Proposition 13 Protection. Despite any other provision of this Lease, if during the Lease Term, any sale, refinancing, or change in ownership of all or part of the Real Property is consummated and, as a result, all or part of the Real Property is reassessed ("Reassessment") for real estate tax purposes by the appropriate government authority, the terms of this Section 4.2.5.5 shall apply. Tenant hereby acknowledges that title to the Real Property was transferred to Landlord
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two option periods provided for in Section 36 of the Lease, and as such, the provisions of Section 4.6 of the Lease are no longer applicable to the Lease.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. Landlord and Tenant acknowledge and agree that the provisions of Section 7.2(f) of the Original Lease shall apply during the Extended Term as if the entirety of such Section were set forth in this Amendment, except that (a) all references therein to the “initial Term” shall be deemed to be replaced with references to the Extended Term, (b) the “Prop 13 Protection Period” shall be deemed to be the period from January 1, 2013 to December 31, 2015, and (c) all references therein to “the initial Premises only” or “the initial Premises only (excluding any First Offer Space)” shall be deemed to be replaced with references to the Premises described in Section 2.3 above as of the Expansion Commencement Date (excluding the Expansion Option Space or Available Space, as those terms are defined in Sections 11 and 12 below, respectively).
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 “
Proposition 13 Protection. Notwithstanding anything to the contrary contained in this Lease, in the event that, at any time during the first three (3) years of the New Expansion Term, a sale or change in ownership of all or any portion of the Project is consummated, and as a result thereof, and to the extent that in connection therewith, all or any portion of the Project 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 Project.
Proposition 13 Protection. In the event that after August 1, 2017, but prior to the five (5) year anniversary of the Commencement Date (the “Protection Period”), any sale or change in ownership of the Premises is consummated by Landlord with another party (a “Change in Ownership”) and as a result thereof, and to the extent that in connection therewith, the Premises 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 Paragraph 8(b) shall apply to such Reassessment of the Premises.
Proposition 13 Protection. Notwithstanding anything to the contrary contained in this Lease, in the event that, at any time during the initial Term, a change in ownership of the Project is consummated, and as a result thereof the 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 4.6 shall apply to such Reassessment. This Section 4.6 shall not apply during any Option Period.
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.
Proposition 13 Protection. Notwithstanding any other provision of the Lease (as amended by this Second Amendment), if during the time period commencing on April 1, 2011 and expiring on March 31, 2017 (the “Protection Period”), any change of ownership of the Building is consummated (a “Transfer Event”) and, as a result thereof, the Building is reassessed (“Reassessment”) for real estate tax purposes by the appropriate government 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 14 shall apply to such Reassessment. In the event Proposition 13 is repealed or modified, the provisions of this Section 14 shall be applied as if no such repeal or modification was effective. As used herein, “Lease Year” shall mean each of the twelve (12) calendar month periods commencing on April 1 of each year during the Extended Term commencing on April 1, 2011.
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.
