Common use of Other Governmental Charges and Utility Charges Clause in Contracts

Other Governmental Charges and Utility Charges. In the event that the Ground Lease Term extends beyond the date of termination of the Master Lease and in the event that the Series 2024 Property or any portion thereof shall, for any reason, be deemed subject to taxation, assessments or charges lawfully made by any governmental body which may be secured by a lien against the Series 2024 Property, the Authority shall pay an amount equal to the amount of all such taxes, assessments and governmental charges then due. With respect to special assessments or other governmental charges which may be lawfully paid in installments over a period of years, the Authority shall be obligated to pay such amounts only for such installments as are required to be paid during the Ground Lease Term. In the event that the Ground Lease Term extends beyond the date of termination of the Master Lease, the Authority shall also pay as the same respectively become due, all gas, water, steam, electricity, heat, power, telephone, utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Series 2024 Property. The Authority may, at the expense and in the name of the Authority, in good faith contest any such taxes, assessments, utility and other charges and, in the event of any such contest, may permit the taxes, assessments or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. In the event that the Authority shall fail to pay any of the foregoing items required by this Section 9.2 to be paid by the Authority, the Board may (but shall be under no obligation to) pay the same, which amounts, together with interest thereon at the rate of ten percent (10%) per annum, the Authority agrees to pay. CONDEMNATION; DESTRUCTION If during the Ground Lease Term, title to, or the temporary or permanent use of the Series 2024 Property or any portion thereof shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, the Authority and the Board shall cooperate in the collection and disposition of the proceeds of condemnation such that the net proceeds of such condemnation allocable to the Series 2024 Project and to the Authority’s leasehold interest in the Series 2024 Property created hereunder shall be deposited and utilized by the Trustee in accordance with the provisions of the Master Lease and the Indenture and the net proceeds of such condemnation allocable solely to the Board’s reversionary interest in the Series 2024 Property will be payable to the Board. Except as otherwise provided in the Master Lease, if during the Ground Lease Term, the Series 2024 Project or any material portion thereof, shall be destroyed (in whole or in part), or damaged by fire or other casualty, the Net Proceeds of any insurance policy shall be deposited and utilized by the Trustee in accordance with the provisions of the Master Lease and the Indenture. DISCLAIMER OF WARRANTIES; COMPLIANCE WITH LAWS AND RULES; OTHER COVENANTS

Appears in 2 contracts

Samples: Ground Lease Agreement, Ground Lease Agreement

AutoNDA by SimpleDocs

Other Governmental Charges and Utility Charges. In The Board and the event Company acknowledge (a) that the Ground Lease Term extends beyond the date of termination under present law no part of the Master Lease and in Project owned by the event that the Series 2024 Property or any portion thereof shall, for any reason, Board will be deemed subject to ad valorem taxation by the State of Alabama or by any political or taxing subdivision thereof and that under present law the income and profits (if any) of the Board from the Project are, not subject to either Federal or Alabama taxation, assessments or charges lawfully made by any governmental body which may be secured by a lien against and (b) that these factors, among others, induce the Series 2024 PropertyCompany to enter into this Lease Agreement. However, the Authority shall pay an amount equal to the amount of all such taxesCompany will pay, assessments and governmental charges then due. With respect to special assessments or other governmental charges which may be lawfully paid in installments over a period of years, the Authority shall be obligated to pay such amounts only for such installments as are required to be paid during the Ground Lease Term. In the event that the Ground Lease Term extends beyond the date of termination of the Master Lease, the Authority shall also pay as the same respectively become due, all gastaxes and governmental charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Project or any machinery, waterequipment or other property installed or brought by the Company therein or thereon (including, steamwithout limiting the generality of the foregoing, electricityany taxes levied upon or with respect to the income or profits of the Board from the Project which, heatif not paid, powerwill become a lien on the Project prior to the lien of the Mortgage or a charge on the revenues and receipts therefrom prior to the charge thereon and pledge or assignment thereof to be created and made in the Mortgage), telephone, all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Series 2024 PropertyProject, and all assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on the Project; provided, that with respect to special assessments or other governmental charges that may lawfully be paid in installments over a period of years, the Company shall be obligated to pay only such installments as are required to be paid during the term hereof. The Authority foregoing provisions of this section shall be effective only so long as any part of the principal of or the interest on the Bonds remains outstanding and unpaid. The Company may, at the its own expense and in its own name and behalf or in the name and behalf of the AuthorityBoard, in good faith contest any such taxes, assessments, utility assessments and other charges and, in the event of any such contest, may permit the taxes, assessments or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. In therefrom unless by such action the event that the Authority shall fail to pay any title of the foregoing items required by this Section 9.2 Board to be paid by any part of the Authority, the Board may (but Project shall be under no obligation to) pay the same, which amounts, together with interest thereon at the rate of ten percent (10%) per annum, the Authority agrees to pay. CONDEMNATION; DESTRUCTION If during the Ground Lease Term, title to, materially endangered or the temporary or permanent use of the Series 2024 Property or any portion thereof shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, the Authority and the Board shall cooperate in the collection and disposition of the proceeds of condemnation such that the net proceeds of such condemnation allocable to the Series 2024 Project and to the Authority’s leasehold interest in the Series 2024 Property created hereunder shall be deposited and utilized by the Trustee in accordance with the provisions of the Master Lease and the Indenture and the net proceeds of such condemnation allocable solely to the Board’s reversionary interest in the Series 2024 Property will be payable to the Board. Except as otherwise provided in the Master Lease, if during the Ground Lease Term, the Series 2024 Project or any material portion thereofpart thereof shall become subject to loss or forfeiture, in which event such taxes, assessments or charges shall be destroyed (in whole or in part), or damaged by fire or other casualty, the Net Proceeds of any insurance policy shall be deposited and utilized by the Trustee in accordance paid prior to becoming delinquent. The Board will cooperate fully with the provisions of the Master Lease and the Indenture. DISCLAIMER OF WARRANTIES; COMPLIANCE WITH LAWS AND RULES; OTHER COVENANTSCompany in any such contest.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Quanex Corp)

AutoNDA by SimpleDocs

Other Governmental Charges and Utility Charges. In the event that the Ground Lease Term extends beyond the date of termination of the Master Lease and in the event that the Series 2024 2021 Property or any portion thereof shall, for any reason, be deemed subject to taxation, assessments or charges lawfully made by any governmental body which may be secured by a lien against the Series 2024 2021 Property, the Authority shall pay an amount equal to the amount of all such taxes, assessments and governmental charges then due. With respect to special assessments or other governmental charges which may be lawfully paid in installments over a period of years, the Authority shall be obligated to pay such amounts only for such installments as are required to be paid during the Ground Lease Term. In the event that the Ground Lease Term extends beyond the date of termination of the Master Lease, the Authority shall also pay as the same respectively become due, all gas, water, steam, electricity, heat, power, telephone, utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Series 2024 2021 Property. The Authority may, at the expense and in the name of the Authority, in good faith contest any such taxes, assessments, utility and other charges and, in the event of any such contest, may permit the taxes, assessments or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom. In the event that the Authority shall fail to pay any of the foregoing items required by this Section 9.2 to be paid by the Authority, the Board may (but shall be under no obligation to) pay the same, which amounts, together with interest thereon at the rate of ten percent (10%) per annum, the Authority agrees to pay. CONDEMNATION; DESTRUCTION If during the Ground Lease Term, title to, or the temporary or permanent use of the Series 2024 2021 Property or any portion thereof shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, the Authority and the Board shall cooperate in the collection and disposition of the proceeds of condemnation such that the net proceeds of such condemnation allocable to the Series 2024 2021 Project and to the Authority’s leasehold interest in the Series 2024 2021 Property created hereunder shall be deposited and utilized by the Trustee in accordance with the provisions of the Master Lease and the Indenture and the net proceeds of such condemnation allocable solely to the Board’s reversionary interest in the Series 2024 2021 Property will be payable to the Board. Except as otherwise provided in the Master Lease, if during the Ground Lease Term, the Series 2024 2021 Project or any material portion thereof, shall be destroyed (in whole or in part), or damaged by fire or other casualty, the Net Proceeds of any insurance policy shall be deposited and utilized by the Trustee in accordance with the provisions of the Master Lease and the Indenture. DISCLAIMER OF WARRANTIES; COMPLIANCE WITH LAWS AND RULES; OTHER COVENANTS

Appears in 1 contract

Samples: Ground Lease Agreement

Time is Money Join Law Insider Premium to draft better contracts faster.