REAL ESTATE AND OTHER TAXES. (a) Tenant shall be obligated each Lease Year or any portion thereof in which it is a tenant for the payment of its Pro Rata Share of all real estate taxes and assessments (at the discount rate provided Tenant pays its rent and Pro Rata Share of real estate taxes and assessments, insurance premiums, CAM Charges and Common Outside Area Expenses when due). Landlord shall be responsible for payment in the first instance of all such taxes and assessments on the Property. Upon receipt Landlord shall submit a bxxx to Tenant, together with photostatic copies of all tax bills and all notices concerning assessments, and a computation of Tenant's Pro Rata Share. Within 30 days of submission of each such bxxx and information, Tenant shall reimburse Landlord in the amount required by this Lease, and such reimbursement shall be deemed to be additional rent. Landlord shall have the right but not the obligation to appeal assessments on the Property, and Tenant shall pay its Pro Rata Share of the reasonable cost (including reasonable fees of attorneys and appraisers) of any such appeal pursued by Landlord to reduce any real estate taxes upon submission by Landlord to Tenant of copies of receipts for payments by Landlord of such costs. If by virtue of any appeal, application, or proceeding brought by or on behalf of Landlord there is a reduction in the real estate taxes assessed against the Property, Tenant's Pro Rata Share of such taxes shall be reduced accordingly or, if previously paid by Tenant, Tenant's Pro Rata Share of such reduction shall be paid over and refunded to Tenant upon receipt of such refund by Landlord. Tenant shall reimburse Landlord for Tenant's Pro Rata Share of reasonable cost and expenses incurred in connection with the appeal. (b) Real estate taxes and assessments as used herein means all real estate taxes and general and special assessments on real estate, or any tax imposed on or levied against real estate or owners of real estate in lieu of such taxes or assessments. Real estate taxes and assessments as used herein does not include any of the following, all of which shall be the sole obligation of Landlord: income, excise, profits, estate, inheritance, successor, franchise, capital or other tax or assessment upon Landlord or upon the rental receipts or other revenues of Landlord from the Property, except to the extent that rental receipts are taxed by the municipality in which the Property is located in lieu of other property taxes. (c) If Landlord receives an abatement, reduction, elimination, postponement, refund or other benefit related to the payment of such taxes and assessments, Tenant shall be entitled to the benefit thereof, to the extent of its Pro Rata Share. (d) For the years in which the Lease Term commences and terminates, Tenant shall pay only a proportionate share of real estate taxes and assessments payable under this Section based on a ratio of the Term within the tax year to the full tax year. If, as of the Commencement Date, Tenant has paid any real estate taxes in respect of portions of the Property other than the Leased Premises for periods occurring after the Commencement Date, then Landlord shall reimburse Tenant for all such taxes (after deducting Tenant's Pro Rata Share thereof under this Lease) paid in respect of such portions and periods within thirty (30) days of being billed therefor. If Landlord fails to make any such reimbursement when due and such failure continues for more than ten (10) days after written notice thereof, Tenant shall have the right to deduct the amount of such reimbursement from the next installment of Annual Office Rent due hereunder. (e) At Landlord's option, Landlord may require Tenant to pay into escrow in advance in 12 equal monthly installments its Pro Rata Share of such taxes and/or assessments with each monthly payment of rent hereunder. If Landlord exercises such option, all funds so received from Tenant shall be kept in a segregated, interest-bearing account which shall be used solely for paying real estate taxes and assessments. Tenant's Pro Rata Share of interest accrued in such interest bearing account shall be paid over to Tenant after the first day of each Lease Year within thirty (30) days after request therefor. Notwithstanding anything contained in this Paragraph 4.8(e) to the contrary, such funds will not bear interest if the first mortgagee of the Property is escrowing taxes unless such mortgagee agrees that such escrow shall be interest bearing, nor shall Tenant be entitled to receive payments of interest on any such funds unless and to the extent that any such mortgagee agrees to pay the same in accordance herewith. In no event will Landlord be in breach of its obligations hereunder if any such mortgagee does not agree to pay interest on such funds, refuses to pay interest to Tenant or fails to pay such interest when due.
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Samples: Lease Agreement (Action Industries Inc), Lease Agreement (Action Industries Inc)
REAL ESTATE AND OTHER TAXES. (a) Tenant shall be obligated each Lease Year or any portion thereof in which it is a tenant for the payment of its Pro Rata Share of all real estate taxes and assessments (at the discount rate provided Tenant pays its rent and Pro Rata Share of real estate taxes and assessments, insurance premiums, CAM Charges and Common Outside Area Expenses when due)1. Landlord shall be responsible for payment in the first instance of all such taxes and assessments on the Property. Upon receipt Landlord shall submit a bxxx to Tenant, together with photostatic copies of all tax bills and all notices concerning assessments, and a computation of Tenant's Pro Rata Share. Within 30 days of submission of each such bxxx and information, Tenant shall reimburse Landlord in the amount required by this Lease, and such reimbursement shall be deemed to be additional rent. Landlord shall have the right but not the obligation to appeal assessments on the Property, and Tenant Lessee shall pay as additional rent hereunder its Pro Rata Share proportionate share of the reasonable cost (including reasonable fees of attorneys and appraisers) of any such appeal pursued by Landlord to reduce any real estate taxes upon submission by Landlord to Tenant of copies of receipts for payments by Landlord of such costs. If by virtue of any appeal, application, or proceeding brought by or on behalf of Landlord there is a reduction in the real estate taxes assessed against from and after the PropertyCommencement Date and continuing during the Term of this Lease including any period during which Lessee shall transact business in the Demised Premises prior to the Commencement Date of the Term of this Lease. For the purposes of this Lease, Tenant's Pro Rata Share of such taxes the term "REAL ESTATE TAXES " shall be reduced accordingly or, if previously paid by Tenant, Tenant's Pro Rata Share of such reduction shall be paid over and refunded to Tenant upon receipt of such refund by Landlord. Tenant shall reimburse Landlord for Tenant's Pro Rata Share of reasonable cost and expenses incurred in connection with the appeal.
(b) Real estate taxes and assessments as used herein means include all real estate taxes taxes, assessments, water and sewer rents (except water meter charges and sewer rent based thereon) and other governmental impositions and charges of every kind and nature whatsoever, extraordinary as well as ordinary, general and special assessments special, foreseen and unforeseen, and each and every installment thereof (including any interest on real estateamounts which may be paid in installments) which shall or may, during the Term, be levied, assessed, imposed, become due and payable, or liens upon, or arising in connection with, the use, occupancy or possession, of or become due and payable out of, or for, the Shopping Center or any tax imposed on part thereof, and all costs incurred by Lessor in contesting or levied against negotiating the same with a governmental authority. Lessee's proportionate share shall be computed by multiplying the total amount of the real estate or owners of real estate in lieu of such taxes or assessments. Real estate taxes and assessments as used herein does not include any of each year by a fraction, the following, all numerator of which shall be the sole obligation gross leasable area of Landlord: income, excise, profits, estate, inheritance, successor, franchise, capital or other tax or assessment upon Landlord or upon the rental receipts or other revenues Demised Premises and the denominator of Landlord from which shall be the Property, except to the extent that rental receipts are taxed gross leasable area of all building space in THE Shopping Center as assessed by the municipality Miami-Dade County Taxing Authority in the tax xxxx for the Shopping Center and except as provided in Easement and Operating Agreements for the Shopping Center as of the beginning of the calendar year in which the Property is located in lieu of other property taxes.
(c) If Landlord receives an abatement, reduction, elimination, postponement, refund or other benefit related to the payment of such taxes are paid. Lessor reserves the right and assessments, Tenant shall option to cause one or more separate tax lots to be entitled to established for components of the benefit thereof, to the extent of its Pro Rata Share.
(d) For the years Shopping Center in which the Lease Term commences and terminates, Tenant shall pay only a Lessee's proportionate share of real estate taxes and assessments payable under this Section based will be computed on a ratio the basis of the Term within component in which the Demised Premises is located. Lessee hereby waives any rights it may have by statute or otherwise to protest real estate taxes. Lessor will be pay the Shopping Center's real estate tax year xxxx at par prior to it becoming delinquent. Lessee will not be responsible for any penalties which may be imposed upon Lessor as a result of late payments nor will it be entitled to any discount resulting from early payment. Nothing herein contained shall be construed to include as a tax which shall be the full basis of real estate taxes, any inheritance, estate, succession, transfer, gift, franchise, corporation, income or profit tax year. Ifor capital levy that is or may be imposed upon Lessor; provided, however, that if, at any time after the date hereof, the methods of taxation shall be altered so that in lieu of or as a substitute for the whole or any part of the Commencement Datetaxes now levied, Tenant has paid assessed or imposed on real estate as such, there shall be levied, assessed or imposed (a) a tax on the rents received from such real estate, or (b) a license fee measured by the rents receivable by Lessor from the Shopping Center or any portion thereof, or (c) a tax or license fee imposed upon Lessor which is otherwise measured by or based in whole or part upon the Shopping Center or any portion thereof, or (d) an income or franchise tax, or (e) all federal, municipal, county or state taxes assessed during the terms of this Lease against any occupancy interest, occupational use, or personal property of any kind, owned by or placed in, upon or about the Premises by Lessee, then the same shall be included in the computation of real estate taxes in respect of portions of the Property other than the Leased Premises for periods occurring after the Commencement Datehereunder, then Landlord shall reimburse Tenant for all such taxes (after deducting Tenant's Pro Rata Share thereof under this Lease) paid in respect of such portions and periods within thirty (30) days of being billed therefor. If Landlord fails to make any such reimbursement when due and such failure continues for more than ten (10) days after written notice thereof, Tenant shall have the right to deduct computed as if the amount of such reimbursement from tax or fee so payable were that due if the next installment Shopping Center were the only property of Annual Office Rent due hereunder.
(e) At Landlord's optionLessor subject thereto. In addition to the foregoing, Landlord may require Tenant should any governmental authority acting under any existing or future law, ordinance or regulation, levy, assess or impose a tax, excise and/or assessment upon or against this Lease, the execution hereof and/or the Minimum Rent, or any item of additional rent payable by Lessee to pay into escrow Lessor whether by way of substitution for or in advance in 12 equal monthly installments its Pro Rata Share of such taxes and/or assessments with each monthly payment of rent hereunder. If Landlord exercises such optionaddition to any existing tax or otherwise, all funds so received from Tenant and whether or not evidenced by documentary stamps or the like, Lessee shall be kept in a segregated, interest-bearing account which responsible for and shall be used solely for paying real estate taxes and assessments. Tenant's Pro Rata Share of interest accrued in such interest bearing account shall be paid over to Tenant after the first day of each Lease Year within thirty (30) days after request therefor. Notwithstanding anything contained in this Paragraph 4.8(e) to the contrary, such funds will not bear interest if the first mortgagee of the Property is escrowing taxes unless such mortgagee agrees that such escrow shall be interest bearing, nor shall Tenant be entitled to receive payments of interest on any such funds unless and to the extent that any such mortgagee agrees to pay the same in accordance herewith. In no event will Landlord be in breach of its obligations hereunder if any such mortgagee does not agree to pay interest on such funds, refuses to pay interest to Tenant or fails to pay such interest when duetax, excise and/or assessment, or shall reimburse Lessor for the amount thereof, as the case may be.
Appears in 1 contract
REAL ESTATE AND OTHER TAXES. (a) 8.1 TENANT'S SHARE OF REAL ESTATE TAXES - In addition to the Rent to be paid by Tenant, Tenant shall be obligated each Lease Year or any pay to Landlord its proportionate share (determined by its portion thereof in of the total rentable area on a per rentable square foot basis) of the amount by which it is a tenant for the payment of its Pro Rata Share of all real estate taxes for any tax period or part thereof during the term of this lease on the Building and assessments the land on which the Building is located, exceeds the taxes for the Base Tax Year specified in Section 1.2 (at the discount rate provided Tenant pays its rent and Pro Rata Share of real estate taxes and assessments, insurance premiums, CAM Charges and Common Outside Area Expenses when dueprorated for less than a full year). Landlord shall be responsible for payment in the first instance of all such taxes and assessments Payments by Tenant on the Property. Upon receipt Landlord shall submit a bxxx to Tenant, together with photostatic copies of all tax bills and all notices concerning assessments, and a computation account of Tenant's Pro Rata Share. Within 30 days of submission of each such bxxx and information, Tenant shall reimburse Landlord in the amount required by this Lease, and such reimbursement shall be deemed to be additional rent. Landlord shall have the right but not the obligation to appeal assessments on the Property, and Tenant shall pay its Pro Rata Share of the reasonable cost (including reasonable fees of attorneys and appraisers) of any such appeal pursued by Landlord to reduce any real estate taxes upon submission by Landlord to Tenant of copies of receipts for payments by Landlord of such costs. If by virtue of any appeal, application, or proceeding brought by or on behalf of Landlord there is a reduction in the real estate taxes assessed against the Property, Tenant's Pro Rata Share share of such taxes shall be reduced accordingly or, if previously paid by Tenant, Tenant's Pro Rata Share of such reduction shall be paid over made monthly and refunded to Tenant upon receipt of such refund by Landlord. Tenant shall reimburse Landlord at the time and in the fashion herein provided for Tenant's Pro Rata Share of reasonable cost and expenses incurred in connection with the appeal.
(b) Real estate taxes and assessments as used herein means all real estate taxes and general and special assessments on real estate, or any tax imposed on or levied against real estate or owners of real estate in lieu of such taxes or assessments. Real estate taxes and assessments as used herein does not include any of the following, all of which shall be the sole obligation of Landlord: income, excise, profits, estate, inheritance, successor, franchise, capital or other tax or assessment upon Landlord or upon the rental receipts or other revenues of Landlord from the Property, except to the extent that rental receipts are taxed by the municipality in which the Property is located in lieu of other property taxes.
(c) If Landlord receives an abatement, reduction, elimination, postponement, refund or other benefit related to the payment of Rent. The amount so to be paid to Landlord shall be an amount form time to time estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant's share of each payment by Landlord on account of such taxes taxes, ten (10) days at least before the day on which such payments by Landlord would become delinquent. Promptly after receipt by Landlord of bills for such taxes, Landlord shall advise Tenant of the amount thereof, and assessmentsthe computation of Tenant's' share on account thereof for the tax period included within the term of this Lease covered by such bill. If payments theretofore made for such period by Tenanx xxceed such share, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant; but, if such share is greater than payments theretofore made on account for such period, Tenant shall be entitled make suitable payable to the benefit thereof, to the extent of its Pro Rata Share.
(d) For the years in which the Lease Term commences and terminates, Tenant shall pay only a proportionate share of real estate taxes and assessments payable under this Section based on a ratio of the Term Landlord within the tax year to the full tax year. If, as of the Commencement Date, Tenant has paid any real estate taxes in respect of portions of the Property other than the Leased Premises for periods occurring after the Commencement Date, then Landlord shall reimburse Tenant for all such taxes (after deducting Tenant's Pro Rata Share thereof under this Lease) paid in respect of such portions and periods within thirty (30) days of being billed therefor. If Landlord fails to make any such reimbursement when due and such failure continues for more than ten (10) days after written notice thereof, Tenant being so advised by Landlord. Landlord shall have the right to deduct same rights and remedies for the amount non-payment by Tenant of any amounts due on account of such reimbursement from taxes as Landlord has hereunder for the next installment failure of Annual Office Rent due hereunder.
(e) At Landlord's option, Landlord may require Tenant to pay into escrow in advance in 12 equal monthly installments its Pro Rata Share Rent. Payments by the Tenant to the Landlord on account of such taxes and/or assessments with each monthly payment shall not be considered as being held in trust, in escrow, or the like, by the Landlord; it being the express intent of rent hereunder. If the Landlord exercises such option, all funds so received from and the Tenant that the Tenant shall be kept in a segregated, interest-bearing account which shall be used solely for paying real estate taxes and assessments. Tenant's Pro Rata Share of interest accrued in such interest bearing account shall be paid over to Tenant after the first day of each Lease Year within thirty (30) days after request therefor. Notwithstanding anything contained in this Paragraph 4.8(e) to the contrary, such funds will not bear interest if the first mortgagee of the Property is escrowing taxes unless such mortgagee agrees that such escrow shall be interest bearing, nor shall Tenant no event be entitled to receive interest upon, or any payments on account of interest on any earnings or profits derived from, such funds unless and payments by the Tenant to the extent that any such mortgagee agrees to pay the same in accordance herewith. In no event will Landlord be in breach of its obligations hereunder if any such mortgagee does not agree to pay interest on such funds, refuses to pay interest to Tenant or fails to pay such interest when dueLandlord.
Appears in 1 contract
Samples: Assignment, Assumption and Amendment of Lease (Critical Therapeutics Inc)
