Common use of Possessory Interest Taxes Clause in Contracts

Possessory Interest Taxes. Licensee recognizes and understands that this Master License may create a possessory interest subject to property taxation and that Licensee may be required to pay possessory interest taxes. (See Rev. & Tax. Code, sections 107–107.9.) Licensee further recognizes and understands that any sublicense or assignment permitted under this Master License and any exercise of any option to renew or extend this Master License may constitute a change in ownership for purposes of property taxation and therefore may result in a revaluation of any possessory interest created under this Master License.

Possessory Interest Taxes. Licensee recognizes and understands that this Master License may create a possessory interest subject to property taxation and that Licensee may be required to pay possessory interest taxes. (See Rev. & Tax. Code, sections 107–107.9.) Licensee further recognizes and understands that any sublicense or assignment permitted under this Master License and any exercise additional extension or renewal agreed to by the parties of any option to renew or extend this Master License may constitute a change in ownership for purposes of property taxation and therefore may result in a revaluation of any possessory interest created under this Master License.

Possessory Interest Taxes. Licensee recognizes and understands that this Master License may create a possessory interest subject to property taxation and that Licensee may be required to pay possessory interest taxes. (See Rev. & Tax. Code, sections 107–107.9.) Licensee further recognizes and understands that any sublicense or assignment permitted under this Master License and any exercise of any option to renew or extend this Master License may constitute a change in ownership for purposes of property taxation and therefore may result in a revaluation of any possessory interest created under this Master License.

Possessory Interest Taxes. Licensee recognizes understands and understands acknowledges that this Master License may create a possessory interest subject to property taxation and that Licensee may will be required to pay any such possessory interest taxes. (See Rev. & Tax. Code, sections 107–107.9.) Licensee further recognizes understands and understands acknowledges that any sublicense or assignment permitted under this Master License Agreement and any exercise of any option exercised options to renew or extend this Master License may constitute a change in ownership for taxation purposes of property taxation and therefore may result in a revaluation of for any possessory interest created under this Master License.