POSSESSORY INTEREST. The County Assessor may value the possessory interest created by this lease, or any subleases. Under California Revenue and Taxation Code section 107, a property interest tax may be levied on that possessory interest. The lessee is obligated to pay this property tax, and failure to do so may be considered a material breach of the lease."
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
POSSESSORY INTEREST. The County Assessor may value the possessory interest created by this lease, or any subleases. Under California Revenue and Taxation Code section 107, a property interest tax may be levied on that possessory interest. The lessee is obligated to pay this property tax, and failure to do so may be considered a material breach of the lease."
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
