Proposition 13. Purchaser acknowledges that the consummation of the Closing and/or any post-Closing improvements made to the Property located in the State of California may result in the real property taxes assessed against the Property located in the State of California being increased pursuant to Proposition 13, an amendment to the Constitution of the State of California enacted by the voters of the State of California on June 6, 1978. Any such increased real property tax assessments shall not be subject to proration at Closing (or re-proration after Closing), and shall be the sole responsibility of Purchaser (and/or the Applicable Entities) from and after the Closing Date. This Section 13(e) shall survive the Closing.
Proposition 13. Notwithstanding any other provision of the Lease, if at any time commencing on the Initial Expansion Premises Commencement Date and expiring on the last calendar day of the sixtieth (60”) full calendar month thereafter (“Protection Period”), any sale, transfer or change in ownership of, or construction relating to, the Building or Project, or any portion thereof or any interest therein, is consummated and, solely as a result of such sale, transfer or change in ownership, or construction, all or part of the Building or Project is reassessed (“Reassessment”) for real estate tax purposes by the appropriate government authority under the terms of Proposition 13, the terms of this Section 8 shall apply. In the event Proposition 13 is repealed or modified, the provisions of this Section 8 shall be applied as if no such repeal or modification was effective.
Proposition 13. Effective from and after August 1, 2016, the second (2nd), third (3rd), and fourth (4th) full paragraphs of Subsection 3(c)(i) of the Original Lease shall be void and of no further force and effect.
Proposition 13. Notwithstanding anything to the contrary contained in this Lease, if, during the first 36 months after the Commencement Date (the “Prop 13 Protection Period”), any sale, transfer, refinancing or other changes in ownership of the San Diego Facility is consummated, and solely as a result thereof, and to the extent that solely in connection therewith, the San Diego Facility is reassessed (the "Reassessment") for real estate tax purposes by the appropriate Governmental Authority pursuant to the terms of Proposition 13, Tenant shall not be obligated to pay the Tax Increase to the extent pertaining to the Prop 13 Protection Period. The term "Tax Increase" shall mean that portion of the Taxes, as calculated immediately following the Reassessment, which is attributable solely to the Reassessment. Tenant shall be responsible for all Taxes (including, without limitation, any Tax Increase) applicable to the period following the expiration of the Prop 13 Protection Period regardless of whether such Taxes are based on the Reassessment or any subsequent reassessment. Accordingly, the term Tax Increase shall not include (and Tenant shall be required to pay for) any portion of the Taxes which (i) is attributable to the initial assessment of the value of the San Diego Facility, the base, shell and core of the Building or the tenant improvements located in the Building, (ii) is attributable to assessments which were pending prior to the Reassessment or which would otherwise have occurred unrelated to the sale, or (iii) is attributable to the annual inflationary increase of real estate taxes. In addition, nothing contained in this paragraph is intended to excuse Tenant from paying the full amount of any Taxes (including, without limitation, as a result of reassessments) resulting from any construction and/or improvements made to the San Diego Facility by Landlord or Tenant at any time pursuant to and/or in connection with this Lease.
Proposition 13. [See Article 48.1]
Proposition 13. Notwithstanding any provision contained in this Lease to the contrary, if the assessed valuation of the Property (or any portion thereof) is increased for real estate tax purposes (under Proposition 13 or otherwise) by reason of a conveyance or other "change in ownership" (as defined in California Revenue and Taxation Code) of the Property (or any portion thereof), then only the following percentages of the increase in such assessed valuation of the Property (or any portion thereof) attributable to such conveyance or change in ownership shall be included in the computation of Tax Costs:
Proposition 13. During the Extension Period, as may be extended -------------- pursuant to Paragraph 2(b) above, there shall be excluded from Taxes payable by Tenant pursuant to Section 28 of the Lease, the following percentages of any increases in real property taxes assessed against the Site, resulting from any sale, transfer or change in ownership of the Building or Site, or Landlord's interest in the Building or Site (collectively, "Transfer"): (A) 100% of any increase resulting from any Transfer which occurs during the first (lst) year of the Extension Period; (B) 60% of any increase resulting from any Transfer which occurs during the second (2nd) year of the Extension Period; and (C) 40% of any increase resulting from any Transfer which occurs during the third (3rd) year of the Extension Period. Notwithstanding anything to the contrary contained herein, in the event any Transfer occurs after December 31, 2000, 100% of any increase in real property taxes resulting from such Transfer shall be included in Taxes for purposes of determining Tenant's obligation to pay Tenant's Share of increases in Taxes pursuant to the Lease.
Proposition 13. Notwithstanding anything to the contrary contained in the Amended Lease, as of the date hereof, the term “Property Taxes” as used in the Lease shall also include those fees, assessments, and charges previously included within the definition of real property tax, it being acknowledge by Tenant and Landlord that Proposition 13 was adopted by the voters of the State of California in the June 1978 election (“Proposition 13”) and that assessments, taxes, fees, levies and charges may be imposed by governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal and for other governmental services formerly provided without charge to property owners or occupants, and in further recognition of the decrease in the level and quality of governmental services and amenities as a result of Proposition 13, Property Taxes shall also include any governmental or private assessments or the Building’s contribution towards a governmental or private cost-sharing agreement for the purpose of augmenting or improving the quality of services and amenities normally provided by governmental agencies.
Proposition 13. Landlord and Tenant acknowledge that Proposition 13 was adopted by the voters of the State of California in 1978 to limit increases in real estate taxes by limiting reassessments to events such as changes in ownership. The parties hereby confirm and agree that "Taxes" for purposes of this Lease shall include, without limitation, increases in real estate taxes resulting from reassessments based on changes in ownership of the Premises (as "change in ownership" is defined in California Revenue and Taxation Code Sections 60 through 62), as well as taxes, assessments, fees, levies and charges that may be imposed by governmental bodies for services, including, but not limited to, fire protection, street, sidewalk and road maintenance, refuse removal and other governmental services because of the limitation on increases in real estate taxes under Proposition 13.
Proposition 13. Notwithstanding any other provision of the Lease, if at any time commencing on the Commencement Date and expiring five (5) years thereafter (“Full Protection Period”), or if at any time commencing on the sixth (6th) anniversary of the Commencement Date and expiring two (2) years thereafter (“Partial Protection Period”), any sale of the Building is consummated and, solely as a result of such sale, all or part of the Building is reassessed (“Reassessment”) for real estate tax purposes by the appropriate government authority under the terms of Proposition 13, the terms of this Section 3.3.9.1.1 shall apply. In the event Proposition 13 is repealed or modified, the provisions of this Section 3.3.9.1.1 shall be applied as if no such repeal or modification was effective.
