Proposition 13 Protection. Notwithstanding anything to the contrary contained in this Lease, in the event that, at any time during the initial Lease Term, any sale, refinancing, or change in ownership of the Building or Project is consummated, and as a result thereof, and to the extent that in connection therewith, the Building or Project is reassessed (the "Reassessment") for real estate tax purposes by the appropriate governmental authority pursuant to the terms of Proposition 13, then the terms of this Section 1.5 shall apply to such Reassessment of the Building or Project
Proposition 13 Protection. Landlord and Tenant acknowledge and agree that this Second Amendment constitutes the exercise of the first of the two option periods provided for in Section 36 of the Lease, and as such, the provisions of Section 4.6 of the Lease are no longer applicable to the Lease. Accordingly, Section 4.6 of the Lease is hereby deleted in its entirety and is of no further force or effect.
Proposition 13 Protection. Section 1.5.2 of Exhibit G to the Original Lease is hereby deleted and is replaced with the following:
Proposition 13 Protection. Notwithstanding any provision to the contrary contained in the Lease, in the event that, at any time, or from time to time, during the period commencing upon the Expansion Space Rent Commencement Date and ending upon the second (2nd) anniversary of the Expansion Space Rent Commencement Date (the "Prop 13 Protection Period"), any sale or change in ownership of the Project is consummated (a "Triggering Event"), and as a result thereof, and to the extent that in connection therewith, the Taxes are increased (e.g., the Project is reassessed, such result being herein referred to as a "Reassessment") by the appropriate Governmental Authority pursuant to the terms of Proposition 13 (which was adopted by the voters of the State of California in the June 1978 election) or any comparable successor statute, law, constitutional amendment or other governmental proclamation, then Tenant shall not be obligated to pay any portion of any Tax Increase attributable to any such Reassessment. For purposes of this Section 6, the term "Tax Increase" shall mean that portion of the Taxes, which is attributable solely to the Reassessment. Accordingly, the term Tax Increase shall not include any portion of the Taxes, which (i) is attributable to the assessed valuation (or in the absence of a Reassessment, the full market valuation) of the Project, including the assessed value (or full market value) of any work performed by Landlord or Tenant in or about the Project, (ii) is attributable to assessments which were pending immediately prior to the Reassessment and which are unrelated to the Triggering Event, which assessments were conducted during, and included in, such Reassessment, (iii) is attributable to the statutory annual inflationary increase of real estate taxes, (currently, two percent (2.0%) per annum), or (iv) is attributable to any Taxes incurred during the Base Year or assessed prior to the Reassessment without including any Proposition 8 reduction.
Proposition 13 Protection. Notwithstanding anything to the contrary contained in this Lease, in the event that, at any time during the initial Lease Term, any sale, refinancing, or change in ownership of the Real Property is consummated, and as a result thereof, and to the extent that in connection therewith, the Real Property is reassessed (the “Reassessment”) for real estate tax purposes by the appropriate governmental authority pursuant to the terms of Proposition 13, then the following provisions shall apply to such Reassessment of the Real Property.
4.6.1 For purposes of this Section 4.6, the term “Tax Increase” shall mean that portion of the Tax Expenses, as calculated immediately following the Reassessment, which is attributable solely to the Reassessment. Accordingly, the term Tax Increase shall not include any portion of the Tax Expenses, as calculated immediately following the Reassessment, which (i) is attributable to the initial assessment of the value of the Real Property, the Base, Shell and Core or the tenant improvements located in the Real Property, (ii) is attributable to assessments which were pending immediately prior to the Reassessment which assessments were conducted during, and included in, such Reassessment, or which assessments were otherwise rendered unnecessary following the Reassessment, or (iii) is attributable to the annual inflationary increase of real estate taxes permitted to be assessed annually under Proposition P:00816539-5:12107.019 -9-
Proposition 13 Protection. (1) Notwithstanding any other provision of this Lease, if during the initial 7-year term of this Lease, any sale of the Building is consummated and, as a result, the Building is reassessed for real estate tax purposes (a “Reassessment”) by the appropriate governmental authority under the terms of Proposition 13 (as adopted by the voters of the State of California in the June 1978 election), the terms of this Section 3.2(d) shall apply. For purposes of this Section 3.2(d), the term “Tax Increase” shall mean that portion of Taxes, as calculated immediately following the Reassessment, which is directly attributable solely to the Reassessment. Accordingly, a Tax Increase shall not include any portion of Taxes, as calculated immediately following the Reassessment, that is: (i) attributable to the initial assessment of the value of the Building or the tenant improvements located in the Building; (ii) attributable to assessments pending immediately before the Reassessment that were conducted during, and included in, that Reassessment or that were otherwise rendered unnecessary following the Reassessment; (iii) attributable to the annual increase (inflationary or otherwise) in real estate taxes; or (iv) part of Taxes incurred or considered to be incurred during the Base Year as determined under this Lease.
Proposition 13 Protection. Notwithstanding any other provision of the Lease, if at any time during the first forty-eight (48) months of the Second Extended Term (the “Protection Period”), any sale, transfer, new construction, refinancing or change of ownership of the Building or any portion of the same or in any entity having a direct or indirect interest in all or any portion of the same is consummated and, as a result thereof, all or part of the Building and/or Real Property is reassessed (the “Reassessment”) for real estate tax purposes by the appropriate government authority subject to the terms of Proposition 13 (or any successor statute), the terms of this Section 8 shall apply to such Reassessment.
(i) For purposes of this Section 8, the term “Tax Increase” shall mean that portion of Operating Expenses (as calculated immediately following the Reassessment) that is attributable solely to the Reassessment. Accordingly, a Tax Increase shall not include any portion of Operating Expenses, as calculated immediately following the Reassessment that is attributable to: (i) the assessed value of the Building, the Real Property, or the tenant improvements located in the Building prior to the Reassessment; (ii) assessments pending immediately before the Reassessment that were conducted during, and included in, such Reassessment or that were otherwise rendered unnecessary following the Reassessment; (iii) the annual inflationary increase in real estate taxes permitted under California law but not in excess of two percent (2%) per annum; or (iv) any real property taxes and assessments incurred during the Base Year as determined under the Lease.
Proposition 13 Protection. Notwithstanding any other provision of the Lease, if at any time commencing on March 1, 2011 and ending February 28, 2015 (“Protection Period”), any sale, transfer, refinancing or change of ownership of the Building and/or Real property or any portion of the same is consummated and, as a result thereof, all or part of the Building and/or Real Property is reassessed (“Reassessment”) for real estate tax purposes by the appropriate government authority subject to the terms of Proposition 13, the terms of this Section 4.4 shall apply to such Reassessment. In the event Proposition 13 is repealed or modified, the provisions of this Section 4.4 shall be applied as if no such repeal or modification was effective.
(a) For purposes of this Section 4.4 the term “Tax Increase” shall mean that portion of Operating Expenses, as calculated immediately following any such the Reassessment that is attributable solely to the Reassessment. Accordingly, a Tax Increase shall not include any portion of the Operating Expenses, as calculated immediately following the Reassessment that is attributable to:
Proposition 13 Protection. From and after the Extended Term Commencement Date, the provisions of Section 4.5 of the Lease shall be deleted and of no further force or effect.
Proposition 13 Protection. Notwithstanding anything to the contrary contained in this Lease, in the event that, at any time during the first five (5)years of initial Lease Term, any sale, refinancing, or change in ownership of the Building or Project is consummated or a supplemental tax assessment results from Xxxxxxxx’s renovation of the Building pursuant to the terms of Section 1.1.6 of this Lease, and as a result thereof, and to the extent that in connection therewith, the Building or Project is reassessed (the “Reassessment”) for real estate tax purposes by the appropriate governmental authority pursuant to the terms of Proposition 13, then the terms of this Section 1.5 shall apply to such Reassessment of the Building or Project
