authority a part of which period is included within the term of this Lease, shall be prorated as between Landlord and Tenant so that Landlord shall pay the portion of Impositions attributable to any period subsequent to the termination of the term of this Lease, and Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or portion thereof attributable to any portion thereof, which are due and payable period during the Term. At the end term of the Term of the this Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if 5.02 If at any time during the Term, any method term of taxation shall be such that this Lease there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, (i) a capital levy, gross receipts tax or other tax assessment on the rents received therefromby Landlord or by Tenant in connection with the Leased Premises, or (ii) a franchise taxtax or assessment (including but not limited to any municipal, state or an assessment, gross levy or charge federal levy) measured by or based in whole or in part upon the value of the Leased Premises and imposed upon Landlord, or (iii) a license fee, tax or assessment measured by the rent payable under this Lease, then all such gross Rentstaxes, Tenantassessments or fees shall be deemed to be included within the term "Impositions" as defined in Section 5.01 hereof, to the extent permitted by law, covenants to and Tenant shall pay and discharge the samesame as herein provided in respect of the payment of Impositions, it being the intention of the parties hereto that the Fixed Rent rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law payment to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed be made before any fine, penalty, interest or cost may be added thereto for the amount of payments necessary for said taxes nonpayment thereof, and assessmentsten days prior to delinquency. Each such tax, such excess over $1,000.00 assessment, levy, imposition or charge shall be promptly paid deemed to the Tenant and the balance shall be credited on subsequent monthly payments an item of additional rent hereunder. Federal or state income tax payable by Landlord by reason of the same nature. However, if receipt of rents as in this Lease provided shall not be deemed to be included within the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount term "Impositions" as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited defined in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) Section 5.01 hereof.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, The term "Impositions" means all real estate taxes, special and general assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rents, ▇▇▇▇▇▇ ▇▇▇htingrates and charges, excise leviescommercial rent taxes, licensesUST fees and taxes, permits, inspection fees, sewer rents and other governmental charges; impositions and all other charges or burdens of whatsoever every kind and nature (including costswhatsoever with respect to the Premises, feesthat may be assessed, and expenses of complying with any restrictive covenants levied, confirmed, imposed or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of become a lien on the Premises (excluding other than on account of any income taxes on the Fixed Rent imposed on Landlordactions or omissions of Landlord or Third Party Lessor or conditions existing on, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in at or with respect to the Premises imposed before the Commencement Date) by or for the benefit of any governmental authority shall be paid by Landlord), without particularizing by Government with respect to any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time period during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable taxes and before any fine, penalty, interest or cost assessments that may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on by any Government upon the Landlord, or on the Fixed gross income arising from any Rent or Additional Rentin lieu of or as a substitute, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part part, for taxes and assessments imposed upon such gross Rents, Tenant, or related to the extent permitted by lawPremises and commonly known as real estate taxes. Notwithstanding the foregoing, covenants to pay and discharge the sameall such obligations of a lessee in a Third Party Lease are also Impositions. The term "Impositions" shall, it being the intention however, not include any of the parties hereto that following, all of which Landlord shall pay before delinquent or payable only with a penalty: (a) any franchise, income, excess profits, estate, inheritance, succession, transfer, gift, corporation, business, capital levy, or profits tax, or license fee, of Landlord, (b) the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge incremental portion of any nature whatsoeverof the items listed in this paragraph that would not have been levied, foreseeable imposed or unforeseeable, ordinary assessed but for any sale or extraordinary, other direct or indirect transfer of the Fee Estate or of any natureinterest in Landlord during the Term, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition charges that would not have been payable but for any act or other tax, assessment, levy omission of Landlord or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlordconditions existing on, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth before the Commencement Date, (1/12d) any charges that are levied, assessed or imposed against the Premises during the Term based on the recapture or reversal of any previous tax abatement or tax subsidy, or compensating for any previous tax deferral or reduced assessment or valuation, or based on a miscalculation or misdetermination of any charge(s) of the known any kind imposed or estimated yearly real estate taxes and assessments, next payable assessed with respect to the Premises. From time , relating to time, after a default hereunder, Landlord may re-estimate any period(s) before the amount of real estate taxes and assessmentsCommencement Date, and in such event Landlord shall notify Tenant(e) interest, in writing, of such re-estimate penalties and fix future monthly installments for the remaining period prior other charges with respect to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.items "a" through "d."
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees 4.1.1. Subject to Article XII relating to permitted contests, Lessee shall pay, during the Termor cause to be paid, as Additional Rent, all Impositions before any fine, penalty, interest or cost may be added thereto for nonpayment. Lessee shall make such payments directly to the nonpayment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, feestaxing authorities where feasible, and expenses promptly furnish to Lessor copies of complying with any restrictive covenants official receipts or similar agreements other satisfactory proof evidencing such payments. Lessee's obligation to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises pay Impositions (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority extent allocable to the Term) shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of absolutely fixed upon the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or date such Impositions become a lien upon the Premises and which are payable during the TermLeased Property, any Capital Additions or any portion part(s) thereof; provided, however, that if by law . If any special assessment is payable orImposition may, at the option of the party obligated to make such paymenttaxpayer, may lawfully be paid in installments (installments, whether or not interest shall accrue on the unpaid balance of such special assessment)Imposition, Tenant Lessee may pay the same, together with and any accrued interest accrued on the unpaid balance of such special assessment Imposition, in installments as the same respectively become payable due and before any fine, penalty, premium, further interest or cost may be added thereto for thereto; provided, however, that if during the nonpayment last five (5) years of any such installment the Term, an Imposition in excess of the aggregate principal amount of $250,000 shall be levied upon the Leased Property and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore same is in the nature of a special assessment for public improvements or hereafter levied or assessed upon benefits having a useful life beyond the Premises, or any portion thereof, which are due and payable during the Term. At the end expiration of the Term of the this Lease, Tenantthen for purposes of determining Lessee's payment obligations hereunder with respect to such Imposition, the same shall be amortized over the lesser of (a) ten (10) years and (b) the useful life of such improvements or benefits, as the case may be, as reasonably determined by Lessor and its accountants, and Lessee shall be responsible for only that portion of such amortization applicable to the year in question. Nothing herein, however, shall prevent Lessor from paying any such Imposition in the nature of a special assessment for public improvements or benefits in any single lump sum or over a shorter period of time than the amortization period provided above, so long as the foregoing procedure with respect Lessee's obligation to pay such taxes the same is followed. In addition, the amortization for which Lessee shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except responsible for any tax such Imposition in excess of $250,000 for any year shall include any interest payable on the net income derived from the Fixed Rent, if at any time during the Term, any method account of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention payment of the parties hereto that same in installments as charged by the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may if Lessor shall be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient required to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution lump sum or over a shorter period then the applicable amortization, at a fair market interest rate as reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment determined by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofLessor.
Appears in 1 contract
Sources: Lease (Centennial Healthcare Corp)
Impositions. (a) Tenant covenants To the extent the Trustor is obligated to do so under the Lease or as a matter of law, and agrees subject to payTrustor's rights to contest payment of taxes and assessments, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Trustor will pay when due all real estate taxes, special property taxes and assessments, utility bills referred to in Para▇▇▇▇▇ ▇general and special, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other taxes and assessments of any kind or nature whatsoever, including, without limitation, public, governmental or non-governmental levies, assessments or charges, such as assessments on appurtenant water stock, maintenance charges, owner association dues or charges or burdens of whatsoever kind and nature (including costs, fees, levies or charges resulting from covenants, conditions and expenses restrictions affecting the Property, which are assessed or imposed upon any of complying with any restrictive covenants the Property, or similar agreements to which arising in respect of the Premises are subject incurred in the useoperation, occupancy, operation, leasing use or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements all of which taxes, assessments and other public, governmental or benefits which, during the Term shall be laid, assessed, levied nongovernmental charges of like or imposed upon or become a lien upon the Premises and which different nature are payable during the Term, or any portion thereofhereinafter referred to as "Impositions"); provided, however, that if if, by law law, any special assessment such ----------- Imposition is payable orpayable, or may at the option of the party obligated to make such paymentpayer be paid, in installments, Trustor may be paid in installments (whether or not pay the same together with any accrued interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment Imposition in installments as the same respectively may become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensivedue.
(b) Except for If under the provisions of any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that law or ordinance now or hereafter in effect there shall be levied, assessed or imposed: (i) a tax or assessment on the Property in lieu of or in addition to the Impositions payable by Trustor pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge Beneficiary and measured by or based in whole or in part upon the amount of the outstanding Obligations, then all such gross Rentstaxes, Tenantassessments or fees shall be deemed to be included within the term "Impositions" as defined in subparagraph (a) hereof, to the extent permitted by law, covenants to and Trustor shall pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent or cause to be paid hereunder and discharged the same as herein provided or shall reimburse or otherwise compensate Beneficiary for the payment thereof; provided, however, that Trustor shall have no obligation to pay or discharge taxes which may be imposed on the Beneficiary's net income. In the event any such law or ordinance specifically provides that Trustor may not pay, reimburse or otherwise compensate Beneficiary for the payment of such tax, assessment or fee, then, at the option of Beneficiary, Beneficiary may declare all of the Obligations to be due and payable within sixty (60) days and the failure of Trustor to pay the Obligations within such period shall be paid an Event of Default entitling Beneficiary to Landlord absolutely net without deduction or charge exercise any of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided the remedies set forth in this LeaseDeed of Trust.
(c) Tenant Subject to the provisions of subparagraph (d) hereof, Trustor covenants to furnish Landlordto Beneficiary, at the request of Beneficiary and within thirty (30) days after the date upon which when any Imposition interest or other tax, assessment, levy or charge is payable by Tenantpenalty shall accrue for nonpayment of Impositions, official receipts of the appropriate taxing or other authority, or other appropriate proof reasonably satisfactory to LandlordBeneficiary, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billthereof.
(d) Upon the occurrence of If an Event of Default shall occur and after be continuing, at the conclusion request of any cure period following an Event of Default hereunderBeneficiary, Tenant Trustor shall pay to Landlord, at Landlord's written demand, Beneficiary on the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments first Business Day of each month an amount equal to one-twelfth (1/12) of the known or annual total of Impositions estimated yearly real estate taxes and assessments, next payable with respect by Beneficiary to be assessed against the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and Property in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient order to pay the re-estimated amount over the balance installment of such period after giving credit for payments made by Tenant Impositions next due on the previous estimateProperty. If the total monthly payments made by Tenant In such event, Trustor further agrees to cause all bills, statements or other documents relating to Impositions to be sent or mailed directly to Beneficiary. Provided Trustor has deposited sufficient funds with Beneficiary pursuant to this Section 1.12, Beneficiary shall exceed pay on or prior to the due date thereof, such amounts as may be due thereunder out of the funds so deposited. Notwithstanding the foregoing, nothing contained herein shall cause Beneficiary to be deemed a trustee of said funds or obligate Beneficiary to pay any amount in excess of the amount of payments necessary deposited pursuant to this Section 1.12. If at any time and for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to any reason the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall funds deposited with Beneficiary are or will be insufficient to pay such taxes amounts as may then be due, Beneficiary shall notify Trustor and assessments Trustor shall immediately deposit an amount equal to such deficiency with Beneficiary. Should Trustor fail to deposit with Beneficiary sums sufficient to fully pay such Impositions when due, then Tenant shall pay Beneficiary may, at Beneficiary's election, but without any obligation to Landlord such amount as may be necessary do so, advance any amounts required to make up the deficiency. All Trustor shall, on demand, reimburse Beneficiary for said amount. Should an Event of Default occur and be continuing hereunder, Beneficiary may, at any time at Beneficiary's option, apply any sums or amounts then held by it pursuant hereto (including, without limitation, any income earned thereon) to the payment or discharge of the Obligations in the manner set forth in Section 4.03 hereof as if the same were proceeds of sale. The receipt, use or application of any such deposits made sums paid by Tenant Trustor to Beneficiary hereunder shall not be construed to affect the maturity of any of the Obligations or to otherwise affect any of the rights or powers of Beneficiary hereunder or any of the obligations of Trustor hereunder.
(e) Trustor will pay all taxes, charges, filing, registration and recording fees, excises and levies imposed in connection with the recording of this Deed of Trust or imposed upon the Bank Creditors by reason of their ownership of this Deed of Trust or any mortgage supplemental hereto, and shall pay any and all stamp taxes and other taxes required to be paid on any of the Obligations (other than taxes required to be paid by the Banks Creditors pursuant to this Paragraph 9(dSection 2.20 of the Credit Agreement); provided, however, that Trustor shall have no obligation to pay or discharge taxes which may be imposed on the Beneficiary's net income. In the event Trustor fails to make any such payment within five (5) Business Days after written notice thereof from Beneficiary, then Beneficiary shall have the right, but shall not be deposited in a federally insured institution reasonably satisfactory to Landlord obligated to, pay the amount due and TenantTrustor shall, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxeson demand, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofreimburse Beneficiary for said amount.
Appears in 1 contract
Sources: Credit Agreement (Synbiotics Corp)
Impositions. (a) Tenant covenants From and agrees to pay, during after the Commencement Date and throughout the Term, as Additional Rent, Tenant shall pay and discharge not later than fifteen (15) days before any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rents, ▇▇▇▇▇▇ ▇▇▇htingsewer rents and charges, excise leviesduties, licensesimpositions, permits, inspection license and permit fees, other governmental charges; charges for public utilities of any kind, payments and all other charges or burdens of whatsoever every kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or specialwhatsoever, ordinary or extraordinary, foreseen or unforeseen, general or special, in said categories, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the sameProperty, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed penalties imposed upon the Premises, or any portion late payment thereof, which are due and payable during the Term. At the end of the Term of the Leasewhich, Tenant's obligation pursuant to pay such taxes shall be prorated in the event the tax past, present or future law, during, prior to or after (but attributable to a period and the Term are not coextensive.
(bfalling prior to or within) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there have been or shall be levied, assessed charged, assessed, imposed upon or imposed become due and payable out of or for or have become a lien on the LandlordProperty or any part thereof, any improvements or personal property in or on the Fixed Rent or Additional RentProperty, the Rents and income payable by Tenant or on account of any use of the PremisesProperty and such franchises as may be appurtenant to the use and occupation of the Property (all of the foregoing being hereinafter referred to as “Impositions”). Upon Landlord’s request, or any portion thereof, a capital levy, gross Tenant shall submit to Landlord the proper and sufficient receipts tax or other tax on evidence of payment and discharge of the rents received therefromsame promptly after payment thereof. If any Impositions are not paid when due under this Lease, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to Landlord shall have the extent permitted by law, covenants right but shall not be obligated to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue does not contest the same or to receive payment of any Imposition may be relied upon by as herein provided. If Landlord as sufficient evidence that shall make such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunderpayment, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior thereupon be entitled to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made repayment by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount demand as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofAdditional Rent hereunder.
Appears in 1 contract
Impositions. (a) Tenant covenants shall, before interest or penalties are due thereon, pay and agrees discharge or cause the payment and discharge of all taxes (including real and personal property, franchise, sales, use, gross receipts and rent taxes), all charges for any Easement Agreement maintained for the benefit of any of the Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to payany of the Premises, during all ground rents and all other public charges whether of a like or different nature, even if unforeseen or extraordinary, imposed upon or assessed against (i) Tenant, (ii) Tenant's leasehold interest in the TermPremises, (iii) any of the Premises, (iv) Landlord as Additional a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Premises, any activity conducted on any of the Premises, or the Rent, before or (v) the 3-acre Parcel, including any fineEasement Agreement in connection therewith, penaltyfor so long as the Town of Bedford, interest or cost may be added thereto for Massachusetts does not recognize the nonpayment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇3-acre Parcel as a separate and distinct tax lot and does not issue a separate tax ▇▇▇▇ ▇in connection therewith (collectively, ▇▇▇▇▇▇ ▇▇▇htingthe "Impositions"); provided, excise leviesthat nothing herein shall obligate Tenant to pay (A) income, licenses, permits, inspection fees, excess profits or other governmental charges; and all other charges or burdens taxes of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to Landlord which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes determined on the Fixed Rent imposed on basis of Landlord, it being the intent of the parties hereto that any tax on the 's net income derived from the Fixed Rent payable or net worth (unless such taxes are in lieu of or a substitute for any other tax, assessment or other charge upon or with respect to the Premises imposed which, if it were in effect, would be payable by any governmental authority shall be paid Tenant under the provisions hereof or by Landlordthe terms of such tax, assessment or other charge), without particularizing by (B) any known name estate, inheritance, succession, gift or by whatever name hereafter called, and whether similar tax imposed on Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at Premises to any time during the Term may be payablePerson. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or If any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether without interest or not interest shall accrue on the unpaid balance of such special assessment)penalty, Tenant may shall have the option to pay the samesuch Imposition in installments; in such event, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, be liable only for those installments which are become due and payable during the TermTerm or are attributable to any period prior to the expiration or termination of this Lease. At Tenant shall prepare and file all tax reports required by governmental authorities which relate to the end Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Term of the Lease, Impositions which may be issued by any governmental authority within ten (10) days after Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion receipt thereof, a capital levy, gross (2) receipts tax for or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention evidence of the parties hereto that the Fixed Rent payment of all taxes required to be paid by Tenant hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the due date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official thereof and (3) receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the for payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billall other Impositions within ten (10) days after Landlord's request therefor.
(db) Upon Following the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable Landlord such amounts (each an "Escrow Payment") quarterly together with respect to the Premises payments of Basic Rent so that there shall be in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an escrow account an amount sufficient to pay the re-estimated amount over Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean real estate taxes and assessments on or with respect to the balance of such period after giving credit Premises or payments in lieu thereof and premiums on any insurance required by this Lease and any reserves for payments made capital improvements, deferred maintenance and repair reasonably required by Tenant on the previous estimateany Lender. If the total monthly payments made by Tenant pursuant to this Section Landlord shall exceed reasonably determine the amount of payments necessary the Escrow Charges (it being agreed that such amounts shall equal any corresponding escrow installments required to be paid by Landlord to a Lender as a result of an Event of Default) and the amount of each Escrow Payment. As long as the Escrow Payments are being held by Landlord, the Escrow Payments shall not be commingled with other funds of Landlord or other Persons and interest thereon shall accrue for said taxes the benefit of Tenant from the date such monies are received and assessments, invested until the date such excess over $1,000.00 monies are disbursed to pay Escrow Charges. Landlord shall be promptly apply the Escrow Payments to the payment of the Escrow Charges in such order or priority as Landlord shall determine or as required by law. If at any time the Escrow Payments theretofore paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph Landlord shall be insufficient to pay such taxes and assessments when duefor the payment of the Escrow Charges, then Tenant Tenant, within ten (10) business days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofLandlord.
Appears in 1 contract
Sources: Lease Agreement (Hologic Inc)
Impositions. (a) Tenant covenants and agrees Except to paythe extent otherwise permitted under Section 8.06 of the Credit Agreement, during the Term, as Additional RentTrustor shall pay or cause to be paid, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, water and sewer rates, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; charges and all other governmental or nongovernmental charges or burdens levies now or hereafter assessed or levied against any part of whatsoever kind and nature the Trust Estate (including costsincluding, without limitation, nongovernmental levies or assessments such as maintenance charges, owner association dues or charges or fees, levies or charges resulting from covenants, conditions and expenses of complying with any restrictive covenants restrictions affecting the Trust Estate) or similar agreements to which upon the Premises are subject incurred in the use, occupancy, operation, leasing lien or possession estate of the Premises Beneficiary or the Trustee therein (excluding any income taxes on the Fixed Rent imposed on Landlordcollectively, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord"Impositions"), without particularizing ----------- as well as all claims for labor, materials or supplies that, if unpaid, might by any known name or by whatever name hereafter calledlaw become a prior lien thereon, and whether within 30 days after request by the Beneficiary or the Trustee will exhibit receipts showing payment of any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereofforegoing; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in -------- installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant the Trustor may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest penalty or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on To the net income derived from extent not inconsistent with the Fixed Rentprovisions of Section 8.03 of the Credit Agreement, if the Trustor at any time during the Termits expense may contest by appropriate legal, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or lien thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants so long as (i) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or lien thereof, such proceedings shall suspend the collection thereof from the Trust Estate, (ii) neither the Trust Estate nor any part thereof or interest therein will be sold, forfeited or lost if the Trustor pays the amount or satisfies the condition being contested, and the Trustor would have the opportunity to pay and discharge do so, in the same, it being the intention event of the parties hereto that Trustor's failure to prevail in the Fixed Rent contest, (iii) none of the Beneficiary or the Trustee would, by virtue of such permitted contest, be exposed to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge any risk of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinarycivil liability for which the Trustor has not furnished additional security as provided in clause (iv) below, or to any risk of criminal liability, and neither the Trust Estate nor any interest therein would be subject to the imposition of any nature, kind, or description, except lien for which the Trustor has not furnished additional security as otherwise expressly provided in this Lease.
clause (civ) Tenant covenants to furnish Landlordbelow, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts as a result of the appropriate taxing authority, failure to comply with such law or other appropriate proof satisfactory of such proceeding and (iv) the Trustor shall have furnished to Landlord, evidencing the payment Beneficiary additional security in respect of the same. The certificate, advice claim being contested or bill ▇▇ the appropriate official designated by law loss or damage that may result from the Trustor's failure to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and prevail in such event Landlord shall notify Tenant, contest in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up reasonably requested by the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofBeneficiary.
Appears in 1 contract
Impositions. (a) Tenant covenants After the commencement of the WCMI Occupancy ----------- Period and agrees during any Third Party Occupancy Period, in addition to paythe Rent, during the Term, as Additional RentGround Lessee will pay or cause to be paid, before any fine, penalty, interest or cost may be added thereto for subject to the nonpayment thereofGround Lessee's contest rights under Section 4(b) hereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or Impositions imposed upon or become a lien upon levied or assessed against the Premises and which are Site or any portion thereof, or against the Ground Lessor in connection with the transactions contemplated by this Ground Lease, or imposed or levied upon, assessed against or measured by any Rent or other sums payable during the Termhereunder, or any portion sums levied in connection with the execution, delivery or recording hereof, and will furnish to the Ground Lessor upon request copies of official receipts or other proof evidencing such payment; provided, however, that the Ground Lessee shall not be obligated to pay -------- -------
(i) any Impositions that are based upon or measured by the Ground Lessor's overall net income, or which are in substitution for, or relieve the Ground Lessor from, any actual Imposition based upon or measured by the Ground Lessor's overall net income; (ii) Impositions constituting franchise taxes imposed on Ground Lessor by the jurisdiction under the laws of which Ground Lessor is organized or qualified or any political subdivision thereof; or (iii) any Impositions attributable to the gross negligence or willful misconduct of the Ground Lessor. The Ground Lessee further agrees that, subject to its rights under Section 4(b), it will, at its expense, do all things required to be done by the Ground Lessor in connection with the levy, assessment, billing or payment of any Impositions that it is required to pay pursuant to the preceding sentence, and is hereby authorized by the Ground Lessor to act for and on behalf of the Ground Lessor in any and all such respects and to prepare and file, on behalf of the Ground Lessor, all tax returns and reports required to be filed by the Ground Lessor (other than federal income tax returns and documents related thereto) concerning the Facility. The Ground Lessee's payment and other obligations under this Section 4 shall survive the termination of this Ground Lease.
(b) Notwithstanding any other provision of this Ground Lease to the contrary, after prior written notice to the Ground Lessor and provided there is no material risk of sale, forfeiture or loss of the Site or any material part thereof or interest therein, the Ground Lessee may at its expense contest any Imposition or any nonconsensual lien which it is required to pay or comply with hereunder, by appropriate proceedings conducted in good faith and with due diligence, so long as such proceedings are effective to prevent the collection of such Imposition or lien from the Ground Lessor or against the Site or any part thereof; provided, however, that if by law any special assessment is payable or, at the option actions of the party obligated Ground Lessee, as -------- ------- authorized by this Section 4(b), shall be subject to make the express written consent of the Ground Lessor if such paymentactions would subject the Ground Lessor or the Site or any part thereof to any liability or loss not indemnified in full by the Ground Lessee hereunder or any sanction, may be paid criminal or otherwise, for failure to pay any such Imposition or to comply with such requirement. The Ground Lessee will pay, and save the Ground Lessor harmless against, all losses, judgments and reasonable costs, including attorneys' fees and expenses, in installments (whether or not interest shall accrue on connection with any such contest and will, promptly after the unpaid balance final determination of such special assessment)contest, Tenant may pay the same, together comply with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable requirements and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the sameamounts which shall be imposed or determined to be payable therein, it being the intention together with all penalties, costs and expenses incurred in connection therewith. The Ground Lessee shall prevent any foreclosure, judicial sale, taking, loss or forfeiture of the parties hereto that the Fixed Site or any part thereof, or any interference with or deductions from any Rent or any other sum required to be paid by the Ground Lessee hereunder shall be paid to Landlord absolutely net without deduction by reason of such nonpayment or charge nondischarge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinaryan Imposition, or noncompliance with a requirement contemplated herein. The Ground Lessor shall cooperate with the Ground Lessee in any contest and shall allow the Ground Lessee to conduct such contest (in the name of any naturethe Ground Lessor, kindif necessary) at the Ground Lessee's sole cost and expense; and the Ground Lessee shall indemnify and hold the Ground Lessor harmless from and against all liabilities, or description, except as otherwise expressly provided costs and expenses in this Lease.
connection with such contest. The Ground Lessee shall notify the Ground Lessor of each such proceeding within ten (c) Tenant covenants to furnish Landlord, within thirty (3010) days after the date upon commencement thereof, which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that notice shall describe such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billproceeding in reasonable detail.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees The Mortgagor shall pay or cause to pay, during the Term, as Additional Rentbe paid, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on LandlordImpositions, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord)including, without particularizing limitation, any ground rents due under any ground lease agreements, if applicable, as well as all claims for labor, materials or supplies that, if unpaid, might by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or law become a lien upon on the Premises Mortgaged Estate, and which are payable during shall submit to Mortgagee such evidence of the Term, or any portion thereofdue and punctual payment of all such Impositions and claims as may be required by law; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant the Mortgagor may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on The Mortgagor at its expense may, after prior notice to the net income derived from the Fixed RentMortgagee, if at any time during the Termcontest by appropriate legal, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or liens thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants as long as (i) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or liens thereof, such proceedings shall suspend the collection thereof from the Mortgaged Estate, (ii) neither the Mortgaged Estate nor any part thereof or interest therein will be sold, forfeited or lost if the Mortgagor pays the amount or satisfies the condition being contested, and the Mortgagor would have the opportunity to pay and discharge do so, in the same, it being the intention event of the parties hereto that Mortgagor's failure to prevail in the Fixed Rent contest, (iii) the Mortgagee would not, by virtue of such permitted contest, be exposed to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge any risk of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinarycivil liability for which the Mortgagor has not furnished additional security as provided in clause (iv) below, or to any risk of criminal liability, and neither ----------- the Mortgaged Estate nor any interest therein would be subject to the imposition of any nature, kind, or description, except lien for which the Mortgagor has not furnished additional security as otherwise expressly provided in this Leaseclause (iv) below, as a result of the failure to comply with such ----------- law or of such proceeding and (iv) the Mortgagor shall have furnished to the Mortgagee additional security in respect of the claim being contested or the loss or damage that may result from the Mortgagor's failure to prevail in such contest in such amount as may be reasonably requested by the Mortgagee, but in no event less than one hundred and twenty five percent (125%) of the amount of such claim.
(c) Tenant covenants to furnish LandlordWithout in any way limiting ▇▇▇▇▇▇▇▇▇'s obligations hereunder, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇▇▇▇▇▇▇▇ shall fund the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect Basic Carrying Costs Sub-Account to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect extent required pursuant to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant Loan Agreement and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such real property taxes and assessments when due, then Tenant shall pay applicable to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) Facility shall be deposited paid from the Basic Carrying Costs Sub- Account, all in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to accordance with the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofLoan Agreement.
Appears in 1 contract
Sources: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (G&l Realty Corp)
Impositions. (a) Tenant covenants and agrees to Trustor shall pay, during the Term, as Additional Rentor cause to be paid, before the date due, and in any fine, penalty, interest or cost may be added thereto for the nonpayment thereofevent before delinquency, all real estate taxes, special and personal property taxes and assessments, utility bills referred to in Para▇▇▇▇▇ ▇general and special, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges taxes and assessments of any kind or burdens of nature whatsoever kind and nature (including costsnongovernmental levies or assessments such as property owners’ association assessments, feesfees and dues, maintenance charges, water charges, water toll charges, irrigation fees and expenses of complying with any restrictive covenants assessments, levies, or similar agreements to which charges resulting from CC&Rs affecting the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by LandlordTrust Estate), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied that are assessed or imposed upon the Trust Estate or become due and payable and that create or may create if not paid a lien upon the Premises Trust Estate (the above are sometimes referred to herein individually as an “Imposition” and which are payable during the Termcollectively as “Impositions”), or any portion thereof; provided, however, that if by law any special assessment Imposition is payable orpayable, or may at the option of the party obligated taxpayer be paid, in installments, Trustor may pay the same or cause it to make such paymentbe paid, may be paid in installments (whether or not together with any accrued interest shall accrue on the unpaid balance of such special assessment)Imposition, Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable becomes due and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveinterest.
(b) Except for any tax on the net income derived from the Fixed Rent, if If at any time during after the Term, any method of taxation shall be such that date hereof there shall be levied, assessed or imposed on the Landlorda fee, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or assessment on Beneficiary (other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge than income taxes) and measured by or based in whole or in part upon this Deed of Trust or the outstanding amount of the Secured Obligations, then all such gross Rentstaxes, Tenantassessments or fees shall be deemed to be included within the term “Impositions” as defined in Section 1.08(a) and Trustor shall, subject to the extent permitted by lawSection 1.08(c), covenants to pay and discharge the samesame as herein provided with respect to the payment of Impositions. Subject to Section 1.08(c), if Trustor fails to pay such Impositions before delinquency, Beneficiary may, at its option, pay such Imposition or take other action that it being deems appropriate to remedy the intention failure and pursue any and all rights and remedies hereunder or under the MPR Agreement as an Event of Default, and such remedies may be pursued individually, singly or concurrently. All sums, including reasonable attorneys’ fees, so expended by or on behalf of Beneficiary shall be a lien on the parties hereto that the Fixed Rent to Trust Estate, shall be paid hereunder secured by this Deed of Trust, and shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoeverby Trustor on demand, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Leasetogether with interest at the Interest Rate.
(c) Tenant covenants Trustor shall have the right before and after any delinquency occurs to furnish Landlord, within thirty (30) days after contest or object to the date upon which amount or validity of any Imposition by appropriate proceedings, but this shall not be deemed or other taxconstrued in any way as relieving, assessmentmodifying or extending Trustor’s covenant to pay any such Imposition at the time and in the manner provided in this Section 1.08, levy unless Trustor has given prior written notice to Beneficiary of Trustor’s intent to so contest or charge is payable object to an Imposition, and unless, in Beneficiary’s absolute and sole discretion, (i) Trustor shall demonstrate to Beneficiary’s satisfaction that the proceedings to be initiated by Tenant, official receipts Trustor shall conclusively operate to prevent the sale of the appropriate taxing authorityTrust Estate or any part thereof or interest therein to satisfy such Imposition before final determination of such proceedings, (ii) Trustor shall furnish a good and sufficient bond or surety as requested by and satisfactory to Beneficiary, or other appropriate proof satisfactory (iii) Trustor shall demonstrate to Landlord, evidencing the payment of the same. The certificate, advice Beneficiary’s satisfaction that Trustor has provided a good and sufficient undertaking as may be required or bill ▇▇ the appropriate official designated permitted by law to make or issue the same or to receive payment accomplish a stay of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billsale.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Asset Purchase Agreement
Impositions. (a) Tenant covenants Section 3.1. From and agrees to pay, during after the Commencement Date and throughout the Term, as Additional Rent, Tenant shall pay and discharge not later than ten (10) days before any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rents, ▇▇▇▇▇▇ ▇▇▇htingsewer rents and charges, excise leviesduties, licensesimpositions, permits, inspection license and permit fees, other governmental charges; charges for public utilities of any kind, charges with respect to any encumbrance, payments and all other charges or burdens of whatsoever every kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or specialwhatsoever, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (general or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits whichspecial, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the samesaid categories, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed penalties imposed upon the Premises, or any portion late payment thereof, which are due and payable during the Term. At the end of the Term of the Leasewhich, Tenant's obligation pursuant to pay such taxes shall be prorated in the event the tax past, present or future law or otherwise, during, prior to or after (but attributable to a period and the Term are not coextensive.
(bfalling prior to or within) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there have been or shall be levied, assessed charged, assessed, imposed upon or imposed grow or become due and payable out of or for or have become a lien on the LandlordProperty or any part thereof, or any improvements or personal property in or on the Fixed Rent or Additional RentProperty, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay Rents and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is income payable by Tenant, official receipts or on account of any use of the appropriate taxing authorityProperty or activity conducted thereon or service provided thereto (all of the foregoing being hereinafter referred to as “Impositions”). Within ten (10) days of Landlord’s request, Tenant shall submit to Landlord the proper and sufficient receipts or other appropriate proof satisfactory to Landlord, evidencing the evidence of payment and discharge of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of If any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is Impositions are not paid when due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunderunder this Lease, Landlord may re-estimate shall have the amount of real estate taxes and assessments, and in such event Landlord right but shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient not be obligated to pay the re-estimated amount over same, provided Tenant does not contest the balance of same as herein provided. If Landlord shall make such period after giving credit for payments made payment, Landlord shall thereupon be entitled to repayment by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount demand as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofAdditional Rent hereunder.
Appears in 1 contract
Impositions. A. Tenant shall pay (a) Tenant covenants and agrees to pay, during the Term, except as Additional Renthereinafter provided), before any fine, penalty, interest or cost may be added thereto thereto, or become due or be imposed by operation of law for the nonpayment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water and sewer rents, ▇▇▇▇▇▇ ▇▇▇htingrates and charges, excise leviescharges for public utilities, licenses, permits, inspection fees, levies and all other license and permit fees and other governmental charges; , general and all other charges or burdens special, ordinary and extraordinary, unforeseen and foreseen, of whatsoever any kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseenwhatsoever, which at any time prior to or during the Term term of this lease may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied levied, confirmed, imposed upon, or imposed upon become due and payable out of or in respect of, or become a lien upon on, the Premises and which are payable during the Term, leased premises or any portion thereof; providedpart thereof or any appurtenance thereto, howeverthe rent payable hereunder, that if any use or occupation of the leased premises (all collectively hereinafter referred to as "Impositions," and each of the above being hereinafter referred to as an "Imposition").
B. If by law any special assessment is payable or, Imposition may at the option of the party obligated to make such payment, may payor be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentImposition), Tenant may exercise the option to pay the same, together with same (and any accrued interest accrued on the unpaid balance of such special assessment Imposition) in installments and, in such event, shall pay such installments as the same respectively they become payable due and before any fine, penalty, further interest or cost may be added thereto for thereto. Upon termination of this lease, Tenant shall forthwith prepay any installments which fall due after termination.
C. Any Imposition (other than Impositions which have been converted into installment payments by Tenant as referred to in subdivision B above) relating to a fiscal period of the nonpayment taxing authority, a part of any which period is included within the term of this lease and a part of which is included in a period of time before or after the expiration of the term of this lease, shall (whether or not such installment Imposition shall be assessed, levied, confirmed, imposed upon or in respect of or become a lien upon the leased premises, or shall become payable, during the term of this lease) be adjusted between Landlord and Tenant as of the interest thereon. commencement or expiration of the term of this lease, so that Tenant shall pay all real estate taxesthat portion of such Imposition which that part of such fiscal period included in the period of time after the commencement and before the expiration of the term of this lease bears to such fiscal period, whether heretofore and Landlord shall pay the remainder thereof; the above provided, however, that the term of this lease shall not have been shortened due to Tenant's default in the performance of any of the Tenant's covenants, agreements and undertakings in this lease provided. If Tenant is in default and as a result the term of this expires prior to its expiration date absent such default, then there shall be no such apportionment, in which case Tenant shall pay the Imposition for the entire remaining term of this lease. However, if the premises be relet Tenant's obligations for Impositions shall be apportioned only through the commencement date of the new lease.
D. Nothing to the contrary herein contained shall require Tenant to pay any municipal, state or hereafter levied or federal income taxes assessed upon the Premisesagainst Landlord, or any portion thereofmunicipal, which are due and payable during the Term. At the end state or federal capital levy, estate, succession, inheritance or transfer taxes of Landlord, or any corporation franchise taxes imposed upon any corporate owner of the Term fee of the Leaseleased premises; provided, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Renthowever, that if at any time during the Term, any method term of this lease the methods of taxation prevailing at the commencement of the term hereof shall be such that there shall be altered so as to cause the whole or any part of the taxes, assessments, levies, impositions or charges now or hereafter levied, assessed or imposed on real estate and the Landlordimprovements thereon, to be levied, assessed or on the Fixed Rent imposed, wholly or Additional Rent, or on the Premises, or any portion thereof, partially as a capital levy, gross receipts tax or other tax otherwise, on the rents received therefrom, or a if any tax, corporation franchise tax, or an assessment, gross levy (including but not limited to any municipal, state or charge federal levy), imposition or charge, or any part thereof, shall be measured by or based in whole or in part, upon the value of the leased premises and shall be imposed upon Landlord, then all such taxes, assessments, levies, impositions or charges, or the part upon such gross Rentsthereof so measured or based, Tenantshall be deemed to be included within the term "Impositions" for the purposes hereof, to the extent permitted by lawthat such Impositions would be payable if the leased Premises were the only property of Landlord subject to such Impositions, covenants to and Tenant shall pay and discharge the same, it being the intention same as herein provided in respect of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge payment of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this LeaseImpositions.
(c) E. Landlord shall promptly forward to Tenant covenants all tax bills received relating to the leased premises. Tenant will furnish to Landlord, within thirty ten (3010) days after the date upon which when any Imposition or other tax, assessment, levy or charge is payable by Tenantwould become delinquent, official receipts of the appropriate taxing authority, or other appropriate proof evidence satisfactory to Landlord, evidencing the payment thereof. However, failure to furnish same shall not be deemed a default unless Tenant fails to comply with this requirement within 15 days after written request by Landlord.
F. Tenant shall have the right to contest the amount or validity, in whole or in part, of any Imposition by appropriate proceedings diligently conducted in good faith but only after payment of such Imposition, unless such payment would operate as a bar to such contest or interfere materially with the prosecution thereof, in which event Tenant may postpone or defer payment of such Imposition if
(1) neither the leased premises nor any part thereof would by reason of such postponement or deferment be in danger of being forfeited or lost, and
(2) Tenant shall have deposited with Landlord the amount so contested and unpaid, together with all interest and penalties in connection therewith and all charges that might be assessed against or become a charge on the leased premises or any part thereof in and/or during the course of such proceedings, and
(3) Landlord shall not be in danger of being subjected to criminal liability or penalty by reason of such postponement.
G. Upon the termination of any such proceedings (which shall include any appeals from and petitions for review of any orders, decrees or judgments deemed by Tenant to be adverse or unfavorable, Tenant shall pay the amount of such Imposition or part thereof as finally determined in such proceedings, the payment of which may have been deferred during the prosecution of such proceedings, together with any costs, fees, interest, penalties or other liabilities in connection therewith, and, upon such payment, Landlord shall return, without interest, any amount deposited with it with respect to such Imposition as aforesaid, or, at the written request of Tenant, Landlord shall make available to Tenant, upon such reasonable conditions as Landlord may prescribe, the amount of such deposit for the making of such payment as aforesaid. If, at any time during the continuance of such proceedings, Landlord shall reasonably deem the amount deposited as aforesaid insufficient, Tenant shall, upon demand, make an additional deposit of such sum as Landlord reasonably may request, and upon failure of Tenant so to do, the amount previously deposited may be applied by Landlord (unless such application would prejudice or otherwise adversely affect Tenant's rights in such proceedings, including any rights to appeal or to seek petitions for the review of any adverse order, decree or judgment issued in such proceedings) to the payment, removal and discharge of such Imposition, and the interest and penalties in connection therewith and any costs, fees or other liability accruing in any such proceedings, and the balance, if any, shall be returned to Tenant.
H. Tenant, at Tenant's sole cost and expense, shall have a right to seek a reduction in the valuation of the leased premises as assessed for tax purposes and to prosecute any action or proceeding which may be appropriate for seeking or obtaining such reduction. To the extent to which any tax refund payable as a result of any proceeding which Tenant may institute, or payable by reason of compromise or settlement of any such proceeding, may be based upon, a payment made by Tenant and shall not relate to a period as to which apportionment thereof has been made with Landlord, Tenant shall be authorized to collect the same, subject to Tenant's obligation to reimburse Landlord forthwith for any expenses and fees incurred by Landlord in connection therewith. Landlord may (but shall not be obligated to) at its own expense, if it shall so desire, endeavor at any time or times to obtain a reduction of the assessed valuation upon the leased premises or any part thereof for the purpose of reducing taxes thereon, and, in such event, Tenant will cooperate in effecting such a reduction.
I. Landlord shall not be required to join in any proceedings referred to in paragraphs F or H hereof unless the provisions of any law, rule or regulation at the time in effect shall require that such proceedings be brought by and/or in the name of Landlord or any owner of the leased premises, in which event Landlord shall join in such proceedings or permit the same to be brought in its name, in which event Tenant shall reimburse Landlord for its costs (including attorney's fees) incurred in connection with any such proceeding. Landlord shall not ultimately be subjected to any liability for the payment of any costs or expenses in connection with any such proceedings, and Tenant will indemnify and save harmless Landlord from any such costs and expenses. Except as otherwise provided in this lease, Tenant shall be entitled to any refund of any Imposition and penalties or interest thereon received by Landlord which have been paid by Tenant, or which have been paid by Landlord but previously reimbursed in full by Tenant.
J. The certificate, advice advice, or bill ▇▇▇▇ of the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may Imposition, certifying nonpayment of such Imposition, shall be relied upon by Landlord as sufficient prima facie evidence that such Imposition, Imposition is due and unpaid at the time of the making or issuance of such certificate, advice or bill▇▇▇▇.
(d) Upon K. Landlord appoints Tenant the occurrence attorney-in-fact of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior purpose of making all payments to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments be made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments any of the same natureprovisions of this lease to persons or entities other than Landlord. However, if In case any person or entity to whom any sum is directly payable by Tenant under any of the total provisions of this lease shall refuse to accept payment of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when duesum from Tenant, then Tenant shall pay to Landlord thereupon give written notice of such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory fact to Landlord and Tenant, and all interest earned thereon shall accrue pay such sum directly to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph Landlord who shall be considered as performance of thereupon pay such obligation under the provisions of Paragraph 9(a) hereofsum to such person or entity.
Appears in 1 contract
Impositions. (a) Tenant covenants Mortgagor will promptly pay when due and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, ----------- penalty or interest or cost thereon may be added thereto for thereto, all taxes, assessments, water rates, sewer rents and other charges now or hereafter levied against the nonpayment Premises or any part thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and also any and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants license fees or similar agreements to charges which may be imposed by the municipality in which the Premises are subject incurred situated for the use of vaults, chutes, areas and other space beyond the lot line and on or abutting the public sidewalks in front of or adjoining the usePremises, occupancy, operation, leasing together with any penalties or possession of the Premises (excluding any income taxes interest on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special(the"Impositions"), ordinary or extraordinary, foreseen or unforeseen, which and in default thereof Mortgagee may pay the same and ----------- Mortgagor will repay the same with interest thereon at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during rate per annum specified in Section 5 hereof and the Term same shall be laidadded to the Obligations secured hereby and be secured by this Mortgage; that upon request of Mortgagee, assessedMortgagor will exhibit to Mortgagee receipts for the payment of all Impositions prior to the date when the same shall become delinquent. Notwithstanding anything to the contrary provided herein, levied the Mortgagor shall be entitled to contest the amount or validity of the Impositions in accordance with the terms of the Credit Agreement. If any exemption, abatement, or reduction of any Imposition on the Premises is altered, modified, revoked, reduced, terminated or in any wise disallowed or declared invalid, Mortgagor shall, within five (5) days upon request of Mortgagee in person or within fifteen (15) days upon request of Mortgagee by mail, pay any tax or charge imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option reason of the party obligated to make such payment, may be paid in installments (whether loss or not interest shall accrue on the unpaid balance reduction of such special assessment), Tenant may pay the sameabatement or exemption, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest penalty thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to Mortgagor will pay, during or cause to be paid, when due all of the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for following (hereinafter collectively called the nonpayment thereof, "Impositions"): all real estate taxes, special personal property taxes, assessments, utility bills referred to in Para▇▇▇▇▇ ▇water and sewer rates and charges, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens governmental levies and charges, of whatsoever every kind and nature (including costswhatsoever, fees, general and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or and extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, are assessed, levied levied, confirmed, imposed or imposed become alien upon or become a lien upon against the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, Property or any portion thereof, which are due and payable during all taxes, assessments and charges upon the Term. At the end rents, issues, income or profits of the Term Property, or which become payable with respect thereto or with respect to the occupancy, use or possession of the LeaseProperty, Tenant's obligation whether such taxes, assessments or charges are levied directly or indirectly, Mortgagor shall deliver proof of payment of all such Impositions to pay such taxes shall Mortgagee upon the request of Mortgagee. Notwithstanding any provision to the contrary in this Paragraph 3.2(a), any tax or special assessment which is alien on the Property may be prorated paid in installments, provided that each installment is paid on or prior to the event date when the tax period and same is due without the Term are not coextensiveimposition of any penalty.
(b) Except At the sole election of Mortgagee, Mortgagor shall pay to Mortgagee, with each payment that shall become due and payable pursuant to terms of the Loan Documents, the appropriate portion of the annual amount estimated by Mortgagee to be sufficient to pay the real estate taxes and assessments levied against the Property and the insurance premiums for any tax on the net income derived from the Fixed Rentpolicies required under Section 3.6 (Insurance) of this Mortgage, if at any time during the Term, any method of taxation and such sums shall be held by Mortgagee without interest in order to pay such taxes, assessments and insurance premiums 30 days prior to their due date; provided that there if an Event of Default shall be leviedoccur under this Mortgage, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, TenantMortgagee may elect to apply, to the full extent permitted by law, covenants to pay and discharge the same, it being the intention any or all of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant sums held pursuant to this Paragraph 9(d) 3.26 in such manner as Mortgagee shall be deposited determine in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofits sole discretion.
Appears in 1 contract
Sources: Open End Mortgage and Security Agreement (DCP Holding CO)
Impositions. (a) Tenant covenants Section 3.1 “Impositions” Defined. Subject to the terms of Section 3.5, from and agrees to pay, during after the Commencement Date and throughout the Term, as Additional Rent, Tenant shall pay and discharge (or shall cause each Operating Subtenant to pay and discharge) not later than thirty (30) days before any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rents, ▇▇▇▇▇▇ ▇▇▇htingstorm and sewer rents and charges, excise leviesduties, licensesimpositions, permits, inspection license and permit fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, regulatory application fees, assessments payable to any owner’s association or similar entity, governmental levies and expenses charges, charges for public utilities of complying any kind, including, without limitation, all bed tax and assessments or similar provider taxes or fees, together with any restrictive covenants interest or similar agreements penalties imposed upon the late payment thereof (except for interest and penalties resulting from Landlord’s negligent or willful failure to which timely perform its obligations under Section 3.5), which, pursuant to past, present or future Applicable Law, during, prior to or after (but attributable to a period falling prior to or within) the Term, shall have been or shall be levied, charged, assessed, imposed upon or grow or become due and payable out of or for or have become a lien on the Premises are subject incurred or any part thereof, any Buildings or personal property (including, without limitation, the Tenant’s Personal Property) in or on the usePremises, occupancy, operation, leasing the Rents and income payable by Tenant or possession on account of any use of the Premises (excluding any income taxes on and such franchises as may be appurtenant to the Fixed Rent imposed on Landlord, it being the intent use and occupation of the parties hereto that Premises as well as any tax on the net income derived from the Fixed Rent payable in respect to the Premises sales, use, excise, commercial rent, tangible personal property and similar taxes imposed by any governmental authority shall be paid Governmental Authority or improvement district in connection with the use or operation by Landlord)Tenant of the Premises, without particularizing by any known name or by whatever name hereafter calledFacility, and whether the Tenant’s Personal Property, and any interest and penalties assessed in connection therewith as a result of late payment or non-payment of any of the foregoing be general or special, ordinary late filing or extraordinary, foreseen non-filing of any tax returns or unforeseen, which at any time during reports due in connection therewith (each of the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises foregoing being an “Imposition” and which are payable during the Term, or any portion thereofcollectively “Impositions”); provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end continuance of the Term an Event of the LeaseDefault, Tenant's ’s obligation to pay such directly to the applicable Governmental Authority all regularly assessed ad valorem real estate taxes and assessments (“Real Estate Taxes”) shall be prorated suspended at Landlord’s election, and in such event Tenant shall comply with the event the tax period terms and the Term are not coextensive.
provisions of Section 3.5 hereof (b) in which case Landlord or Mortgagee shall make such payments). Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based as provided in whole or in part upon such gross RentsSection 3.5, Tenant, upon request from Landlord, shall submit to Landlord the extent permitted by law, covenants to pay proper and sufficient receipts or other evidence of payment and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same; provided, however, Tenant shall not be required to furnish such receipts or other evidence for payment with respect to Real Estate Taxes or with respect to Impositions that are being contested in accordance with this Section 3.2. The certificate, advice advice, or bill ▇▇▇▇ of non-payment of any Imposition from the appropriate official designated by law Applicable Law to make or issue the same or to receive payment of any Imposition may shall be relied upon by Landlord as sufficient prima facie evidence that such Imposition, Imposition is due and unpaid at the time of the making or issuance of such certificate, advice advice, or bill.
(d) Upon the occurrence ▇▇▇▇ of an Event of Default and after the conclusion of non-payment. If any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunderImpositions are not paid when due under this Lease, Landlord may re-estimate shall have the amount of real estate taxes and assessmentsright, and in such event Landlord but shall notify Tenantnot be obligated, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance same following written notice to Tenant of such period after giving credit for payments made payment, provided Tenant is not contesting the same pursuant to a right to do so herein. If Landlord shall make such payment, Landlord shall thereupon be entitled to repayment by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount demand as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofSupplementary Rent hereunder.
Appears in 1 contract
Sources: Master Lease (Griffin-American Healthcare REIT IV, Inc.)
Impositions. (a) Tenant covenants and agrees to payLessee shall pay all taxes (including, during the Termbut not limited to, as Additional Rentany gross receipts, before any finesales, penalty, interest or cost may be added thereto for the nonpayment thereof, all real estate taxes, use and occupancy taxes, general intangibles taxes and personal property taxes (tangible and intangible), stamp taxes and all voluntary payments that may be paid or payable by Lessee in lieu thereof), assessments (special assessmentsor otherwise), utility bills referred to in Para▇▇▇▇▇ ▇transit taxes, ▇▇▇▇▇▇ ▇▇▇htingcounty taxes, excise excises, levies, licensesimposts, permitsduties, inspection feesvault and other license, rent and permit fees and other municipal and governmental charges; impositions, charges and all other charges or burdens withholdings, general and special, ordinary and extraordinary, unforeseen and of whatsoever any kind and nature (including costswhatsoever, fees, and expenses of complying together with any restrictive covenants or similar agreements penalty, fine, addition to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises tax and interest thereon (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect herein sometimes collectively referred to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, as "IMPOSITIONS" and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseensame as an "IMPOSITION"), which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits whichassessed, during the Term shall be levied, confirmed, charged, laid, assessedimposed upon, levied or imposed upon become due and payable out of or in respect of, or become a lien upon Lien on (i) any Property or any part thereof, (ii) any appurtenance to any Property, (iii) the Premises and which are payable during construction, financing, ownership, operation, use, condition, maintenance, repair, leasing, or subleasing of the Term, Improvements or any portion thereof; provided, however(iv) any personal property located at any Property, that if (v) any rent or other income received by law Lessee from subtenants, licensees or other users or occupants of any special assessment is payable orProperty or any part thereof, at (vi) any occupancy, use or possession of any Property or any part thereof, or any streets, sidewalks, alleys or vaults, or any part thereof, adjoining any Property, or any activity conducted thereon or sales or rentals therefrom, (vii) the option payment of the party obligated principal of or interest or premium on, or other amounts with respect to, the Notes, or (viii) otherwise with respect to make such payment, may the Operative Documents or the transactions contemplated thereby. Such payments shall be paid in installments (whether or not interest shall accrue on made by Lessee directly to the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable applicable authority and before any fine, penalty, interest, cost or imposition shall become due or be imposed by operation of law. Lessee shall furnish to Lessor and Agent, promptly but in any case within ten (10) Business Days after written request by either Lessor or Agent, proof of the payment of any Imposition which is payable by Lessee and, upon written demand of either Lessor or Agent, proof of the filing of all returns and other materials required in connection therewith.
(b) If, under Applicable Laws, any Imposition payable by Lessee hereunder may be paid in installments, Lessee may pay the same in installments and in such event shall pay each such installment as may become due before the date when such installment would become delinquent or any fine, penalty, further interest or cost may be added thereto thereto. To the extent that the same may be permitted by Applicable Laws, Lessee shall have the right to apply for the nonpayment conversion of any Imposition to make the same payable in annual installments over a period of years, and upon such installment conversion, Lessee shall be obligated to pay and discharge said periodic installments as required by this SECTION; provided, however, that in the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed event Lessee elects to surrender the Premises upon the Premisesexpiration of the Term in accordance with SECTION 33.1(A) hereof, or any portion thereof, which are an amount equal to all unpaid installments shall be immediately due and payable during by the Term. At Lessee on the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveExpiration Date.
(bc) Except for Nothing in this Lease shall require Lessee to pay any tax on the net local, state, federal or foreign income derived from the Fixed Rent, if at any time during the Termtaxes assessed against Lessor, any method of taxation shall be such that there shall be leviedNoteholder, assessed local, state or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a federal capital levy, gross receipts tax (other than in the nature of a rent, sales or other tax occupancy tax), estate, succession or inheritance taxes imposed on the rents received therefromLessor, any Noteholder or a corporation franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.,
Appears in 1 contract
Sources: Lease (O Charleys Inc)
Impositions. (a) Tenant covenants and Sublessee hereby further agrees to paypay on or before the due date, during directly to the Termappropriate federal, state, local or foreign taxing authority or other Governmental Authority (a “Taxing Authority”) when required by Applicable Law to make such direct payment or, if such direct payment to a Taxing Authority by Sublessee is not required under Applicable Law, directly to Sublessor with sufficient prior notice and assistance as Additional Rentreasonably requested in order for Sublessor to timely cause payment before the due date (i) the Washington State business and occupation (B&O) taxes on the Basic Rent Payment, before (ii) as shown on said returns and all taxes assessed, billed or otherwise payable with respect to Sublessee’s operation of the Aircraft, any fine, penalty, part of or interest or cost may be added thereto for the nonpayment thereof, or the transactions contemplated by the Sublease Documents and the Permitted Third Party Agreements; (iii) all real estate taxeslicense and/or registration or filing fees, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇governmental charges and use, ▇▇▇▇▇▇ ▇▇▇htingproperty, excise leviesexcise, licensesprivilege, permitsvalue added, inspection feeswithholding and other taxes (including any related interest, other governmental charges; and all charges or penalties) or other charges or burdens fees now or hereafter imposed by any Taxing Authority, on Sublessor or any other Person in possession of whatsoever kind the Aircraft or any part thereof, the Aircraft or any part of or interest thereof, the Rent (or other amounts payable under the Sublease Documents and nature (the Permitted Third Party Agreements), or the transactions contemplated by the Sublease Documents and the Permitted Third Party Agreements, including costsany of the same imposed with respect to the landing, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the airport use, occupancymanufacturing, ordering, shipment, inspection, acceptance, rejection, delivery, installation, management, pooling, interchange, time sharing, chartering, operation, leasing possession, use, maintenance, repair, condition, removal, registration, de-registration, abandonment, repossession, storage, return, or possession other disposition of the Premises (excluding Aircraft or any income taxes on part thereof, the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similarother amounts under the Sublease Documents and the Permitted Third Party Agreements) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Termany part thereof, or any portion interest in any thereof; provided, however, that if by law any special assessment is payable or, at Sublessor shall bear all costs associated with importing the option Aircraft into the EU and the risk of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment value added taxes arising from EU operations; and the interest thereon. Tenant shall pay all real estate taxes(iii) any penalties, whether heretofore or hereafter levied or assessed upon the Premisescharges, or any portion thereofinterest, which are due and payable during the Term. At the end of the Term of the Leasefines, Tenant's obligation additions to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable costs imposed with respect to any items referred to in sub- clauses (i) and (ii); the Premises items referred to in monthly payments equal sub-clauses (i) and (ii) above being referred to one-twelfth (1/12) herein collectively, as “Impositions”; except that “Impositions” shall expressly exclude, and Sublessee shall have no such obligation in respect of, any of the known same if (A) such tax is a property or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next similar tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made owed by Tenant Lessor or Sublessor on the previous estimate. If ownership of the total monthly payments made Aircraft, (B) imposed against Lessor or Sublessor and imposed on or measured by Tenant the net income, capital or net worth of Lessor or Sublessor by the jurisdiction in which Lessor or Sublessor was incorporated or formed, or in which a Lessor Party or Sublessor has a place of business, (C) imposed as a result of the manufacturing, ordering, shipment, inspection, acceptance, delivery, or registration of the Aircraft, (D) arising from the gross negligence or willful misconduct of Sublessor or a Lessor Party (unless imputed by Applicable Law), (E) arising from acts or events that occur after redelivery of the Aircraft to Sublessor or Lessor in accordance with this Sublease or the Sublease Consent or (F) imposed on Sublessor or Lessor as a result of its failure to timely make any filing or return for which Sublessor or a Lessor Party is responsible pursuant to this Section shall exceed the amount of payments necessary 8.2 and for said taxes which Sublessee has timely and assessments, such excess over $1,000.00 shall be promptly properly paid to Sublessor all Impositions in good and immediately available funds, and has provided such information and assistance as Sublessor may reasonably require from Sublessee to enable Sublessor to fulfill its filing and return obligations (or exercise its rights with respect thereto). Sublessee will indemnify Sublessor from, and defend and hold Sublessor harmless, on an after-tax basis against, any and all such Impositions. Any Impositions which are not paid when due and which are paid by Sublessor shall, at Sublessor’s option, become immediately due from Sublessee. For the Tenant and the balance avoidance of doubt, Sublessee shall not be credited on subsequent monthly payments obligated to indemnify Sublessor or any of the same nature. However, if Lessor Parties for any Tax Loss or under the total Special Tax Indemnity Rider (each as defined in the Lease) or for or resulting from a breach of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up any provision in the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue Lease involving the operation of the Aircraft that would impact the classification of the Aircraft or the Transaction Documents or impact the Lessor Parties' tax treatment of the Aircraft or the Transaction Documents to the benefit extent Sublessee is directed by or on behalf of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of Guarantor to operate the flights affecting such obligation under the provisions of Paragraph 9(a) hereofclassification or treatment.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees Mortgagor shall pay or cause to pay, during the Term, as Additional Rentbe paid, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlordground rents and Impositions, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord)including, without particularizing limitation, any sales tax due in connection with the ground rents, as well as all claims for labor, materials or supplies that, if unpaid, might by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or law become a lien upon on the Premises Mortgaged Property, and which are payable during shall submit to Mortgagee such evidence of the Termdue and punctual payment of all such Impositions and claims as may be required by law; PROVIDED, or any portion thereof; provided, howeverHOWEVER, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant Mortgagor may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on the net income derived from the Fixed RentMortgagor at its expense may, if at any time during the Termafter prior notice to Mortgagee, any method of taxation shall be such that there shall be leviedcontest by appropriate legal, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or liens thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants as long as (i) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or liens thereof, such proceedings shall suspend the collection thereof from the Mortgaged Property, (ii) neither the Mortgaged Property nor any part thereof or interest therein will be sold, forfeited or lost if Mortgagor pays the amount or satisfies the condition being contested, and Mortgagor would have the opportunity to pay do so, in the event of Mortgagor's failure to prevail in the contest, (iii) Mortgagee would not, by virtue of such permitted contest, be exposed to any risk of any civil liability for which Mortgagor has not furnished additional security as provided in CLAUSE (iv) below, or to any risk of criminal liability, and discharge neither the sameMortgaged Property nor any interest therein would be subject to the imposition of any lien for which Mortgagor has not furnished additional security as provided in CLAUSE (iv) below, it being the intention as a result of the parties hereto that the Fixed Rent failure to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, comply with such law or of any nature, kind, or description, except as otherwise expressly provided such proceeding and (iv) Mortgagor shall have furnished to Mortgagee additional security in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts respect of the appropriate taxing authority, claim being contested or other appropriate proof satisfactory the loss or damage that may result from Mortgagor's failure to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and prevail in such event Landlord shall notify Tenant, contest in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up reasonably requested by Mortgagee, but in no event less than one hundred twenty-five percent (125%) of the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance amount of such obligation under the provisions of Paragraph 9(a) hereofclaim.
Appears in 1 contract
Sources: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (Glimcher Realty Trust)
Impositions. (a) Tenant covenants Section 3.1 From and agrees to pay, during after the Commencement Date and throughout the Term, as Additional Rent, before Tenant shall pay and discharge not later than the due date therefor and prior to the date any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rents, ▇▇▇▇▇▇ ▇▇▇htingstorm and sewer rents and charges, excise leviesduties, licensesimpositions, permits, inspection license and permit fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, regulatory application fees, assessments payable to any owner’s association or similar entity, governmental levies and expenses charges, and charges for public utilities of complying any kind, together with any restrictive covenants interest or similar agreements penalties imposed upon the late payment thereof (except to which the extent resulting from Landlord’s negligence or willful misconduct), which, pursuant to past, present or future Applicable Law, during, prior to or after (but attributable to a period falling prior to or within) the Term, shall have been or shall be levied, charged, assessed, imposed upon or grow or become due and payable out of or for or have become a lien on the Premises are subject incurred or any part thereof, any Buildings or personal property (including, without limitation, Tenant’s Personal Property) in or on the usePremises, occupancy, operation, leasing the Rents and income payable by Tenant or possession on account of any use of the Premises (excluding any income taxes on and such franchises as may be appurtenant to the Fixed Rent imposed on Landlord, it being the intent use and occupation of the parties hereto that Premises as well as any tax on the net income derived from the Fixed Rent payable in respect to the Premises sales, use, excise, commercial rent, tangible personal property and similar taxes imposed by any governmental authority shall be paid Governmental Authority or improvement district in connection with the use or operation by Landlord)Tenant of the Premises, without particularizing by any known name or by whatever name hereafter calledFacility, and whether the Tenant’s Personal Property, and any interest and penalties assessed in connection therewith as a result of late payment or non-payment of any of the foregoing be general (except to the extent resulting from Landlord’s negligence or special, ordinary willful misconduct) or extraordinary, foreseen late filing or unforeseen, which at non-filing of any time during tax returns or reports due in connection therewith (each of the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises foregoing being an “Imposition” and which are payable during the Term, or any portion thereofcollectively “Impositions”); provided, however, that if Tenant’s obligation to pay directly to the applicable Governmental Authority all regularly assessed ad valorem real estate taxes and assessments (“Real Estate Taxes”) shall be suspended at Landlord’s election, and in such event Tenant shall comply with the terms and provisions of Section 3.5 hereof (in which case Landlord or Mortgagee shall make such payments and shall be responsible for all fines, penalties, interest and costs arising out of the late payment or nonpayment thereof, except to the extent such amounts arise as a result of (i) an Event of Default or (ii) an event of default by law Tenant or any special assessment Operating Subtenant under any Mortgage Loan Documents to which Tenant or such Operating Subtenant is a party). Notwithstanding anything herein to the contrary, Tenant shall not be obligated to pay (and Landlord or Mortgagee shall not pay from the Imposition Reserve Fund) any franchise, excise, corporate, estate, inheritance, succession or capital levy or tax of Landlord, any intangibles or transfer tax payable oras a result of any financing, refinancing, transfer or exchange of the Premises by Landlord (except for transfers to or from Tenant, an Operating Subtenant or any of their Affiliates), or any income, profits or revenue tax upon the income of Landlord, and none of the foregoing shall constitute an Imposition for purposes hereof. The foregoing exclusions shall not include any nursing home privilege or similar taxes on the business operations at the option Facilities, which shall be the responsibility of Tenant. Tenant, upon request from Landlord, shall submit to Landlord the proper and sufficient receipts or other evidence of payment and discharge of the party obligated same; provided, however, Tenant shall not be required to furnish such receipts or other evidence for payment with respect to Real Estate Taxes or with respect to Impositions that are being contested in accordance with this Section. If any Impositions are not paid when due from Tenant under this Lease (other than Real Estate Taxes), Landlord shall have the right, but shall not be obligated, to pay the same following written notice to Tenant of such payment, provided Tenant is not contesting the same pursuant to a right to do so herein. If Landlord shall make such payment, may Landlord shall thereupon be paid in installments (whether entitled to repayment by Tenant on demand as Supplementary Rent hereunder.
Section 3.2 Tenant shall have the right to protest and contest any Impositions imposed against the Premises or not interest shall accrue on the unpaid balance of such special assessment)any part thereof. If Tenant so elects to contest, Tenant may pay shall, prior to the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest prosecution or cost may be added thereto for the nonpayment defense of any such installment claim, notify Landlord in writing of its decision to pursue such contest and, to the extent procedurally required, or to prevent jeopardizing any license, permit or certification, including, without limitation, any Health Care License or Medicare and Medicaid certifications under Titles XVIII and XIX of the interest thereonSocial Security Act of 1935, as amended, because of nonpayment thereof, Tenant shall pay the amount in question prior to initiating the contest. Tenant’s right to contest is conditioned upon the following: (i) such contest is done at Tenant’s sole cost and expense, (ii) nonpayment will not subject the Premises or any part thereof to sale or other liability by reason of such nonpayment, (iii) such contest shall not subject Landlord or any Mortgagee to the risk of any criminal or civil liability, and (iv) Tenant shall provide such security as may reasonably be required by Landlord or any Mortgagee or under the terms of any Mortgage or any loan documents in connection therewith to ensure payment of such contested Impositions. Upon request, Tenant shall keep Landlord advised as to the status of such contest. Subject to the provisions of clauses (i) through (iv) above, Landlord agrees to execute and deliver to Tenant any and all documents reasonably acceptable to Landlord and otherwise required for such purpose and to cooperate with Tenant in every reasonable respect in such contest, but without any cost or expense to Landlord. If Landlord should actually receive proceeds of any such contest, to the extent that the same relate to the period of the Term, then Landlord shall remit the same to Tenant.
Section 3.3 To the extent permitted by Applicable Law, Tenant shall have the right to apply for the conversion of any Impositions to make the same payable in annual installments over a period of years. Tenant shall pay all real estate taxessuch deferred installments prior to the expiration or sooner termination of the Term, whether heretofore notwithstanding that such installments shall not then be due and payable, unless such installments relate in part to any fiscal period after the Expiration Date (and no interest, penalties or hereafter levied or assessed upon other fees are imposed on Landlord as a result of such deferred installments); provided, however, that all Impositions relating to a fiscal period of the Premisestaxing authority, a part of which is included in a period of time after the Expiration Date, or relating to any portion thereofspecial assessment for physical improvements with a useful life that extends beyond the expiration of the Term, which are due and payable shall (whether or not such Impositions shall be assessed, levied, confirmed, imposed or become payable, during the Term. At the end ) be prorated between Landlord and Tenant as of the Term Expiration Date, so that Landlord shall pay at its own expense (and not from the Imposition Reserve Fund) that portion of such Impositions which relate to that part of such fiscal period included in the Leaseperiod of time after the Expiration Date, Tenant's obligation to and Tenant shall pay such taxes the remainder thereof (which amount Landlord shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived entitled to withdraw from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, Imposition Reserve Fund to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Leasefunds are available therein).
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.
Appears in 1 contract
Sources: Master Lease (Griffin-American Healthcare REIT II, Inc.)
Impositions. (a) Tenant covenants Grantor shall pay or cause to be paid, when due and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest interest, or cost may be added thereto for the nonpayment thereofattaches thereto, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇charges, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other governmental or nongovernmental charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with levies now or hereafter assessed or levied against any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession part of the Premises Property (excluding any income taxes on including, without limitation, levies or charges resulting from covenants, conditions and restrictions affecting the Fixed Rent imposed on Landlord, it being Property) or upon the intent lien or estate of the parties hereto that any tax on Beneficiary therein (collectively, the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord“Impositions”), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, imposition may be paid in installments (installments, whether or not interest shall accrue on the unpaid balance of such special assessment)thereof, Tenant the Grantor may pay the same, same in installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest or cost may be added thereto attaches thereto. Grantor shall also pay when due all claims for labor, materials, or supplies that, if unpaid, might become a lien on the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, Property or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except Should Grantor be in default under the Note or this Deed of Trust, Beneficiary, at its option, may engage Ticor Realty Tax Service (or other realty tax payment monitoring service Beneficiary shall select) to monitor, for any tax the balance of the term of the Note, the payments made by Grantor on the net income derived from real estate taxes due on the Fixed RentProperty. Grantor shall reimburse Beneficiary on demand, if at any time during the Termcharges for such service. If not so paid, any method of taxation such charges shall be such that there deemed an advancement by the Beneficiary as provided for in Section 1.9(d) and shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Leasebear interest accordingly.
(c) Tenant covenants Grantor may, at its expense and after prior notice to furnish LandlordBeneficiary, within thirty (30) days after contest by appropriate legal, administrative, or other proceedings conducted in good faith and with due diligence, the date upon which amount, validity, or application, in whole or in part, of any Imposition or other taxlien therefor or any claim of any laborer, assessmentmaterialmen, levy supplier or charge is payable by Tenantvendor or lien therefor, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the and may withhold payment of the same. The certificatesame pending completion of such proceedings if permitted by law, advice provided that: (i) such proceedings shall suspend collection from the Property; (ii) neither the Property nor any part thereof nor interest therein will be sold, forfeited, or bill ▇▇ lost if Grantor pays the appropriate official designated amount or satisfies the condition being contested, and Grantor would have the opportunity to do so in the event of Grantor’s failure to prevail in the contest; (iii) Beneficiary shall, by law virtue of such permitted contest, not be exposed to make or issue the same or to receive payment any risk of any Imposition criminal liability or any civil liability for which Grantor has not furnished additional security as provided in clause (iv) following; and (iv) Grantor shall have furnished to Beneficiary additional security in respect of the claim being contested or the loss or damage which may result from Grantor’s failure to prevail in such contest in such form and amount as may be relied upon reasonably requested by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or billBeneficiary.
(d) Upon Grantor’s failure to comply with the occurrence covenants and agreements contained in this Deed of an Event Trust, including without limitation payment of Default taxes, charges, assessments, insurance premiums, maintenance and after repair of the conclusion Property and costs incurred for the protection of the Property and Beneficiary’s priority, Beneficiary, without prejudice to any rights given herein, may make advances to perform or cure period following an Event same in behalf of Default hereunderGrantor; and Grantor hereby agrees to repay all sums so advanced, Tenant shall pay to Landlord, at Landlord's on written demand, with interest from the known date advanced at the rate of 12.65% per annum. All sums so advanced, with interest as aforesaid, until paid by Grantor, shall be immediately due and payable and be added to and become a part of any indebtedness or estimated yearly real estate taxes and assessmentsobligation secured hereby in such manner or order as Beneficiary may desire or determine, payable with respect to having the Premises in monthly payments equal to one-twelfth (1/12) benefit of the known or estimated yearly real estate taxes lien hereby created as a part thereof and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in its priority; but no such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 advances shall be promptly paid deemed to the Tenant and the balance shall be credited on subsequent monthly payments relieve Grantor from any default hereunder or impair any right or remedy consequent thereto. The exercise of the same nature. However, if the total of such monthly payments so made under rights to make advances granted in this paragraph shall be insufficient optional with Beneficiary and not obligatory; and Beneficiary shall not, in any case, be liable to pay Grantor for failure to exercise any such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofright.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Pope Resources LTD Partnership)
Impositions. (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, Impositions shall mean all real estate or personal property taxes, special possessory interest taxes, so-called “linkage payments” made by Landlord with respect to the Building pursuant to that certain Development Impact Project Agreement dated as of June 28, 1985, as amended by that certain First Amendment to Development Impact Project Agreement dated as of May 11, 1988 and as the same may be further amended (provided that if any further amendment increases the amount to be paid by Landlord, such increase shall not constitute an Imposition), or similar charges, business or license taxes or fees, service payments in lieu of such taxes or fees, annual or periodic license or use fees, excises, assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licensesfees or charges, permitsgeneral and special, inspection feesordinary and extraordinary, other governmental charges; and all other charges or burdens unforeseen as well as foreseen, of whatsoever any kind and nature (including costsfees “in-lieu” of any such tax or assessment) payable over the longest permitted period (provided no extra costs are incurred as a result thereof), feeswhich are assessed, and expenses of complying with levied, charged, confirmed or imposed by any restrictive covenants public authority upon the Land, the Building, its operations or similar agreements to which the Premises are subject incurred Rent (or any portion or component thereof) including in the useyear paid, occupancyall reasonable fees and costs incurred by Landlord in seeking to obtain an abatement or reduction of, operationor a limit on any increase, leasing in any taxes, regardless of whether any abatement, reduction or possession limitation is obtained, but excluding (i) inheritance or estate taxes imposed upon or assessed against the Building, or any part thereof or interest therein, (ii) taxes computed upon the basis of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable Building by Landlord or the owner of any interest therein, (iii) that portion of the items enumerated in respect this Section which is allocable to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name Commercial Section or by whatever name hereafter called, and whether any the Parking Section of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, Building and (iv) any involuntary payments which at any time during the Term Landlord may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated agree to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) Building after the date hereof. Attached hereto as Exhibit J is an itemization of the known or estimated yearly real estate taxes Impositions for 1991 and assessmentsthe respective amounts thereof, next payable with respect on an annualized basis, which currently relate to the PremisesBuilding. From time Landlord represents that it is not aware of any other Impositions affecting the Building as of the date hereof; however, Landlord and Tenant acknowledge that said itemization of Impositions may change during the Term hereof. Upon the written request of Tenant, Landlord will either (x) institute such proceedings as it may, in its reasonable business judgment, consider appropriate to timeseek an abatement of the Impositions, after or (y) permit Tenant to institute such proceedings as it may, in its reasonable business judgment, consider appropriate to seek an abatement of the Impositions, provided that if Landlord reasonably believes that there is not a default hereunderreasonable probability of success (without regard to the impact of such proceedings upon any building other than the Building), Landlord may re-estimate the amount of real estate taxes and assessments, and in refuse to permit Tenant to institute any such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofproceedings.
Appears in 1 contract
Sources: Lease (Houghton Mifflin Co)
Impositions. As utilized herein "IMPOSITIONS" shall mean all taxes (a) Tenant covenants and agrees to pay, during the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all real estate including personal property taxes, special if any) assessments, utility bills referred to in Para▇▇▇▇▇ ▇water and sewer rents, ▇▇▇▇▇▇ ▇▇▇htingrates and charges, excise charges for public utilities, excises, levies, licenses, permits, inspection fees, license and permit fees and other governmental charges; , general and all other charges or burdens special, ordinary and extraordinary, foreseen and unforeseen, of whatsoever any kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, whatsoever which at any time during the Term hereof may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied levied, confirmed, imposed upon, or imposed upon become due and payable out of or in respect of, or become a lien upon on, the Premises and which are payable during the Term, Land or Building or any portion thereofpart thereof or any appurtenances thereto, any use or occupation of the Land or Building (including sales taxes on lease payments) or such franchises as may be appurtenant to the use of the Land or Building; provided, however, that if by law that, nothing herein contained shall require Tenant to pay municipal, state or federal income taxes assessed against Landlord, municipal, state or federal capital levy, estate, succession, inheritance or transfer taxes of Landlord, or corporation franchise taxes imposed upon any special assessment is payable or, at the option corporate owner of the party obligated to make such paymentLand; provided further, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment)however, Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, that if at any time during the Term, any method Term the methods of taxation prevailing at the execution date of this Lease shall be such that there shall be altered so as to cause the whole or any part of the taxes, assessments, or other Impositions or charges now levied, assessed or imposed on the LandlordLand and the Building thereon, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion in lieu thereof, to be levied, assessed and imposed, wholly or partially as a capital levy, gross receipts tax or other tax otherwise, on the rents received therefrom, or a franchise if any such tax, or an assessment, gross levy (including but not limited to any municipal, county, state or charge federal levy), Imposition or charge, or any part thereof, shall be measured by or be based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay Land and discharge the same, it being the intention Building and shall be imposed upon Landlord in lieu of the parties hereto that methods of taxation prevailing at the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge date of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or the execution of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord all such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph levies, Impositions or charges, or the part thereof to the extent that they are so measured or based, shall be considered as performance of such obligation under deemed to be included within the provisions of Paragraph 9(a) term Impositions for the purposes hereof.
Appears in 1 contract
Sources: Lease Agreement (Tenera Inc)
Impositions. (a) Tenant covenants and agrees to The Lessee shall pay, during and indemnify and hold the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofLessor harmless from and against, all real estate taxesImpositions, special assessmentswhich may now or hereafter be imposed upon or with respect to any of: (i) the ownership, utility bills referred to in Para▇▇▇▇▇ ▇leasing, ▇▇▇▇▇▇ ▇▇▇htingsale, excise leviespossession, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancypurchase, operation, leasing transfer of title, return or possession other disposition of the Premises Equipment; (excluding ii) the rental, receipts or earnings arising therefrom; (iii) this Master Lease or any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that Operative Documents, or (iv) any tax on the net income derived from the Fixed Rent payable in respect payment made pursuant to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or specialotherwise with respect to any of the transactions contemplated thereunder or upon any filing and/or recordation of the foregoing, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable for any period of time during which this Master Lease is in effect, whether payable by the TermLessor or the Lessee under Applicable Law, or including but not limited to (x) Impositions imposed on the purchase of the Equipment by the Lessor and the rental payments under this Master Lease, (y) personal property Impositions on the Equipment, and (z) Taxes imposed on any portion thereof; provided, however, that if by law any special assessment is payable or, sale of the Equipment pursuant to this Master Lease. The Lessee shall furnish to the Lessor evidence of the payment of such Impositions at the option time paid by the Lessee, and shall provide the Lessor immediately upon receipt with a copy of all bills for such Impositions. If the party obligated Lessee fails to make such paymentpay any said Impositions, may the Lessor shall have the right, but shall not be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment)obligated, Tenant may to pay the same, together in which event the cost thereof shall be repayable to the Lessor on demand. The Lessee's obligations hereunder shall survive and continue after the expiration, cancellation or termination of the Lease Term as to those Impositions and any related expenses incurred or accrued (or attributable to events occurring) during such Lease Term, or until the Equipment is returned to the Lessor in accordance with this Master Lease (if later). If any interest accrued on taxing authority makes a claim against the unpaid balance of Lessor which, if successful, would require the Lessee to indemnify the Lessor under this Section 19.2, the Lessee shall have the right in good faith to ------------ contest such special assessment in installments as claim provided that the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for Lessor is protected from the nonpayment consequences of any such installment and contest in a manner satisfactory to the interest thereonLessor. Tenant The foregoing contest right shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon not relieve the Premises, or Lessee of any portion thereof, which are due and payable during the Term. At the end of the Term of the its obligations under this Master Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for The Impositions and the indemnification obligations of the Lessee hereunder shall expressly include and cover, without limitation, all Taxes arising as a result of this Master Lease and/or the ownership by Lessor of the Equipment which are based on net or gross income or net or gross receipts of any tax on the net income derived from the Fixed Rentperson, if at any time during the Termcorporation, or other entity, including, without limitation, any method of taxation shall be such that there shall be leviedUnited States federal or state income tax, assessed any capital gains Taxes, any excess profits or imposed on the Landlord, conduct or on the Fixed Rent or Additional Rent, or on the Premisesbusiness Taxes, or any portion thereof, a capital levy, gross receipts tax withholdings or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Leasewithholding Taxes.
(c) Tenant covenants The Lessee will, where permitted to furnish Landlorddo so under applicable rules and regulations, within thirty (30) days after the date upon which any Imposition make and timely file such reports and returns, including exemption certificates or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable affidavits with respect to any sales, use or other Imposition, in such manner as to show the Premises in monthly payments equal to one-twelfth (1/12) Lessee and not the Lessor as the owner of the known or estimated yearly real estate taxes Equipment, and assessments, next payable with respect as shall be satisfactory to the Premises. From time to timeLessor or, after a default hereunderwhere not so permitted, Landlord may re-estimate will notify the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, Lessor of such re-estimate requirement and fix future monthly installments will prepare and deliver such reports or returns to the Lessor for the remaining period filing within a reasonable time prior to the next tax time such reports are to be filed. All costs and assessment due date in an amount sufficient to pay the re-estimated amount over the balance expenses (including reasonable legal and accountants, fees and disbursements) of preparing any such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 report or returns shall be promptly paid to borne by the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofLessee.
Appears in 1 contract
Sources: Master Equipment Lease and Security Agreement (Mail Well Inc)
Impositions. (a) Tenant covenants and agrees to Lessee shall pay, during not later than the Term, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereofdate due, all real estate taxes, special any payments in lieu of real estate taxes pursuant to Section 4.3 of the Lease (the "PILOT Payments"), personal property taxes (if any), assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rates and sewer rents, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection license fees, all charges which may be imposed for the use of vaults, chutes, areas and other governmental charges; space beyond the lot line and all other charges abutting the public sidewalks in front of or burdens of whatsoever kind and nature (including costs, feesadjoining the Land, and expenses of complying with any restrictive covenants or similar agreements to other amounts which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall could be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon or against the Premises and which are payable during the Term, Property or any portion thereof; providedpart thereof (collectively, howeverthe "Impositions"). During the continuance of any Event ----------- of Default (as such term is defined in Paragraph 19), that if upon demand by law Mortgagee, ------------ Lessee will pay the whole of any special assessment is payable or, at the option of the party obligated to make such payment, (an "Assessment") for local ---------- improvements which may be paid payable in installments, notwithstanding that such installments (whether or may not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during at the Termtime of such demand. At the end of the Term of the Lease, Tenant's obligation Lessee shall deliver to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish LandlordMortgagee, within thirty (30) days after the due date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive each payment of any Imposition may be relied upon by Landlord as sufficient evidence that or Assessment, receipts evidencing such Imposition, is due and unpaid at the time payment or other proof of making or issuance of such certificate, advice or billpayment satisfactory to Mortgagee.
(db) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under Notwithstanding the provisions of Paragraph 9(a6(a), Lessee shall -------------- have the right, provided no Event of Default shall exist hereunder, to contest in good faith by appropriate legal proceedings, after notice to, but without cost or expense to, Mortgagee, the amount or validity of any of the Impositions and to postpone the payment of same, provided that: (i) hereof.such contest shall operate to prevent the collection thereof or other realization thereon, the sale of the lien thereof, and the sale or forfeiture of the Property or any part thereof; (ii) such contest shall be promptly and diligently prosecuted by and at the expense of Mortgagor;
Appears in 1 contract
Impositions. (a) A. Tenant covenants and agrees to pay, pay during the Termterm of this Lease, as Additional Rent, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, all impositions described herein that accrue on or after the Commencement Date, which include without limitation, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water rates and charges, ▇▇▇▇▇▇ ▇▇▇htingsewer rates and charges, including any sum or sums payable for future sewer or water capacity increases, charges for public utilities, street lighting, excise levies, licenses, permits, inspection fees, other governmental charges; , and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Demised Premises are subject subject), incurred in the use, occupancy, ownership, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord)Demised Premises, without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseenunforeseen (all of which are sometimes herein referred to as Impositions"), which at any time during the Term term may have been or may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or levied, confirmed, imposed upon upon, or become a lien upon the Premises and which are payable during the Term, or any portion thereof; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Demised Premises, or any portion thereof, which are due or any appurtenance thereto, rents or income therefrom, and payable during such easements or rights as may now or hereafter be appurtenant or appertain to the Term. At the end use of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveDemised Premises.
(b) Except for any tax on the net income derived from the Fixed RentB. If, if at any time during the Termterm of this Lease, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Basic Rent or Additional Rent, or on the Demised Premises or on the value of the Demised Premises, or any portion thereof, a capital levy, sales or use tax, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rentsrents or value, Tenant, to the extent permitted by law, Tenant covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, whatsoever foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, kind or description, except as in this Lease otherwise expressly provided provided. Nothing in this LeaseLease contained shall require Tenant to pay any municipal, state or federal net income or excess profits taxes assessed against Landlord, or any municipal, state or federal capital levy, estate succession, inheritance or transfer taxes of Landlord, or corporation franchise taxes imposed upon any corporate owner of the fee of the Demised Premises.
(c) C. Tenant covenants to furnish Landlord, within thirty (30) 30 days after the date upon which any Imposition or other tax, tax assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ of the appropriate official designated by law to make or issue the ▇▇▇ same or to receive payment of any Imposition or other tax, assessment, levy or charge may be relied upon by Landlord as sufficient evidence that such ImpositionImposition or other tax, assessment, levy or charge is due and unpaid at the time of the making or issuance of such certificate, advice or bill, unless Tenant provides Landlord with evidence to the contrary.
D. At Landlord's written demand after any Event of Default (das defined in Section 20 hereinafter) Upon and for as long as such Event of Default is uncured, or upon the occurrence request of any Mortgagee of the Demised Premises, (but only after an Event of Default and after the conclusion of any cure period following an for as long as such Event of Default hereunder, is uncured) Tenant shall pay to Landlord, at Landlord's written demand, Landlord the known or estimated yearly real estate taxes and assessments, assessments payable with respect to the Demised Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, assessments next payable with respect to the Demised Premises. From time to time, after a default hereunder, time Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section Paragraph 16D shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, ; but if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made .
E. Tenant shall have the right at its own expense to contest the amount or validity, in whole or in part, of any Imposition by appropriate proceedings diligently conducted in good faith, but only after Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to provides Landlord and Tenantor the Mortgagee reasonable security, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by or Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance makes payment of such obligation Imposition, unless such payment, or a payment thereof under protest, would operate as a bar to such contest or interfere materially with the prosecution thereof, in which event, notwithstanding the provisions of Paragraph 9(a16A hereof Tenant may postpone or defer payment of such Imposition if neither the Demised Premises nor any portion thereof would, by reason of such postponement or deferment, be in danger of being forfeited or lost, and (b) hereofTenant is not then in Material Breach of this Lease. Upon the termination of any such proceedings, Tenant shall pay the amount of such Imposition or part thereof, if any, as finally determined in such proceedings, the payment of which may have been deferred during the prosecution of such proceedings, together with any costs, fees, including attorney's fees, interest, penalties, fines and other liability in connection therewith, and upon such payment Landlord shall return all amounts or certificates deposited with it with respect to the contest of such Imposition, as aforesaid, or, at the written direction of Tenant, Landlord shall make such payment out of the funds on deposit with Landlord and the balance, if any, shall be returned to Tenant. Tenant shall be entitled to the refund of any Imposition, penalty, fine and interest thereon received by Landlord which have been paid by Tenant or which have been paid by Landlord but for which Landlord has been previously reimbursed in full by Tenant. Landlord shall not be required to join in any proceedings referred to in this Paragraph 16E unless the provisions of any law, rule or regulation at the time in effect shall require that such proceedings be brought by or in the name of Landlord, in which event Landlord shall join in such proceedings or permit the same ________ brought in Landlord's name upon compliance with such conditions as Landlord may reasonably require. Landlord shall not ultimately be subject to any liability for the payment of any fees, including attorney's fees, costs and expenses in connection with such proceedings. Tenant agrees to pay all such fees (including reasonable attorney's fees), costs and expenses or, on demand, to make reimbursement to Landlord for such payment. If Landlord is provided a certificate of deposit or other interest bearing instrument as security for the payment of the contested Imposition, during the time when any such certificate of deposit or other interest bearing instrument is on deposit with Landlord, and prior to the time when the same is returned to Tenant or applied against the payment, removal or discharge of Impositions, as above provided, Tenant shall be entitled to receive all interest paid thereon, if any. Cash deposits shall not bear interest.
Appears in 1 contract
Sources: Sublease (R2 Technology Inc)
Impositions. Tenant shall pay or cause to be paid (a) Tenant covenants and agrees to pay, during the Term, except as Additional Rentin Section 3.03 hereof provided), before any fine, penalty, interest or cost may be added thereto for the nonpayment non-payment thereof, all real estate taxes, general and/or special assessments, utility bills referred to in Para▇▇▇▇▇ ▇water, ▇▇▇▇▇▇ ▇▇▇htingfire line, excise steam and sewer rents, fees, rates and charges, levies, licenses, permits, inspection fees, license and permit fees and all other governmental charges; , general and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or and extraordinary, foreseen or unforeseen, of any kind and nature whatsoever, which at any time on or after the Commencement Date may be assessed, levied, confirmed, imposed upon, and/or become due and payable during the balance, if any, of the original Term may be payable. Tenant shall pay all special (or similar) assessments any renewal or installments thereof (including interest thereon) for public improvements extension thereof, out of or benefits whichin respect of, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon on, the Premises and which are payable during the TermDemised Premises, or any portion thereofpart thereof or any appurtenance thereto and/or Tenant’s riverboat gaming enterprise (all such taxes, assessments, water, fire line, steam and sewer rents, fees, rates and charges, levies, license and permit fees and other governmental charges being hereinafter referred to as “Impositions”, and any of the same being hereinafter referred to as an “Imposition”); provided, however, that if that
(a) if, by law law, any special assessment is payable orImposition may, at the option of the party obligated to make such paymenttaxpayer, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment)installments, Tenant may pay the samesame in equal installments over the period of time allowed under the terms thereof, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable and before any fineprovided, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. however that Tenant shall pay all real estate taxes, whether heretofore such installments remaining unpaid at the expiration or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end earlier termination of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.this Lease or any properly exercised renewal or extension thereof; and
(b) Except all Impositions for the calendar or tax years in which the Commencement Date occurs and the Term or any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation renewal term ends shall be such apportioned so that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, only those portions thereof which correspond with the known portion of said calendar years as are within the Term and/or any renewal or estimated yearly real estate taxes extension thereof and assessments, are payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereofhereunder.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees Mortgagor shall pay or cause to pay, during the Term, as Additional Rentpaid, before any fine, penalty, interest or cost attaches thereto, all of the Ground Rents and Impositions, including, without limitation, any sales tax due in connection with the Ground Rents, as well as all claims for labor, materials or supplies that, if unpaid, might by law become lien on the Mortgaged Property, and shall submit to Mortgagee such evidence of the due and punctual payment of all such Impositions and claims as may be added thereto for the nonpayment thereof, all real estate taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges or burdens of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect to the Premises imposed required by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseen, which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises and which are payable during the Term, or any portion thereoflaw; provided, however, that if by law any special assessment is payable or, at the option of the party obligated to make such payment, Imposition may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessmentthereof), Tenant Mortgagor may pay the same, same installments (together with any accrued interest accrued on the unpaid balance of such special assessment in installments thereof) as the same respectively become payable and due, before any fine, penalty, interest or cost may be added thereto for the nonpayment of any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premises, or any portion thereof, which are due and payable during the Term. At the end of the Term of the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensiveattaches thereto.
(b) Except for any tax on the net income derived from the Fixed RentMortgagor at its expense may, if at any time during the Termafter prior notice to Mortgagee, any method of taxation shall be such that there shall be leviedcontest by appropriate legal, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax administrative or other tax on proceedings conducted in good faith and with due diligence, the rents received therefromamount or validity or application, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon part, of any Imposition or lien therefor or any claims or mechanics, materialmen, suppliers or vendor or liens thereof, and may withhold payment of the same pending such gross Rents, Tenant, to the extent proceedings if permitted by law, covenants as long as (i) in the case of any Impositions or lien therefor or any claims of mechanics, materialmen, suppliers or vendors or liens thereof, such proceedings shall suspend the collection thereof from the Mortgaged Property, (ii) neither the Mortgage Property nor any part thereof or interest therein will be sold, forfeited or lost if Mortgagor pays the amount or satisfies the condition being contested, and Mortgagor would have the opportunity to pay do so, in the event of Mortgagor's failure to prevail in the contest, (iii) Mortgagee would ▇▇▇, ▇▇ virtue of such permitted contest, be exposed to any risk of any civil liability for which Mortgagor has not furnished additional security as provided in claus▇ (▇▇) ▇▇low, or to any risk of criminal liability, and discharge neither the sameMortgaged Property nor any interest therein would be subject to the imposition of any lien for which Mortgagor has not furnished additional security as provided in claus▇ (▇▇) ▇▇low, it being the intention as a result of the parties hereto that the Fixed Rent failure to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, comply with such law or of any nature, kind, or description, except as otherwise expressly provided such proceeding and (iv) Mortgagor shall have furnished to Mortgagee additional security in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts respect of the appropriate taxing authority, claim being contested or other appropriate proof satisfactory the loss or damage that may result from Mortgagor's failure to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, and prevail in such event Landlord shall notify Tenant, contest in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up ▇▇ ▇▇▇▇▇nably requested by Mortgagee, but in no event less than one hundred twenty-five percent (125%) of the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance amount of such obligation under the provisions of Paragraph 9(a) hereofclaim.
Appears in 1 contract
Impositions. (a) Tenant covenants and agrees to payLessee shall pay all taxes (including, during the Termbut not limited to, as Additional Rentany gross receipts, before any finesales, penalty, interest or cost may be added thereto for the nonpayment thereof, all real estate taxes, use and occupancy taxes, general intangibles taxes and personal property taxes (tangible and intangible), stamp taxes and all voluntary payments that may be paid or payable by Lessee in lieu thereof), assessments (special assessmentsor otherwise), utility bills referred to in Para▇▇▇▇▇ ▇transit taxes, ▇▇▇▇▇▇ ▇▇▇htingcounty taxes, excise excises, levies, licensesimposts, permitsduties, inspection feesvault and other license, rent and permit fees and other municipal and governmental charges; impositions, charges and all other charges or burdens withholdings, general and special, ordinary and extraordinary, unforeseen and of whatsoever any kind and nature (including costswhatsoever, fees, and expenses of complying together with any restrictive covenants or similar agreements penalty, fine, addition to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession of the Premises tax and interest thereon (excluding any income taxes on the Fixed Rent imposed on Landlord, it being the intent of the parties hereto that any tax on the net income derived from the Fixed Rent payable in respect herein sometimes collectively referred to the Premises imposed by any governmental authority shall be paid by Landlord), without particularizing by any known name or by whatever name hereafter called, as "IMPOSITIONS" and whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforeseensame as an "IMPOSITION"), which at any time during the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits whichassessed, during the Term shall be levied, confirmed, charged, laid, assessedimposed upon, levied or imposed upon become due and payable out of or in respect of, or become a lien upon Lien on (i) the Premises and which are payable during Freezer Land or any part thereof, (ii) any appurtenance to the TermFreezer Land, (iii) the construction, financing, ownership, operation, use, condition, maintenance, repair, leasing, or subleasing of the Freezer Land or any portion thereof; provided, however(iv) the Freezer Improvements, that if by law (v) any special assessment is payable or, personal property located at the option Freezer Land, (vi) any rent or other income received by Lessee from subtenants, licensees or other users or occupants of the party obligated Freezer Land or any part thereof or (vii) any occupancy, use or possession of the Freezer Property or any part thereof, or any streets, sidewalks, alleys or vaults, or any part thereof, adjoining the Freezer Land, or any activity conducted thereon or sales or rentals therefrom. Such payments shall be made by Lessee directly to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable applicable authority and before any fine, penalty, interest interest, cost or cost may imposition shall become due or be added thereto for imposed by operation of law. Lessee shall furnish to Lessor and Agent, promptly but in any case within ten (10) Business Days after written request by either Lessor or Agent, proof of the nonpayment payment of any such installment and the interest thereon. Tenant shall pay all real estate taxesImposition which is payable by Lessee and, whether heretofore upon written demand of either Lessor or hereafter levied or assessed upon the PremisesAgent, or any portion thereof, which are due and payable during the Term. At the end proof of the Term filing of the Lease, Tenant's obligation to pay such taxes shall be prorated all returns and other materials required in the event the tax period and the Term are not coextensiveconnection therewith.
(b) Except for any tax on the net income derived from the Fixed RentIf, if at any time during the Termunder Applicable Laws, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured Imposition payable by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to Lessee hereunder may be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoeverin installments, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable by Tenant, official receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the payment of the same. The certificate, advice or bill ▇▇ the appropriate official designated by law to make or issue Lessee may pay the same or to receive payment of any Imposition may be relied upon by Landlord as sufficient evidence that such Imposition, is due and unpaid at the time of making or issuance of such certificate, advice or bill.
(d) Upon the occurrence of an Event of Default and after the conclusion of any cure period following an Event of Default hereunder, Tenant shall pay to Landlord, at Landlord's written demand, the known or estimated yearly real estate taxes and assessments, payable with respect to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, after a default hereunder, Landlord may re-estimate the amount of real estate taxes and assessments, installments and in such event Landlord shall notify Tenant, in writing, of such re-estimate and fix future monthly installments for the remaining period prior to the next tax and assessment due date in an amount sufficient to pay the re-estimated amount over the balance of such period after giving credit for payments made by Tenant on the previous estimate. If the total monthly payments made by Tenant pursuant to this Section shall exceed the amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord each such amount installment as may be necessary to make up become due before the deficiency. All date when such deposits made by Tenant pursuant to this Paragraph 9(d) shall be deposited in a federally insured institution reasonably satisfactory to Landlord and Tenant, and all interest earned thereon shall accrue to the benefit of Tenant. Payment by Tenant of real estate taxes, assessments, under this Paragraph shall be considered as performance of such obligation under the provisions of Paragraph 9(a) hereof.installment would become
Appears in 1 contract
Sources: Lease (O Charleys Inc)
Impositions. (a) Tenant covenants Section 3.1 From and agrees to pay, during after the Commencement Date and throughout the Term, as Additional Rent, before Tenant shall pay and discharge not later than the due date therefor and prior to the date any fine, penalty, interest or cost may be is added thereto for the nonpayment non‑payment thereof, all taxes, assessments, water rents, storm and sewer rents and charges, duties, impositions, license and permit fees, regulatory application fees, assessments payable to any owner’s association or similar entity under an encumbrance and lien existing and of record as of the date of this Lease or thereafter as permitted hereunder, governmental levies and charges, and charges for public utilities of any kind, together with any interest or penalties imposed upon the late payment thereof (except to the extent caused by and/or resulting from the negligence, illegal acts, fraud or willful misconduct of Landlord), which, pursuant to past, present or future Applicable Law, during, prior to or after (but attributable to a period falling prior to or within) the Term, shall have been or shall be levied, charged, assessed, imposed upon or grow or become due and payable out of or for or have become a lien on the Premises or any part thereof, any Buildings or personal property (including, without limitation, Tenant’s Personal Property) in or on the Premises, the Rents and income payable by Tenant (but excluding any tax or assessment on the revenue, profits or income received by Landlord (except in the case of a “rent tax” promulgated in lieu of other real estate or ad valorem taxes, special assessments, utility bills referred to in Para▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇hting, excise levies, licenses, permits, inspection fees, other governmental charges; and all other charges which shall be included as Impositions)) or burdens on account of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises are subject incurred in the use, occupancy, operation, leasing or possession use of the Premises (excluding any income taxes on and such franchises as may be appurtenant to the Fixed Rent imposed on Landlord, it being the intent use and occupation of the parties hereto that Premises as well as any tax on the net income derived from the Fixed Rent payable in respect to the Premises provider, bed, sales, use, excise, commercial rent, tangible personal property and similar taxes imposed by any governmental authority shall be paid Governmental Authority or improvement district in connection with the use or operation by Landlord)Tenant of the Premises, without particularizing by any known name or by whatever name hereafter calledFacility, and whether Tenant’s Personal Property, and any interest and penalties assessed in connection therewith as a result of late payment or non‑payment of any of the foregoing be general (except to the extent resulting from the negligence, illegal acts, fraud or special, ordinary willful misconduct of Landlord) or extraordinary, foreseen late filing or unforeseen, which at non‑filing of any time during tax returns or reports due in connection therewith (each of the Term may be payable. Tenant shall pay all special (or similar) assessments or installments thereof (including interest thereon) for public improvements or benefits which, during the Term shall be laid, assessed, levied or imposed upon or become a lien upon the Premises foregoing being an “Imposition” and which are payable during the Term, or any portion thereofcollectively “Impositions”); provided, however, that if by law Tenant’s obligation hereunder with respect to the payment of all regularly assessed ad valorem real estate taxes and assessments (“Real Estate Taxes”) shall be subject to the terms and provisions of Section 3.5 hereof (pursuant to which Landlord or Mortgagee shall make such payments and shall be responsible for all fines, penalties, interest and costs arising out of late payment or nonpayment thereof (a) provided that Tenant made such funds available to Landlord for payment as and when required hereunder, and/or (b) except to the extent such fines, penalties, interest and costs arise as a result of a Default or an Event of Default). Notwithstanding anything herein to the contrary, Tenant shall not be obligated to pay (and Landlord or Mortgagee shall not pay from the Imposition Reserve Fund) any special assessment is franchise, excise, corporate, estate, inheritance, succession or capital levy or tax of Landlord, any intangibles or transfer tax payable or, at the option with respect to any mortgage required pursuant to any refinancing or any deed pursuant to a sale or other transfer of the party obligated to make such payment, may be paid in installments (whether or not interest shall accrue on the unpaid balance of such special assessment), Tenant may pay the same, together with any interest accrued on the unpaid balance of such special assessment in installments as the same respectively become payable Premises by and before any fine, penalty, interest or cost may be added thereto for the nonpayment benefit of Landlord (except for transfers to or from Tenant, an Operating Subtenant or any such installment and the interest thereon. Tenant shall pay all real estate taxes, whether heretofore or hereafter levied or assessed upon the Premisesof their Affiliates), or any portion thereofincome, which are due profits or revenue tax upon the income of Landlord (except in the case of a “rent tax” promulgated in lieu of other real estate or ad valorem taxes), and payable during the Term. At the end none of the Term of foregoing shall constitute an Imposition for purposes hereof. In addition, no Imposition created in writing by Landlord without the Lease, Tenant's obligation to pay such taxes shall be prorated in the event the tax period and the Term are not coextensive.
(b) Except for any tax on the net income derived from the Fixed Rent, if at any time during the Term, any method of taxation shall be such that there shall be levied, assessed or imposed on the Landlord, or on the Fixed Rent or Additional Rent, or on the Premises, or any portion thereof, a capital levy, gross receipts tax or other tax on the rents received therefrom, or a franchise tax, or an assessment, gross levy or charge measured by or based in whole or in part upon such gross Rents, Tenant, to the extent permitted by law, covenants to pay and discharge the same, it being the intention of the parties hereto that the Fixed Rent to be paid hereunder shall be paid to Landlord absolutely net without deduction or charge of any nature whatsoever, foreseeable or unforeseeable, ordinary or extraordinary, or of any nature, kind, or description, except as otherwise expressly provided in this Lease.
(c) Tenant covenants to furnish Landlord, within thirty (30) days after the date upon which any Imposition or other tax, assessment, levy or charge is payable prior written consent by Tenant, official not to be unreasonably withheld, conditioned or delayed, shall constitute an Imposition for purposes hereof. The foregoing exclusions shall not include any nursing home privilege, bed taxes or similar taxes on the business operations at the Facilities, which shall be the responsibility of Tenant. Tenant, upon request from Landlord, shall submit to Landlord the proper and sufficient receipts of the appropriate taxing authority, or other appropriate proof satisfactory to Landlord, evidencing the evidence of payment and discharge of the same; provided, however, Tenant shall not be required to furnish such receipts or other evidence for payment with respect to Real Estate Taxes or with respect to Impositions that are being contested in accordance with Section 3.2. The certificate, advice advice, or bill ▇▇▇▇ of non‑payment of any Imposition from the appropriate official designated by law Applicable Law to make or issue the same or to receive payment of any Imposition may shall be relied upon by Landlord as sufficient prima facie evidence that such Imposition, Imposition is due and unpaid at the time of the making or issuance of such certificate, advice advice, or bill▇▇▇▇ of non‑payment. If any Impositions are not paid when due from Tenant under this Lease (other than Real Estate Taxes), Landlord shall have the right, but shall not be obligated, to pay the same following written notice to Tenant of such payment, provided Tenant is not contesting the same pursuant to a right to do so herein. If Landlord shall make such payment, Landlord shall thereupon be entitled to repayment by Tenant as Supplementary Rent hereunder.
(d) Upon Section 3.2 Tenant shall have the occurrence of an Event of Default right to protest and after contest any Impositions imposed against the conclusion Premises or any part thereof. If Tenant so elects to contest, Tenant shall, prior to the prosecution or defense of any cure period following an Event such claim, notify Landlord in writing of Default hereunderits decision to pursue such contest and, to the extent procedurally required, or as necessary to prevent jeopardizing any license, permit or certification, including, without limitation, any Health Care License or Medicare and Medicaid certifications under Titles XVIII and XIX of the Social Security Act of 1935, as amended, because of nonpayment thereof, Tenant shall pay the amount in question prior to delinquency. Tenant’s right to contest is conditioned upon the following: (a) such contest is done at Tenant’s sole cost and expense, (b) nonpayment will not subject the Premises or any part thereof to sale or other material liability by reason of such nonpayment, (c) such contest shall not subject Landlord or any Mortgagee to the risk of any criminal or civil liability, and (d) Tenant shall provide such security as may reasonably be required by Landlord or any Mortgagee or under the terms of any Mortgage or any loan documents in connection therewith to ensure payment of such contested Impositions to the extent not paid prior to delinquency. Upon request, Tenant shall keep Landlord advised as to the status of such contest. Subject to the provisions of clauses (a) through (d), above, Landlord agrees to execute and deliver to Tenant any and all documents reasonably acceptable to Landlord and otherwise required for such purpose, and to cooperate with Tenant in every reasonable respect in such contest, but without any cost or expense to Landlord. If Landlord should actually receive proceeds of any such contest, then to the extent relating to any amounts previously paid by Tenant at any time before or during the Term, then Landlord shall remit the same to Tenant. If Landlord owns the fee interest in the Premises, then at the request of Landlord, Tenant may (or at Tenant’s own initiative subject to the provisions of clauses (a) through (d), above, Tenant may) elect to take commercially reasonable steps to file and enforce tax certiorari proceedings or tax appeals to reduce tax affecting the Premises, all at Tenant’s own expense (except to the extent taken at Landlord's written demand’s request); provided, the known or estimated yearly real estate taxes and assessmentshowever, payable with respect that if Tenant shall decline to the Premises in monthly payments equal to one-twelfth (1/12) of the known or estimated yearly real estate taxes and assessments, next payable with respect to the Premises. From time to time, take such steps after a default hereunderrequest by Landlord, Landlord may re-estimate take such steps at Landlord’s own expense and, in the event Landlord is successful in reducing the tax affecting the Premises, Tenant shall reimburse such expenses to Landlord to the extent of the amount of real estate the reduction in taxes for the first year in which the lower amount of taxes are paid, within thirty (30) days of Landlord’s written demand therefor.
Section 3.3 To the extent permitted by Applicable Law, Tenant shall have the right to apply for the conversion of any Impositions to make the same payable in installments over a period of years. Tenant shall pay all such installments prior to delinquency, except to the extent such installments relate in part to any fiscal period after the Expiration Date (any interest, fees, premiums, penalties or other amounts payable as a result of converting to installment payments shall be deemed an Imposition hereunder and assessmentspayable by Tenant in accordance with the terms of this Lease); provided, however, that all Impositions relating to a fiscal period of the taxing authority which commences before and extends beyond the Expiration Date, or relating to any special assessment for physical improvements with a useful life that commences before and extends beyond the Expiration Date, shall (whether or not such Impositions shall be assessed, levied, confirmed, imposed or become payable, during the Term) be prorated between Landlord and Tenant as of the Expiration Date, so that Landlord shall pay at its own expense (and not from the Imposition Reserve Fund) that portion of such Impositions which relate to that part of such fiscal period included in the period of time after the Expiration Date, and in such event Tenant shall pay the remainder thereof (which amount Landlord shall notify Tenantbe entitled to withdraw from the Imposition Reserve Fund to the extent funds are available therein).
Section 3.4 [Intentionally Omitted.]
Section 3.5 Upon request by Landlord, in writing, Tenant shall: (a) deposit with Landlord or Mortgagee on or before the first day of such re-estimate and fix future monthly installments for each month of the remaining period Term until thirty (30) days prior to the date when the next installment of Real Estate Taxes is due to the authority or other Person to whom the same is paid, an amount equal to said next installment of Real Estate Taxes divided by the number of months over which such deposits are to be made; and (b) thereafter during the Term deposit with Landlord or Mortgagee an amount each month to create a fund (“Imposition Reserve Fund”) which, as each succeeding installment of Real Estate Taxes becomes due, will be sufficient, thirty (30) days prior to such due date, to pay such installment in full based on the then outstanding tax and assessment bills, as increased by the amount of any reasonably foreseen increases as reasonably estimated by Landlord to be adequate, or as otherwise required by any Mortgagee. Landlord or Mortgagee shall use reasonable efforts to cause the monthly deposits to be equal in amount, but neither of them shall be liable in the event that such required deposits are unequal. If at any time the amount of any Real Estate Tax is increased, said monthly deposits shall be increased within thirty (30) days after written demand by Landlord or Mortgagee so that, thirty (30) days prior to the due date in an amount for each installment of Real Estate Taxes, there will be deposits on hand with Landlord or Mortgagee sufficient to pay such installments in full. To the re-estimated amount over extent permitted by Applicable Law, Landlord or Mortgagee shall not be required to deposit any such amounts in an interest‑bearing account. For the purpose of determining whether Landlord or Mortgagee has on hand sufficient moneys to pay any particular Real Estate Tax at least thirty (30) days prior to the due date therefor, deposits for each category of Real Estate Tax shall be treated separately, it being the intention that Landlord shall not be obligated to use moneys deposited for the payment of an item not yet due and payable to the payment of an item that is due and payable. Notwithstanding the foregoing, it is understood and agreed that (i) to the extent permitted by Applicable Law, deposits provided for hereunder may be held by Landlord or its Affiliate or Mortgagee in a single bank account and commingled with other funds of Landlord or Mortgagee, and (ii) Landlord or Mortgagee, may, if Tenant fails to make any deposit required hereunder, use deposits made for any one item for the payment of the same or any other item of Rent. If this Lease shall be terminated by reason of any Event of Default, all deposits then held by Landlord shall be applied by Landlord on account of any and all sums due under this Lease; if there is a resulting deficiency, Tenant shall pay the same, and if there is a surplus, or if this Lease expires on the Expiration Date and no Default or Event of Default is occurring, Tenant shall be entitled to a refund of the surplus or remaining balance of the Imposition Reserve Fund to the extent the same was actually paid by Tenant. Tenant acknowledges and agrees that no deficiency or lack of funds in the Imposition Reserve Fund shall relieve Tenant of its obligation to pay all Impositions as required under this Lease. Upon thirty (30) days’ prior written request of Tenant, and provided the same is permitted by the Mortgage Loan Documents, Landlord (if such period after giving credit for funds are held by Landlord) or Mortgagee shall apply the funds in the Imposition Reserve Fund to payments made by Tenant on the previous estimate. If the total monthly payments of Real Estate Taxes required to be made by Tenant pursuant to this Section shall exceed 3.1 hereof. Subject to Section 3.2 hereof, Landlord or Mortgagee may apply the full amount of payments necessary for said taxes and assessments, such excess over $1,000.00 shall be promptly paid the Imposition Reserve Fund to the Tenant and the balance shall be credited on subsequent monthly payments of the same nature. However, if the total of such monthly payments so made under this paragraph shall Real Estate Taxes required to be insufficient to pay such taxes and assessments when due, then Tenant shall pay to Landlord such amount as may be necessary to make up the deficiency. All such deposits made by Tenant pursuant to this Paragraph 9(d) Section 3.1 hereof. In making any payment relating to the Imposition Reserve Fund, Landlord or Mortgagee may do so according to any ▇▇▇▇, statement or estimate procured from the appropriate public office or provided by Tenant without inquiry into the accuracy of such ▇▇▇▇, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. Notwithstanding the foregoing, the parties hereby acknowledge and agree that Tenant shall be deposited deemed to have satisfied the requirements set forth in a federally insured institution reasonably satisfactory this Section 3.5 to the extent Tenant shall have complied with any substantially similar Mortgagee requirements, provided that if, subject to and as permitted by the terms of this Section 3.5, Landlord’s requirements are greater than Mortgagee’s, then upon written notice and request by Landlord, Tenant shall deposit such additional amounts with Landlord so as to satisfy such greater requirements.
Section 3.6 If Landlord ceases to have any interest in the Premises, Landlord shall transfer to the Person who owns or acquires such interest in the Premises from Landlord and Tenantis the transferee of this Lease, the deposits made pursuant to Section 3.5 hereof relating to the Premises covered by this Lease (the “Imposition Reserve Fund Deposits”), subject, however, to the provisions thereof. Upon such transfer of the Premises and the Imposition Reserve Fund Deposits, the transferee shall expressly accept such assignment of funds and agree to be bound hereby, and thereupon transferor and its Affiliates shall be deemed to be released from all interest earned thereon shall accrue liability with respect thereto and Tenant agrees to look to the benefit of Tenant. Payment by Tenant of real estate taxestransferee solely with respect thereto, assessments, under this Paragraph shall be considered as performance of such obligation under and the provisions hereof shall apply to each successive transfer of Paragraph 9(a) hereofthe said Imposition Reserve Fund Deposits.
Section 3.7 The provisions of this Article 3 shall survive the expiration or earlier termination of this Lease.
Appears in 1 contract
Sources: Master Lease (Griffin-American Healthcare REIT IV, Inc.)