Personal Property Limitation. Anything contained in this Lease to the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “rents from real property,” within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 24 contracts
Samples: Hotel Lease Agreement, Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.)
Personal Property Limitation. Anything contained in this Lease to the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 7 contracts
Samples: Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Hospitality Five Inc), Master Hotel Lease Agreement (Apple Suites Inc)
Personal Property Limitation. Anything contained in this Lease to the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to the Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) % of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 20.1 is intended to ensure that the Rent qualifies as “"rents from real property,” ", within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 3 contracts
Samples: Lease Agreement (Host Funding Inc), Lease Agreement (Host Funding Inc), Lease Agreement (Host Funding Inc)
Personal Property Limitation. Anything contained in this Lease to the ----------------------------- contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 2 contracts
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc), Hotel Lease Agreement (Apple Suites Inc)
Personal Property Limitation. Anything contained in this Lease to the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to the Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) % of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 2 contracts
Samples: Lease Agreement (Humphrey Hospitality Trust Inc), Lease Agreement (Glenborough Realty Trust Inc)
Personal Property Limitation. Anything contained in this Lease to the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to the Lessee under this Lease at the beginning and at the end of any Fiscal Year calendar year shall not exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of each such Fiscal Yearcalendar year. This Section 19.1 36.2 is intended to ensure insure that the Rent rent payable hereunder qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Tax Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 2 contracts
Samples: Lease Agreement (Crescent Operating Inc), Lease Agreement (Crescent Operating Inc)
Personal Property Limitation. Anything contained in this Lease to the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) % of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 19.1(a) is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 2 contracts
Samples: Percentage Lease Agreement (Realty Refund Trust), Percentage Lease Agreement (Boykin Lodging Trust Inc)
Personal Property Limitation. Anything contained in this Lease to the ---------------------------- contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to the Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) % of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 1 contract
Personal Property Limitation. Anything contained in this Lease to the ---------------------------- contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 1 contract
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)
Personal Property Limitation. Anything contained in this Lease to ----------------------------- the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 1 contract
Personal Property Limitation. Anything contained in this Lease to the contrary notwithstanding, the average of the adjusted tax bases of the items of personal property that are leased to the Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) % of the average of the aggregate adjusted tax bases of the Leased Property at the beginning and at the end of such Fiscal Year. This Section 19.1 is intended to ensure that the Rent qualifies as “"rents from real property,” " within the meaning of Section 856(d) of the Code, or any similar or successor provisions thereto, and shall be interpreted in a manner consistent with such intent.
Appears in 1 contract