Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales and rent taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "Impositions"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection with the sale of the Leased Premises by Landlord unless such sale is to Tenant or its designee. If any Imposition may be paid in installments without penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor. (b) At any time following the occurrence of an Event of Default and if the Lender so requires, Landlord shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum (each an "Escrow Payment") sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease. Landlord shall determine the amount of the Escrow Charges and 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall 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 Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.
Appears in 1 contract
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 possessory interest in the Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "Impositions"); provided, that nothing herein in this Lease shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) subject to the provisions of Paragraph 31(a), mortgage recording taxes or filing fees incurred by reason of any transfer taxes payable in connection with the sale of the Leased Premises by Landlord unless such sale is to Tenant Mortgage, Assignment or its designeeother document evidencing or securing a Loan. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after TenantLandlord's receipt request thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time Landlord shall have the right following the occurrence of an Event of Default and or if the Landlord is required by a Lender so requires, Landlord shall have the right at any time to require Tenant to pay into an escrow account such funds as are necessary to pay Escrow Charges. Tenant shall pay such amounts to Landlord an additional monthly sum (each an "Escrow Payment") monthly or as required by such Lender (but not more often than monthly) so that there shall be in an escrow account an amount sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this LeaseLease and any reserves for capital improvements, deferred maintenance or repair required by any Lender. Landlord shall determine be entitled to calculate the amount of the Escrow Charges (it being agreed that if required by a Lender, such amounts shall equal any corresponding escrow installments required to be paid by Landlord) and the amount of each Escrow Payment. As long as If the Escrow Payments are being held by Landlord Landlord, the Escrow Payments shall not be commingled with other funds of Landlord or other Persons and a commercially reasonable rate of interest thereon shall accrue for be earned thereon and applied to payment of Escrow Charges. If the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to held by Lender, the Escrow Payments may be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Chargescommingled with other funds of Lender and no interest shall be payable thereon. Landlord shall apply the Escrow Payments to the payment of the Escrow Charges in such order or priority as Landlord shall reasonably determine or as required by law. If at any time the Escrow Payments theretofore paid to Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord. If, at the end of each Lease Year, there are amounts in the escrow account for Escrow Payments which are not necessary to pay Escrow Charges, Tenant shall be entitled to a credit against the next installment(s) to off-set such surplus.
Appears in 1 contract
Payment of Impositions. (a) Landlord acknowledges that Landlord is receiving the original real and personal property tax invoices directly from Xxxx County and hereby agrees to provide such originals to Tenant shall, before interest or penalties are due thereon, in a timely manner. Tenant shall pay and discharge when due: all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), ; all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, Easement Agreement; all assessments and levies; all fines, penalties and other Costs in connection with noncompliance with any applicable Law; all permit, inspection and license fees, ; all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises; all ground rents, if any, and all other public charges whether of a like or different nature, even if unforeseen or extraordinarycharges, imposed upon or assessed against (i) Tenant, (ii) Tenant's leasehold ’s interest in the Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, or possession (or sale that occurs after the occurrence of any an Event of Default by the Tenant) of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "“Impositions"”); provided, provided that nothing herein shall obligate Tenant to pay (A) income, excess profits profits, franchise or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's ’s (or Lender's’s) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge, e.g., a real property tax that is recharacterized as a franchise tax), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection with the sale Person. Upon expiration of the Leased Premises Term (or any earlier termination of this Lease), Tenant shall pay Landlord for unpaid taxes up to and including such date that shall become due and owing thereafter. Landlord shall make a reasonable estimate of such unpaid taxes based on the prior year’s tax bills, and shall perform a reconciliation promptly after the actual information becomes available. In the event that any ad valorem or other future real property tax (“Future Tax”) is decreed or characterized by Law as an income tax and Tenant is thereby prohibited by any applicable Law from paying such Future Tax pursuant to this Paragraph 9(a), Landlord unless and Tenant agree that Basic Rent shall be adjusted by the amount necessary to provide Landlord the same net yield as Landlord would have received but for the implementation or characterization of such sale is Future Tax. Prior to or on the date the Future Tax takes effect, Landlord shall provide Tenant with notice of the revised Basic Rent under this Lease. Landlord shall have the right to require Tenant to pay, together with scheduled installments of Basic Rent, the amount of the gross receipts or its designeerent tax, if any, payable with respect to the amount of such installment of Basic Rent. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; , provided such option to pay any Imposition in such event, Tenant installments shall be liable only for those installments which accrue not hinder or become due and payable during the Termprevent Landlord from exercising any of its rights set forth in this Lease. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's ’s receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty five (305) days after the due date thereof thereof, and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's ’s written request therefor.
(b) At any time following Following the occurrence of an Event of Default and if the Lender so requiresDefault, Landlord Tenant shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum or Lender such amounts (each an "“Escrow Payment"”) as required by Landlord or Lender so that there shall be in an escrow account an amount sufficient to pay as they become due the Escrow Charges (that will accrue over such period of time as hereinafter defined) as they become dueLandlord or Lender shall reasonably require. As used herein, "“Escrow Charges" shall mean ” means real estate taxes and assessments on or with respect to the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease, payments due under any Easement Agreement and any reserves for capital improvements, deferred maintenance, repair and/or tenant improvements and leasing commissions. Landlord shall determine the amount of the Escrow Charges (it being agreed that if required by a Lender, such amount shall equal any corresponding escrow installments required to be paid by Landlord) and the amount of each Escrow Payment. As long as the Escrow Payments are being held by Landlord the The Escrow Payments shall not be commingled with other funds of Landlord or other Persons and no interest thereon shall accrue for the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are be due or payable to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow ChargesTenant. Landlord shall apply the Escrow Payments to the payment of the Escrow Charges in such order or priority as Landlord or Lender shall determine or as required by lawLaw. If at any time the Escrow Payments theretofore paid to Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's ’s demand therefor, shall pay the amount of the deficiency to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Claires Stores Inc)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including including, without limitations, real and personal property, franchisesales, sales use, gross receipts, rent and rent occupancy taxes, and including, excise, or similar tax imposed on the revenue or income of Landlord, but only to the extent the Rent under this Lease is the only revenue or income of Landlord), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 Leased Premises, (iii) any of the Leased Premises, or (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, or possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay Rent (collectively, the "“Impositions"”); provided, that nothing herein shall obligate Tenant to pay pay
(A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income or net worth (unless and to the extent such taxes are in lieu of or a substitute for any other taxof the foregoing taxes, assessment assessments or other charge charges upon or with respect to the Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof hereof, or by the terms of such tax, assessment or other chargecharge are expressly provided to be paid for by a lessee), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection Person. Landlord shall have the right to require Tenant to pay, together with scheduled installments of Basic Rent, the sale amount of the Leased Premises by Landlord unless gross receipts or rent tax, if any, payable with respect to the amount of such sale is to Tenant or its designeeinstallment of Basic Rent. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall be responsible to obtain all bills for the payment of Impositions and shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after TenantXxxxxx's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following the occurrence of an Event of Default and if the Lender so requires, Landlord shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum (each an "Escrow Payment") sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease. Landlord shall determine the amount of the Escrow Charges and 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall 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 Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.and
Appears in 1 contract
Samples: Lease Agreement
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales and rent taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, and all other public charges whether of a like or different nature, even if unforeseen or extraordinary, which arise during the Term and are imposed upon or assessed against (i) Tenant, (ii) Tenant's leasehold interest in the Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, use or possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed a borrower would customarily agree to pay (collectively, the "Impositions"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains gains, transfer or deed tax imposed on Landlord in connection with the sale sale, exchange or other disposition of the Leased Premises to any Person or (D) Person, except that Tenant shall be responsible to pay any transfer increase in real estate taxes payable in connection with the sale and assessments that are imposed as a result of a change of ownership of the Leased Premises by Landlord unless such sale is to Tenant or its designee. If any Imposition may be paid in installments without penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.Premises
(b) At any time Landlord shall have the right, (i) following the occurrence of an Event of Default with respect to Escrow Charges described in clause (A) of the following sentence and (ii) if Landlord or Lender determines that the Lender Leased Premises are not being maintained in accordance with current standards for similarly situated office buildings prudently managed so requiresthat the condition of the Leased Premises is not as required by Paragraph 12 (a) hereof, Landlord shall have the right at any time to require Tenant to pay to Landlord Landlord, or to Lender if directed by Landlord, an additional monthly sum (each an "Escrow Payment") sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean (A) real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease, and (B) amounts required by a Lender on the basis of an inspection of the Leased Premises or as otherwise reasonably determined by Lender which shall be deposited in a reserve or reserves such as a capital improvement reserve, a replacement reserve and/or a repair reserve (such amounts in this clause (B) collectively referred to as "Reserve Funds"). Landlord shall determine the amount of the Escrow Charges and 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. If the Escrow Payments are held by the Lender, they shall be held and administered in accordance with Lender's customary procedures for similar accounts. Landlord shall 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; provided, however, that any Reserve Funds shall only be used for improvements or repairs for which such Reserve Funds have been deposited, and any remaining balance of any such Reserve Funds shall be disbursed to Tenant at such time as such improvements or repairs have been completed so long as no Event of Default then exists. If at any time the Escrow Payments theretofore paid to Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten fifteen (1015) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 14 Inc)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxestaxes and/or all payments in lieu thereof ("PILOT"), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "Impositions"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection Person. Landlord shall have the right to require Tenant to pay, together with scheduled installments of Basic Rent, the sale amount of the Leased Premises by Landlord unless gross receipts or rent tax, if any, payable with respect to the amount of such sale is to Tenant or its designeeinstallment of Basic Rent. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall be responsible to obtain all bills for the payment of Impositions and shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor. Nothing contained in this Paragraph 9 is intended to limit the contest rights of Tenant under Paragraph 14 hereof, and, from the date hereof through the Option Lapse Date, so long as no Event of Default has occurred and is then continuing under this Lease only Tenant shall have the right to protest any real estate tax, PILOT or assessment or to commence any certiorari proceeding in connection therewith.
(b) At any time following Following the occurrence of an Event of Default and if with respect to the Lender so requirestimely payment of any Impositions or insurance premiums, as the case may be, in accordance with the terms of this Lease or the Condominium Documents, upon the written request of Landlord, Tenant shall pay into an escrow account controlled by Landlord shall have (or Lender, as the right at any time to require Tenant case may be), funds necessary to pay to Landlord an additional monthly sum Escrow Charges (as herein defined), in such amounts (each an "Escrow Payment") monthly (or on such other periodic basis as required by such Lender, but not more often than monthly) so that there shall be in an escrow account an amount sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean real estate taxes taxes, PILOT, and/or assessments on or with respect to the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease; provided that Escrow Charges for premiums on any insurance required by this Lease shall not be subject to Escrow Payment hereunder unless at the time in question Tenant carries a separate policy or has an indentified premium and coverage limits applicable solely to the Leased Premises. Landlord shall reasonably determine the amount of the Escrow Charges (it being agreed that if required by a Lender, such amounts shall equal any corresponding escrow installments required to be paid by Landlord) 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall apply the Escrow Payments to the payment of the Escrow Charges in such order or priority as Landlord shall determine or as required by lawLaw. If at any time the Escrow Payments theretofore paid to Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) business days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 17 - Global INC)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all Quarterly Assessments, all Special Assessments, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, including arising out of Landlord's status as a Member under the CC&R, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "Impositions"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection with the sale of the Leased Premises by Landlord unless such sale is to Tenant or its designeePerson. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following Following the occurrence and during the continuance of an Event of Default and or if the Landlord is required by a Lender so requiresto pay into escrow funds necessary to pay Escrow Charges, Landlord Tenant shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum such amounts (each an "Escrow Payment") monthly or as required by such Lender (but not more often than monthly) so that there shall be in an escrow account an amount sufficient to pay the annual 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 Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease, Quarterly Assessments and any reasonable reserves for capital improvements, deferred maintenance repair and/or tenant improvements and leasing commissions required by any Lender. Landlord shall shall, in its reasonable judgment, determine the amount of the Escrow Charges (it being agreed that if required by a Lender, such amounts shall equal any corresponding escrow installments required to be paid by Landlord, so long as such amounts are consistent with Tenant's obligations hereunder) 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall apply or cause Lender to apply the Escrow Payments to the payment of the Escrow Charges in such order or priority as Landlord or Lender shall reasonably determine or as required by lawLaw. If at any time the Escrow Payments theretofore paid to Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord. In the event Lender no longer requires Landlord to make Escrow Payments or upon the expiration of the Term and, provided that no Event of Default shall then exist and be continuing, any and all Escrow Payments then held by Landlord or Lender and not allocated to the payment of real estate taxes and/or assessments, Quarterly Assessments or Special Assessments accruing prior to the date of Lender's waiver of the escrow requirement or the last day of the Term, as applicable, shall be promptly returned to Tenant. Any Escrow Payments held by Landlord or Lender upon the occurrence of an Event of Default shall be applied to fulfill Tenant's obligations under this Lease, with the balance thereof, if any, being applied to Landlord's damages under Article 23 hereof.
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 15 Inc)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all Quarterly Assessments, all Special Assessments, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, including arising out of Landlord's status as a Member under the CC&R, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "ImpositionsIMPOSITIONS"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection with the sale of the Leased Premises by Landlord unless such sale is to Tenant or its designeePerson. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following Following the occurrence and during the continuance of an Event of Default and or if the Landlord is required by a Lender so requiresto pay into escrow funds necessary to pay Escrow Charges, Landlord Tenant shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum such amounts (each an "Escrow PaymentESCROW PAYMENT") monthly or as required by such Lender (but not more often than monthly) so that there shall be in an escrow account an amount sufficient to pay the annual Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow ChargesESCROW CHARGES" shall mean real estate taxes and assessments on or with respect to the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease, Quarterly Assessments and any reasonable reserves for capital improvements, deferred maintenance repair and/or tenant improvements and leasing commissions required by any Lender. Landlord shall shall, in its reasonable judgment, determine the amount of the Escrow Charges (it being agreed that if required by a Lender, such amounts shall equal any corresponding escrow installments required to be paid by Landlord, so long as such amounts are consistent with Tenant's obligations hereunder) 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall apply or cause Lender to apply the Escrow Payments to the payment of the Escrow Charges in such order or priority as Landlord or Lender shall reasonably determine or as required by lawLaw. If at any time the Escrow Payments theretofore paid to Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord. In the event Lender no longer requires Landlord to make Escrow Payments or upon the expiration of the Term and, provided that no Event of Default shall then exist and be continuing, any and all Escrow Payments then held by Landlord or Lender and not allocated to the payment of real estate taxes and/or assessments, Quarterly Assessments or Special Assessments accruing prior to the date of Lender's waiver of the escrow requirement or the last day of the Term, as applicable, shall be promptly returned to Tenant. Any Escrow Payments held by Landlord or Lender upon the occurrence of an Event of Default shall be applied to fulfill Tenant's obligations under this Lease, with the balance thereof, if any, being applied to Landlord's damages under Article 23 hereof.
Appears in 1 contract
Samples: Lease Agreement (Foster Wheeler LTD)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "“Impositions"”); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection Person. Landlord shall have the right to require Tenant to pay, together with scheduled installments of Basic Rent, the sale amount of the Leased Premises by Landlord unless gross receipts or rent tax, if any, payable with respect to the amount of such sale is to Tenant or its designeeinstallment of Basic Rent. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall be responsible to obtain all bills for the payment of Impositions and shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following Following the occurrence of an Event of Default and or if the Landlord is required by a Lender so requires, Landlord shall have the right at any time to require Tenant to pay into escrow funds necessary to pay Escrow Charges (as herein defined), Tenant shall pay Escrow Charges to Landlord an additional monthly sum such amounts (each an "“Escrow Payment"”) monthly or as required by such Lender (but not more often than monthly) so that there shall be in an escrow account an amount sufficient to pay the 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 Leased Premises or payments in lieu thereof and premiums on any insurance required by this LeaseLease and any reserves for capital improvements, deferred maintenance repair and/or tenant improvements and leasing commissions required by any Lender. Landlord shall determine the amount of the Escrow Charges (it being agreed that if required by a Lender, such amounts shall equal any corresponding escrow installments required to be paid by Landlord) 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall 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 Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.
Appears in 1 contract
Samples: Lease Agreement
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), all charges for any easement casement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, fees all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 possessory interest in the Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, Rent or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "Impositions"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, (C) any capital gains gains, sales or similar tax imposed on Landlord in connection with the sale of the Leased Premises to any Person Person, or (D) any transfer taxes payable in connection with the by reason of a sale or transfer of the Leased Premises by Landlord unless such sale is to a party other than Tenant or its designeean Affiliate of Tenant. If Landlord shall have the right to require Tenant to pay, together with scheduled installments of Basic Rent, the amount of the gross receipts or rent tax, if any, payable with respect to the amount of such installment of Basic Rent. II any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which which. accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following Following the occurrence of an Event of Default and Default, or if the Lender so requiresLandlord is required by a Lender, Landlord Tenant shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum such amounts (each an "Escrow Payment") monthly or as required by such Lender (but not more often than monthly) so that there shall be in an escrow account an amount sufficient to pay the 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 Leased Premises or payments in lieu thereof and premiums on any insurance required by this LeaseLease and any reserves for capital improvements, deferred maintenance, repair and/or tenant improvements and leasing commissions required by any Lender. Landlord shall determine the amount of the Escrow Charges (it being agreed that if required by a Lender, such amount shall equal any corresponding escrow installments required to be paid by Landlord) and the amount of each Escrow Payment. As long as the The Escrow Payments are being held by Landlord the Escrow Payments shall not may be commingled conmingled with other funds of Landlord or other Persons and no interest thereon shall accrue for be due or payable to Tenant except to the benefit of Tenant from the date extent interest thereon is actually paid to Landlord (in which event Landlord shall pay over such monies are received and invested (which Escrow Payments are interest to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow ChargesTenant). Landlord shall apply the Escrow Payments to the payment of the Escrow Charges in such order or priority as Landlord shall determine or as required by lawLaw. If at any time the Escrow Payments theretofore paid to Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, Tenant within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 16 Global Inc)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, shall pay and discharge when due: all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), ; all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, ; all assessments and levies; all fines, penalties and other costs in connection with noncompliance with any applicable Law (except to the extent that such noncompliance is caused by the actions or inaction of Landlord); all permit, inspection and license fees, ; all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, ; all other public charges whether of a like or different nature, even if unforeseen or extraordinarycharges, imposed upon or assessed against (i) Tenant, (ii) Tenant's leasehold ’s interest in the Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "“Impositions"”); provided, provided that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's ’s (or Lender's’s) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of the Leased Premises to any Person Person. In the event that any ad valorem or other future real property tax (D“Future Tax”) is decreed or characterized by Law as an income tax and Tenant is thereby prohibited by any transfer taxes payable in connection applicable Law from paying such Future Tax pursuant to this Paragraph 9(a), Landlord and Tenant agree that Basic Rent shall be adjusted by such amount as shall be necessary to yield to Landlord the same net amount as Landlord would have received but for the implementation of such Future Tax. Landlord shall have the right to require Tenant to pay, together with scheduled installments of Basic Rent, the sale amount of the Leased Premises by Landlord unless gross receipts or rent tax, if any, payable with respect to the amount of such sale is to Tenant or its designeeinstallment of Basic Rent. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's ’s receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following the occurrence of an Event of Default and if the Lender so requires, Landlord shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum (each an "Escrow Payment") sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease. Landlord shall determine the amount of the Escrow Charges and 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall 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 Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.,
Appears in 1 contract
Samples: Lease Agreement (P&f Industries Inc)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes, transaction privilege, education or other excise taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 possessory interest in the Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale to Landlord of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "Impositions"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax or real property transfer or intangibles tax imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection with the sale of the Leased Premises by Landlord unless such sale is to Tenant or its designeePerson. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following Following the occurrence of an Event of Default and if the Lender so requiresDefault, Landlord Tenant shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum such amounts (each an "Escrow Payment") monthly or quarterly, at the option of Landlord (but not more often than monthly), so that there shall be in an escrow account an amount sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used hereindue provided, "Escrow Charges" shall mean real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease. Landlord shall determine the amount of the Escrow Charges and of however, that each Escrow Payment. As long as the Escrow Payments are being held by Landlord the Escrow Payments Payment shall not be commingled with other funds greater than one twelfth (in the case of Landlord monthly payments) or other Persons and interest thereon shall accrue for one quarter (in the benefit case of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereofquarterly payments) until the date such monies are disbursed to pay Escrow Charges. Landlord shall 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 Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the annual amount of the deficiency to Landlord.of
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 15 Inc)
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, pay and discharge all taxes (including real and personal property, franchise, sales and rent taxes), all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, all assessments and levies, all permit, inspection and license fees, all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, 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 Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "ImpositionsIMPOSITIONS"); provided, that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax or transfer taxes (except transfer taxes payable in connection with a sale of the Leased Premises to Tenant or its designee pursuant to any applicable provision of this Lease) imposed on Landlord in connection with the sale of the Leased Premises to any Person or (D) any transfer taxes payable in connection with the sale of the Leased Premises by Landlord unless such sale is to Tenant or its designeePerson. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following Landlord shall have the right during (but not before or after) the occurrence of an Event of Default and if the Lender so requires, Landlord shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum (each an "Escrow Payment") sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow ChargesESCROW CHARGES" shall mean real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease. Landlord shall determine reasonably estimate the amount of the Escrow Charges and of shall notify Tenant to pay the same to Landlord in equal monthly installments (each Escrow an "ESCROW Payment") as nearly as practicable, in addition to all other sums due under this Lease. 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall 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 Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.
Appears in 1 contract
Payment of Impositions. (a) Tenant shall, before interest or penalties are due thereon, shall pay and discharge when due: all taxes (including real and personal property, franchise, sales sales, use, gross receipts and rent taxes), ; all charges for any easement or agreement maintained for the benefit of any of the Leased Premises, ; all assessments (including special assessments and any other charges or claims imposed by a governmental or municipal entity) and levies; all fines, penalties and other costs in connection with noncompliance with any applicable Law; all permit, inspection and license fees, ; all rents and charges for water, sewer, utility and communication services relating to any of the Leased Premises, ; all ground rents and all other public charges whether of a like or different nature, even if unforeseen or extraordinarycharges, imposed upon or assessed against (i) Tenant, (ii) Tenant's leasehold interest in any of the Leased Premises, (iii) any of the Leased Premises, (iv) Landlord as a result of or arising in respect of the acquisition, ownership, occupancy, leasing, use, possession or sale of any of the Leased Premises, any activity conducted on any of the Leased Premises, or the Rent, or (v) any Lender by reason of any Note, Mortgage, Assignment or other document evidencing or securing a Loan and which (as to this clause (v)) are reasonable and customary and which Landlord has agreed to pay (collectively, the "“Impositions"”); provided, provided that nothing herein shall obligate Tenant to pay (A) income, excess profits or other taxes of Landlord (or Lender) which are determined on the basis of Landlord's (or Lender's) net income 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 any of the Leased Premises which, if it were in effect, would be payable by Tenant under the provisions hereof or by the terms of such tax, assessment or other charge), (B) any estate, inheritance, succession, gift or similar tax imposed on Landlord, Landlord or (C) any capital gains tax imposed on Landlord in connection with the sale of any of the Leased Premises to any Person or (D) any transfer taxes payable in connection Person. Landlord shall have the right to require Tenant to pay, together with scheduled installments of Basic Rent, the sale amount of the Leased Premises by Landlord unless gross receipts or rent tax, if any, payable with respect to the amount of such sale is to Tenant or its designeeinstallment of Basic Rent. If any Imposition may be paid in installments without interest or penalty, Tenant shall have the option to pay such Imposition in installments; in such event, Tenant shall be liable only for those installments which accrue or become due and payable during the Term. Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Impositions. Tenant shall deliver to Landlord (1) copies of all settlements and notices pertaining to the Impositions which may be issued by any governmental authority within ten (10) days after Tenant's receipt thereof, (2) receipts for payment of all taxes required to be paid by Tenant hereunder within thirty (30) days after the due date thereof and (3) receipts for payment of all other Impositions within ten (10) days after Landlord's request therefor.
(b) At any time following Following the occurrence of an Event of Default and Default, or if the Lender so requiresLandlord is required by a Lender, Landlord Tenant shall have the right at any time to require Tenant to pay to Landlord an additional monthly sum such amounts (each an "“Escrow Payment"”) monthly or as required by such Lender (but not more often than monthly) so that there shall be in an escrow account an amount sufficient to pay the Escrow Charges (as hereinafter defined) as they become due. As used herein, "Escrow Charges" shall mean real estate taxes on the Leased Premises or payments in lieu thereof and premiums on any insurance required by this Lease. Landlord shall determine the amount of the Escrow Charges and 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 the benefit of Tenant from the date such monies are received and invested (which Escrow Payments are to be invested promptly following receipt thereof) until the date such monies are disbursed to pay Escrow Charges. Landlord shall 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 Landlord shall be insufficient for the payment of the Escrow Charges, Tenant, within ten (10) days after Landlord's demand therefor, shall pay the amount of the deficiency to Landlord.“
Appears in 1 contract
Samples: Lease Agreement (Greenville Tube CO)