Owned/Leased Facilities Sample Clauses
The "Owned/Leased Facilities" clause defines the obligations and rights of the parties regarding properties that are either owned or leased by one or both parties under the agreement. This clause typically specifies which facilities are included, the terms of use or access, and any responsibilities for maintenance, insurance, or compliance with laws. For example, it may clarify whether the lessee is responsible for repairs or if the owner must provide certain utilities. Its core function is to ensure both parties understand their respective roles and responsibilities concerning the physical locations involved, thereby preventing disputes over property use and management.
Owned/Leased Facilities. In order for a facility to qualify for tax abatement, the land and eligible property must be owned and operated by the same individual or company or be leased to a facility operator whose lease term is at least 10 years.
Owned/Leased Facilities. If a leased facility or leased improvements are granted an abatement, the agreement shall be executed with the lessor and lessee of the facility or improvements. The owner of the real property where the facility or improvements are located is not required to execute the abatement agreement if it is not the lessor or lessee of the facility or improvements.
Owned/Leased Facilities. If a leased facility is granted abatement, the agreement shall be executed with both the lessor and the lessee.