Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Upstream Bio, Inc.), Lease Agreement (Upstream Bio, Inc.)
Real Estate Taxes. If In addition to Base Rent payable by Tenant to Landlord pursuant to this Lease, Tenant shall pay when due, directly to the applicable taxing authority, all Real Estate Taxes payable during the Lease Term. Within 30 days after Landlord’s written request therefor, Tenant shall deliver to Landlord satisfactory evidence that the installment or payment has been paid and discharged in full. In the event that Landlord receives any xxxx for Real Estate Taxes for the Premises during the Lease Term, Landlord shall immediately turn such xxxx over to Tenant for timely payment. Tenant shall receive the benefit of any refunds, rebates, abatements or reductions in any Real Estate Taxes (collectively, “Refund”) which are attributable to any period for which Tenant is obligated to pay Real Estate Taxes under this Lease, whether or not such Refund was actually applied or received during the term of this Lease. The parties acknowledge that the Premises is the subject of a Community Reinvestment Area LEED Tax Exemption Agreement between the City of Cincinnati and Landlord, (“CRA Agreement”), which provides for an abatement of real property taxes under the terms of the CRA Agreement. Tenant agrees to complete and submit to the Landlord the reports of Tenant’s hiring and employment activities which Landlord is required to file under the CRA Agreement and Landlord agrees to comply the Agreement by timely filing any such reports and by complying with all other terms of the CRA Agreement. In the event that Landlord receives any Refund from any taxing authority which is attributable to any period for which Tenant is obligated to pay Real Estate Taxes under this Lease (whether or not such Refund was actually received by Landlord during the term of this Lease), Landlord shall immediately turn over to Tenant the full amount of such Refund. In the event that all or any portion of the real estate tax abatement granted under the CRA Agreement is revoked or withdrawn retroactively due to Tenant’s failure to employ the number of people required under the CRA Agreement, Tenant agrees to pay any additional Real Estate Taxes due which are attributable to any period for which Tenant is obligated to pay Real Estate Taxes under this Lease (whether or not such additional Real Estate Taxes become due during the term of this Lease). As used herein “Real Estate Taxes” means all real estate taxes, ad valorem taxes and assessments, general and special assessments, or any other tax imposed upon or levied against real estate or upon owners of real estate as such rather than persons generally, including taxes imposed on leasehold improvements, payable solely with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base including all land, all buildings and improvements situated thereon. Only Real Estate Taxes Allocable actually billed to the Premises then, on or before Landlord by the thirtieth (30th) day following receipt taxing authority during the term of this Lease are payable by Tenant Tenant. Real Estate Taxes relating to any period during the term of this Lease but not due and payable during the certified statement referred Term are not payable by Tenant. Notwithstanding anything to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentthe contrary, the amount of such excess. Not later than ninety following are excluded from Real Estate Taxes: (90a) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year any estate tax, inheritance tax, succession tax, capital levy tax, corporate franchise tax, gross receipts tax, income tax, conveyance fee or fraction thereof transfer tax; and for each succeeding Tax Year or fraction thereof during the Term(b) any assessment, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofbond, as the case may betax, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against finance vehicle that is (i) monthly installments imposed as a result of fixed rent next thereafter coming due Landlord’s initial construction of the Building, or (ii) any sums then due from Tenant used to Landlord under this Lease (or refund such portion fund construction of the over-payment as aforesaid if Building or any additions or improvements thereto. If any assessment may be paid in installments, Tenant shall be permitted to pay such assessment over the longest installment period permitted and only the installment coming due during the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year hereof shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:included within Real Estate Taxes.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Medpace Holdings, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, an amount ("Tenant's Tax Share") equal to Tenant's Percentage of the amount Taxes (as hereinafter defined) due (or estimated to be due by governmental authority) for any fiscal tax period (a "Tax Year") during the term hereof. Except as otherwise provided in the immediately following paragraph, Tenant shall pay Tenant's Tax Share to Landlord at least ten (10) days prior to the date or dates within any year during the term hereof that the same, or any fractional share thereof, shall be due and payable to any governmental authority responsible for collection of same (as stated in a written notice to Tenant given at least twenty (20) days prior to the date or dates any such excess. Not payment shall be due, which notice shall set forth the manner of computation of any Tenant's Tax Share due from Tenant), except that such payment shall be made to Landlord not later than ninety ten (9010) days after Landlord’s Tax Expenses Allocable such notice to Tenant, if such notice is given subsequent to the Premises are determined date twenty days prior to the date the same is due and payable as aforesaid. At Landlord's election, Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of Tenant's Tax Share, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to Tenant's Tax Share, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Tax Year. If the total of such monthly remittances for any Tax Year is greater than Tenant's Tax Share for such Tax Year, Landlord shall credit such overpayment against Tenant's subsequent obligations on account of Taxes (or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than Tenant's Tax Share for such Tax Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified in writing by Landlord. If, after Tenant shall have made all payments due to Landlord pursuant to this Section 4.3, Landlord shall receive a refund of any portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceed ings), Landlord shall pay or credit to Tenant Tenant's Percentage of that percentage of the refund (after first deducting any reasonably incurred expenses, including attorneys', consultants' and appraisers' fees, incurred in connection with obtaining any such refund) which equals the percentage of the applicable Tax Year included in the term hereof, provided however, in no event shall Tenant be entitled to receive more than the sum of payments actually made by Tenant on account of Taxes with respect to such Tax Year or fraction thereof and to receive any payment if Taxes for each succeeding any Tax Year are less than Base Taxes. In the event that the Commencement Date shall occur or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or fraction thereof period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant's Percentage be modified during any Tax Year due to a change in the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative rentable area of Landlord showing for the preceding year Building and/or the Premises or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant's Tax Share which may be otherwise payable by Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of as provided in this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year 4.3 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 2 contracts
Samples: Lease Agreement (Signal Pharmaceuticals Inc), Lease Agreement (Signal Pharmaceuticals Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises Taxes (as hereinafter defined defined) assessed against the Property (or estimated to be due by governmental authority) for any fiscal tax period (a full “Tax Year Year”) during the term of this Lease shall exceed Base Taxes Allocable Taxes, whether due to increase in rate or reassessment of the PremisesProperty, or both, Tenant shall reimburse Landlord, as Additional Rent, for Tenant’s Percentage of any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth excess (30th) day following receipt by Tenant of the certified statement such amount being hereinafter referred to below in this Section 2.7, then as the “Tax Excess”). Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the Tax Excess, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to the Tax Excess for the then current Tax Year, as reasonably estimated by Landlord from time to time. Within a reasonable period of time after the end of each Tax Year during the term, Landlord shall give Tenant a notice setting forth the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show Taxes for the preceding Tax Year or fraction thereof as and a computation of any Tax Excess. If the case may be the amounts total of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery Tenant’s monthly remittances on account of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Excess for any Tax Year or fraction thereofis greater than the Tax Excess for such Tax Year, or Landlord shall credit any amounts due from it to Tenant pursuant to such overpayment against Tenant’s subsequent obligations on account of Taxes (or promptly refund such overpayment if the provisions term of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation obligations to Landlord). In addition; if the total of such remittances is less than the Tax Excess for such Tax Year, payments by Tenant on account of increases in real estate taxes anticipated for shall pay the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid difference to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least within ten (10) days before after being so notified by Landlord. If the day on which such payments by Landlord would become delinquent. To Commencement Date shall occur or the extent that term of this Lease shall expire or be terminated during any Tax Year, or the Tax Year or if the period of assessment of real estate taxes is changed or be more or less than one (1) year, or if Tenant’s Percentage is modified during any Tax Year due to a change in the rentable area of the Building and/or the Premises or otherwise, then the amount of Tax Excess which may be otherwise payable by Tenant as provided in this subsection 4.2.1 shall be payable to the taxing authority in installments with respect to periods less than pro-rated on a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:daily basis based.
Appears in 2 contracts
Samples: Lease Agreement (RMR Group Inc.), Lease Agreement (Reit Management & Research Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises Premises; then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and any abatements and refunds of any taxes and assessments. Upon request by Tenant, Landlord shall provide to Tenant a copy of the tax xxxx it used to prepare such statement. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment overpayment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Proteon Therapeutics Inc), Lease Agreement (Proteon Therapeutics Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises (such amount being hereinafter referred to as the “Tax Excess”) then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excessTax Excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and Site, abatements and refunds of any taxes and assessments, expenditures incurred in seeking such abatement or refund, the amount of the Tax Excess, the amount thereof already paid by Tenant, the amount thereof overpaid by Tenant (if any) for the period covered by such statement, and the amount thereof remaining due from Tenant (if any) for the period covered by such statement. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts . Any balance shown as due from it to Tenant pursuant to the provisions of this Section 2.7 shall be credited against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid refunded to Tenant if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Care.com Inc), Lease Agreement (Care.com Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on (A) On or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excessLandlord’s Tax Expenses. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such any Tax Year or fraction thereof within the Term and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for reasonable out-of-pocket legal fees and for other reasonable out-of-pocket expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment in the 30-day period as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 2 contracts
Samples: Lease Agreement (Fractyl Health, Inc.), Lease (Fractyl Health, Inc.)
Real Estate Taxes. If For the purposes of this Section, the term "taxes" shall include all real estate taxes, assessment (general and special) and other governmental impositions and charges of every kind and nature whatsoever, extraordinary as well as ordinary, foreseen and unforeseen, and each and every installment thereof which shall or may during the lease term be levied, assessed, imposed, become due and payable, or liens upon, or arise in connection with the use, occupancy or possession of, or grow due or payable out of, or for, the building or any part thereof, or the land (the "Parcel") upon which the building is situated or any other improvements thereon. Tenant agrees to pay to Landlord Tenant's share of taxes, as herein provided. Tenant's proportionate share of taxes assessed with respect to any full Tax Year or fraction of a Tax Year falling within all buildings in the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt industrial Park shall be determined by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, multiplying the amount of such excesstaxes by a fraction, the denominator of which shall be the rentable square foot area of all buildings constructed in the Industrial Park upon which any such taxes are assessed and the numerator of which shall be the total number of square feet of ground floor area contained in the demised premises as set forth in Section 1.01 hereof. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable Taxes shall be prorated as of the commencement date of the Lease upon the due date basis of the appropriate taxing authorities. In addition to the Premises are determined foregoing, should the State of Florida or any political subdivision thereof or any governmental authority having jurisdiction thereover, impose a tax and/or assessment (other than a franchise tax) upon or against the rentals payable hereunder by Tenant or Landlord, either by way of substitution for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessmentsassessments levied or assessed against such land and such buildings, or in addition hereto, such tax and/or assessments shall be paid by Tenant. Expenditures for legal fees and for other expenses incurred in seeking Landlord will estimate the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement obligations anticipated to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from by Tenant to Landlord under as provided in this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended Section 2.04 and Tenant has no further obligation to Landlord)shall pay 1/12 thereof in equal monthly installments together with the payment of minimum annual rent. In addition, payments by Tenant on account the event that the aggregate of increases in real estate taxes anticipated for Tenant's installments during the then current year shall be made monthly at less than the time and in amount of the fashion herein provided for the payment of fixed rent. The amount so to obligations due from Tenant, such deficiency shall be paid to Landlord within fifteen (15) days after demand therefor. If there shall have been an overpayment by Tenant, Tenant shall be an amount reasonably estimated given a credit towards the next due payment of its share of taxes. Notwithstanding any thing in this Section 2.04 to the contrary, all costs and expenses incurred by Landlord during negotiations for or contests of the amount of the taxes shall be included with the term "Taxes". In the event a refund is obtained, Landlord shall credit a portion thereto the next installment of rent due from Tenant in proportion to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increasestaxes originally paid by Tenant from which the refund was derived. In addition to the foregoing, Tenant at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes all times shall be payable responsible for and shall pay, before delinquency, all taxes levied, assessed or unpaid on any leasehold interest, any right of occupancy, any investment of Tenant in the Demised Premises, or any personal property of any kind owned, installed or used by Tenant, including Tenant's leasehold improvements or on Tenant's right to occupy the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Demised Premises.
Appears in 2 contracts
Samples: Lease Agreement (Singing Machine Co Inc), Lease Agreement (Singing Machine Co Inc)
Real Estate Taxes. (1) If the Real Estate Taxes for any Tax Year exceed the Base Taxes, the Tenant shall pay, as additional rent, an amount equal to Tenant’s Proportionate Share of such increase (the “Tax Payment”), which amount shall be payable as hereinafter set forth.
(1) At any time during or after the term, the Landlord may render to the Tenant a Tax Statement showing the amount of the Tax Payment due from the Tenant. On the first day of the month following the delivery of a Tax Statement to the Tenant, the Tenant shall pay to the Landlord a sum equal to one-twelfth (1/12th) of the Tax Payment shown to be due for such Tax Year multiplied by the number of months (and any fraction thereof) of the term of the lease then elapsed since the commencement of such Tax Year. The Tenant shall continue to pay to the Landlord a sum equal to one-twelfth (1/12th) of the Tax Payment shown on such Tax Statement on the first day of each succeeding month until the first day of the month following the month in which the Landlord delivers a new Tax Statement to the Tenant. Promptly after delivery of a Tax Statement to the Tenant, the Landlord shall give notice to the Tenant stating whether the amount previously paid by the Tenant to the Landlord for the current Tax Year was greater or less than the installments of the Tax Payment to be paid for the current Tax Year in accordance with the Tax Statement. If there was a deficiency, the Tenant shall pay the amount of such deficiency as additional rent in accordance with the provisions of Article One hereof. If there shall have been an overpayment, the Landlord shall credit the amount thereof against the next monthly installments of additional rent payable in accordance with the provisions of this Article Thirty. Tax Payments shall be collectible by the Landlord in the same manner as fixed rent. The Landlord’s failure to render a Tax Statement shall not prejudice the Landlord’s right to render a Tax Statement during or with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a subsequent Tax Year, and shall not eliminate or reduce the foregoing statement shall be rendered and payments made on account of Tenant’s obligation to make a Tax Payment for such installments. Terms used herein are defined as follows:Tax Year.
Appears in 2 contracts
Samples: Lease Modification and Extension Agreement (Inuvo, Inc.), Lease Modification and Extension Agreement (Miva, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking obtaining the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). To the extent permitted by applicable law and provided there shall not then be existing an Event of Default, there is a minimum of twelve (12) full calendar months remaining in the Term (as it may have been extended) and Tenant has given prior written notice to Landlord, Tenant shall have the right to contest the amount or validity, in whole or in part, of any of the real estate taxes by appropriate proceedings diligently conducted in good faith; provided, however, that as a continuing condition to such right, Tenant shall be required to make those payments respecting real state taxes as and at the times required by law notwithstanding any such contest. Tenant further agrees that each such contest shall be promptly and diligently prosecuted in good faith to a final conclusion except only as provided herein. Landlord agrees to cooperate with Tenant in any such proceeding provided that the same shall be at the sole cost and expense of Tenant. Tenant will pay and save Landlord harmless against any and all losses, judgments, decrees and costs incurred by Landlord (including reasonable attorneys’ fees) relating to the Premises and the Term hereof and being the direct or proximate result of Tenant’s initiation of such contest and will, promptly after the final settlement, compromise or determination of such contest, fully pay and discharge Tenant’s obligations under this Section 2.7, together with all penalties, fines, interests, costs and expenses. Further, any such contest by Tenant shall not be discontinued unless and until Tenant has given to Landlord written notice of Tenant’s intent to so discontinue and if Landlord shall not by notice to Tenant (the “Assumption Notice”) within thirty (30) days after receipt of Tenant’s notice elect to assume, at Landlord’s sole cost and expense, the continued prosecution and conduct of such contest. In the event Landlord shall give such Assumption Notice, Tenant shall cooperate with Landlord in all respects as may be necessary for Landlord’s continuation of such contest, but Tenant shall have no other obligation for the prosecution and conduct of such contest. In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Notwithstanding the foregoing provisions, no decrease in Landlord’s Tax Expenses with respect to any Tax Year shall result in a reduction of the amount otherwise payable by Tenant if and to the extent said decrease is attributable to vacancies in the Building or partial completion of the Building rather than to any other causes. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Vistaprint LTD), Lease Agreement (Vistaprint LTD)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable 8.1 Landlord represents and warrants that Real Property Taxes and Assessments relating to the Premises as hereinafter defined for a full Tax Year exceed Base and the Shopping Center, except current taxes and assessments not delinquent, have been paid in full. Landlord shall pay promptly when they are due all Real Property Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable and Assessments relating to the Premises thenand the Shopping Center, on except as provided in Paragraph 8.3 below.
8.2 For purposes of this Article 8, "REAL PROPERTY TAXES AND ASSESSMENTS" shall mean only the taxes and assessments imposed by municipal, county, state and district governmental authorities (as distinguished from federal governmental authorities) against the owners of real property, which are measured by the value or before the thirtieth (30th) day following receipt by Tenant gross revenues of the certified statement referred to below in this Section 2.7, then Tenant shall pay to subject property separate from any other property owned by Landlord, as Additional Rent, . Landlord estimates the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable Real Property Taxes and Assessments relating to the Premises are determined for the first such Tax (1st) Lease Year (excluding any reassessment resulting from Tenant's Work) will be approximately $26,500, based upon the 1995-1996 real estate tax xxxx for the tax lot affecting the Premises which Tenant acknowledges it has received and reviewed. Real Property Taxes and Assessments shall be prorated, if necessary, based on a three hundred sixty-five (365) day year to take into account any partial tax year in which the Rent Commencement Date and the expiration of the lease Term occur. The term Real Property Taxes and Assessments shall also include any tax or fraction thereof and for each succeeding Tax Year excise on rent or fraction thereof other taxes payable by Landlord on account of or measured by the rentals and/or other charges payable under this Lease. If under the laws of the State of California, or any political subdivision thereof, at any time during the Termterm of the Lease, Landlord the methods of taxation shall render Tenant a statement be altered so as to impose in reasonable detail certified by a representative lieu of Landlord showing current methods for the preceding year assessment and taxation of real property, in whole or fraction thereofin part, as the case may betaxes based on other standards, real estate taxes on the Building and the Site and abatements and refunds or in lieu of any taxes increase therein, such tax shall be included within the Real Property Taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement Assessments to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions purposes of this Section 2.7 with respect to the preceding Tax Year or fraction thereofLease. Nothing contained in this Lease, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In additionhowever, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time deemed or construed to include within Real Property Taxes and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as followsAssessments:
Appears in 2 contracts
Samples: Guaranty of Lease (Basic Us Reit Inc), Guaranty of Lease (Basic Us Reit Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within (a) Throughout the Term, Landlord’s Tax Expenses Allocable to the Premises Tenant shall pay on a monthly basis, without demand, as hereinafter defined Additional Rent for a full Tax Year exceed Base Taxes Allocable to the Premises, Tenant's Proportionate Share of the actual Real Estate Taxes (as defined in SECTION 4.02(c) hereof). Such payments shall be made as follows:
(1) Prior to the Commencement Date and on the first day of January of each year during the Term, or as soon thereafter as practicable, Landlord shall furnish Tenant with Landlord's estimate of the Real Estate Taxes for the forthcoming year. On the first day of each month during such year, Tenant shall pay one-twelfth (1/12th) of Tenant's Proportionate Share of the estimated Real Estate Taxes for such year. If for any such fraction reason Landlord has not provided Tenant with Landlord's estimate of a Tax Year exceed the corresponding fraction of Base Real Estate Taxes Allocable to the Premises then, on or before the thirtieth (30th) first day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount January of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof any year during the Term, Landlord shall render Tenant a statement in reasonable detail certified Term (or by a representative of Landlord showing for the preceding year or fraction thereofCommencement Date, as the case may be), real estate taxes then until the first day of the calendar month following the month in which Tenant is given Landlord's estimate of Real Estate Taxes, Tenant shall continue to pay to Landlord on the Building and first day of each calendar month the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made monthly sum payable by Tenant under this SECTION 4.02 for the Tax Year. Only month of December of the preceding year.
(2) On the first day of April of each year during the Term or as soon thereafter as reasonably practical, Landlord shall have the right furnish to institute tax reduction or other proceedings to reduce real estate taxes or the valuation Tenant a statement of the Building and the Site. Said statement to be rendered to Tenant shall also show actual Real Estate Taxes for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statementyear. Within thirty (30) days after the date of delivery of the foregoing that statement, a lump sum payment will be made by Tenant shall pay equal to Landlord the balance of the amountsamount, if any, required to be by which Tenant's Proportionate Share of the actual Real Estate Taxes exceeds the amount, if any, which Tenant has paid toward the estimated Real Estate Taxes pursuant to SECTION 4.02(a)(1) above. If Tenant's Proportionate Share of the above provisions of this Section 2.7 with respect actual Real Estate Taxes is less than the amount Tenant has paid toward the estimated Real Estate Taxes pursuant to SECTION 4.02(a)(1) above, Landlord shall apply such amount to the preceding Tax Year or fraction thereofnext accruing installment(s) of Rent due hereunder. The foregoing notwithstanding, or Landlord shall credit have the right once the actual Real Estate Taxes assessment for the applicable year has been received by Landlord, to notify Tenant in writing of any amounts due from it to Tenant pursuant to the provisions change in Landlord's estimate of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated Real Estate Taxes for the then current year year, in which event Tenant's Proportionate Share of Real Estate Taxes, as previously estimated, shall be made monthly at adjusted to reflect the time amount shown in such notice and shall be effective, and due from Tenant, on the first day of each month following Landlord's giving of such notice. The effect of this SECTION 4.02
(a) is that Tenant will pay during each year during the Term Tenant's Proportionate Share of the actual Real Estate Taxes in excess of the fashion herein provided Base Real Estate Taxes.
(b) If the Commencement Date occurs on a date other than the first day of January, or if the term ends on a date other than the last day of December, the actual Real Estate Taxes for the payment of fixed rent. The amount so to be paid to Landlord year in which the Commencement Date or the Expiration Date occurs, as the case may be, shall be an amount reasonably estimated prorated so that Tenant shall pay that portion of Tenant's Proportionate Share of Real Estate Taxes for such year represented by Landlord to a fraction, the numerator of which shall be sufficient to provide Landlordthe number of days during such fractional year falling within the Term, and the denominator of which is 365 (or 366, in the aggregate, case of a sum equal to Tenant’s share leap year). The provisions of such increases, at least ten this SECTION 4.02 shall survive the Expiration Date or any sooner termination provided for in this Lease.
(10c) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority As used in installments with respect to periods less than a Tax Yearthis Lease, the foregoing statement term "REAL ESTATE TAXES" shall be rendered and payments made on account of such installments. Terms used herein are defined as followsincluding the following:
Appears in 2 contracts
Samples: Office Lease Agreement (Pec Solutions Inc), Office Lease Agreement (Pec Solutions Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, an amount ("Tenant's Tax Share") equal to Tenant's Percentage of the amount Taxes (as hereinafter defined) due (or estimated to be due by governmental authority) for any fiscal tax period (a "Tax Year") during the term hereof. Except as otherwise provided in the immediately following paragraph, Tenant shall pay Tenant's Tax Share to Landlord at least ten (10) days prior to the date or dates within any year during the term hereof that the same, or any fractional share thereof, shall be due and payable to any governmental authority responsible for collection of same (as stated in a written notice to Tenant given at least twenty (20) days prior to the date or dates any such excess. Not payment shall be due, which notice shall set forth the manner of computation of any Tenant's Tax Share due from Tenant), except that such payment shall be made to Landlord not later than ninety ten (9010) days after Landlord’s Tax Expenses Allocable such notice to Tenant, if such notice is given subsequent to the Premises are determined date twenty (20) days prior to the date the same is due and payable as aforesaid. At Landlord's election, Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of Tenant's Tax Share, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to Tenant's Tax Share, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Tax Year. If the total of such monthly remittances for any Tax Year is greater than Tenant's Tax Share for such Tax Year, Landlord shall credit such overpayment against Tenant's subsequent obligations on account of Taxes (or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than Tenant's Tax Share for such Tax Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by Landlord. If, after Tenant shall have made all payments due to Landlord pursuant to this Section 4.3, Landlord shall receive a refund of any portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant's Percentage of that percentage of the refund (after first deducting any expenses, including attorneys', consultants' and appraisers' fees, incurred in connection with obtaining any such refund) which equals the percentage of the applicable Tax Year included in the term hereof, provided however, in no event shall Tenant be entitled to receive more than the sum of payments actually made by Tenant on account of Taxes with respect to such Tax Year. In the event that the Commencement Date shall occur or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or fraction thereof and for each succeeding period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant's Percentage be modified during any Tax Year due to a change in the rentable area of the Building and/or the Premises or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant's Tax Share which may be otherwise payable by Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of as provided in this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year 4.3 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 365 day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 2 contracts
Samples: Lease Agreement (Dexcom Inc), Lease Agreement (Dexcom Inc)
Real Estate Taxes. If with respect Tenant covenants to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, for each tax period partially or wholly included in the amount term, Tenant’s Percentage of Taxes (as hereinafter defined). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Taxes, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tenant’s Percentage of Taxes, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. The initial calculation of the monthly estimated payments shall be based upon the Initial Estimate of Tenant’s Percentage of Taxes for the Tax Year and upon quarterly payments being due to the governmental authority on August 1, November 1, February 1 and May 1, and shall be made when the Commencement Date has been determined. If the total of such excess. Not later monthly remittances for any Tax Year is greater than ninety the Tenant’s Percentage of Taxes for such Tax year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the Tenant’s Percentage of Taxes for such Tax Year, Tenant shall pay the difference to Landlord at least ten (9010) days after Landlord’s Tax Expenses Allocable prior to the Premises are determined for the first date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than twenty (20) days following a written notice to Tenant, which notice shall set forth the manner of computation of Tenant’s Percentage of Taxes). This section shall survive the expiration or fraction thereof earlier termination of the Lease. If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant’s Percentage of the refund (less the proportional, pro rata expenses, including attorneys’ fees and appraisers’ fees, incurred in connection with obtaining any such refund), as relates to Taxes paid by Tenant to Landlord with respect to any Tax Year for each succeeding which such refund is obtained. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year assessment of real estate taxes be changed or fraction thereofbe more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Taxes which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 2 contracts
Samples: Office Lease (Avedro Inc), Office Lease (Avedro Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within 1. In the Term, Landlord’s Tax Expenses Allocable to event that the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or real estate taxes payable for any such fraction of a Tax Year comparative year shall exceed the corresponding fraction amount of Base Taxes Allocable to such real estate taxes payable during the Premises thenbase tax year, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentadditional rent for such comparative year, an amount equal to The Percentage of the amount of such excess. Not later than ninety By or after the start of the comparative year following the base tax year, and by or after the start of each comparative year thereafter, Landlord shall furnish to Tenant a statement of the real estate taxes payable during such comparative year, and a statement of the real estate taxes payable during the base tax year. If the real estate taxes payable for such comparative year exceed the real estate taxes payable during the base tax year, additional rent for such comparative year, in an amount equal to The Percentage of the excess, shall be due from Tenant to Landlord, and such additional rent shall be payable by Tenant to Landlord within ten (9010) days after Landlord’s Tax Expenses Allocable receipt of the aforesaid statement. If Landlord is permitted, by applicable law, to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, pay real estate taxes on in installments, Tenant shall make payments due hereunder in the Building same number of installments and at the Site and abatements and refunds of any taxes and assessmentssame time as such installments are payable by Landlord.
2. Expenditures for legal fees and for other expenses incurred in seeking Should the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes payable during the base tax year be reduced by final determination of legal proceedings, settlement or otherwise, then, the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rentpayable hereunder for all comparative years shall be recomputed on the basis of such reduction, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amountsas additional rent, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least within ten (10) days before after being billed therefor, any deficiency between the day amount of such additional rent as theretofore computed and the amount thereof due as the result of such recomputations. Should the real estate taxes payable during the base tax year be increased by final determination of legal proceedings, settlement or otherwise, then appropriate recomputation and adjustment also shall be made.
3. If, after Tenant shall have made a payment of additional rent under this subdivision (b), Landlord shall receive a refund of any portion of the real estate taxes payable during any comparative year after the base tax year on which such payments by Landlord would become delinquent. To the extent that payment of additional rent shall have been based, as a result of a reduction of such real estate taxes by final determination of legal proceedings, settlement or otherwise, Landlord shall within ten (10) days after receiving the refund pay to Tenant The Percentage of the refund less The Percentage of reasonable expenses (including reasonable attorneys' and appraisers' fees) incurred by Landlord in connection with any such application or proceeding. If, prior to the payment of taxes for any comparative year, Landlord shall have obtained a reduction of that comparative year's assessed valuation of the building project, and therefore of said taxes, then the term "real estate taxes" for that comparative year shall be payable deemed to include the taxing authority amount of Landlord's reasonable expenses in installments with respect to periods less than a Tax Yearobtaining such reduction in assessed valuation, the foregoing statement shall be rendered including reasonable attorneys' and payments made on account of such installments. Terms used herein are defined as follows:appraisers' fees.
Appears in 2 contracts
Samples: Loft Lease (Younetwork Corp), Lease Agreement (Younetwork Corp)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, Landlord as Additional RentRent Tenant's Prorata Share (or, Tenant's Proportionate Share in the event there is more than one Building in the Center) of any increases in Landlord's Real Estate Taxes over Real Estate Taxes for the Base Year levied against the Center. "Real Estate Taxes" shall mean: (a) all ad valorem Real Estate Taxes on the Center (adjusted after protest or litigation, if any) for any part of the term of this Lease, exclusive of penalties; (b) any taxes which shall be levied in lieu of any such ad valorem Real Estate Taxes; (c) any special assessments for benefits on or to the Center paid in annual installments by Landlord; (d) occupational taxes or excise taxes levied on rentals derived from the operation of the property or the privilege of leasing property; (e) any private subdivision assessment made against the Center; and (f) the expense of protesting, negotiating or contesting the amount or validity of any such taxes, charges or assessments, such expense to be applicable to the period of the item contested, protested or negotiated. If the Lease Term shall end during a tax year ("tax year" shall mean the annual period for which Real Estate Taxes are assessed and levied) of which only part is included in the Lease Term, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year Additional Rent shall be prorated on a per diem basis and shall be paid on or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation last day of the Building and Lease Term. If the Site. Said statement Lease Term ends in any tax year before the amount to be rendered to payable by Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to has been determined under the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such Section, an amount payable for the portion of the over-payment as aforesaid if Lease Term during the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current tax year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to and the estimated amount shall be sufficient to provide Landlordpromptly paid by Tenant. As soon as the amount properly payable by Tenant for the partial period has finally been determined, the amount shall be adjusted between Landlord and Tenant. Tenant shall be liable for all taxes levied against personal property and trade fixtures placed by Tenant in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Premises.
Appears in 2 contracts
Samples: Industrial Lease (MKS Instruments Inc), Industrial Lease (MKS Instruments Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Such payment shall be made at the times and manner hereinafter provided in this Section 2.7. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and ended, net of any amounts then due from Tenant has no further obligation to Landlord). In addition, Estimated payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. .
(a) Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Carbon Black, Inc.), Lease Agreement (Carbon Black, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30tha) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, an amount equal to Tenant’s Occupancy Percentage of each component of Real Estate Taxes as same becomes due and payable from time to time for each fiscal period fixed by any taxing authority with respect to such component of Real Estate Taxes (each a “Fiscal Period”) that occurs during the Term as hereinafter provided (the amount so payable by Tenant for such component being herein called “Tenant’s Tax Share”). In respect of any Fiscal Period that begins prior to the first day of the Term, or ends later than the last day of the Term, the Tenant’s Tax Share shall be prorated to correspond to that portion of such Fiscal Period occurring within the Term. Tenant shall pay Tenant’s Tax Share for each such Fiscal Period pursuant to the following provisions:
(1) For the first Fiscal Period occurring during the Term (i.e., the Fiscal Period within which the Commencement Date occurs), Tenant’s Tax Share shall be paid on the Commencement Date (and, if applicable, adjusted) pursuant to the apportionment provisions of the Purchase Agreement.
(2) For each subsequent Fiscal Period, upon receipt of any invoice or xxxx for such component of Real Estate Taxes, Landlord shall deliver to Tenant a written statement (the “Tax Statement”) which shall (A) set forth (i) the amount of such excessReal Estate Tax component (determined consistent with definition of Real Estate Taxes set forth below and the invoices in respect of such component theretofore received by Landlord), (ii) Tenant’s Tax Share (consistent therewith, and assuming the then applicable Tenant’s Occupancy Percentage), and (iii) the due date of such component of Real Estate Taxes, and (B) include a copy of such invoice or xxxx. Not later than ninety Tenant, within thirty (9030) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first its receipt such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Statement shall pay to Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered Tenant’s Tax Share indicated by the statementTax Statement; provided, however, that if such component has a due date that is more than sixty (60) days after the rendering of such Tax Statement, then Tenant may defer the payment of Tenant’s Tax Share until the date that is thirty (30) days prior to the due date of such component of Real Estate Taxes.
(3) If, after the delivery of any Tax Statement for any component of Real Estate Taxes for any Fiscal Period, there shall occur any decrease in such component of Real Estate Taxes in respect of such Fiscal Period (including a decrease therein resulting from any net refund of such component of Real Estate Taxes), then Landlord shall promptly (and, in all events, within thirty (30) days after such decrease shall become effective) furnish to Tenant a revised Tax Statement for such component of Real Estate Taxes for such Fiscal Period. Within If any revised Tax Statement shall set forth a Tenant’s Tax Share that is less than that set forth on the previous Tax Statement, then Landlord, together with its delivery of the revised Tax Statement, shall pay to Tenant the amount of the difference between the Tenant’s Tax Share set forth on the previous Tax Statement and the Tenant’s Tax Share set forth on the revised Tax Statement.
(4) If, after the delivery of a Tax Statement for any component of Real Estate Taxes for any Fiscal Period, there shall occur any increase in the Real Estate Taxes in respect of such Fiscal Period (including any increase therein resulting from an assessment or rate adjustment), then, and in each such case, Landlord may furnish to Tenant a revised Tax Statement for such component of Real Estate Taxes for such Fiscal Period. If any revised Tax Statement shall set forth a Tenant’s Tax Share that is greater than that set forth on the previous Tax Statement, then Tenant, within thirty (30) days after the date of delivery of the foregoing statementsuch revised Tax Statement, Tenant shall pay to Landlord the balance of difference between the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before Tax Share set forth on the day revised Tax Statement and the Tenant’s Tax Share set forth on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a previous Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Statement.
Appears in 2 contracts
Samples: Lease Agreement (Gramercy Capital Corp), Lease (Gramercy Capital Corp)
Real Estate Taxes. (1) If the Real Estate Taxes for any Tax Year exceed the Base Taxes, the Tenant shall pay, as additional rent, an amount equal to Tenant’s Proportionate Share of such increase (the “Tax Payment”), which amount shall be payable as hereinafter set forth.
(2) At any time during or after the term, the Landlord may render to the Tenant a Tax Statement showing the amount of the Tax Payment due from the Tenant. On the first day of the month following the delivery of a Tax Statement to the Tenant, the Tenant shall pay to the Landlord a sum equal to one-twelfth (1/12th) of the Tax Payment shown to be due for such Tax year multiplied by the number of months (and any fraction thereof) of the term of the lease then elapsed since the commencement of such Tax Year. The Tenant shall continue to pay to the Landlord a sum equal to one twelfth (1/12) of the Tax Payment shown on such Tax Statement on the first day of each succeeding month until the first day of the month following the month in which the Landlord delivers a new Tax Statement to the Tenant. Promptly after delivery of a Tax Statement to the Tenant, the Landlord shall give notice to the Tenant stating whether the amount previously paid by the tenant to the Landlord for the current Tax Year was greater or less than the installments of the Tax Payment to be paid for the current Tax Year in accordance with the Tax Statement. If there was a deficiency, the Tenant shall pay the amount of such deficiency as additional rent in accordance with the provisions of Article One hereof. If there shall have been an overpayment, the Landlord shall credit the amount thereof against the next monthly installments of additional rent payable in accordance with the provisions of this Article Thirty. Tax Payments shall be collectible by the Landlord in the same manner as fixed rent. The Landlord’s right to render a Tax Statement during or with respect to any full subsequent Tax Year Year, and shall not eliminate or fraction of reduce the Tenant’s obligation to make a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined Payment for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right Back to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Contents
Appears in 2 contracts
Samples: Lease Agreement (Inuvo, Inc.), Lease Agreement (Miva, Inc.)
Real Estate Taxes. If Real estate taxes shall be prorated on a cash basis for the calendar year in which the Closing occurs, regardless of the year for which such taxes are assessed. Such proration shall be calculated based upon the actual number of days in such calendar year, with respect Seller being responsible for that portion of such calendar year occurring prior to any full Tax Year or fraction midnight of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable day prior to the Premises as hereinafter defined Closing Date and Buyer being responsible for a full Tax Year exceed Base Taxes Allocable that portion of such calendar year occurring after midnight of the day prior to the Premises, or Closing Date. If the real estate tax rate and assessment has not been set for any such fraction of a Tax Year exceed taxes payable in the corresponding fraction of Base Taxes Allocable to calendar year in which the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7Closing occurs, then Tenant shall pay to Landlord, as Additional Rent, the amount proration of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to taxes shall be based upon the Premises are determined for the first such Tax Year or fraction thereof rate and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing assessments for the preceding calendar year, and such proration shall be adjusted between Seller and Buyer upon presentation of written evidence that the actual taxes paid for the calendar year in which the Closing occurs differ from the amounts used at Closing and in accordance with the provisions of Section 5.10. Seller shall pay all installments of special assessments due and payable prior to the Closing Date and Buyer shall pay all installments of special assessments due and payable on and after the Closing Date; provided, however, that Seller shall not be responsible for any installments of special assessments which have not been confirmed or fraction thereof, as the case may be, real estate taxes which relate to projects that have not been completed on the Building and date hereof. Notwithstanding the Site and abatements and refunds foregoing terms of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord this Section, Seller shall have the right no obligation to institute tax reduction or other proceedings to reduce pay (and Buyer shall not receive a credit at Closing for) any real estate taxes or special assessments to the valuation extent that Buyer is entitled after Closing to reimbursement of taxes and assessments, or the Building recovery of any increase in taxes and assessments, from the Sitetenants under the Leases, regardless of whether Buyer actually collects such reimbursement or increased taxes and assessments from such tenants, it being understood and agreed by Buyer and Seller that the burden of collecting such reimbursements shall be solely on Buyer. Said statement to There shall be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts no proration of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and than those payable in the fashion herein provided for calendar year in which the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Closing occurs.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (CBL & Associates Properties Inc), Purchase and Sale Agreement (CBL & Associates Properties Inc)
Real Estate Taxes. (a) If with respect to for any full Tax Year or fraction of a Tax Year falling within during the Term, Landlord’s Tax Expenses Allocable to Term the Premises as hereinafter defined for a full Tax Year Taxes exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to reimburse Landlord, as Additional Rent, the amount for Tenant’s Percentage of such excess. Not later The Additional Rent payable by Tenant under the preceding two sentences is referred to herein collectively as the “Tax Excess.” Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Tax Excess, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tax Excess, as reasonably estimated by Landlord from time-to-time on the basis of the most recent tax data available. If the total of such monthly payments for any Tax Year is greater than ninety the actual Tax Excess for such Tax Year, then promptly after the expiration of such Tax Year and the determination of the actual amount of Tax Excess for such Tax Year, Landlord shall pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such payments is less than the actual Tax Excess for such Tax Year, then Tenant shall pay the difference to Landlord not more than ten (9010) days after LandlordLandlord delivers to Tenant an itemized statement of the Tax Excess.
(b) If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the Term hereof, whether as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without Landlord having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant’s Tax Expenses Allocable Percentage of the refund (less the proportional pro rata expenses, including, without limitation, attorneys’ fees and appraisers’ fees, incurred in connection with obtaining any such refund.
(c) If the Term of this Lease shall commence, or shall end (by reason of expiration of the Term or earlier termination pursuant to the Premises are determined for provisions hereof), on any date other than the first such or last day of the Tax Year, or should the Tax Year or fraction thereof and for each succeeding Tax Year period of assessment of real estate taxes be changed or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year be more or fraction thereofless than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tax Excess payable by Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at appropriately apportioned on the time basis of daily prorations and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted accordingly.
Appears in 2 contracts
Samples: Lease (Tokai Pharmaceuticals Inc), Sublease (Tokai Pharmaceuticals Inc)
Real Estate Taxes. If with respect Net Real Estate Taxes", as defined below.
(a) Tenant's Centerpointe I Proportionate Share (as defined in Article 50.16 below) of Real Estate Taxes (as defined in Article 50.11) for the Centerpointe I Building in excess of Tenant's Centerpointe I Proportionate Share of Base Year Real Estate Taxes for the Centerpointe I Building ("Centerpointe I Net Real Estate Taxes").
(b) Tenant's Centerpointe II Proportionate Share (as defined in Article 50.16) of Real Estate Taxes for the Centerpointe II Building in excess of Tenant's Centerpointe II Proportionate Share of Base Year Real Estate Taxes for the Centerpointe II Building ("Centerpointe II Net Real Estate Taxes").
(c) Tenant's Centerpointe I Net Real Estate Taxes and Tenant's Centerpointe II Net Real Estate Taxes are herein defined as "Net Real Estate Taxes".
(d) Upon the written request of Tenant, during any year of the Term of this Lease, Landlord shall deliver a copy of the real property tax assessment for the Buildings for that year and shall inform Tenant whether or not Landlord intends to any full institute an appeal ("Tax Year Appeal") of the real property tax assessment for either or fraction ' both of the Buildings. If, notwithstanding Landlord's intention not to appeal the real property tax assessment in a particular year, Tenant in its reasonable judgment determines that a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7Appeal should be filed, then Tenant shall pay to Landlord, as Additional Rent, the amount deliver written notice of such excess. Not determination to Landlord no later than ninety the earlier of (90i) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of following Landlord's delivery of the foregoing statementLandlord's notice of its decision not to file a Tax Appeal, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant thirty (30) days prior to the deadline for filing the Tax Appeal. In such event, Landlord, with counsel designated by Landlord, shall file and prosecute a Tax Appeal with the same diligence as if Landlord under this Lease (or refund had itself made the determination to undertake such portion of the over-payment as aforesaid if the Term has ended Tax Appeal, and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases may participate and consult with Landlord in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rentsuch proceedings. The amount so to be paid to Landlord cost and expense of any Tax Appeal shall be an amount reasonably estimated by Landlord to be sufficient to provide LandlordAnnual Operating Cost, as defined in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Article 7.4.1
Appears in 2 contracts
Samples: Lease Agreement (American Management Systems Inc), Lease Agreement (American Management Systems Inc)
Real Estate Taxes. If with respect to Real estate or ad valorem real property taxes, assessments (including installments of business improvement district charges and principal and interest installments due on any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amountslocal improvement district liens, if any, required to be paid pursuant to the above provisions of this Section 2.7 ) and personal property taxes with respect to the preceding Tax Year or fraction thereofProperty (collectively, or Landlord "Real Estate Taxes") shall credit any amounts due from it to Tenant pursuant be prorated based upon the latest available tax bill, such that Contributors shall be responsible for all Real Esxxxx Taxes levied against the Property for the period prior to the provisions Adjustment Time and CBL/OP shall be responsible for all Real Estate Taxes levied against the Property for the period from and after the Adjustment Time. If the latest available tax bill is not the bill for the current tax year, then Real Estate Txxxx shall be prxxxxed based upon the latest tax information then available (including previous tax bills, current assessments and other information available from the taxing authorities) and CBL/OP and Contributors shall re-prorate the Real Estate Taxes following the Closing as soon as the current tax bill or other current information becomes available. Any increase xx Real Estate Taxes which is assessed following the Closing arising out of this Section 2.7 against (i) monthly installments the sale of fixed rent next thereafter coming due the Real Property to CBL/OP or (ii) a subsequent sale or change in ownership thereafter, and/or arising out of any sums then due from construction or improvements to the Real Property prior to or following the Closing, shall be paid by CBL/OP when assessed. Refunds of Real Estate Taxes for the Real Estate Tax year in which the Closing occurs, net of the costs of pursuing any tax contest or protest proceedings and collecting such refunds, shall be prorated in proportion to the respective shares of such Real Estate Taxes borne by Contributors and CBL/OP hereunder. The rights of Contributors and CBL/OP to their respective shares of any refund of Real Estate Taxes shall be subject to the rights of the Tenants under the Tenant Leases in regard to Landlord under this Lease (or refund such Overage Rents, and any portion of the over-payment as aforesaid if the Term has ended and any refund to which any Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year is entitled shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord CBL/OP (even if the refund pertains to be sufficient a period prior to provide LandlordClosing) and CBL/OP covenants to promptly refund (or, in CBL/OP's case, credit) to the aggregateTenants any refund of Real Estate Taxes due the Tenants. Notwithstanding any statement herein to the contrary, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent parties agree that real estate taxes shall be payable prorated on the basis that Property Owner/Contributors is/are responsible for taxes and assessments relating to periods prior to the Closing and CBL/OP is responsible for taxes and assessments relating to periods from the Closing and thereafter, and the parties further agree that this tax proration shall apply regardless of whether the taxing authority assesses taxes in installments with respect to periods less than a Tax Yeararrears, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:currently or prospectively.
Appears in 2 contracts
Samples: Contribution Agreement (CBL & Associates Properties Inc), Contribution Agreement (CBL & Associates Properties Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant Landlord shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, all real estate taxes on Landlord's Property, including all general real estate taxes, personal property taxes on Landlord's Property and installments for special assessments arising during the Building and term of the Site and abatements and refunds Lease. Tenant agrees to reimburse Landlord for Tenant's Proportionate Share of any such taxes and assessments. Expenditures "Proportionate Share" for legal purposes of this Lease shall be the ratio obtained by dividing the leasable square feet of the Leased Premises by the leasable square feet of all buildings constructed from time to time on Landlord's Property. Tenant may pay its Proportionate Share of such taxes in installments at least ten days prior to when such installment is due the treasurer, unless the escrow of taxes is required as provided below. Landlord shall elect the longest payment schedule possible for special assessments arising during the term of this Lease. Landlord shall contest real estate tax assessments upon request of Tenant, subject to Tenant's payment of its Proportionate Share of reasonable attorneys' fees and for other expenses costs incurred in seeking such contest. Tenant's Proportionate Share shall be adjusted each time there is any change in the area of the Leased Premises or of all buildings constructed from time to time on Landlord's Property. Any adjustment shall take place on the first day of the first calendar month following the change in either of those areas. Tenant's obligation for each tax refund or abatement may described in this section shall be charged against the tax refund or abatement before the adjustments are made prorated for the Tax Yearfirst year of this Lease as of the Commencement Date of this Lease. Only Tenant shall, upon notice from Landlord, pay in escrow to Landlord shall have one-twelfth (1/12) its Proportionate Share of the right to institute tax reduction or other proceedings to reduce estimated annual real estate taxes, personal property taxes or and installments for special assessments for Landlord's Property on the valuation first day of each month after such request, provided, however, that if the Building and sum of such installments shall be less than the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the total amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date Tenant's Proportionate Share of delivery of the foregoing statementsuch taxes, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, deficiency at least ten (10) days before in advance of the day on which due date of such payments taxes, taking into account any installment payment arrangements offered by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Yearwithout the imposition of any finance charge, the foregoing statement penalty or other cost. Tenant's escrow payment shall be rendered and payments made applied by Landlord to the payment of the taxes on account the Landlord's Property. At the termination of such installmentsthis Lease, Tenant shall promptly pay Landlord for Tenant's Proportionate Share of the estimated taxes based upon that portion of the termination year this Lease is in effect. Terms used herein are defined Such estimate shall be based upon the taxes for the preceding year. Any payment by Tenant in excess of its Proportionate Share of taxes for any tax year shall be refunded to Tenant as follows:soon as reasonably practicable.
Appears in 2 contracts
Samples: Lease Agreement (Mentor Corp /Mn/), Lease Agreement (Mentor Corp /Mn/)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s 's Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s 's Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking obtaining the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s 's share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Notwithstanding the foregoing provisions, no decrease in Landlord's Tax Expenses with respect to any Tax Year shall result in a reduction of the amount otherwise payable by Tenant if and to the extent said decrease is attributable to vacancies in the Building or partial completion of the Building rather than to any other causes. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Unica Corp), Lease Agreement (Unica Corp)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, All real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged levied against the tax refund or abatement before Property (collectively, “Taxes”) shall be prorated between Buyer and Seller on a cash basis, (i.e. those Taxes for which final bills are issued in the adjustments are made for calendar year in which the Tax Year. Only Landlord shall have Closing occurs and that become due and payable in the right to institute tax reduction or other proceedings to reduce real estate taxes or year in which the valuation Closing occurs will be prorated between Buyer and Seller regardless of the Building tax, fiscal or calendar year during which such Taxes accrued). If the actual amount of Taxes due and payable in the Site. Said statement to year of Closing is not ascertainable as of the Closing Date, proration of Taxes shall be rendered to Tenant shall also show based upon the most currently available xxxx for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rentsuch Taxes, and shall be reprorated when the amount of real estate taxes remaining due fromactual final xxxx is available, or overpaid byin accordance with Section 4.2.7. Such reproration obligation shall survive the Closing and shall not merge into any documentation delivered at Closing. Notwithstanding the foregoing, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant but subject to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from 4.2.7, there will be no proration for Taxes to the extent a Project is leased to a single Tenant and such Tenant’s respective Lease requires that Tenant to Landlord under this Lease (pay Taxes, whether directly or refund such portion by reimbursement to Seller, rather than paying estimated amounts therefor to Seller as additional rent. Buyer shall pay all Taxes due and payable after Closing, and reconciliations with Tenants for Taxes due and payable during calendar year 2005 shall be responsibility of Buyer post-Closing, pursuant to, and in accordance with, Section 4.2.7 below. In no event shall Seller be charged with or responsible for any increase in the Taxes resulting from an increase in the assessed valuation of any Project, which increase occurs as a result of the over-payment as aforesaid if sale of the Term has ended and Tenant has no further obligation Property or from any improvements first made or Leases first entered into on or after the Closing Date; provided, however, that Seller nevertheless acknowledges that Taxes may increase due to Landlord). In additionchanges in assessed valuation and/or in tax rates, payments by Tenant on account of increases without the change in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable assessed valuation being attributable to the taxing authority in installments with respect to periods less than sale of a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Project or any post-Closing leasing or improvements thereon.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Duke Realty Limited Partnership/), Purchase and Sale Agreement (Duke Realty Corp)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s 's Tax Expenses Allocable to the Premises (as hereinafter defined defined) for a full Tax Year exceed Base Taxes Allocable to the Premises, Premises or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises (such amount being hereinafter sometimes referred to as the "Tax Excess") then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excessthe Tax Excess. Not later than ninety (90) days after Landlord’s 's Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s 's share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Notwithstanding the foregoing provisions, no decrease in Landlord's Tax Expenses with respect to any Tax Year shall result in a reduction of the amount otherwise payable by Tenant if and to the extent said decrease is attributable to vacancies in the Building or partial completion of the Building rather than to any other causes. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Synta Pharmaceuticals Corp), Lease Agreement (Synta Pharmaceuticals Corp)
Real Estate Taxes. If The property upon which Hinsdale Xxxxxxx Subdivision is located was previously subdivided into separate lots and Property Index Numbers (“PIN’s”) were assigned thereto. Hinsdale Xxxxxxx Subdivision has been or will be resubdivided and none of the previously assigned PIN’s will match the Lots and Units currently being developed. The PIN’s for the resubdivided Property will not be created until the year following the recording of the new Plat of Subdivision. Since real estate taxes are billed a year in arrears a tax xxxx with respect a separate PIN for the Purchaser’s Unit may not be issued for two (2) or more years after the closing depending upon the time it takes the Tax Assessor to any full Tax Year or fraction of a Tax Year falling within the Term, Landlordassign PIN’s Tax Expenses Allocable to the Premises Lots in the Development. In view of the foregoing the Seller shall administer the real estate tax prorations as hereinafter defined for a full Tax Year exceed Base Taxes Allocable set forth below and it is mutually agreed that the provision of this paragraph including subparagraphs a, b and c below shall survive the closing.
(a) Closing consummated during the year when the Unit is legally created and no Permanent Index Number (PIN) is assigned to the Premises, or Unit: Seller shall pay the applicable tax xxxx(s) for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable Property prior to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant due date. Seller shall deliver a copy of the certified statement referred final tax xxxx(s) along with proof of payment to below in this Section 2.7, then Tenant Purchaser. Purchaser shall pay to LandlordSeller, Purchaser’s pro-rata share of such tax xxxx(s) as Additional Rent, determined by Seller upon receipt of the final tax xxxx for each year until a separate PIN is assigned to the Unit. Purchaser shall pay to Seller the amount of such excess. Not later than ninety due within ten (9010) days of notice from Seller. Since the tax xxxx(s) issued will be for undivided Lots encompassing multiple Units the Seller shall first prorate the tax xxxx among the Unit(s) to determine each Unit’s share of the undivided tax xxxx and will then determine the Seller’s share thereof based upon the date of closing. Purchaser shall notify the Tax Assessor’s office of the name of the owner of record after Landlord’s Tax Expenses Allocable the closing and after a specific PIN is assigned to the Premises are determined individual Unit.
(b) Closing consummated when the Unit has been assigned a specific Permanent Index Number (PIN): Purchaser shall pay the tax xxxx for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant Unit for the year or other of the closing prior to the due date. Purchaser shall remit a copy of the final tax xxxx along with proof of payment to Seller. Seller shall pay to Purchaser, Seller’s prorata share of said taxes. Seller’s prorata share of taxes shall be computed for the period covered by commencing on January 1 of the statementyear of closing and ending on the date of closing. Within Seller shall remit payment to Purchaser within thirty (30) days after the date receipt of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due written notice from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Purchaser.
Appears in 2 contracts
Samples: Purchase Agreement, Purchase Agreement
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Flexion Therapeutics Inc), Lease Agreement (Flexion Therapeutics Inc)
Real Estate Taxes. If with respect Taxes (as hereinafter defined) assessed against the Property (or estimated to be due by governmental authority) for any full fiscal tax period (a “Tax Year Year”) during the term of this Lease shall exceed Base Taxes, whether due to increase in rate or fraction reassessment of the Property, or both, Tenant shall reimburse Landlord, as Additional Rent, in an amount equal to Tenant’s Percentage of any such excess (such amount being hereinafter referred to as the “Tax Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Tax Excess to Landlord within thirty (30) days after delivery to Tenant of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant year-end statement of the certified statement referred to below in this Section 2.7, then Taxes and Tax Excess for the preceding Tax Year. Tenant shall pay to Landlord, as Additional Rent commencing on the Rent Commencement Date and thereafter on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the amount Tax Excess, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Tax Year. If the total of such excess. Not later monthly remittances for any Tax Year is greater than ninety the Tax Excess for such Tax Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Taxes (90or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than the Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by Landlord. If, after Tenant shall have made all payments due to Landlord pursuant to this Subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant’s Percentage of that percentage of the refund (after first deducting any reasonable expenses, including attorneys’, consultants’ and appraisers’ fees, incurred in connection with obtaining any such refund) which equals the percentage of the applicable Tax Expenses Allocable Year included in the term hereof, provided however, in no event shall Tenant be entitled to receive more than the Premises are determined for the first sum of payments actually made by Tenant on account of Taxes with respect to such Tax Year or fraction thereof and to receive any payment if Taxes for each succeeding any Tax Year are less than Base Taxes. In the event that Tenant’s obligation to pay Additional Rent for Taxes shall commence, or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or fraction thereof period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant’s Percentage be modified during any Tax Year due to a change in the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative rentable area of Landlord showing for the preceding year Building and/or the Premises or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments otherwise payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this Subsection 4.2.1 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 360 day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 2 contracts
Samples: Lease Agreement (AxoGen, Inc.), Lease Agreement (AxoGen, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction City may suspend this Lease upon receipt of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premisesnotification of revocation, or for any a taxing body’s filing of proceedings to revoke, the real estate tax exemption on the Leased Premises. Such event shall be deemed a force majeure with the legal effect of preventing the parties’ continuing performance of their obligations under the Lease. Upon such fraction notice of a Tax Year exceed the corresponding fraction imposition of Base Taxes Allocable tax to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant City and suspension of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional RentLease, the amount of such excess. Not later than ninety parties shall then in good faith proceed as follows:
(90a) days after Landlord’s Tax Expenses Allocable to To keep the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the TermLease in force, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within within thirty (30) days after of suspension, Lessee may agree in writing, acceptable in form and terms to City, to pay increased rent in the full amount of all assessed real estate taxes on all affected parcels or affected portions thereof for the term of any retroactive assessment plus for the duration of the term remaining under the Lease in equal, prorated monthly installments or in a single installment annually when and as invoiced by City, payable within thirty (30) days of the invoice date, or payable on terms as the parties may otherwise agree, and in amounts adjusted for and including annual tax increases, if any; or,
(b) If Xxxxxx refuses or fails to agree to pay the increased rent required to keep the Lease in force, the Lease thereupon shall be deemed terminated. Accrued financial liabilities shall be reconciled to the date of delivery suspension and satisfied by the parties. Lessee may remove and take possession of its removable fixtures and equipment as permitted under the foregoing statementLease upon termination. City shall owe no compensation to Lessee as a result of suspension or termination so that City shall not be liable to Lessee for economic loss of revenue, Tenant shall pay to Landlord the balance profit, revenue expectancy, expenses, or consequential damages of the amounts, if any, required to be paid pursuant any type or calculated basis.
(c) City at its discretion may assert a legal challenge to the above provisions assessment of this Section 2.7 real estate tax to restore the real estate tax exemption if, in City’s sole judgment, City has grounds to challenge with respect a reasonable chance to prevail. City shall have no duty to accommodate a demand by Xxxxxx to pursue a legal challenge to the preceding Tax Year or fraction thereofassessment. If City prevails in a challenge and recovers tax real estate tax payments from the taxing agencies, or Landlord shall credit City will refund the recovered funds to the extent recovered, less any arrearages and default amounts due from it to Tenant pursuant to under the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Lease.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Real Estate Taxes. If with respect to any full Tax Year or fraction of (a) All non-delinquent real estate taxes, personal property taxes, assessments, rent taxes and business improvement district assessments (if any) against the Property shall be apportioned on a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises per diem basis between Purchaser and Seller as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred date of the Closing, and all tax adjustments shall be based on the fiscal year of January through December. Subject to below in this Section 2.711.1.6, if Closing occurs at a date when the current year’s millage is not fixed and the current year’s assessment is available, then Tenant shall pay taxes will be prorated based on such assessment and the prior year’s millage. Subject to LandlordSection 11.1.6, as Additional Rentif the current year’s assessment is not available, then taxes will be prorated based on the amount prior year’s taxes. Subject to Section 11.1.6, if there are completed improvements on the Land by January 1st of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for year of the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during Closing, which improvements were not completed on January 1st of the Termprior year, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, then real estate taxes on shall be prorated based upon the Building prior year’s millage and at an equitable assessment to be agreed upon by Seller and Purchaser.
(b) If any tax reduction proceedings in respect of the Site Property relating to any fiscal years ending prior to the fiscal year in which the Closing occurs, are pending at the time of the Closing, Seller reserves and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute continue to prosecute and/or settle the same; provided, however, that Seller shall not settle any such proceeding without Purchaser’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Purchaser shall reasonably cooperate with Seller in connection with the prosecution of any such tax reduction or other proceedings proceedings.
(c) Subject to reduce real estate taxes or the valuation rights of the Building Tenants under the Leases, any refunds or savings in the payment of taxes resulting from such tax reduction proceedings applicable to the period prior to the date of the Closing shall belong to and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts property of real estate taxes already paid by Xxxxxx as Additional RentSeller, and any refunds or savings in the amount payment of real estate taxes remaining due from, or overpaid by, Tenant for applicable to the year or other period covered by the statement. Within thirty (30) days from and after the date of delivery the Closing shall belong to and be the property of the foregoing statement, Tenant Purchaser. All attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant apportioned between Seller and Purchaser in proportion to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The gross amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be refunds or savings payable to Seller and Purchaser, respectively, except that Purchaser’s liability for such fees and other expenses shall not exceed the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:refund or savings so obtained.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (KBS Real Estate Investment Trust, Inc.), Purchase and Sale Agreement (KBS Real Estate Investment Trust, Inc.)
Real Estate Taxes. If with Tenant shall pay to Landlord all Taxes levied or assessed by, or becoming payable to the municipality or any governmental authority having jurisdiction of the Property, for or in respect to any full of the Premises the Property, for each period of the fiscal tax year (“Tax Year Year”) partially or fraction of a Tax Year falling within wholly included in the Term, Landlord’s Tax Expenses Allocable to payable in the Premises as manner hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then set forth. Tenant shall pay remit to Landlord, as Additional Rent, on the amount first day of each calendar month, estimated payments on account of Taxes for the Tax Year, such excessmonthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Taxes for the Tax Year, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. Not later than ninety The initial estimate of Taxes is $44,112.00 per month. Landlord shall provide Tenant with the fourth (904th) quarter Tax xxxx for fiscal year 2014 within forty-five (45) days after Landlord’s receipt of the same, along with a reconciliation statement in connection therewith. If the total of such monthly remittances for any Tax Expenses Allocable Year is greater than the actual Taxes for such Tax Year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the actual Taxes for such Tax Year, Tenant shall pay the difference to Landlord at least ten (10) days prior to the Premises are determined for the first date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) days following a written notice to Tenant, which notice shall set forth the manner of computation of Taxes). If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the Term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or fraction thereof otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.2, the Tenant’s share of the refund (less the proportional expenses, including attorneys’ fees and appraisers’ fees, incurred in connection with obtaining any such refund), as relates to Taxes paid by Tenant to Landlord with respect to any Tax Year for each succeeding which such refund is obtained. In the event this Lease shall commence, or shall end (by reason of expiration of the Term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year assessment of real estate taxes be changed or fraction thereofbe more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Taxes which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.2 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Cynosure Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Such payments shall be made at the times and in the manner hereinafter provided in this Section 2.7. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and net of any sums then due from Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 2 contracts
Samples: Lease Agreement (Amag Pharmaceuticals, Inc.), Lease Agreement (Amag Pharmaceuticals Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30tha) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlordpay, as Additional Rent, all Real Estate Taxes (as defined below) assessed against the amount of such excessLand or Improvements (together, the “Real Property”) accruing after the Rent Commencement Date during the Lease Term (the "Tax Obligation"). Not later than ninety (90) days after Landlord’s Tax Expenses Allocable Tenant shall pay the Real Estate Taxes directly to the Premises are determined taxing authorities before any fine, penalty, interest or cost may be added thereto, or become due or be imposed by operation of law for the first such nonpayment or late payment thereof. Landlord authorizes Tenant to request from any taxing authority having jurisdiction over the Demised Premises that all bills for Real Estate Taxes be sent directly to Tenant. Tenant's liability to pay the Tax Year or fraction thereof Obligation shall be prorated on the basis of a 365-day year for any tax fiscal year only a portion of which is included in a Lease Year; provided that Tenant acknowledges that since it also has the obligation to pay Real Estate Taxes under the Existing Lease there shall be no gap in the Tenant's obligation to pay Real Estate Taxes between the Existing Lease and for each succeeding this Lease. Tenant shall furnish to Landlord, upon request, reasonable evidence of the payment of the Tax Year or fraction thereof during Obligation, including receipts of the Term, Landlord appropriate taxing authority when available.
(b) The term "Real Estate Taxes" shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, mean all real estate taxes on and general and special assessments which are levied or assessed against the Building and Real Property by any governmental authority having jurisdiction over the Site and abatements and refunds Demised Premises, ordinary or extraordinary, foreseen or unforeseen. Real Estate Taxes do not, however, include any estate, inheritance, succession, capital levy, corporate, franchise, occupancy, gross receipts, rental, transfer or income tax of Landlord. If any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement non-recurring Real Estates Taxes (e.g., a one-time special assessment) may be charged against paid in installments, Tenant may elect to pay the tax refund or abatement before the adjustments are made for the particular Real Estate Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to in installments; Tenant shall also show for be responsible to pay all the preceding Tax Year or fraction thereof as installments due and payable within the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional RentLease Term, but not those due and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days payable after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Term.
Appears in 2 contracts
Samples: Lease (Asbury Automotive Group Inc), Lease Agreement (Asbury Automotive Group Inc)
Real Estate Taxes. (a) Tenant agrees to pay before they become delinquent all taxes (both general and special), assessments or governmental of any kind and nature whatsoever (hereinafter referred to as the "taxes"), levied or assessed against the appropriate taxing authority or other evidence satisfactory to landlord evidencing payment thereof. If Tenant shall fail to pay any taxes, assessments, or governmental charges required to be paid by Tenant hereunder, in addition to any other remedies provided herein, Landlord may if it so elects pay such taxes, assessments, and governmental charges. Any sums so paid by Landlord shall be decreed to do so much additional rental owing by Tenant to Landlord and due and payable on written demand by Landlord together with interest thereon at the rate of temper exit (10%) per annum from date paid by Landlord to date of repayment by Tenant.
(b) All real estate taxes and assessments on the demised premises owned by Landlord shall be promised between landlord and Tenant with respect to any full Tax Year the tax years in which this lease commences or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then terminates. Tenant shall pay that part of the real estate taxes attributable to the portion of the tax year covered by this lease.
(c) In the event the premises constitute a portion of multiple occupancy building, in lieu of Tenant paying the "taxes" as above provided. Landlord agrees to pay before they become all delinquent all "taxes" lawfully levied or assessed against such building and the grounds, parking areas, driveways and alleys around the said building, and Tenant agrees to pay to Landlord upon written demand the amounts of Tenant's "proportional share" of all such "taxes" paid by Landlord. Tenant's "proportionate share," as used throughout this lease, as Additional Rentshall mean a fraction, the numerator of which is a space occupied by Tenant and the denominator of which is the entire gross space contained in the building.
(d) Tenant may, alone or along with any other tenants of said building, at its or their sole cost and expense, in its or their own name(s) and/or in the name of the Landlord dispute and contest any "taxes" by appropriate proceedings diligently conducted in good faith, but only after Tenant and all other tenants, if any, joining with Tenant in such contest have deposited with landlord the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year so contested and unpaid, or fraction their proportionate shares thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on which shall be held by Landlord without obligations for intent until the Building termination of the proceedings), and the Site and abatements and refunds Tenant's share of any taxes and assessmentsexcess shall be returned to Tenant. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right Tenant further agrees to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord upon demand Tenant's share (as among all Tenants who participated in the balance context) and Tenant's share of any excess shall be returned to Tenant. Tenant further agrees to pay to landlord upon demand Tenant's share (as among all tenants who participated in the contest) of all court costs, interest, penalties and other liabilities relating to such proceedings. Tenant hereby indemnifies and agrees to hold harmless the landlord from and against any cost, damages or expense, including attorney's fees in connection with any such proceedings.
(e) If at any time during the term of this Lease, the present method of taxation shall be changed so that in lieu of the amountswhole or any part of the taxes, if anyacceptances, required levies or charges levied, assessed or imposed Landlord a capital levy or other tax directly on the rents received therefrom and/or a franchise, assessment, levy or charge measured by or based, in whole or in part, upon such rests or the present or any future building or buildings on the premises, then all such taxes, assessments, levies or charges, or the part thereof so measured or based, shall be deemed to be paid pursuant to included within the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated term "taxes" for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:purpose thereof.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises Commencing as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7Rent Commencement Date and continuing thereafter throughout the remainder of the Term of the Lease, then Tenant shall pay to Landlord, as Additional Rent, Tenant’s Share of Real Estate Taxes at the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to time and in the Premises are determined fashion herein provided for the first such payment of Annual Fixed Rent. Landlord may make a good faith estimate of the Real Estate Taxes to be due by Tenant for any Tax Year or fraction thereof and for each succeeding Tax Year or fraction part thereof during the Term, and Tenant shall pay to Landlord, on the Rent Commencement Date and on the first (1st) day of each calendar month thereafter, an amount equal to Tenant’s Share of Real Estate Taxes for such Tax Year or part thereof divided by the number of months therein. Landlord may estimate and re-estimate Tenant’s Share of Real Estate Taxes and deliver a copy of the estimate or re-estimate to Tenant. Thereafter, the monthly installments of Tenant’s Share of Real Estate Taxes shall be appropriately adjusted in accordance with the estimations so that, by the end of the Tax Year in question, Tenant shall have paid all of Tenant’s Share of Real Estate Taxes as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment as herein provided when actual Real Estate Taxes are available for each Tax Year. If the total of such monthly remittances is greater than Tenant’s Share of Real Estate Taxes actually due for such Tax Year, then, provided no Event of Default has occurred nor any event which, with the passage of time and/or the giving of notice would constitute an Event of Default, Tenant may credit the difference against the next installment of Additional Rent on account of Real Estate Taxes due hereunder, except that if such difference is determined after the end of the Term, Landlord shall render refund such difference to Tenant a statement in reasonable detail certified by a representative within thirty (30) days after such determination to the extent that such difference exceeds any amounts then due from Tenant to Landlord. If the total of Landlord showing such remittances is less than Tenant’s Share of Real Estate Taxes actually due for such Tax Year, Tenant shall pay the difference to Landlord, as Additional Rent hereunder, within ten (10) days of Tenant’s receipt of an invoice therefor. Landlord’s estimate for the preceding year next Tax Year shall be based upon actual Real Estate Taxes for the prior Tax Year plus a reasonable adjustment based upon estimated increases in Real Estate Taxes. The provisions of this Section 2.7 shall survive the expiration or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds earlier termination of any taxes and assessmentsthis Lease. Expenditures Reasonable third-party out of pocket expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes Real Estate Taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes Real Estate Taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 1 contract
Real Estate Taxes. If 8.1 Payments on Account of Real Estate Taxes
a. For the purposes of this Article, the term “Tax Year” shall mean the twelve (12) month period commencing on the July 1 immediately preceding the Commencement Date and each twelve (12) month period thereafter during the Term of this Lease; and the term “Taxes” shall mean real estate taxes assessed with respect to the Property for any full Tax Year.
b. In the event that for any reason, Taxes shall be greater during any Tax Year or fraction of a Tax Year falling within the Termthan Base Taxes, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentan Escalation Charge, the an amount equal to:
i. The excess of Taxes over Base Taxes, multiplied by,
ii. The Escalation Factor, such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable amount to the Premises are determined be apportioned for the first such any fraction of a Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during in which the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes Commencement Date falls or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions Term of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, ends.
c. Estimated payments by Tenant on account of increases in real estate taxes anticipated for the then current year Taxes shall be made monthly and at the time and in the fashion herein provided for the payment of fixed rentBasic Rent. The monthly amount so to be paid to Landlord shall equal to one-twelfth (1/12) of the amount required to be an amount reasonably estimated paid (if any) by Tenant pursuant to Paragraph b. above for the preceding Tax Year. Promptly after receipt by Landlord to be sufficient to provide Landlordof bills for such Taxes, in Landlord shall advise Tenant of the aggregate, a sum equal to amount thereof and the computation of Tenant’s share payment on account thereof. If estimated payments theretofore made by Tenant for the Tax Year covered by such bills exceed the required payments on account thereof for such Tax Year, Landlord shall credit the amount of such increases, at least ten (10) days before the day overpayment against subsequent obligations of Tenant on which such payments by Landlord would become delinquent. To the extent that account of real estate taxes shall be payable (or refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the taxing authority in installments with respect to periods less required payments on account thereof for such Tax Year are greater than a estimated payments theretofore made on account thereof for such Tax Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord. Landlord shall have the foregoing statement shall be rendered same rights and remedies for the nonpayment by Tenant of any payments made due on account of such installments. Terms used herein are defined Taxes as follows:Landlord has hereunder for the failure of Tenant to pay Basic Rent.
Appears in 1 contract
Samples: Lease Agreement (Myriant Corp)
Real Estate Taxes. If with respect (a) Tenant agrees to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises pay Tenant's Pro-Rata Share (as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to defined) of any and all real estate taxes and assessments, if any, assessed upon the PremisesBuilding in which the leased premises are located and common areas related thereto, or for any such fraction which taxes and/or assessments shall have been assessed and/or become due and payable during the term of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Lease. Tenant shall pay to such sums within thirty (30) days of a written request therefor by Landlord, as Additional Rentwhich request will be accompanied by a copy of the tax bill. Xx no event, the amount of however, shall Tenant be obligated to pay any such excess. Not later tax bill xxxner than ninety (90) 14 days after Landlord’s Tax Expenses Allocable prior to the Premises are determined date a penalty for nonpayment may be assessed by the first such Tax Year or fraction thereof taxing authority. Said taxes shall be prorated and for each succeeding Tax Year or fraction thereof during adjusted from the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative date of Landlord showing for the preceding year or fraction thereof, as Lease commencement and the case may be, real estate taxes date of termination of this Lease based on the Building and due date method (i.e., on the Site and abatements and refunds of any basis that such taxes and assessmentsare paid in advance). Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord Tenant shall have the right to institute tax reduction or other proceedings to reduce contest real estate taxes or the valuation in any reasonable manner and Landlord agrees to cooperate in connection with any contest of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts payment of real estate taxes already by Tenant.
(b) Landlord represents and warrants to Tenant that the premises do not consist of real property reserved for additional construction by Landlord or which does not otherwise service the building located on the premises.
(c) Landlord may take the benefit of the provisions of any statute or ordinance permitting any assessment to be paid by Xxxxxx as Additional Rent, over a period of time and the amount installments of such assessment, which become due and payable during the term of the Lease, shall be included in the calculation of real estate taxes; provided, however, that in the event that Landlord elects to pay any special assessment in a lump sum, Landlord shall, for purposes of calculating Tenant's Pro-Rata Share of real estate taxes remaining due fromunder this Lease, or overpaid by, Tenant for amortize such assessment over the year or other longest period covered allowed by law to pay such assessment and Landlord may include interest at the rate that would be charged by the statement. Within thirty assessing authority had Landlord elected to pay such assessment over such longest period.
(30d) days after the date of delivery As used herein, "Tenant's Pro-Rata Share" shall mean a fraction of the foregoing statement, Tenant shall pay to Landlord numerator of which is the balance rentable area of the amounts, if any, required to be paid pursuant to leased premises and the above provisions denomination of this Section 2.7 with respect to which is the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion rentable area of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Building.
Appears in 1 contract
Real Estate Taxes. If (a) (1) The term “Taxes” shall mean all real estate taxes and assessments (including, without limitation, assessments for public improvements or benefits and assessments for water and sewer infrastructure improvements), and other charges or fees in the nature of taxes for municipal services or billed by municipal taxing authorities which at any time during the applicable Tax Period may be assessed, levied, confirmed or imposed on or in respect of, or be a lien upon, the Building and/or the Lot, or any part thereof, or any estate, right, or interest therein. Without limiting the foregoing, in the event Landlord enters into any agreement governing payments in lieu of taxes, Taxes shall also include any payments made by Landlord pursuant to such agreement in lieu of other taxes to be paid (Landlord agreeing that it shall not enter into any such agreement without Tenant’s prior approval, which approval shall not be unreasonably withheld, conditioned or delayed and shall not be required to the extent any such agreement would not apply during the Lease Term, as the same may be extended). Landlord agrees that Tenant’s share of any special assessment shall be determined (whether or not Landlord avails itself of the privilege so to do) as if Landlord had elected to pay the same in installments over the longest period of time permitted by applicable Requirements and Tenant shall be responsible only for those installments (including interest accruing and payable thereon) or parts of installment that are attributable to the applicable Tax Period. Taxes shall also include, in the Tax Period paid, all reasonable fees and costs incurred by Landlord in seeking to obtain a reduction of, or a limit on the increase in, any Taxes subsequent to the Base Tax Period, regardless of whether any reduction or limitation is obtained. Such expenses shall be net of rebates, credits, and similar items of which Landlord receives the benefit during the applicable Tax Period. Should the Commonwealth of Massachusetts, or any political subdivision thereof, or any other governmental authority having jurisdiction over the Building, (1) impose a tax, assessment, charge or fee, which Landlord shall be required to pay, by way of an express substitution for such Taxes, or (2) impose an income or franchise tax or a tax on rents in express substitution for or in addition to a tax levied against the Building and/or the Lot or any part thereof, then, provided that such tax or fee is imposed generally on owners of similarly situated buildings in the City of Boston and is in the nature of a real estate tax, all such taxes, assessments, fees or charges, computed as if the Building and the Lot were the only property of Landlord, and the income from the Building and the Lot were the only income of Landlord, shall be deemed to constitute Taxes hereunder. Notwithstanding anything to the contrary contained in this paragraph (except with respect to any full Tax Year such taxes assessed or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premisesimposed in express substitution of, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may beaddition to, real estate taxes or any portion thereof in accordance with the immediately preceding sentence), the term “Taxes” shall not include (i) inheritance, estate, succession, transfer, gift, franchise, net income or capital stock tax value-added, transfer gains, excise, excess profits, occupancy or rent, foreign ownership or control, payroll or stamp tax, or any other similar tax or charges imposed upon or assessed against Landlord, including any other tax, assessment, charge or levy on the Building and rent reserved under leases, including this Lease, (ii) realty transfer taxes or real property transfer gains taxes imposed in connection with the Site and abatements and refunds sale of or the lease of all or substantially all of the Lot or the Building, (iii) mortgage recording taxes, (iv) income taxes, except with respect to any such taxes and assessments. Expenditures for legal fees and for other expenses incurred assessed or imposed in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce express substitution of real estate taxes or any portion thereof in accordance with the valuation of immediately preceding sentence, (v) any Taxes to the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid extent payable by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due fromtenants other than Tenant, or overpaid by(vi) any penalties, Tenant for the year late charges or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to fines imposed against Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to real estate taxes, assessments and the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant like (other than to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due extent resulting from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10failure to pay amounts when due hereunder) days before that are otherwise includable within the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:term “Taxes.”
Appears in 1 contract
Samples: Lease Agreement (LogMeIn, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentadditional ----------------- rent, the amount Tenant's Proportionate Share of Real Estate Taxes as defined below. Estimated amounts of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for additional rent shall be paid in monthly installments in advance on the first such Tax Year or fraction thereof and for day of each succeeding Tax Year or fraction thereof month during the Term. The initial estimated monthly payment of Tenant's Proportionate Share of Real Estate Taxes is $6,752.00. From time to time during the Term, Landlord may notify Tenant in writing of any adjustment to the monthly installments to be paid by Tenant hereunder and thereafter Tenant shall render make payments accordingly. Within one hundred twenty (120) days after the expiration of each calendar year or as soon thereafter as is reasonably practicable, Landlord shall notify Tenant of the actual Real Estate Taxes for such calendar year and provide Tenant a statement thereof in reasonable detail certified by a representative detail. Within fifteen (15) days after such notice, Tenant shall pay to Landlord or Landlord shall credit against the Real Estate Taxes obligations of Landlord showing for the preceding year or fraction thereofTenant next coming due, as the case may be, real estate taxes on the Building difference between the estimated payments made by Tenant during the prior calendar year and the Site and abatements and refunds actual amount of any taxes and assessmentsTenant's Proportionate Share of Real Estate Taxes as shown on such statement. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made Tenant's Proportionate Share of Real Estate Taxes for the Tax Year. Only Landlord years in which the Term commences and ends shall have be prorated based upon the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation number of days of the Building and Term during such years. Tenant's obligation for Tenant's Proportionate Share of Real Estate Taxes through the Site. Said statement to be rendered to Tenant Termination Date shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:survive termination.
Appears in 1 contract
Samples: Office Lease (Metavante Corp)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises (as hereinafter defined defined) for a full Tax Year exceed Base Taxes Allocable to the Premises, Premises or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises (such amount being hereinafter sometimes referred to as the “Tax Excess”) then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excessthe Tax Excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 1 contract
Real Estate Taxes. If Tenant shall pay to Landlord as additional rent during each lease year its "proportionate share", as hereunder defined of the real property taxes and assessments without limitation payable by Landlord during each lease year with respect to the entire Shopping Center. In the event the Stale of Michigan or any full Tax Year political subdivision thereof, or fraction any governmental authority having jurisdiction thereover, shall impose a tax and/or assessment of a Tax Year falling within any kind or nature upon, against or with, respect to rentals payable by Tenant to Landlord, or on the Termincome of Landlord derived from the Leased Premises (other than the current income or single business tax), Landlord’s Tax Expenses Allocable or with respect to the Premises as hereinafter defined ownership, occupancy or rental of the land and buildings comprising the Leased Premises, either by way of substitution for all or any part of the real estate taxes levied or assessed against such land and buildings, or in addition thereto, such tax and/or assessment shall be deemed to constitute a full Tax Year exceed Base Taxes Allocable real estate tax against such land and such building for the purposes of this clause, to include personal properly taxes if applicable. Tenant's "proportionate share" shall be equal to the Premisesproduct obtained by multiplying such taxes and assessments by a fraction the numerator of which shall be the total number of square feet of area of the Tenant's Leased Premises and the denominator the total number of square feet of area in the Shopping Center. Landlord shall have the option to exclude from the denominator any first floor area of the rentable space of any portion of the Shopping Center and any land and improvements appurtenant thereto, that may now or hereafter be separately taxed, billed or assessed. Tenant's "proportionate share" of all of the aforesaid taxes and assessments levied or assessed for any such fraction of a Tax Year exceed or during the corresponding fraction of Base Taxes Allocable to the Premises thenterm hereof, as determined by Landlord, shall be paid in monthly installments, on or before the thirtieth (30th) first day following receipt of each calendar month, in advance, in an amount estimated by Tenant Landlord; provided, that in the event Landlord is required under any Mortgage covering the Shopping Center to escrow real estate taxes, Landlord may but shall not be obligated to, use the amount required to be escrowed as a base for its estimate of the certified monthly installments due from Tenant hereunder. Upon receipt of all tax bills and assessment bills attributable to any calendar year during the term hereof, Landlord shall furnish Tenant with a written statement referred to below in this Section 2.7of the taxes and assessments for such year. In the event no tax xxxx is available, then Tenant shall pay to Landlord, as Additional Rent, Landlord will compute the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:lax.
Appears in 1 contract
Samples: Business Property Lease (Muslim Media Network, Inc.)
Real Estate Taxes. If with respect to Tenant shall bear all costs and expenses of any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable taxes and assessments related to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof Campus accruing during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for including without any limitation the preceding year or fraction thereoffollowing (collectively, as the case may be, “Real Estate Taxes”):
7.3.1 General real estate taxes levied against the Buildings or taxes in lieu thereof; assessments;
7.3.2 Special assessments or taxes in the nature of improvement or betterment
7.3.3 Any taxes relating to operation of the Campus by Tenant;
7.3.4 All taxes on personal property and intangibles of Tenant on or used in connection with the Building and Campus; and
7.3.5 Any leasehold excise tax applicable to the Site and abatements and refunds Campus as a result of any subleasing under or assigning of this Lease, which tax shall be payable by the appropriate subtenant or assignee. As of the Date of Possession, Tenant shall be responsible for direct payment of all Real Estate Taxes accruing during the Term before any such taxes and assessmentsare delinquent, subject to the protest rights described below. Expenditures The parties may agree to implement direct billing of all Real Estate Taxes to Tenant, with appropriate notice to Commission. All Real Estate Taxes that are payable by Tenant pursuant hereto for legal fees and for other expenses incurred in seeking the tax refund year in which the Term commences, as well as during the year in which the Term expires, shall be prorated between Commission and Tenant on an actual per diem basis. If any of the Real Estate Taxes that Tenant is obligated to pay in whole or abatement in part is permitted by law to be paid in installments, Tenant may pay the taxes in installments. Any exemption for property tax, in lieu tax, or leasehold excise tax will accrue to the benefit of Tenant (i.e., it will have no obligation to pay such taxes to the extent of such exemption). Tenant may contest the validity or amount, including the assessed valuation upon the Campus, of any Real Estate Taxes that they in good faith believe is excessive, improper, or invalid. In such event, the payment thereof may be charged against deferred during the tax refund pendency of such contest, if diligently prosecuted. Commission agrees to join at Tenant’s request in any such contest to the extent such joinder is a prerequisite to such prosecution under statute, regulation, or abatement before administrative practice. In connection with a judicial or administrative challenge to any assessment, Tenant may take advantage of any stay in collection available under statute, regulation, or court or administrative order or rules. Nothing herein contained, however, shall be so construed as to allow such items to remain unpaid for such length of time as shall permit the adjustments are made Campus, or any part thereof, to be sold by any governmental authority for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation nonpayment of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statementtaxes. Within thirty (30) days after the date amount of delivery of the foregoing statementsuch contested item is finally determined to be due, Tenant shall pay to Landlord the balance of the amountsamounts so determined, if anytogether with any penalties, required to be paid pursuant to the above provisions of this Section 2.7 interest, and expenses associated with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:contest.
Appears in 1 contract
Samples: Master Lease
Real Estate Taxes. If Real estate taxes, special assessments, and any other special taxes or charges ofthe State of Illinois or any duly authorized subdivision or agency thereof, are to be separately taxed to each Owner for his Unit Ownership, as provided in the Act. In the event that for any year a tax bill is issued with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant portion of the certified statement referred to below in this Section 2.7Condominium Property other than on a Dwelling Unit by Dwelling Unit basis, then Tenant then:
(a) The Declarant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined be responsible for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative payment of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amountsthat portion, if any, required to be paid pursuant of the bill which is allocable to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion portions of the over-payment as aforesaid if Development Area which are not part of the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account Property;
(b) The Owners of increases Dwelling Units in real estate taxes anticipated for the then current year a particular Building shall be made monthly at the time and in the fashion herein provided responsible for the payment of fixed rentthat portion, if any, of the bill which is allocable to the Dwelling Units in the Building where the Dwelling Units have not been separately taxed but where other Dwelling Units in the Condominium Property have been separately taxed. The In such case the amount so to be paid to Landlord payable by each Owner shall be based on the relative Undivided Interests of the affected Dwelling Units;
(c) Where the bill affects the Condominium Property as a whole or portions of the Common Elements and not Dwelling Units, then each Owner shall pay his proportionate share thereof in accordance with his Undivided Interest;
(d) Any amounts payable by an amount reasonably estimated Owner under (b) or (c) above may, by Landlord action of the Board, be advanced by the Condominium Association and any amounts so advanced shall be a Charge hereunder payable by the Owner to be sufficient the Condominium Association and failure of an Owner to provide Landlord, pay any such Charge to the Condominium Association shall give rise to a lien against the Owner's Dwelling Unit under Section 6.01. Upon the affirmative vote of Voting Members representing a majority of the votes in the aggregateCondominium Association or the affirmative vote of two-thirds of the members of the Board, a sum equal the Board, on behalf of all the Owners, shall have the authority to Tenant’s share of seek relief for the Owners from any such increasestaxes, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes special assessments or charges, and any expenses incurred in connection therewith shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Common Expenses.
Appears in 1 contract
Samples: Declaration of Condominium Ownership
Real Estate Taxes. If with respect Tenant shall reimburse Landlord for Tenant’s Percentage of all Taxes (“Tenant’s Tax Payment”) attributable to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant portion of the certified statement referred to below in term of this Section 2.7Lease, then as Additional Rent. Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term (commencing on the Rent Commencement Date) but otherwise in the manner provided for the payment of Fixed Rent, estimated payments on account of Tenant’s Tax Payment, such monthly amounts to be sufficient to provide Landlord by the amount time Tax payments are payable without penalty or interest a sum equal to Tenant’s Percentage thereof, as reasonably estimated by Landlord from time to time but not more than once annually on account of Taxes for the then current Tax year. Landlord shall give Tenant notice of such excessestimated amounts promptly following its determination thereof for each Lease Year. Not later If the total of such monthly remittances is greater than ninety (90) days after LandlordTenant’s Tax Expenses Allocable to the Premises are determined Percentage of Taxes for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Termyear, Landlord shall render Tenant a statement in reasonable detail certified by a representative credit such overpayment against Tenant’s subsequent obligations on account of Landlord showing for Operating Costs and Taxes (or promptly refund such overpayment if the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions term of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation obligations to Landlord); if the total of such remittances is less than Tenant’s Percentage of Taxes for such Tax year, Tenant shall pay the difference to Landlord within thirty (30) days after being so notified by Landlord. If Landlord shall receive a refund of any portion of Taxes attributable to the term as a result of an abatement or reduction of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant’s Percentage of the refund (after first deducting any reasonable expenses, including attorneys’, consultants’ and appraisers’ fees, incurred in connection with obtaining any such refund). In additionthe event that the Rent Commencement Date shall occur or the term of this Lease shall expire or be terminated during any calendar year for which Operating Costs are being computed, payments then the amount of Operating Costs which may be payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 360 day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:year.
Appears in 1 contract
Samples: Lease (Surgalign Holdings, Inc.)
Real Estate Taxes. (a) If with respect to for any full Tax Year or fraction of a Tax Year falling within during the Term, Landlord’s Tax Expenses Allocable to Term the Premises as hereinafter defined for a full Tax Year Taxes exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7Taxes, then Tenant shall pay to reimburse Landlord, as Additional Rent, for Tenant’s Tax Percentage of such excess (the “Tax Excess”). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of the Tax Excess, such monthly amounts to be sufficient to provide Landlord, as and when payments on account of Taxes are due and payable to the respective governmental authority, a sum equal to the Tax Excess, as reasonably estimated by Landlord from time-to-time on the basis of the most recent tax information available. Without limiting the foregoing, Landlord shall, promptly after the commencement of each Tax Year, provide Tenant with a statement setting forth Tenant’s estimated payments for such Tax Year on account of the Tax Excess. If the total of such monthly payments for any Tax Year is greater than the actual Tax Excess for such Tax Year, then promptly after the expiration of such Tax Year and the determination of the actual amount of Tax Excess for such excess. Not later Tax Year, Landlord shall pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such payments is less than ninety the actual Tax Excess for such Tax Year, then Tenant shall pay the difference to Landlord not more than ten (9010) days after LandlordLandlord delivers to Tenant an itemized statement of the actual Tax Excess.
(b) If, after Tenant shall have made payment of the Tax Excess for a Tax Year pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to such Tax Year, whether as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without Landlord having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant’s Percentage of the refund, after deducting therefrom Tenant’s Tax Expenses Allocable to Percentage of the Premises are determined for costs and expenses, including, without limitation, reasonable attorneys’ fees and appraisers’ fees, incurred in connection with obtaining such refund.
(c) If the Term of this Lease shall commence, or shall end (by reason of expiration of the Term or earlier termination), on any date other than the first such or last day of the Tax Year, or should the Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year or fraction thereofassessment of real estate taxes be changed, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tax Excess payable by Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Samples: Lease (Kura Oncology, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to LandlordLandlord as additional rent forty-one and 40/100 percent (41.40%) (being the stipulated proportion which the rentable area of the Premises bears to the total rentable area of the Project which, as Additional Rentof the date of this Lease, is 58,669 rentable square feet) of the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement increase in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes (including special assessments, if any, and any other taxes now or hereafter imposed which are in the nature of or in substitution for real estate taxes) levied on the Building Project and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking land (the tax refund or abatement may be charged against “Land”) on which the tax refund or abatement before Project is situated over the adjustments are made for “Base Real Estate Taxes.” In the Tax Year. Only Landlord shall have event the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation rentable area of the Building Project is increased or decreased, including increases or decreases pursuant to any future changes in BOMA, the Tenant’s proportionate share will be recalculated and the Siteadjusted. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts Tenant’s proportionate share of real estate taxes already paid by Xxxxxx shall be the percentage set forth above, except as Additional Rentfollows: If any space in the Project is leased to a tenant who creates an exemption from real estate taxes so as to reduce the Project’s total cost of the same in proportion to that tenant’s rentable area, and then the rentable area of such tenant’s space shall be excluded from the rentable area of the Project for the purpose of determining Tenant’s percentage share of real estate taxes. For purposes hereof, the Base Real Estate Taxes are stipulated to be the amount of real estate taxes remaining due fromactually incurred by Landlord with respect to the Project and the Land during calendar year 2023 (“Base Year”). Real Estate Taxes shall be based on a fully assessed Project.
(a) In the event that the actual real estate taxes for any calendar year during the Term exceed the Base Real Estate Taxes set out above, or overpaid bycommencing January 1, 2024 and thereafter, Tenant shall pay its proportionate share of the increase in the real estate taxes for such year over the Base Real Estate Taxes. Any increase payable by Tenant under this provision shall be deemed additional rent.
(b) Commencing following the expiration of calendar year 2023, as soon as is practical following the end of each calendar year during the Term but not later than April 30 of each lease year, Landlord shall provide Tenant a good faith estimate of the projected real estate taxes for the year coming year. Commencing each January 1st during the Term, Tenant shall pay monthly as additional rent, one-twelfth (1/12th) of Tenant’s proportionate share of any projected increase in the annual real estate taxes over the Base Real Estate Taxes. Landlord will, within one hundred twenty (120) days (or other period covered by as soon thereafter as possible) after the statementclose of each calendar year, provide Tenant a statement of such year’s actual real estate taxes, showing the actual increase, if any, in the real estate taxes over the Base Real Estate Taxes. However, Landlord’s failure to provide any statement within the time specified shall in no way excuse Tenant from its obligation to pay its proportionate share or constitute a waiver of Landlord’s right to bill and collect such proportionate share. Within thirty fifteen (3015) days after the date Xxxxxx’s receipt of delivery of the foregoing said statement, Tenant shall pay to Landlord the balance Xxxxxx’s proportionate share of the amountsexcess, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in actual real estate taxes anticipated for over the then current projected real estate taxes. If the amount paid by Xxxxxx during the previous year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to exceeded Tenant’s share of actual real estate taxes for the year, the excess shall be credited towards any amounts then due Landlord or accruing thereafter and if no amounts are due Landlord or will accrue thereafter, then such increases, at least ten excess shall be refunded to Tenant.
(10c) days before the day on which such payments Reasonable expenses incurred by Landlord would become delinquent. To the extent that in obtaining or attempting to obtain a reduction of real estate taxes shall be payable added to and included in the taxing authority annual statement of real estate taxes. Real estate taxes which are being contested by Landlord shall nevertheless be included for purposes of the computation of the liability of Tenant under this Section; provided, however, that in installments with respect the event that Tenant shall have paid any amount of additional rent pursuant to periods less than Section 3.4 and Landlord shall thereafter receive a Tax Yearrefund of any portion of the real estate taxes on which such payment was based, the foregoing statement Landlord shall be rendered and payments made on account pay to Tenant its proportionate share of such installmentsrefund less any costs incurred in obtaining same. Terms used herein are defined as follows:Landlord shall have no obligation to contest, object to, or litigate the levying or imposition of any real estate taxes and may settle, compromise, consent to, waive, or otherwise determine in its commercially reasonable business judgment any real estate taxes without consent or approval of Tenant.
Appears in 1 contract
Samples: Deed of Lease
Real Estate Taxes. If with respect to Taxes (as hereinafter defined) for any full Tax Year or fraction of a Tax Year falling within during the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year Term shall exceed Base Taxes Allocable to the PremisesTaxes, or Tenant shall reimburse Landlord, as additional rent, for any Tenant’s Percentage of such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth excess (30th) day following receipt by Tenant of the certified statement such amount hereinafter referred to below in this Section 2.7, then as “Tax Excess”). Tenant shall pay remit to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for on the first such Tax Year or fraction thereof and for day of each succeeding Tax Year or fraction thereof during the Termcalendar month, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, estimated payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made Tax Excess, such monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord amounts to be sufficient to provide Landlord, in by the aggregatetime real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to Tenant’s share the Tax Excess, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. If the total of such increasesmonthly remittances for any Tax Year is greater than the actual Tax Excess for such Tax year, at least ten Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the actual Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord within thirty (1030) days before following Landlord’s written notice to Tenant, which notice shall set forth the day on which such payments manner of computation of Tax Excess. If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments Tenant with respect to periods less than any Tax Year during the term hereof as a Tax Yearresult of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the foregoing statement shall be rendered Tenant’s Percentage of the refund (less the proportional, pro rata expenses, including attorneys’ fees and payments made on account of appraisers’ fees, incurred in connection with obtaining any such installments. Terms used herein are defined refund), as follows:relates to the Tax Excess paid by Tenant to Landlord with respect to any Tax Year for which such refund is obtained.
Appears in 1 contract
Samples: Office Lease (Dyax Corp)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then 6.1 Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on allocable to the Building Demised Premises (determined as hereinafter provided) for each tax year included within the Lease Term and the Site and abatements and refunds of any taxes and assessments. Expenditures a pro rata portion thereof for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against years partially included in the tax refund or abatement before Lease Term at the adjustments are made for the Tax Yearcommencement and expiration thereof. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce The real estate taxes or allocable to the valuation of the Building and the Site. Said statement to be rendered to Tenant Demised Premises for any tax year shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts sum of (A) the real estate taxes already paid upon the Demised Premises for said tax year (excluding the land beneath the same) and (B) the product of Tenant's Fraction (hereinafter defined) and the real estate taxes for said tax year upon the land of the Shopping Center (including land under buildings) and all improvements upon the Common Areas. Tenant's Fraction is that fraction the numerator of which shall be the number of square feet of floor area in the Demised Premises (exclusive of the nursery area) and the denominator of which shall be the number of square feet of floor area in all the buildings in the Shopping Center, but in no event shall Tenant's Fraction exceed 47%. (Floor area of mezzanines not open to customers and incidental to ground floor retail operations shall not be counted; other mezzanine floor area, basement floor area and uppen story floor area shall be counted at half actual floor area). If the Demised Premises (EXCLUDING THE LAND BENEATH THE SAME) shall not be separately assessed, and are instead assessed jointly with other improvements, an allocation shall be made to determine the real estate taxes upon the Demised Premises (EXCLUDING THE LAND BENEATH THE SAME). Such allocation of taxes shall be made according to the assessors records or written assessors' certifications, or in the absense thereof, by Xxxxxx as Additional Rentthe decision of a majority of three appraisers, one designated by Xxxxxxxx, one by Xxxxxx, and the amount third by the two so designated, the expenses of such appraisers being borne equally by Landlord and Xxxxxx. If the Demised Premises and the Common Areas are at any time separate tax parcels, then in lieu of the foregoing computations, the real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant allocable to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Demised Premises
Appears in 1 contract
Samples: Lease Agreement (Basic Us Reit Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, an amount (“Tenant’s Tax Share”) equal to Tenant’s Percentage of the Taxes (as hereinafter defined) due (or estimated to be due by governmental authority) for any twelve-month period established by Landlord (an “Operating Year”) during the term of this Lease. Except as otherwise provided in the immediately following paragraph, Tenant shall pay Tenant’s Tax Share to Landlord at least ten (10) days prior to the date or dates within any year during the term hereof that the same, or any fractional share thereof, shall be due and payable to any governmental authority responsible for collection of same (as stated in a notice to Tenant given at least thirty (30) days prior to the date or dates any such payment shall be due, which notice shall set forth in reasonable detail the manner of computation of any Tenant’s Tax Share due from Tenant), except that such payment shall be made to Landlord not later than ten (10) days after such notice to Tenant, if such notice is given subsequent to the date thirty (30) days prior to the date the same is due and payable as aforesaid. At Landlord’s election, Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of Tenant’s Tax Share, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to Tenant’s Tax Share for the then current Operating Year, as reasonably estimated by Landlord from time to time. Prior to the beginning of each Operating Year during the term of this Lease, or within a reasonable period of time thereafter, Landlord shall give to Tenant in writing its reasonable estimate of Tenant’s Tax Share for such Operating Year (which estimate Landlord may subsequently change), and Tenant shall pay to Landlord each month with Tenant’s monthly installment of Annual Fixed Rent, one-twelfth (1/12th) of such most recent estimate (prorated with respect to any partial month at the beginning or end of the term), provided, however, if Landlord shall fail to give Tenant a revised estimate of Tenant’s Tax Share for any Operating Year, Tenant shall continue to pay to Landlord Additional Rent on account of Tenant’s Tax Share based upon Landlord’s most recent estimate of Tenant’s Tax Share until Landlord gives Tenant a new estimate thereof. Within a reasonable period of time after the end of each Operating Year during the term (but Landlord shall endeavor to provide within one hundred twenty (120) days of the end of the Operating Year), Landlord shall give Tenant a written notice setting forth the amount of Taxes for the preceding Operating Year and a computation of Tenant’s Tax Share in reasonable detail. If the total of Tenant’s monthly remittances on account of Tenant’s Tax Share for any Operating Year is greater than Tenant’s Tax Share for such excess. Not later Operating Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Taxes (or refund such overpayment within thirty (30) days if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than ninety Tenant’s Tax Share for such Operating Year, Tenant shall pay the difference to Landlord within thirty (9030) days after being so notified by Landlord. In the event that the Commencement Date shall occur or the term of this Lease shall expire or be terminated during any Operating Year, or should the Operating Year or period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant’s Tax Expenses Allocable Percentage be modified during any Operating Year due to a change in the rentable area of the Property and/or the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tenant’s Tax Share which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments otherwise payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this Subsection 4.2.1 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 365 day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Operating Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within (a) The Tenant agrees during the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant term of the certified statement referred Lease to below in this Section 2.7pay as additional rent an amount equal to its Proportionate Share, then Tenant shall pay to Landlord, as Additional Rent, of all the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged assessed against the tax refund Office Building (but not including franchise, income, inheritance, transfer or abatement before estate taxes charged to Landlord) in excess of the adjustments are made taxes assessed against the Office Building for the Tax Yearcalendar year 1994. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation For purposes of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rentthis Paragraph, and the amount of real estate taxes remaining due fromupon the Office Building shall be the full 1994 calendar year amount without reduction for any tax abatement which may be applicable. Only prospective increases over the full 1994 calendar year amount due shall give rise to additional rent under this Paragraph. Such sum shall be due and payable with the monthly rent in twelve (12) equal installments estimated by Landlord until the actual sum is known, at which time an adjustment shall be made, with any deficiency being due from Tenant, or overpaid byany overage being credited to Tenant, with the monthly rent installment next following the billing. Tenant shall not have any right to institute a proceeding challenging the amount of real estate assessment for the year Office Building, nor shall Landlord be obligated to bring any such action seeking a reduction in the assessment, nor shall Landlord be in any way liable to Tenant in the event any such action brought by Landlord or others results in an increase in the assessment.
(b) If at any time during the term of this Lease, under the laws of the State of New Jersey, or any political subdivision thereof, a tax on rents is assessed against the Landlord or the basic rent, as a substitution in whole or in part, for a real estate tax, water rent, rate or charge, sewer rent, or other period covered by governmental imposition or charge with respect to the statement. Within thirty (30) days after the date of delivery of the foregoing statementdemised premises, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant Proportionate Share by which said sum when added to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated assessed in any year exceeds the taxes assessed against the Office Building for the then current calendar year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:1994.
Appears in 1 contract
Samples: Lease Agreement (Performance Health Technologies Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the TermLessee shall pay, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premisesadditional rent, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant 26.58 percent of the certified statement referred to below increase in this Section 2.7real estate taxes assessed on the Land and Building by the City of Cambridge during the Lease term and any extension thereof. If in any tax year commencing with the Fiscal Year 1998 (July 1, then Tenant shall pay to Landlord1997 - June 30, as Additional Rent1998), the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Land and Building and of which the Site and abatements and refunds leased Premises are a part are in excess of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against amount of the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or thereon for the valuation Fiscal Year 1997 (July 1, 1996 - June 30, 1997), Xxxxxx xxxll pay to Lessor as additional rent 26.58 percent of such excess that may occur in each year. Such payment shall be made by paying Lessor on each day that payments of basic rent are due hereunder, an amount equal to one-twelfth (1/12th) of the Building amount which Lessor reasonably estimates to be the total amount of Lessee's obligation under this section for that year, said estimate to be predicted on the previous year's taxes. Payments made by Lessee under this section shall not bear interest and may be commingled by Lessor with any other funds of Lessor. Taxes due hereunder for the years in which each of the term commencement date and the SiteLease termination date occurs shall be prorated. Said statement If the total amount paid hereunder with respect to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and any year exceeds the amount due under this section for such year, such excess shall be credited by Lessor against the monthly installments on account of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amountsnext falling due, if any, required to be paid pursuant to or if no further payments on account of taxes will become due during the above provisions remainder of the term of this Section 2.7 Lease, Lessor shall promptly refund the amount of such excess to Lessee upon the expiration or termination of this Lease (unless such termination is a result of a default by Lessee, in which case such amount shall be set off against amounts due to Lessor from Lessee). If the aggregate amount of installments paid by Lessee on account of taxes with respect to any year is less than Lessee's prorata share thereof for such year, Lessor shall give written notice thereof to Lessee, and Lessee shall pay to Lessor the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increasesdeficiency, at least as additional rent, within ten (10) days before the day on which such of receipt of notice. Upon request by Lessee, Lessor shall promptly furnish to Lessee a copy of Real Estate Tax Bill xx Building, but Lessee's obligation to make payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:taxes shall not be conditioned upon receipt by Lessee of this bill.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within Commencing on the TermRent Commencement Date, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, Tenant's Percentage of Taxes (as hereinafter defined) assessed against the amount Property (or estimated to be due by governmental authority) for any Operating Year during the term of this Lease (Txxxxx's Percentage of Taxes being "Tenant's Tax Obligation"). Tenant shall pay to Landlord, as Additional Rent, commencing on the Rent Commencement Date and thereafter on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of Tenant's Tax Obligation, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to Tenant's Tax Obligation, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Operating Year. If the total of such excess. Not later monthly remittances for any Operating Year is greater than ninety Tenant's Tax Obligation for such Operating Year, Landlord shall credit such overpayment against Tenant's subsequent obligations on account of Taxes (90or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than Tenant's Tax Obligation for such Operating Year, Tenant shall pay the difference to Landlord within thirty (30) days after being so notified by Landlord. If, after Tenant shall have made all payments due to Landlord pursuant to this Subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant’s Percentage of that percentage of the refund (after first deducting any expenses, including attorneys’, consultants’ and appraisers’ fees, incurred in connection with obtaining any such refund) which equals the percentage of the applicable Tax Expenses Allocable Year included in the term hereof, provided however, in no event shall Tenant be entitled to receive more than the Premises are determined for sum of payments actually made by Tenant on account of Taxes with respect to such Tax Year. In the first such event that the Rent Commencement Date shall occur or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or fraction thereof and for each succeeding period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant’s Percentage be modified during any Tax Year due to a change in the rentable area of the Building and/or the Premises or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date monthly payment of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments otherwise payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this Subsection 4.2.1 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 30-day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:month.
Appears in 1 contract
Real Estate Taxes. If with respect to 1. In the event that the Real Estate Taxes payable during any full Tax Year or fraction of a subsequent to the Base Tax Year falling within shall exceed the Term, Landlord’s Tax Expenses Allocable to amount of Real Estate Taxes payable during the Premises as hereinafter defined for a full Base Tax Year exceed Base Taxes Allocable to (whether any such excess results from a higher tax rate or an increase in the Premisesassessed valuation of the Building, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises thenboth), on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentadditional rent for such subsequent Tax Year, an amount equal to The Percentage of the amount of such excess. Not later than ninety (90) days after Landlord’s After receipt of the tax bills which indicate that Real Estate Taxes payable for any subsequent Tax Expenses Allocable to Year will exceed the Premises are determined Real Estate Taxes for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the TermBase Year, Landlord shall render furnish to Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and additional rent payable under this subdivision (B). The percentage is defined as Tenant's portion of space in building, specifically, 6%. Such statement shall set forth the Site. Said statement to be rendered to Tenant shall also show Real Estate Taxes payable for the preceding such subsequent Tax Year or fraction thereof as and shall show an amount equal to the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery Percentage of the foregoing statementsaid excess, Tenant which amount shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregateas additional rent, a sum equal to Tenant’s share of such increases, at least within ten (10) business days before after receipt of the day on which such payments aforesaid statement; copies of the tax bills of the City of New York shall be sufficient evidence of the amount due under this Article, upon request.
2. The amount of Real Estate Taxes actually payable by Landlord would become delinquentduring the Base Tax Year shall be used in the computation of the amount of additional rent payable under this subdivision (B) until the amount of the Real Estate Taxes payable during the Base Tax Year be reduced by final determination of legal proceedings, settlement or otherwise. To In the extent that real estate event of such reduction, the reduced amount of such taxes shall thereafter determine the amount of additional rent payable by Tenant pursuant to this subdivision (B), the additional rent theretofore paid or payable hereunder shall be recompute on the basis of such reduction.
3. If Landlord shall receive a refund of any portion of the Real Estate Taxes payable to during any Tax Year after the taxing authority in installments with respect to periods less than a Base Tax Year, the foregoing statement based upon which Tenant shall be rendered and payments made on account have paid additional rent as provided in this subdivision (B), then as a result of such installments. Terms used herein are defined as follows:a reduction of said Real Estate Taxes by final determination of legal proceedings, settlement or otherwise, Landlord shall, within ten (10) business days after receiving the refund, pay to Tenant the percentage of the refund, less the percentage of reasonable expenses (including but not limited to attorneys' and appraisers' fees) incurred in connection with any such application or proceeding.
Appears in 1 contract
Real Estate Taxes. If with respect Taxes (as hereinafter defined) assessed against the Property (or estimated to be due by governmental authority) for any full fiscal tax period (a “Tax Year Year”) during the term of this Lease shall exceed Base Taxes, whether due to increase in rate or fraction reassessment of the Property, or both, Tenant shall reimburse Landlord, as Additional Rent, in an amount equal to Tenant’s Percentage of any such excess (such amount being hereinafter referred to as the “Tax Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Tax Excess to Landlord within thirty (30) days after delivery to Tenant of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant year-end statement of the certified statement referred to below in this Section 2.7, then Taxes and Tax Excess for the preceding Tax Year. Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the amount Tax Excess, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Tax Year. If the total of such excess. Not later monthly remittances for any Tax Year is greater than ninety the Tax Excess for such Tax Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Taxes (90or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than the Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by Landlord. If, after Tenant shall have made all payments due to Landlord pursuant to this Subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant’s Percentage of that percentage of the refund (after first deducting any reasonable expenses, including attorneys’, consultants’ and appraisers’ fees, incurred in connection with obtaining any such refund) which equals the percentage of the applicable Tax Expenses Allocable Year included in the term hereof, provided however, in no event shall Tenant be entitled to receive more than the Premises are determined for the first sum of payments actually made by Tenant on account of Taxes with respect to such Tax Year or fraction thereof and to receive any payment if Taxes for each succeeding any Tax Year are less than Base Taxes. In the event that Tenant’s obligation to pay Additional Rent for Taxes shall commence, or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or fraction thereof period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant’s Percentage be modified during any Tax Year due to a change in the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative rentable area of Landlord showing for the preceding year Building and/or the Premises or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments otherwise payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this Subsection 4.2.1 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 360 day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Samples: Lease Agreement (AxoGen, Inc.)
Real Estate Taxes. If with respect at any time or from time to time during the term of this Lease, the Real Estate Taxes for or attributable to any full Real Estate Tax Year shall be in excess of the Base Real Estate Taxes, and/or if any new tax or fraction increase of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to effective rate of present taxes shall become effective after the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or date hereof but before the thirtieth normal tax escalation provision shall take effect, the rent payable hereunder in respect of such year shall be increased by an amount equal to two percent (30th2%) day following receipt by Tenant of such excess and/or such new tax or increase (the certified statement referred to below in this Section 2.7, then "Tenant's Tax Share"). Tenant shall pay to Landlord, not later than the sixty (60) days prior to the tax due date, or such other date as Additional Rentmay be specified in writing to Tenant by Landlord, the Tenant's Tax Share for such year. Where at any time such amount has become payable to Landlord hereunder, in addition to such amount, subsequent monthly installments of rent shall be increased by an amount equal to one-twelfth (1/12) of the Tenant's Tax Share, and such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable monthly amounts when paid to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render be available (without interest) as a credit against subsequent obligations of Tenant a statement in reasonable detail certified by a representative of to Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessmentsunder this Article. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered furnish to Tenant shall also show for upon the preceding Tax Year or fraction thereof as the case may be the amounts specific written request of real estate taxes already paid Tenant copies of all notices of valuation and assessment and all tax bills received by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statementLandlord. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance as Additional Rent two percent (2%) of any expenses incurred by Landlord in obtaining or attempting to obtain a reduction of any Real Estate Taxes. Real Estate Taxes which are being contested by Landlord shall nevertheless be included for purposes of the amountscomputation of the liability of Tenant under this Article; provided, if anyhowever, required to be that in the event that Tenant shall have paid any amount of increased rent pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Article and Landlord shall credit thereafter receive a refund of any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day Real Estate Taxes on which such payments by payment shall have been based, Landlord would become delinquentshall pay to Tenant the appropriate portion of such refund after deduction of the aforementioned expenses. To Landlord shall have no obligation to contest, object to or to litigate the extent that real estate taxes levying or imposition of any Real Estate Taxes and may settle, compromise, consent to, waive or otherwise determine in its discretion any Real Estate Taxes without notice to, consent or approval of Tenant.
01. If the termination date of the Lease shall be payable to not coincide with the taxing authority in installments with respect to periods less than end of a Real Estate Tax Year, then in computing the foregoing statement amount payable under this Article for the period between the commencement of the applicable Real Estate Tax Year in question and the termination date of this Lease, the Base Real Estate Taxes shall be rendered and payments made on account deducted from the Real Estate Taxes for the applicable Real Estate Tax Year and, if such Real Estate Taxes exceed the Base Real Estate Taxes, the Tenant shall pay one-three hundred sixty-fifth (1/365) of two percent (2%) for each day of such installmentsReal Estate Tax Year during which the Lease shall have been in full force and effect. Terms used herein are defined Tenant's obligation to pay under this Article for the final period of the Lease shall survive the expiration of the term of this Lease. Failure of Landlord to furnish a statement of actual Tax Expenses or to give notice of an adjustment to Annual Rent under this Article in a timely manner shall not prejudice or act as follows:a waiver of Landlord's right to furnish such statement or give such notice as a subsequent time or to collect any adjustments to the Annual Rent for any preceding period.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within a) Commencing on the Rent Commencement Date, during the Term, Landlord’s Tax Expenses Allocable to the Premises Tenant shall reimburse Landlord for all "Real Estate Taxes" (as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to defined). If the Premises, Rent Commencement Date occurs or for the Term terminates during any such fraction part of a Tax Year exceed the corresponding fraction of Base calendar year, Tenant shall be responsible for such Real Estate Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant for only that portion of the certified statement referred calendar year for which Tenant is responsible to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional RentBasic Rent hereunder. However, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable Real Estate Taxes attributable to the Leased Premises are determined for the first which Tenant shall reimburse Landlord in part shall be less any abatements, discounts or refunds thereon. In paying such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the TermReal Estate Taxes, Landlord agrees to take full advantage of any and all available discounts, and Tenant shall render not be obligated to pay any portion of any penalty or interest for delinquent payment, nor shall Tenant a statement in reasonable detail certified be obligated to pay any portion of sums owed by a representative Landlord due to failure of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds to take advantage of any taxes and assessmentsdiscount. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show reimburse Landlord for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within such Real Estate Taxes within thirty (30) days after of receipt from Landlord of a receipted tax bill (or in the date of delivery alternative copy of the foregoing statementtax bill and a copy xx Landlord's check to the appropriate goverxxxxtal agency or authority) evidencing Landlord's payment thereof to the taxing authority.
b) Tenant shall have the right, at Tenant's sole expense, to contest the amount or validity, or otherwise seek an exemption or abatement, of any Real Estate Taxes or to seek a reduction in the valuation of the Leased Premises assessed for purposes of Real Estate Taxes by appropriate proceedings diligently conducted in good faith, provided that (i) Tenant shall first have notified Landlord in writing of its intent to do so and (ii) such contest will not result in the foreclosure, loss or forfeiture of the Leased Premises, or any portion thereof. In any instance where any such action or proceeding is being undertaken by Tenant, Landlord shall (i) cooperate with Tenant, (ii) execute any and all documents required in connection therewith and (iii) if required by any law, rule or regulation of the taxing authority, shall join with Tenant in the prosecution thereof. Upon the termination of the proceedings set forth above (unless the taxing authority requires that Real Estate Taxes be paid under protest prior to commencement of such proceedings), Tenant shall pay the applicable Real Estate Taxes as finally determined in such proceedings, the payment or partial payment of which may have been deferred during the prosecution of such proceedings. Tenant shall be entitled to Landlord the balance a refund of the amounts, if any, required to be paid pursuant any overpayment of Real Estate Taxes relating or allocable to the above provisions Leased Premises, as well as a reimbursement from the appropriate taxing authority of all costs, fees and expenses it incurs in such protest or reassessment.
c) For purposes of this Section 2.7 Lease, the term "Real Estate Taxes" shall mean all general real estate taxes and assessments and other ad valorem taxes, rates and levies paid upon or with respect to the preceding Tax Year Leased Premises for a calendar year or fraction thereofa portion thereof to any governmental agency or authority and all charges specifically imposed in lieu of any such taxes, but specifically excluding "roll-back" taxes or other similar land use charges. Nothing contained in this Lease shall require Tenant to pay any local, county, municipal, state or federal income, franchise, corporate, estate, inheritance, succession, capital levy, business or transfer tax of Landlord, or Landlord shall credit any amounts due from it to local, county, municipal, state or federal income, profits, gross receipts, sales or renewal tax or charge upon the rent or other charges payable by Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Lease.
Appears in 1 contract
Samples: Lease Agreement (Across America Real Estate Development Corp)
Real Estate Taxes. If with respect Landlord agrees to pay all general and special taxes, assessments and governmental charges of any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as kind and nature whatsoever (hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement collectively referred to below in this Section 2.7as “Taxes”) lawfully levied against the Building, then the real property on which it is situated and the grounds, parking areas, driveways and alleys around the Building. Tenant shall pay to LandlordLandlord as additional rent upon demand at the time the bxxx for each installment for any tax year applicable to the Term (or any renewal or extension thereof) issues, Tenant’s Proportionate Share, as Additional Rentset forth on the Reference Page, of the amount of such excesstaxes applicable to each installment less any monthly payments paid by Tenant as provided below for such tax year. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable Prior to the Premises are determined actual determination of the Taxes for a calendar year, Landlord may, if it so elects and at any time or from time to time during said calendar year, estimate the first amount of such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during Taxes. If, in the Termestimation of Landlord, such Taxes will exceed the previous year’s Taxes, Landlord shall render give Tenant a statement written notification of the amount of such estimated excess and Tenant agrees that it will increase its Monthly Installment of Rent subsequent to receipt of such written notification to include such excess. If the total Tenant actually paid for estimated Taxes pursuant to this Section is more than the actual Tax, Landlord shall remit the excess to Tenant within thirty (30) days of the making of such determination or, at Landlord's election, credit such amount against the next Monthly Installments of Rent. In addition, Tenant shall pay upon demand Tenant’s Proportionate Share of any reasonable fees, expenses and costs incurred by Landlord in reasonable detail certified protesting any assessments, levies or the tax rate. Taxes shall include the following by a representative way of Landlord showing for illustration, but not limitation: Real estate taxes; any other such taxes, charges and assessments which are levied with respect to the preceding year or fraction thereofBuilding, as the case may beand any improvements, fixtures and equipment and all other property of Landlord, real estate taxes on or personal, located in the Building and used in connection with the operation of the Building and the Site land upon which they are situated including any payments to any ground lessor in reimbursement of tax payments made by such lessor; fees or assessments for any governmental services to the Building; service payments in lieu of taxes; dues or assessments payable to any property owners association due to Landlord’s ownership of the Building; water and abatements sewer charges; and refunds any gross receipts tax and/or any tax which shall be levied in addition to or in lieu of any taxes real estate, possessory interest or personal property taxes. Tenant, after prior written notice to Landlord, and assessments. Expenditures for legal fees at Tenant’s sole cost and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord expense, shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation dispute by appeal any assessment of the Building aforementioned taxes. The Landlord may require that the Tenant deposit with Landlord a sum sufficient to pay the entire amount of any tax, charge, assessment or levy so disputed, plus potential interest and the Sitepenalties. Said statement Tenant shall promptly pay and discharge all amounts determined to be rendered payable pursuant to Tenant such legal proceedings pertaining to the appeal. Landlord agrees to join in any such proceedings only if such joinder is necessary to the prosecution thereof. The costs of such joinder shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Samples: Lease (AquaMed Technologies, Inc.)
Real Estate Taxes. If Taxes (as hereinafter defined) for any Tax Year during the term shall exceed Base Taxes, Tenant shall reimburse Landlord, as additional rent, for Tenant's Percentage of such excess (such amount hereinafter referred to as "Tax Excess"). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Tax Excess, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. If the total of such monthly remittances for any Tax Year is greater than the actual Tax Excess for such Tax year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the actual Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord at least ten (10) days prior to the date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) days following a written notice to Tenant, which notice shall set forth the manner of computation of Tax Excess). If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any full Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without Landlord having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant's Percentage of the refund (less the proportional, pro rata expenses, including attorneys' fees and appraisers' fees, incurred in connection with obtaining any such refund), as relates to Tax Excess paid by Tenant to Landlord with respect to any Tax Year for which such refund is obtained. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction period of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, assessment of real estate taxes be changed or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on be more or before the thirtieth less than one (30th1) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofyear, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Samples: Lease (Ezenia Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s 's Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to $3.75 per square foot of Rentable Floor Area of the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant $3.75 per square foot of Rentable Floor Area of the certified statement referred to below in this Section 2.7Premises, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s 's Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking obtaining the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund within thirty (30) days such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s 's share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Notwithstanding the foregoing provisions, no decrease in Landlord's Tax Expenses with respect to any Tax Year shall result in a reduction of the amount otherwise payable by Tenant if and to the extent said decrease is attributable to vacancies in the Building or partial completion of the Building rather than to any other causes. Terms used herein are defined as follows:
Appears in 1 contract
Samples: Lease Agreement (Netegrity Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30thSection 5.2(b) day following receipt by Tenant of the certified statement referred Lease is amended and restated in full as follows: “Landlord may institute proceedings to below in this Section 2.7reduce the assessed valuation of the Property or a portion thereof and, then if Landlord fails to do so, Tenant shall pay may do so at Tenant’s discretion, upon written notice to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after whereby Landlord may then elect at Landlord’s Tax Expenses Allocable sole discretion to institute or substitute for Tenant in such proceedings or permit Tenant to continue with the Premises are determined proceedings. Landlord shall provide Tenant with a copy of any notices regarding assessments promptly upon receipt of same. Each party shall cooperate with the other in any such proceeding. If Landlord receives a refund of Taxes for the first such Tax any Comparison Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Termprovided that no Event of Default has occurred and is continuing, Landlord shall, at its election, either pay to Tenant, or credit against subsequent payments of Rent due hereunder, an amount equal to Tenant’s Proportionate Share of the refund, net of any expenses incurred by Landlord in achieving such refund, which amount shall render not exceed Tenant’s Tax Payment paid for such Comparison Year. Landlord shall not be obligated to file any application or institute any proceeding seeking a reduction in Taxes or the assessed valuation of the Property or any portion thereof. If Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofinitiates any such action, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the assessed valuation of the Building is reduced, Tenant’s expenses incurred in reducing such Taxes shall be borne by Landlord, but any and the Site. Said statement all Tenant expenses to be rendered borne by Landlord are capped at the actual reduction in Taxes on an annual basis. The benefit of any exemption or abatement relating to Tenant all or any part of the Property shall also show for accrue to the preceding benefit of Landlord, except that, if and to the extent that any Tax Year exemption or fraction abatement is applicable to the Property or any portion thereof as in the case may Base Year, then the Taxes shall be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and deemed to be “grossed up” to the amount of real estate taxes remaining due from, Taxes the Landlord would have paid without such exception or overpaid by, Tenant for the year or other period covered by the statementabatement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amountsFurther, if any, required to be paid pursuant to such Taxes are so grossed up on the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Base Year, the foregoing statement Taxes shall be rendered and payments made on deemed to be grossed upon in any Comparison Year to which the same exception or abatement is applicable. Any exemption or abatement in any Comparison Year, but not in the Base Year, shall be taken into account of in calculating the Taxes in such installments. Terms used herein are defined as follows:Comparison Year”.
Appears in 1 contract
Real Estate Taxes. If Taxes (as hereinafter defined) for any Tax Year during the Term shall exceed Base Taxes, Tenant shall reimburse Landlord, as additional rent, for Tenant’s Percentage of such excess (such amount hereinafter referred to as “Tax Excess”). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Tax Excess, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. If the total of such monthly remittances for any Tax Year is greater than the actual Tax Excess for such Tax year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments of Rent to be made by Tenant, the difference; if the total of such remittances is less than the actual Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord within thirty (30) days after a written notice to Tenant, which notice shall set forth the manner of computation of Tax Excess). If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any full Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or fraction otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments of a Rent to be made by Tenant, the Tenant’s Percentage of the refund (less the proportional, pro rata expenses, including attorneys’ fees and appraisers’ fees, incurred in connection with obtaining any such refund), as relates to the Tax Excess paid by Tenant to Landlord with respect to any Tax Year falling within for which such refund is obtained. At the Termrequest of Tenant, Landlord’s Tax Expenses Allocable from time to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth time but in no event more than three (30th3) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof times during the Original Term, Landlord shall render Tenant file applications seeking abatements or reductions of Taxes or shall institute proceedings to reduce the assessed valuation of the Property or portions thereof including the Premises with the applicable tax commission or in a statement in reasonable detail certified court of competent jurisdiction for judicial review of such assessed valuation. Landlord shall diligently, timely and fully prosecute all such applications and/or proceedings filed or instituted by a representative Landlord. In the event this Lease shall commence, or shall end (by reason of Landlord showing for expiration of the preceding year term or fraction thereofearlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or period of assessment of real estate taxes be changed or be more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Samples: Office Lease (Avid Technology, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within Tenant shall pay Landlord the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to annual real estate taxes and assessments ("Real Estate Taxes") assessed and levied against the Premises, on the first (1st) day of each month, in advance, in a sum equal to 1/12th of the annual real estate taxes and assessments due and payable for the then calendar year. If at a time a payment is required the amount of the Real Estate Taxes for the then calendar year shall not be known, Tenant shall pay Landlord 1/12th of the Real Estate Taxes for the preceding calendar year; and upon ascertaining the Real Estate Taxes for the current calendar year, Tenant shall pay Landlord any difference upon demand, or if Tenant shall be entitled to a credit, Landlord shall credit the excess against the next monthly installment(s) of Real Estate Taxes falling due. Real Estate Taxes payable for any such fraction the first and last years of a Tax Year exceed the corresponding fraction of Base Taxes Allocable lease term shall be adjusted and pro rated, so that Landlord shall be responsible for Landlord's pro rated share for the period prior to and subsequent to the Premises thenlease term and Tenant shall pay Landlord its pro rated share for the lease term. Provided this Lease is not previously cancelled or terminated, on and there shall be no Event of Default, or before an event that with the thirtieth (30th) day following receipt by Tenant giving of notice or the certified statement referred to below in this Section 2.7lapse of time, or both, would constitute an Event of Default, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax contest the amount or validity of any Real Estate Taxes assessed and levied against the Premises, or to seek a reduction or other proceedings to reduce real estate taxes or in the valuation of the Building building on the Premises assessed for real estate tax purposes, by appropriate proceedings diligently conducted in good faith (the "Tax Appeal"), but only after payment of such taxes and assessments. Except as set forth below, Landlord shall not be required to join in any Tax Appeal. If required by law, Landlord shall, upon written request of Tenant, join in the Site. Said statement Tax Appeal or permit the Tax Appeal to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rentbrought in Landlord's name, and Landlord shall reasonably cooperate with Tenant, at the amount cost and expense of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statementTenant. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance any increase that may result in Real Estate Taxes as a consequence of the amountsTax Appeal, if any, required to be paid pursuant to which payment obligations shall survive the above provisions expiration or earlier termination of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Lease. Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated estimates that Real Estate Taxes for the then current 2005 calendar year shall will be made monthly at the time Fifteen Thousand One Hundred and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten 00/100 Dollars (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:$15,100.00).
Appears in 1 contract
Samples: Stock Purchase Agreement (Ift Corp)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within Seller shall pay all real estate ad valorem taxes for the Term, Landlord’s Tax Expenses Allocable Real Property which accrue prior to the Premises as hereinafter defined Closing. All such taxes payable on or before the Closing shall be paid by Seller at or before the Closing. All real estate taxes which accrued for a full Tax Year exceed Base Taxes Allocable the period prior to the PremisesClosing, but are payable as of the Closing shall be paid by Seller and prorated as of the Closing based on the actual number of days in the calendar year in which the Closing occurs. If the actual amount(s) of such taxes is not ascertainable at the Closing (because the Real Property is being taxed together with other property, or for any other reason), such fraction proration shall be on the basis of the most recently ascertainable bill(s) therefor (whxxxxr whole or installment, actual or estimated) and, if applicable, on the basis of the actual size of the Real Property, and without deduction for any conditional factors such as vacancy, destruction or homestead and a Tax Year exceed reproration shall be made upon the corresponding fraction issuance of Base Taxes Allocable the actual bill(s) therefor; prxxxxed, however, that all taxes allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred Real Property attributable to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable improvements made to the Premises are determined for the first such Tax Year or fraction thereof Real Property by Purchaser shall be borne entirely by Purchaser; and for each succeeding Tax Year or fraction thereof during the Termprovided further, Landlord however, under no circumstances shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts reproration of real estate ad valorem taxes already paid by Xxxxxx as Additional Rent, be made where such taxes have been reduced through the efforts of Purchaser. Seller shall not make nor suffer there to be made any material improvements to the Real Property from and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery this Agreement until this Agreement is terminated unless explicitly provided elsewhere herein or approved by Purchaser. Seller shall assist Purchaser in causing local tax and assessment rolls, listings, and records to be revised accordingly to reflect Purchaser's ownership of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord)Real Property. In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly event that at the time of the Closing, the Real Property or any portion thereof shall be or shall have been affected by any assessment, levy, charge, or other imposition that is or may become payable in installments, then for purposes of this Agreement, all of the unpaid installments thereof shall be considered due and in payable and liens upon the fashion herein provided for the payment of fixed rent. The amount so to Real Property affected thereby and shall be paid and discharged by Seller at the Closing, or, credited by Seller at the Closing against and reduce the Real Property Purchase Price. Payment of any real estate ad valorem taxes by Seller, may be made under protest. All ad valorem taxes relating to Landlord the Real Property accruing after the Closing shall be an amount reasonably estimated paid by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Purchaser.
Appears in 1 contract
Real Estate Taxes. Landlord shall pay all Taxes levied upon or assessed against the land and improvements comprising the Center and the appurtenances thereto during the Term of this Lease. If the Taxes payable by Landlord are increased in any Tax Year during the Term of this Lease over the amount of such Taxes due and payable with respect to any full the Center for the Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises Tear in effect as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in Commencement of this Section 2.7Lease, then Tenant shall pay to Landlord, as Additional Rent, its Proportionate Share of such Tax increase. The term "Taxes" shall be defined as (i) all real estate and other ad valorem taxes, including, without limitation, real estate rental, receipt or gross receipt tax or any other tax on Landlord (excluding Landlord's income taxes), now or hereafter imposed by any federal, state or local taxing authority and whether as a substitution for or in addition to the present method of real property taxation currently in use; (ii) costs of attorney's and appraiser's fees, if necessary, incurred in connection with any negotiation, contest or appeal pursued by Landlord in an effort to reduce taxes, and (iii) any metropolitan district water and sewer charges and other governmental charges which customarily are part of the real estate tax xxxx issued by governmental authorities charged with said responsibility. Taxes shall be adjusted on a proportionate basis for any period which shall be less than a Tax Year. The Tax Year shall be the year so established by the governmental authority charged with that responsibility. Landlord agrees to provide Tenant with a copy of the Tax xxxx and the calculation of Tenant's share thereof within a reasonable time. Tenant agrees to pay its Proportionate Share of any increase in Taxes above the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to Taxes due and payable during the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during in effect as of the commencement of the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts pay such Proportionate Share of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within Taxes within thirty (30) days after written request therefor by Landlord, and further agrees, in lieu thereof, at the date prior request and election of delivery Landlord, to pay the same in equal monthly installments in such amounts as are estimated and billed for each Tax Year by Landlord at the commencement of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment beginning of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a each successive Tax Year, with appropriate adjustment being made at the foregoing statement shall be rendered and payments made on account end of such installments. Terms used herein are defined as follows:each Tax Year.
Appears in 1 contract
Real Estate Taxes. If with Commencing January 1, 2006, Tenant shall pay, as Additional Rent, Tenant's Proportionate Share of all Taxes which arise in respect to any full Tax Year of the operation, possession or fraction use of a Tax Year falling within the TermLand and Building including, Landlord’s Tax Expenses Allocable without limitation, all charges for utilities furnished to the Premises as hereinafter defined for which may become a full Tax Year exceed Base Taxes Allocable lien on Premises in the following manner:
(a) Commencing January 1, 2006, Tenant shall pay to the Premises, or Landlord one twelfth (1/12) of the amount of the Tenant's Proportionate Share of Taxes for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, each fiscal tax year on or before the thirtieth first day of each month during such fiscal year, in advance, in an amount estimated by Landlord based upon the then current tax xxxx for the Building and Land from the City of Fall River. Landlord shall make timely payment of Taxes when due, provided that Tenant has made the required payments hereunder. Within a reasonable period of time after Landlord has received the tax xxxx for any such fiscal tax year, Landlord shall furnish to Tenant a statement (30ththe "Landlord's Tax Statement") day following receipt setting forth the amount of such real estate taxes for such fiscal tax year and Tenant's Proportionate Share of Taxes. If the actual amount of Tenant's Proportionate Share of Taxes for such fiscal tax year exceeds the estimated amount thereof paid by Tenant of the certified statement referred to below in this Section 2.7for such fiscal tax year, then Tenant shall pay to Landlord, as Additional Rent, Landlord the difference between the amount paid by Tenant and the actual Tenant's Proportionate Share of such excess. Not later than ninety Taxes within twenty (9020) days after receipt of Landlord’s 's Tax Expenses Allocable Statement, and if the total amount paid by Tenant for any such fiscal tax year shall exceed the actual amount of Tenant's Proportionate Share of Taxes for such fiscal year, then such excess shall be credited against the next installment of Rent hereunder, or, at the end of the Term shall be returned to Tenant by Landlord. Notwithstanding the Premises are determined foregoing, for any fraction of a tax or assessment period or installment period, included in the first such Tax Year Lease Term at the beginning or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction end thereof, as Tenant shall pay only the case may be, real estate taxes on the Building and the Site and abatements and refunds fraction of any taxes and assessmentsTaxes so levied or assessed or becoming payable which is allocable to such included period. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord Tenant shall have the right to institute tax reduction or other proceedings reasonably request such information from Landlord to reduce real estate taxes or the valuation verify Landlord's calculation of the Building and the SiteTenant's proportionate share for any fiscal year. Said statement to be rendered to Tenant shall also show have the right to contest, without postponement of payment, by appropriate proceedings, the amount or validity of any such tax which Tenant is obligated to pay in accordance with the provisions of this Article 6. If Tenant shall request the same, Landlord agrees to execute applications, appeals, and other documents to enable Tenant to maintain such proceedings. Landlord shall not be subject to any liability for the preceding Tax Year payment of costs or fraction thereof as expenses in connection with such proceedings, and Tenant shall indemnify Landlord and save Landlord harmless from and against all such costs and expenses. Either party paying any tax or assessment shall be entitled to recover, receive and retain for its own benefit all abatements and refunds related thereto, unless it has previously been reimbursed by the case may other party. Any abatement or refund related to a tax or assessment the payment of which was apportioned between the parties shall be first applied to the amounts costs of real estate taxes already paid by Xxxxxx as Additional Rentsecuring such abatement or refund, and the amount balance shall be apportioned in like manner. Neither party shall discontinue any abatement proceedings begun by it without first giving the other party notice of real estate taxes remaining due fromits intent so to do and reasonable opportunity to be substituted in such proceedings. Nothing contained in this Lease shall, however, require Tenant to pay any franchise, corporate, estate, inheritance, succession capital levy or transfer tax of Landlord, or overpaid byany income, profits or revenue tax or charge upon the Rent payable by Tenant under this Lease unless (a) such tax is imposed, levied or assessed in substitution for any other tax or assessment which Tenant is required to pay pursuant to Section 6.01, or (b) if at any time during the year Term of this Lease, the method of taxation shall be such that there shall be levied, assessed or imposed on Landlord a capital levy or other period covered tax directly on the rents received from the Premises and/or any tax or assessment measured by or based, in whole or in part, upon such rents or measured in whole or in part by income from the statement. Within thirty (30) days after Premises, or upon the date of delivery value of the foregoing statementPremises or any present or future improvement or improvements on the Premises, Tenant in which case all such taxes and assessments or the part thereof so measured or based ("Substitute Taxes"), shall pay to Landlord the balance of the amountsbe payable by Tenant, if anyprovided however, required to be paid pursuant to the above provisions of this Section 2.7 Tenant's obligation with respect to the preceding Tax Year or fraction thereof, or aforesaid Substitute Taxes shall be limited to the amount thereof as computed at the rates that would be payable if the Premises were the only property of Landlord. Landlord shall credit any amounts due from it promptly furnish to Tenant pursuant to the provisions a copy of this Section 2.7 against (i) monthly installments any notice of fixed rent next thereafter coming due any public, special or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated betterment assessment received by Landlord to be sufficient to provide Landlord, in concerning the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Premises.
Appears in 1 contract
Samples: Lease (Quaker Fabric Corp /De/)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within (a) Throughout the Term, Landlord’s Tax Expenses Allocable to the Premises Tenant shall pay on a monthly basis, without demand, as hereinafter defined Additional Rent for a full Tax Year exceed Base Taxes Allocable to the Premises, Tenant's Proportionate Share of the amount by which Real Estate Taxes (as defined in Section 4.02(c) hereof) exceed the Base Real Estate Taxes Amount. Such payments shall be made as follows:
(1) Prior to the Commencement Date and on the first day of January of each year during the Term, or as soon thereafter as reasonably practicable, Landlord shall furnish Tenant with Landlord's estimate of the Real Estate Taxes for the forthcoming year. On the first day of each month during such year, Tenant shall pay one-twelfth (1/12th) of Tenant's Proportionate Share of the difference between the estimated Real Estate Taxes for such year and the Base Real Estate Taxes. If for any such fraction reason Landlord has not provided Tenant with Landlord's estimate of a Tax Year exceed the corresponding fraction of Base Real Estate Taxes Allocable to the Premises then, on or before the thirtieth (30th) first day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount January of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof any year during the Term, Landlord shall render Tenant a statement in reasonable detail certified Term (or by a representative of Landlord showing for the preceding year or fraction thereofCommencement Date, as the case may be), real estate taxes then until the first day of the calendar month following the month in which Tenant is given Landlord's estimate of Real Estate Taxes, Tenant shall continue to pay to Landlord on the Building and first day of each calendar month the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made monthly sum payable by Tenant under this Section 4.02 for the Tax Year. Only month of December of the preceding year.
(2) On the first day of March of each year during the Term or as soon thereafter as reasonably practical, Landlord shall have the right furnish to institute tax reduction or other proceedings to reduce real estate taxes or the valuation Tenant a statement of the Building and the Site. Said statement to be rendered to Tenant shall also show actual Real Estate Taxes for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statementyear. Within thirty (30) days after the date of delivery of the foregoing that statement, a lump sum payment will be made by Tenant shall pay equal to Landlord the balance of the amountsamount, if any, required to be by which Tenant's Proportionate Share of the actual Real Estate Taxes exceeds the amount, if any, which Tenant has paid toward the estimated Real Estate Taxes pursuant to Section 4.02(a)(1) above. If Tenant's Proportionate Share of the above actual Real Estate Taxes is less than the amount Tenant has paid toward the estimated Real Estate Taxes pursuant to Section 4.02(a)(1) above, Landlord shall apply such amount to the next accruing installment(s) of Rent due hereunder. The foregoing notwithstanding, Landlord shall have
(a) is that Tenant will pay during each year during the Term Tenant's Proportionate Share of the actual Real Estate Taxes in excess of the Base Real Estate Taxes.
(b) If the Commencement Date occurs on a date other than the first day of January, or if the term ends on a date other than the last day of December, the actual Real Estate Taxes for the year in which the Commencement Date or the Expiration Date occurs, as the case may be, shall be prorated so that Tenant shall pay that portion of Tenant's Proportionate Share of Real Estate Taxes for such year represented by a fraction, the numerator of which shall be the number of days during such fractional year falling within the Term, and the denominator of which is 365 (or 366, in the case of a leap year). The provisions of this Section 2.7 with respect to 4.02 shall survive the preceding Tax Year Expiration Date or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein sooner termination provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten this Lease.
(10c) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority As used in installments with respect to periods less than a Tax Yearthis Lease, the foregoing statement term "Real Estate Taxes" shall be rendered and payments made on account of such installments. Terms used herein are defined as followsincluding the following:
Appears in 1 contract
Real Estate Taxes. If with respect In addition to any full Tax Year or fraction of a Tax Year falling within the Termall rentals herein reserved, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to LandlordLandlord annual real estate taxes and assessments levied upon the Demised Premises and a pro rata share of annual real estate taxes and assessments levied upon the parking and common areas of the Shopping Center. Landlord shall estimate the amount of taxes next due and Tenant shall pay, on a monthly basis, together with GMMR as Additional Rentadditional rental, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the Tenant's estimated tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statementobligation. Within thirty (30) days after the date of delivery following receipt of the foregoing statementactual tax xxxx, Landlord shall provide to Tenant a reconciliation of the amount owed by Tenant and the amount actually paid by Tenant. If Tenant has underpaid Tenant shall pay the additional amount owed in a lump sum within ten (10) days. If Tenant has overpaid, the amount of the overpayment shall be credited against the payment for such taxes and assessments next coming due. Even though the term of this Lease has expired and Tenant has vacated the Demised Premises, when the final determination is made of Tenant's share of such taxes and assessments, Tenant shall immediately pay to Landlord the balance amount of the amountsany additional sum owed, if any, required to and any overpayment shall immediately be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient Tenant. Landlord shall have the right to provide Landlordelect to collect taxes on a semi-annual basis, in the aggregate, a sum equal to which event Tenant’s 's pro rata share of such increases, at least shall be payable within ten (10) days before the day on which such payments after receipt of a semi-annual statement to be sent by Landlord would become delinquentto Tenant setting forth the amount of such tax based upon the actual tax xxxx received by Landlord. To In the extent that event the Demised Premises, together with a pro rata share of the parking and common area, are not separately assessed, Landlord shall allocate a portion of the real estate taxes and assessments to Tenant by any reasonable method selected by Landlord in its sole discretion, including allocating the annual real estate taxes and assessment based on the ratio that the gross floor area of the Demised Premises bears to the total gross leasable floor area of the building or buildings within the tax parcel of which the Demised Premises is a part. It is agreed that it shall be payable reasonable for Landlord to exclude from such calculation the taxing authority square footage leased or owned by any tenant or owner who pays real property taxes and/or assessments on other than an allocable basis so long as the amount so paid by such tenant or owner is deducted from the amount being allocated. Any such tax for the year in installments with which this Lease commences or ends shall be apportioned and adjusted. With respect to periods less than a Tax Yearany assessment which may be levied against or upon the Demised Premises and which, under the foregoing statement laws then in force, may be evidenced by improvement or other bonds, payable in annual installments, only the annual payments on said assessment shall be rendered included in computing Tenant's obligation for taxes and payments made on account of such installments. Terms used herein are defined as follows:assessments.
Appears in 1 contract
Samples: Property Lease
Real Estate Taxes. If with respect Xxxxxxxx agrees to pay all general and special taxes, assessments and governmental charges of any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as kind and nature whatsoever (hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement collectively referred to below in this Section 2.7as "Taxes") lawfully levied against the Building, then the real property on which it is situated and the grounds, parking areas, driveways and alleys around the Building. Tenant shall pay to LandlordLandlord as additional rent upon demand at the time the bill for each installment for any tax year applicable to the Term (or any renewal or extension thereof) issues, as Additional Rent, Tenant's Proportionate Share of the amount of such excesstaxes applicable to each installment less any monthly payments paid by Tenant as provided below for such tax year. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable Prior to the Premises are determined actual determination of the Taxes for a calendar year, Landlord may, if it so elects and at any time or from time to time during said calendar year, estimate the first amount of such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during Taxes. If, in the Termestimation of Landlord, such Taxes will exceed the previous year's Taxes, Landlord shall render give Tenant a statement written notification of the amount of such estimated excess and Tenant agrees that it will increase its Monthly Installment of Rent subsequent to receipt of such written notification to include such excess. If the total Tenant actually paid for estimated taxes pursuant to this Paragraph is more than the actual Tax, Landlord shall remit the excess to Tenant within thirty (30) days of the making of such determination or, at Landlord's election, credit such amount against the next Monthly Installment of Rent. To be offest solely and proportionately by and savings achieved by appeal. In addition, Tenant shall pay upon demand Tenant's Proportionate Share of any fees, expenses and cost incurred by Landlord in reasonable detail certified protesting any assessments, levies or the tax rate to be offset soley and proportionately by a representative any savings achieved by appeal. Taxes shall include the following by way of Landlord showing for illustration, but not limitation: real estate taxes; any other such taxes, charges and assessments which are levied with respect to the preceding year or fraction thereofBuilding, as the case may beand any improvements, fixtures and equipment and all other property of Landlord, real estate taxes on or personal, located in the Building and used in connection with the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation operation of the Building and the Siteland upon which they are situated including any payments to any ground lessor in reimbursement of tax payments made by such lessor; fees or assessments for any governmental services to the Building; service payments in lieu of taxes; dues or assessments payable to any property owners association due to Landlord's ownership of the Building; water and sewer charges; and any gross receipts tax and/or any tax which shall be levied in addition to or in lieu of real estate, possessory interest or personal properly taxes. Said statement Any payment to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid made pursuant to the above provisions of this Section 2.7 Article with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for tax year in which the then current year Lease commences or terminates shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:prorated.
Appears in 1 contract
Real Estate Taxes. If The real estate Taxes in respect of the Properties assessed with respect to any full Straddle Period (the “Current Year Property Taxes”) shall be allocated between Seller, on one hand, and Purchaser, on the other hand, by proration (based upon the number of days from the beginning of such taxable year until the end of the Pre-Closing Tax Year or fraction Period, with respect to Seller, and from the beginning of the Post-Closing Tax Period until the end of such taxable year, with respect to Purchaser). Any unpaid real estate Taxes in respect of the Properties relating solely to a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable tax year prior to the Premises as hereinafter defined for a full Tax then Current Year exceed Base Property Taxes Allocable (to the Premisesextent not paid as of the Closing Date), and any Current Year Property Taxes allocated to Seller in accordance with the preceding sentence shall be the responsibility of Seller and shall be treated as a credit to Purchaser against the Purchase Price at the Closing (if not paid prior to Closing). The Current Year Property Taxes may be determined by the actual tax xxxx or any other reasonable evidence thereof (including evidence of settlement issued by the applicable governmental authority); however, if the Current Year Property Taxes with respect to any Property cannot be determined at the Closing Date, the present Tax rate and the 2018 assessed valuation shall be used for any such fraction the purposes of a Tax Year exceed the corresponding fraction of Base Taxes Allocable making adjustments to the Premises then, on or before Purchase Price at the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in Closing under this Section 2.7, then Tenant and the parties shall pay to Landlord, as Additional Rent, re-determine the amount of Current Year Property Taxes allocable to Seller in accordance with this Section within 30 days following receipt of the actual final Tax xxxx. If any real estate Taxes are assessed after the Closing Date for Current Year Property Taxes or real estate Taxes for any Pre-Closing Tax Period due to an increase in the assessed value of the Properties (or otherwise), or if any rebates for Current Year Property Taxes or real estate Taxes for any Pre-Closing Tax Period are received after the Closing Date, such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year additional real estate Taxes or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofrebates, as the case may beapplicable, real estate taxes shall be allocated between Seller, on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rentone hand, and Purchaser, on the amount of real estate taxes remaining due fromother hand, or overpaid by, Tenant for the year or other period covered by the statementin accordance with this Section. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases Any increase in real estate taxes anticipated for Taxes resulting from a reassessment of any Property as a result of the then current year conveyance of such Property to Purchaser shall be made monthly at the time and in the fashion herein provided for the payment sole responsibility of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Vinebrook Homes Trust, Inc.)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30tha) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay Tenant’s Proportionate Share (as defined in Section 15(c) above) of any “Real Estate Taxes” (defined in Section 27(b) below) imposed upon the Center that become due and payable during each lease year included within the period commencing with the Commencement Date and ending with the expiration of the term of this Lease. Tenant shall initially pay to Landlordlandlord as additional rental, as Additional Rentsimultaneously with the payment of Base Rent called for under Section 4(a), the estimated monthly amount of such excessTenant’s Proportionate Share of Real Estate Taxes as set forth in Section 4(c) of One Dollar ($1.00) per square foot based on the Rentable Square Feet in effect under Section 5(a) above. Not later than ninety Within one hundred twenty (90120) days after Landlord’s Tax Expenses Allocable the end of each accounting year (which Landlord may change from time to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Termtime), Landlord shall render provide Tenant with an annual reconciliation of Real Estate Taxes and a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Siteactual amount of Tenant’s Proportionate Share thereof. Said statement to be rendered to Any excess payments from Tenant shall also show for be applied to the preceding Tax Year or fraction thereof as the case may be the amounts next installments of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due fromReal Estate Taxes hereunder, or overpaid by, refunded by Landlord. Any underpayments by Tenant for the year or other period covered by the statement. Within shall be paid to Landlord within thirty (30) days after receipt of such reconciliation statement. Tenant’s estimated monthly installment of Real Estate Taxes payable hereunder may be adjusted by written notice from Landlord.
(b) For the date purpose of delivery this Lease, the term “Real Estate Taxes” shall include any special and general assessments, water and sewer rents and other governmental impositions imposed upon or against the Center of every kind and nature whatsoever, extraordinary as well as ordinary, foreseen and unforeseen and each and every installment thereof, which shall or may during the foregoing statementlease term be levied, assessed or imposed upon or against such Center and of all expenses, including reasonable attorneys’ fees, administrative hearing and court costs incurred in contesting or negotiating the amount, assessment or rate of any such real estate taxes, minus any refund received by Landlord.
(c) Notwithstanding any provision of this Lease to the contrary, Tenant shall not be obligated to pay to Landlord for any assessment for special improvements heretofore installed or in the balance process of installation in connection with the initial development of the amountsCenter, and Landlord hereby agrees to pay for the same.
(d) The real estate taxes for any lease year shall be the real estate taxes that become due and payable during such lease year. If any lease year shall be greater than or less than twelve (12) months, or if anythe real estate tax year shall be changed, required an appropriate adjustment shall be made. If there shall be more than one taxing authority, the real estate taxes for any period shall be the sum of the real estate taxes for said period attributable to each taxing authority. If, upon the assessment day for real estate taxes for any tax year fully or partly included within the term of this Lease, a portion of such assessment shall be attributable to buildings in the process of construction, a fair and reasonable adjustment shall be made to carry out the intent of this Section 27.
(e) Upon request, Landlord shall submit to Tenant true copies of the real estate tax bxxx for each tax year or portion of a tax year included within the term of this Lease and shall bxxx Tenant for the amount to be paid pursuant by Tenant hereunder. Said bxxx shall be accompanied by a computation of the amount payable by Tenant and such amount shall be paid by Tenant within thirty (30) days after receipt of said bxxx.
(f) Should the State of Virginia or any political subdivision thereof or any governmental authority having jurisdiction thereof, impose a tax and/or assessment (other than an income or franchise tax) upon or against the rentals payable hereunder, in lieu of or in addition to assessments levied or assessed against the above provisions Premises, or Center, then such tax and/or assessment shall be deemed to constitute a tax on real estate for the purpose of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:27.
Appears in 1 contract
Samples: Lease (DSW Inc.)
Real Estate Taxes. If with respect Tenant covenants to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, for each tax period partially or wholly included in the amount term, Tenant s Percentage of Taxes (as hereinafter defined). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Taxes, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tenant’s Percentage of Taxes, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. The initial calculation of the monthly estimated payments shall be based upon the Initial Estimate of Tenant’s Percentage of Taxes for the Tax Year and upon quarterly payments being due to the governmental authority on August 1, November 1, February 1 and May 1, and shall be made when the Commencement Date has been determined. If the total of such excessmonthly remittances for any Tax Year is greater than the Tenant’s Percentage of Taxes for such Tax year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1. Not later the difference; if the total of such remittances is less than ninety the Tenant’s Percentage of Taxes for such Tax Year, Tenant shall pay the difference to Landlord at least ten (9010) days after Landlord’s Tax Expenses Allocable prior to the Premises are determined for the first date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) business days following a written notice to Tenant, which notice shall set forth the manner of computation of Tenant’s Percentage of Taxes). This section shall survive the expiration or fraction thereof earlier termination of the Lease. If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant’s Percentage of the refund (less the proportional, pro rata expenses, including attorneys’ fees and appraisers’ fees, incurred by Landlord in connection with obtaining any such refund), as relates to Taxes paid by Tenant to Landlord with respect to any Tax Year for each succeeding which such refund is obtained. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year assessment of real estate taxes be changed or fraction thereofbe more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Taxes which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30tha) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional RentRent for each Tax Year or portion of a Tax Year included in the Term, in the manner hereinafter provided in this Section 3.03, Tenant's Share of the amount of by which the Real Estate Taxes for such excess. Not later than ninety Tax Year exceeds the Base Taxes (90a "Tax Payment").
(b) Approximately (30) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such start of each Tax Year or fraction thereof as soon thereafter as is practicable, Landlord shall furnish to Tenant a statement of Landlord's reasonable estimate of the Tax Payment payable for such Tax Year, and for Tenant shall pay to Landlord as Additional Rent, on the first (lst) day of each succeeding calendar month during such Tax Year, an amount equal to one-twelfth (1/12th) of such estimated Tax Payment.
(c) During any Tax Year or fraction thereof during included in the Term, Landlord shall render may send to Tenant a revised statement in of Landlord's reasonable detail certified estimate of the Tax Payment payable for such Tax Year and an appropriate adjustment shall be made to the monthly installments payable by a representative Tenant on account of Landlord showing the Tax Payment for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds remainder of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only If, at the time of any such revised statement, the aggregate amount of the monthly installments made by Tenant on account of the Tax Payment during the preceding months of the Tax Year in question exceeds the amount which would have been paid pursuant to such revised statement, Landlord shall have credit such excess to the right Rent next due from Tenant.
(d) Within approximately one hundred twenty (120) days after the end of each Tax Year, or as soon thereafter as is practicable, Landlord shall send to institute tax reduction or other proceedings to reduce real estate taxes or the valuation Tenant a final statement (a "Tax Statement") of the Building and Tax Payment for such Tax Year. If the Site. Said statement to be rendered to Tenant shall also show for Tax Payment as set forth on the preceding Tax Year or fraction thereof as Statement is greater than the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the aggregate amount of real estate taxes remaining due fromTenant's installments made on account of the Tax Payment for such Tax Year, or overpaid by, Tenant for the year or other period covered by the statement. Within then within thirty (30) days after the date of delivery of the foregoing statementTax Statement, Tenant shall pay to Landlord any balance due as Additional Rent. If the balance aggregate amount of Tenant's installments made on account of the amountsTax Payment for such Tax Year is less than the Tax Payments for such Tax Year, as set forth on the Tax Statement, Landlord shall credit any such excess to the installments next due from Tenant towards the Rent next due from Tenant, or if anythe Term shall have expired, required Landlord shall refund any such excess to Tenant subject to and in accordance with the terms and provisions contained in Section 3.05(a).
(e) Until a new statement of the estimated Tax Payment is rendered, Tenant's estimated installments on account of the Tax Payment for any Tax Year shall be deemed to be paid pursuant to one-twelfth (1/12th) of the above provisions total amount of this Section 2.7 with respect the Tax Payment attributable to the preceding Tax Year or fraction thereofYear, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion as set forth in Landlord's most recent statement of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal same delivered to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Samples: Office Lease (One)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises Taxes (as hereinafter defined defined) for a full any fiscal tax year of the Town of Burlington (“Tax Year Year”) during the Term shall exceed Base Taxes Allocable Taxes, Tenant covenants to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to reimburse Landlord, as Additional Rent, the amount for Tenant’s Percentage of such excessexcess (such amount hereinafter referred to as “Tax Excess”). Not later Tenant shall remit to Landlord, on the first day of each calendar month included in the Term, estimated paymentson account of Tax Excess, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. If the total of such monthly remittances for any Tax Year is greater than ninety the actual Tax Excess for such Tax Year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the actual Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord at least ten (9010) days after Landlord’s Tax Expenses Allocable prior to the Premises are determined for the first date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) days following a written notice to Tenant, which notice shall set forth the manner of computation of Tax Excess). This section shall survive the expiration or fraction thereof earlier termination of this Lease. If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the Term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments of Additional Rent to be made by Tenant pursuant to this subsection 4.2.1, the Tenant’s Percentage of the refund (less the proportional, pro rata expenses, including attorneys’ fees and appraisers’ fees, incurred in connection with obtaining any such refund, if any), as relates to the Tax Excess paid by Tenant to Landlord with respect to any Tax Year for each succeeding which such refund is obtained. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year assessment of real estate taxes be changed or fraction thereofbe more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Samples: Office Lease (Myomo, Inc.)
Real Estate Taxes. If with respect Tenant exercises its right to any full Tax Year or fraction of a Tax Year falling within renew the Term, Landlord’s Tax Expenses Allocable to Lease the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to LandlordLandlord as additional rent, as Additional Rent, its pro-rata share of increase in real property taxes in excess of the amount total real estate taxes for calendar year 1999 (including extraordinary and/or special assessments) which may be levied or assessed by any lawful authority against the Land and the Unit of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to which the Premises are determined for the first such Tax Year or fraction thereof a part during any and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessmentsLease year. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statementIn addition, Tenant shall pay to Landlord prior to delinquency all taxes assessed against the balance value of any improvements made by Tenant. A tax bilx xx true copy thereof submitted by Landlord to Tenant shall be conclusive evidence of the amountsamount of taxes assessed or levied, if anyas well as of the items taxed. If a tax or excise on rents or other tax, required however described, is levied or assessed against Landlord, as a substitute for or in addition to, in whole or in part, taxes assessed or imposed on the Premises or the Unit, such tax shall be included as a part of the real property taxes covered hereby. The above-described taxes to be paid pursuant by Tenant shall be estimated by Landlord, and 1/12th of such estimated taxes for the year shall be paid monthly on the first of the month in addition to Tenant's monthly rent. An annual accounting to include a copy of the above provisions paid tax bills shall be made promptly after receipt by Landlord of this Section 2.7 with respect such tax due and Landlord shall apply any over payment made by Tenant as a credit toward Tenant's next payment of rent or at the end of the tenancy shall return any such overpayments to Tenant provided Tenant has no rent or additional rent then due to Landlord, whichever event is applicable. Landlord shall have the preceding Tax Year same rights and remedies as it has for Tenant's failure to pay fixed rent in the event Tenant fails to pay Tenant's prorata share of real estate tax increases as herein defined. If some method or fraction type of taxation shall replace the current method of assessment of real estate taxes in whole or in part, or the type thereof, or if additional types of taxes are imposed upon the Unit or the Property on which the Unit is located, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in supplement real estate taxes anticipated for due to legal limits imposed thereon, Tenant agrees that Tenant shall pay an equitable share of the then current year same as additional rent computed in a fashion consistent with the method of computation herein provided, to the end that Tenant's share thereof shall be made monthly at be, to the time and in maximum extent practicable, comparable to that which Tenant would bear under the fashion herein provided for the payment of fixed rentforegoing provisions. The amount so Tenant shall pay to be paid to the Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in its proportionate share allocable of the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes (including extraordinary and/or special assessments) for the Premises. Such taxes shall be payable to paid within thirty (30) days of receipt of a tax bilx xx true copy of same from the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement Landlord. Tenant shall not be rendered and payments made on account of such installments. Terms used herein are defined as follows:responsible
Appears in 1 contract
Samples: Deed of Lease (Infogrames Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then 6.1 Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on allocable to the Building Demised Premises (determined as hereinafter provided) for each tax year included within the Lease Term and the Site and abatements and refunds of any taxes and assessments. Expenditures a pro rata portion thereof for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against years partially included in the tax refund or abatement before Lease Term at the adjustments are made for the Tax Yearcommencement and expiration thereof. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce The real estate taxes or allocable to the valuation of the Building and the Site. Said statement to be rendered to Tenant Demised Premises for any tax year shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts sum of (A) the real estate taxes already paid upon the Demised Premises for said tax year (excluding the land beneath the same) and (B) the product of Tenant's Fraction (hereinafter defined) and the real estate taxes for said tax year upon the land of the Shopping Center (including land under buildings) and all improvements upon the Common Areas. Tenant's Fraction is that fraction the numerator of which shall be the number of square feet of floor area in the Demised Premises (exclusive of the nursery area) and the denominator of which shall be the number of square feet of floor area in all the buildings in the Shopping Center, but in no event shall Tenant's Fraction exceed 47%. (Floor area of mezzanines not open to customers and incidental to ground floor retail operations shall not be counted; other mezzanine floor area, basement floor area and uppen story floor area shall be counted at half actual floor area). If the Demised Premises (excluding the land beneath the same) shall not be separately assessed, and are instead assessed jointly with other improvements, an allocation shall be made to determine the real estate taxes upon the Demised Premises (excluding the land beneath the same). Such allocation of taxes shall be made according to the assessors records or written assessors' certifications, or in the absense thereof, by Xxxxxx as Additional Rentthe decision of a majority of three appraisers, one designated by Xxxxxxxx, one by Xxxxxx, and the amount third by the two so designated, the expenses of such appraisers being borne equally by Landlord and Xxxxxx. If the Demised Premises and the Common Areas are at any time separate tax parcels, then in lieu of the foregoing computations, the real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant allocable to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Demised Premises
Appears in 1 contract
Samples: Lease (Basic Us Reit Inc)
Real Estate Taxes. If with respect Taxes (as hereinafter defined) assessed against the Property (or estimated to be due by governmental authority) for any fiscal tax period (a “Tax Year”) during the term of this Lease shall exceed Base Taxes, whether due to increase in rate or reassessment of the Property, or both, Tenant shall reimburse Landlord therefor, as Additional Rent, in an amount equal to Tenant’s Percentage of any such excess (the “Tax Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Tax Excess to Landlord at least ten (10) days prior to the date or dates within any year during the term hereof that the same, or any fractional share thereof, shall be due and payable to any full governmental authority responsible for collection of same (as stated in a notice to Tenant given at least twenty (20) days prior to the date or dates any such payment shall be due, which notice shall set forth the manner of computation of any Tax Year or fraction of a Tax Year falling within Excess due from Tenant, except that such payment shall be made to Landlord not later than ten (10) days after such notice to Tenant if such notice is given subsequent to the Term, date twenty (20) days prior to the date the same is due and payable as aforesaid). At Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premiseselection, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the amount Tax Excess, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Tax Year. If the total of such excess. Not later monthly remittances for any Tax Year is greater than ninety the Tax Excess for such Tax Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Additional Rent until the overpayment is fully credited (90or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than the Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord within thirty (30) days after being so notified by Landlord. If, after Tenant shall have made all payments due to Landlord pursuant to this Subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant’s Percentage of that percentage of the refund (after first deducting any expenses, including attorneys’, consultants’ and appraisers’ fees, incurred in connection with obtaining any such refund) which equals the percentage of the applicable Tax Expenses Allocable Year included in the term hereof, provided however, in no event shall Tenant be entitled to receive more than the Premises are determined for the first sum of payments actually made by {B2323618; 13} Tenant on account of Taxes with respect to such Tax Year or fraction thereof and to receive any payment if Taxes for each succeeding any Tax Year are less than Base Taxes. In the event that the Commencement Date shall occur or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or fraction thereof period of assessment of Taxes be changed or be more or less than one (1) year, or should Tenant’s Percentage be modified during any Tax Year due to a change in the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative rentable area of Landlord showing for the preceding year Building and/or the Premises or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments otherwise payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this Subsection 4.2.1 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 360 day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Samples: Lease Agreement (Pc Tel Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentadditional rent, for each tax period partially or wholly included in the term, payments on account of Taxes (as hereinafter defined) assessed against the Property during any fiscal tax year during the term (a "Tax Year"). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Taxes, such monthly amounts to be sufficient to provide Landlord, by the time real estate TAX payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Taxes, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. The initial calculation of the monthly estimated payments shall be based upon the Initial Estimate of Taxes for the Tax Year and upon quarterly payments being due to the governmental authority on August 1, November 1, February 1 and May 1, and shall be made when the Commencement Date has been determined. Upon written request from Tenant to Landlord, Tenant shall have the right, within sixty (60) days following the end of each fiscal year, to review a copy of the tax bill for the preceding fiscal year at Landlord's offices. If the total of such monthly remittances for any Tax Year is greater than the actual Taxes for such Tax Year, Landlord shall credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the amount difference, unless Tenant requests in writing that Landlord pay any such difference to Tenant; if the total of such excess. Not later remittances is less than ninety the actual Taxes for such Tax Year, Tenant shall pay the difference to Landlord at least ten (9010) days after Landlord’s Tax Expenses Allocable prior to the Premises are determined for the first date or dates within such Tax Year that Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) days following a written notice to Tenant, which notice shall set forth the manner of computation of Tenant's Percentage of Taxes). Xf, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or fraction thereof otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, such refund (less the expenses, including attorneys' fees and appraisers' fees, incurred in connection with obtaining any such refund), as relates to Taxes paid by Tenant to Landlord with respect to any Tax Year for each succeeding which such refund is obtained, unless Tenant requests in writing that Landlord pay any such refund to Tenant. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year assessment of real estate taxes be changed or fraction thereofbe more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Taxes which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Samples: Lease (Acme Packet Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within (a) Throughout the Term, Landlord’s Tax Expenses Allocable to the Premises Tenant shall pay on a monthly basis, without demand, as hereinafter defined Additional Rent for a full Tax Year exceed Base Taxes Allocable to the Premises, Tenant's Proportionate Share of the actual Real Estate Taxes (as defined in Section. 4.02(c) hereof). Such payments ---------------- shall be made as follows:
(1) Prior to the Commencement Date and on the first day of January of each year during the Term, or as soon thereafter as practicable, Landlord shall furnish Tenant with Landlord's estimate of the Real Estate Taxes for the forthcoming year. On the first day of each month during such year, Tenant shall pay one-twelfth (1/12th) of Tenant's Proportionate Share of the estimated Real Estate Taxes for such year. If for any such fraction reason Landlord has not provided Tenant with Landlord's estimate of a Tax Year exceed the corresponding fraction of Base Real. Estate Taxes Allocable to the Premises then, on or before the thirtieth (30th) first day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount January of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof any year during the Term, Landlord shall render Tenant a statement in reasonable detail certified Term (or by a representative of Landlord showing for the preceding year or fraction thereofCommencement Date, as the case may be), real estate taxes then until the first day of the calendar month following the month in which Tenant is given Landlord's estimate of Real Estate Taxes, Tenant shall continue to pay to Landlord on the Building and first day of each calendar month the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made monthly sum payable by Tenant under this Section 4.02 for the Tax Year. Only month of ------------ December of the preceding year.
(2) On the first day of March of each year during the Term or as soon thereafter as reasonably practical, Landlord shall have the right furnish to institute tax reduction or other proceedings to reduce real estate taxes or the valuation Tenant a statement of the Building and the Site. Said statement to be rendered to Tenant shall also show actual Real Estate Taxes for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statementyear. Within thirty (30) days after the date of delivery of the foregoing that statement, a lump sum payment will be made by Tenant shall pay equal to Landlord the balance of the amountsamount, if any, required by which Tenant's Proportionate Share of the actual Real Estate Taxes exceeds the amount, if any, which Tenant has paid toward the estimated Real Estate Taxes pursuant. to be Section 4.02(a)(1) above. If ------------------ Tenant's Proportionate Share of the actual Real Estate Taxes is less than the amount Tenant has paid toward the estimated Real Estate Taxes pursuant to Section 4.02(a)(1) above, Landlord shall apply such amount to the above next accruing ------------------ installment(s) of Rent due hereunder. The foregoing notwithstanding, Landlord shall have the right from time to time during any year, but not more frequently than twice in any calendar year, to notify Tenant in writing of any change in Landlord's estimate of Real Estate Taxes for the then current year, in which event Tenant's Proportionate Share of Real Estate Taxes, as previously estimated, shall be adjusted to reflect the amount shown. in such notice and shall be effective, and due from Tenant, on the first day of each month following Landlord's giving of such notice. The effect of this Section 4.02(a) --------------- is that Tenant will pay during each year during the Term Tenant's Proportionate Share of actual Real Estate Taxes.
(b) If the Commencement Date occurs on a date other than the first day of January, of if the term ends on a date other than the last day of December, the actual Real Estate Taxes for the year in which the Commencement Date or the Expiration Date occurs, as the case may be, shall be prorated so that Tenant shall pay that portion of Tenant's Proportionate Share of Real Estate Taxes for such year represented by a fraction, the numerator of which shall be the number of days during such fractional year falling within the Term, and the denominator of which is 365 (or 366, in the case of a. leap year). The provisions of this Section 2.7 with respect to 4.02 shall survive the preceding Tax Year Expiration Date or fraction thereofany sooner ------------ termination provided for in this Lease.
(c) As used in this Lease, the term "Real Estate Taxes" shall ----------------- including the following:
(1) All real estate (axes, including general and special assessments, if any, which are imposed upon Landlord or assessed against the Building or the Land provided, however, that Landlord shall allocate the Real Estate Taxes on. the Land between the Building and Fair Lakes North based on the square footage of each building; and
(2) Any other present or future taxes or governmental charges that are imposed upon Landlord, or Landlord shall credit any amounts due from it to Tenant pursuant to assessed against the provisions Building or the Land, in lieu of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in current real estate taxes anticipated including, but not limited to, any tax levied on or measured by the rents payable by tenants of the Building or Landlord's gross receipts for the then current year Building which is in the nature of, or in substitution for, real estate taxes. Any inheritance, estate, gift, franchise, corporation, income, or net profits tax which may be assessed against Landlord and/or the Building shall be made monthly at excluded.
(d) Landlord shall timely pay all Real Estate Taxes and, notwithstanding anything herein to the time and in the fashion herein provided contrary, Tenant shall not be responsible for the any penalties, fees or charges, resulting from Landlord's late payment of fixed rent. The amount so Real Estate Taxes unless Landlord's failure to be paid timely pay such taxes results from Tenant's failure to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share timely pay its Proportionate Share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Real Estate Taxes or other amounts due hereunder.
Appears in 1 contract
Real Estate Taxes. If with respect to During the Lease Term or any full Tax Year renewals, extensions or fraction of a Tax Year falling within the Term----------------- holding over, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount Tenant's Proportionate Share of such excess. Not later than ninety all real property taxes (90including extraordinary and/or special assessments) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year which may be levied or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified assessed by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on any lawful authority against the Building and the Site parcel of land described in Exhibit "B" during any and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax each Lease Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statementIn addition, Tenant shall pay to Landlord prior to delinquency all taxes assessed against the balance value of any improvements made by Tenant, or of any machinery, equipment, fixtures, inventory or other personal property or assets of Tenant contained in the Premises or related to Tenant's use of the amountsPremises. A tax xxxx or true copy thereof submitted by Landlord to Tenant shall be conclusive evidence of the amount of taxes assessed or levied, if anyas well as of the items taxed. If a tax or excise on rents or other tax, required however described, is levied or assessed against Landlord on account of or measured by, in whole or in part, the Rent expressly reserved under this and any other leases or leasehold interests in the Building, as a substitute for or addition to, in whole or in part, taxes assessed or imposed on the Premises, the Building or the parcel of land described in Exhibit "B", such tax or excise on rents or other tax shall be included as a part of the real property taxes covered hereby, but only to the extent of the amount thereby which is lawfully assessed or imposed as a direct result of Landlord's ownership of this Lease or of the Rent accruing under this Lease, or of the other leases or leasehold interests in the Building. The above described taxes to be paid pursuant by Tenant shall be estimated by Landlord, and 1/12/th/ of such estimated taxes for each Lease Year shall be paid monthly on the first day of each and every month during the Lease Term in addition to Base Rent. An annual accounting to include a copy of the above provisions paid tax bills shall be made promptly after receipt by Landlord of this Section 2.7 with respect to the preceding Tax such tax bills for each Lease Year or fraction thereof, at which time Tenant shall pay any additional tax due or Landlord shall apply any overpayment made by Tenant as a credit toward the next Lease Year's tax obligations of Tenant or at the end of the Lease Term shall return any amounts due from it such overpayments to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and provided Tenant has no further obligation Rent then due to Landlord), whichever event is applicable. In additionany event, payments upon notice by Landlord, Tenant on account shall pay any additional tax due with the next monthly installment of increases in Base Rent. Landlord shall have the same rights and remedies for Tenant's failure to pay real estate taxes anticipated as Landlord has for Tenant's failure to pay Base Rent. If some method or type of taxation shall replace the then current method of assessment of real estate taxes, in whole or part, or the type hereof, or if additional types of taxes are imposed upon the Premises, the Building or the parcel of land described in Exhibit "B", or if Landlord is required to supplement real estate taxes due to legal limits imposed thereon, Tenant agrees that Tenant shall pay an equitable share of the same as Additional Rent computed in a fashion consistent with the method of computation herein provided, to the end that Tenant's share thereof shall be, to the maximum extent practicable, comparable to that which Tenant would bear under the foregoing provisions. If the Lease Term shall commence or end during a tax calendar year (tax calendar year shall mean each annual period for which ad valorem real estate ---------- taxes are assessed and levied) of which only part is included in the Lease Term, the amount of such Additional Rent shall be equitably prorated to cover only the period of time within the tax calendar year during which the Lease shall be in effect. All references herein to Real Estate Taxes for a particular tax calendar year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so deemed to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable refer to the taxing authority in installments with respect Real Estate Taxes levied, assessed or otherwise imposed for such tax calendar year without regard to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of when such installments. Terms used herein Real Estate Taxes are defined as follows:payable.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.72.9, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Such payments shall be made at the times and in the manner hereafter provided in this Section 2.9. Not later than ninety one hundred twenty (90120) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for reasonable legal fees and for other reasonable expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 2.9 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 2.9 against (i) monthly installments of fixed rent Fixed Rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation material outstanding obligations to LandlordLandlord under this Lease). In addition, payments by Tenant on account of Tenant’s annual estimated share on account of increases in real estate taxes reasonably anticipated by Landlord for the then current year shall be made monthly in equal installments at the time and in the fashion herein provided for the payment of fixed rentFixed Rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 1 contract
Real Estate Taxes. If Taxes (as hereinafter defined) for any fiscal tax year (hereinafter called, a "Tax Year") during the term shall exceed Base Taxes, Tenant shall reimburse Landlord, as additional rent, for Tenant's Percentage of such excess (such amount hereinafter referred to as "Tax Excess"). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Tax Excess, in equal installments sufficient in the aggregate to provide Landlord, by the time payments on account of Taxes are due and payable to any governmental authority responsible for collection of such payments, a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available, payable by Tenant on account of such payments. If the total of such monthly remittances for any Tax Year is greater than the actual Tax Excess for such Tax Year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the actual Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord at least ten (10) days prior to the date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) days following a written notice to Tenant, which notice shall set forth the manner of computation of Tax Excess). Landlord shall, upon request of Xxxxxx, from time to time, provide Tenant with copies of real estate tax bills with respect to which Tenant is required to pay Tax Excess. If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any full Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without Landlord having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant's Percentage of the refund (less the proportional, pro rata expenses, including attorneys' fees and appraisers' fees, incurred in connection with obtaining any such refund), as relates to Tax Excess paid by Tenant to Landlord with respect to any Tax Year for which such refund is obtained. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction period of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, assessment of real estate taxes be changed or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on be more or before the thirtieth less than one (30th1) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereofyear, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Samples: Lease (Oak Technology Inc)
Real Estate Taxes. All real estate taxes and assessments affecting the Property (collectively, "Tax") becoming due and payable in the year in which the Closing occurs shall be prorated between Buyer and Seller to the Closing Date. As of the Closing Date, if the Tax bxxx is not available for the year of Closing, the proration of Tax shall be based upon the most recently issued Tax bxxx. Promptly after the new Tax bxxx is issued, the Tax shall be reprorated pursuant to Section 4.2.10 below, and any discrepancy resulting from such reproration and any errors shall be promptly corrected by the parties. Notwithstanding the foregoing, if Tenants pay Tax directly to the taxing authority, the portion of the Tax paid directly by the Tenant to the taxing authority shall not be prorated. Buyer shall pay all Tax due and payable after Closing and reconciliations with Tenants shall be the responsibility of Buyer post-Closing pursuant to Section 4.2.10 below. In no event shall Seller be charged with or be responsible for any increase in the Tax on the Property resulting from the sale of the Property or from any improvements made or leases entered into on or after the Closing Date. If any portion of any assessments against the Property other than Tax that are and have been paid by Seller with respect to any full Tax Year the Property at or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable prior to the Premises as hereinafter defined for Closing, determined on a full Tax Year exceed Base Taxes Allocable cash (rather than accrual) basis relate to any time including or after the PremisesClosing Date, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant Buyer shall pay to Landlord, as Additional Rent, Seller at the Closing the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined other assessments paid prorated for the first such Tax Year or fraction thereof number of days, from, including and for each succeeding Tax Year or fraction thereof during after the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative Closing. Any appeal of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Yearfor calendar year 2014 shall be in Buyer's sole discretion and at Buyer's sole cost following Closing. Only Landlord shall have the right Seller hereby agrees, at no cost to institute tax reduction or other proceedings Seller, to reduce real estate taxes or the valuation cooperate reasonably with Buyer in connection with any appeal of the Building and the Site. Said statement to be rendered to Tenant shall also show Tax for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the calendar year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:2014.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital - Retail Centers of America, Inc.)
Real Estate Taxes. If Commencing upon the Phase I Commencement Date, Tenant shall pay, as and when due, all real estate taxes, personal property taxes and other ad valorem taxes, and any other levies, charges, local improvement rates, impositions and assessments whatsoever assessed or charged against the Property and/or the Building, the equipment and improvements therein contained which are part of the Building, and including any amounts assessed or charged in substitution for or in lieu of any such taxes (collectively, “Real Estate Taxes”), levied or assessed against the Property and/or the Building by any lawful authority for each calendar year or portion thereof during the period between the Phase I Commencement Date and the expiration of the Term. Landlord shall provide Tenant with respect all tax bills which are the Tenant’s responsibility hereunder and such payments shall be made by Tenant directly to the taxing authorities prior to any full Tax Year or fraction delinquency. Tenant shall provide Landlord with paid tax receipts or, if not available, other proof of a Tax Year falling within the Term, payment reasonably acceptable to Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth date that the Real Estate Taxes would be deemed to be delinquent (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Renti.e., the amount of such excessdate that penalties would start to accrue). Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to If Tenant does not pay Real Estate Taxes by the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Termaforesaid date, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction pay the Real Estate Taxes and Tenant shall reimburse Landlord within thirty (30) days of receipt of demand for payment by Landlord. The Real Estate Taxes are to be prorated for any partial lease year occurring at the beginning or other proceedings to reduce real estate taxes or the valuation end of the Building and Term during the Siteperiod in which the taxing authority assesses Real Estate Taxes. Said statement In the event that Tenant does not pay Real Estate Taxes prior to be rendered delinquency for any calendar year due to any act or omission of Tenant, then Landlord shall have the right to thereafter elect to pay the Real Estate Taxes for the remainder of the Term of the Lease; whereupon Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within promptly reimburse Landlord within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due written demand therefor from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Samples: Lease Agreement (Website Pros Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction (a) From and after the date of a Tax Year falling within the Termeach Lease Supplement, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, during the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable Term directly to the Premises are determined for appropriate taxing authority all Real Estate Taxes (as defined below) and provide Landlord and Administrative Agent a certified copy of an original official receipt received by Tenant showing payment thereof. If the first such Tax Year date of each Lease Supplement occurs on, or fraction thereof and for each succeeding Tax Year the Lease Supplement Term expires or fraction thereof otherwise terminates on, any date other than the beginning or end of a taxable year, Tenant’s obligation to pay Real Estate Taxes shall be prorated on the basis of a 365-day year, so as to include only that portion of the taxable year which is a part of the Lease Supplement Term. Unless a termination of the Lease results from the purchase of the Parcels pursuant to Article XX below, any Real Estate Taxes levied against the Parcels which accrue during the TermTerm of this Lease but which would not be due and payable to the appropriate taxing authority until after the expiration of the Term of this Lease (as the same may be extended) shall be paid by Tenant to Landlord upon such termination. Landlord shall pay such amounts to the appropriate taxing authority on a timely basis.
(b) Except to the extent that Real Estate Tax bills and statements are sent directly to Tenant by the taxing authority, upon receipt by Landlord of the tax bills or statements, Landlord will use reasonable efforts to promptly advise Tenant in writing of all Real Estate Taxes and shall render Tenant a statement in reasonable detail certified by a representative deliver copies of Landlord showing for the preceding year all applicable tax bills or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessmentsstatements to Tenant. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for pay directly to the preceding Tax Year or fraction thereof as taxing authority all Real Estate Taxes prior to the case may be the amounts later of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within (i) thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:days
Appears in 1 contract
Samples: Master Lease of Land and Improvements (Adobe Systems Inc)
Real Estate Taxes. If with respect Prior to any full Tax Year the Effective Date, Landlord shall make a mailing address change on the property tax records so that the tax bxxx and tax notices for the Premises will be mailed to Tenant at the address provided at Article 24. During the Term, Tenant shall pay directly to the taxing authority on or fraction before the due date, the “Real Estate Taxes affecting the Premises and the improvements thereon as they exist from time to time. Landlord shall promptly, upon receipt, provide the tax bills for the Premises and Premises Improvements to Tenant. “Real Estate Taxes” shall mean, to the extent due and payable during the Term, all real estate taxes and/or assessments, ad valorem taxes, general and special assessments and special benefit taxes. In the case of a Tax Year general or special assessments or special benefit taxes, Tenant may pay the same in installments over the longest period allowed by applicable law, and only those installments (or partial installments) attributable to installment periods (or partial periods) falling within the Term, Landlord’s Tax Expenses Allocable to Term of this Lease shall be included in Real Estate Taxes. Real Estate Taxes shall not include any increases in Real Estate Taxes arising out of the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable transfer of title to the Premises, income, transfer, sales or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by excise taxes. Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to challenge Real Estate Taxes or reduce real estate taxes or the valuation assessed value of the Building Premises and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rentimprovements thereon, and the amount Landlord shall cooperate with any such contest, appeal or proceeding. Should any Real Estate Taxes relate to or be payable over a period of real estate taxes remaining due from, time which encompasses all or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery a portion of the foregoing statementTerm and either precedes or succeeds the Term, Tenant shall pay to a pro rata share thereof based upon the portion of such Taxes due and payable during the Term. Landlord the balance covenants and agrees that if there shall be any refunds or rebates on account of the amountsany tax, if any, required to be governmental imposition or levy paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to by Tenant pursuant to under the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due Lease, such refund or (ii) any sums then due from Tenant rebate shall belong to Tenant. Any such refunds or rebates received by Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases shall be held in real estate taxes anticipated trust for the then current year benefit of Tenant and shall be made monthly at the time and in the fashion herein provided for forthwith paid to Tenant. Landlord shall, on request of Tenant, sign any receipt which may be necessary to secure the payment of fixed rent. The amount so any such refund or rebate, and shall pay over to be paid to Landlord shall be an amount reasonably estimated Tenant such refund or rebate as received by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Real Estate Taxes. (a) Any real estate ad valorem or similar taxes for a Property, or any installment of assessments payable in installments which installment is payable in the calendar year of Closing, shall be prorated to the date of Closing, based upon actual days involved. The proration of real property taxes or installments of assessments shall be based upon the assessed valuation and tax rate figures (assuming payment at the earliest time to allow for the maximum possible discount) for the year in which the Closing occurs to the extent the same are available; provided, that in the event that actual figures (whether for the assessed value of such Property or for the tax rate) for the year of Closing are not available at the Closing Date, the proration shall be made using figures from the preceding year (assuming payment at the earliest time to allow for the maximum possible discount). The proration of real property taxes or installments of assessments shall be final and not subject to re-adjustment after Closing.
(b) Purchaser acknowledges that certain of the Sellers may have filed (or may file) an appeal (the "Appeal") with respect to real estate ad valorem or other similar property taxes applicable to the Property (the "Property Taxes").
(i) If such Appeal relates to any Tax Year prior to the Tax Year in which the Closing occurs, such Seller shall be entitled, in such Seller's sole discretion, to continue to pursue such Appeal after the Closing Date, and, in the event that the Appeal is successful in reducing the amount of Property Taxes payable with respect to any full such prior Tax Year or fraction of a Tax Year falling within the TermYear, Landlord’s Tax Expenses Allocable Seller shall be entitled to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Termany rebate, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may reduction (collectively, a "Refund") resulting from the Appeal. Seller shall not be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right obligated to institute tax reduction or other proceedings continue to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 pursue any Appeal with respect to the preceding Property, including, without limitation, any Appeal that relates to a Tax Year during or fraction thereofafter the Tax Year in which Closing occurs. If Purchaser receives any refund of Property Taxes for a prior Tax Year, or Landlord Purchaser promptly shall credit any amounts due remit the same to the applicable Seller.
(ii) If such Appeal relates to the Tax Year in which Closing occurs, then, prior to the Closing, the applicable Seller shall notify Purchaser whether such Seller desires to continue to process the Appeal from it and after the Closing Date. If such Seller fails to Tenant pursuant notify Purchaser of its election to continue the Appeal, such Seller will be deemed to have elected not to continue the Appeal from and after the Closing Date and the provisions of this Section 2.7 against 5.4.4(b)(ii)(II) shall apply.
(I) If Seller elects to continue the Appeal, then, from and after the Closing Date, Seller agrees that it will continue, at such Seller’s sole cost and expense, to reasonably process the Appeal to conclusion with the applicable taxing authority (including any further appeals which such Seller deems reasonable to pursue). In the event that the Appeal is successful in reducing the amount of Property Taxes payable with respect to the Tax Year in which Closing occurs, then Purchaser and such Seller shall share any Refund on a pro rata basis (in accordance with the number of days in the Tax Year of Closing that each held title to the Property) after first reimbursing such Seller for its actual, reasonable and documented third-party costs (collectively, the "Third-Party Costs") incurred in connection with the Appeal. If Third-Party Costs equal or exceed the amount of the Award, then such Seller shall be entitled to the full amount of the Award.
(II) If a Seller does not elect to continue the Appeal, then, from and after the Closing Date, Purchaser agrees that it will continue, at Purchaser's sole cost and expense, to reasonably process the Appeal to conclusion with the applicable taxing authority (including any further appeals which Purchaser deems reasonable to pursue). In the event that the Appeal is successful in reducing the amount of Property Taxes payable with respect to the Tax Year in which Closing occurs, then Purchaser and the applicable Seller shall share any Refund on a pro rata basis (in accordance with the number of days in the Tax Year of Closing that each held title to the Property) after first reimbursing each of Purchaser and the applicable Seller for their respective Third-Party Costs incurred in connection with the Appeal. If Third-Party Costs equal or exceed the amount of the Award, then the Award shall be applied to such Third-Party Costs on a pro rata basis, with each of Purchaser and Seller receiving a portion of the Award equal to the product of (i) monthly installments a fraction, the numerator of fixed rent next thereafter coming due or which is the respective party's Third-Party Costs, and the denominator of which is the total of both parties' Third-Party Costs, and (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion the amount of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:Award.
Appears in 1 contract
Samples: Purchase and Sale Contract (Century Properties Growth Fund Xxii)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30tha) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay Tenant's Proportionate Share (as defined in Section 16(c) above) of any "real estate taxes" (defined in Section 28(b) below) imposed upon the Shopping Center that become due and payable during each lease year included within the period commencing with the commencement date and ending with the expiration of the term of this Lease. Tenant shall initially pay to Landlordlandlord as additional rental, as Additional Rentsimultaneously with the payment of minimum rental called for under Section 5(a), the estimated monthly amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts Tenant's Proportionate Share of real estate taxes already paid by Xxxxxx as Additional Rentset forth in Section 5(e) of One Dollar ($1.00) per square foot, payable in equal monthly installments of Two Thousand Four Hundred Sixty-four and 92/100 Dollars ($2,464.92) as the estimated amount of Tenant's Proportionate Share of real estate taxes. Within one hundred twenty (120) days after the end of each accounting year (which Landlord may change from time to time), Landlord shall provide Tenant with an annual reconciliation of real estate taxes remaining due fromand a statement of the actual amount of Tenant's Proportionate Share thereof. Any excess payments from Tenant shall be applied to the next installments of real estate taxes hereunder, or overpaid by, refunded by Landlord. Any underpayments by Tenant for the year or other period covered by the statement. Within shall be paid to Landlord within thirty (30) days after receipt of such reconciliation statement. Tenant's estimated monthly installment of real estate taxes payable hereunder may be adjusted by written notice from Landlord.
(b) For the date purpose of delivery this Lease, the term "real estate taxes" shall include any special and general assessments, water and sewer rents and other governmental impositions imposed upon or against the Shopping Center of every kind and nature whatsoever, extraordinary as well as ordinary, foreseen and unforeseen and each and every installment thereof, which shall or may during the foregoing statementlease term be levied, assessed or imposed upon or against such Shopping Center and of all expenses, including reasonable attorneys' fees, administrative hearing and court costs incurred in contesting or negotiating the amount, assessment or rate of any such real estate taxes, minus any refund received by Landlord.
(c) Notwithstanding any provision of this Lease to the contrary, Tenant shall not be obligated to pay to Landlord for any assessment for special improvements heretofore installed or in the balance process of installation in connection with the initial development of the amountsShopping Center, and Landlord hereby agrees to pay for the same.
(d) The real estate taxes for any lease year shall be the real estate taxes that become due and payable during such lease year. If any lease year shall be greater than or less than twelve (12) months, or if anythe real estate tax year shall be changed, required an appropriate adjustment shall be made. If there shall be more than one taxing authority, the real estate taxes for any period shall be the sum of the real estate taxes for said period attributable to each taxing authority. If, upon the assessment day for real estate taxes for any tax year fully or partly included within the term of this Lease, a portion of such assessment shall be attributable to buildings in the process of construction, a fair and reasonable adjustment shall be made to carry out the intent of this Section 28.
(e) Upon request, Landlord shall submit to Tenant true copies of the real estate tax xxxx for each tax year or portion of a tax year included within the term of this Lease and shall xxxx Tenant for the amount to be paid pursuant by Tenant hereunder. Said xxxx shall be accompanied by a computation of the amount payable by Tenant and such amount shall be paid by Tenant within thirty (30) days after receipt of said xxxx.
(f) Should the State of Texas or any political subdivision thereof or any governmental authority having jurisdiction thereof, impose a tax and/or assessment (other than an income or franchise tax) upon or against the rentals payable hereunder, in lieu of or in addition to assessments levied or assessed against the above provisions demised premises, or Shopping Center, then such tax and/or assessment shall be deemed to constitute a tax on real estate for the purpose of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:28.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Real Estate Taxes. If with respect Taxes (as hereinafter defined) assessed against the Property (or estimated to be due by governmental authority) for any fiscal tax period (a “Tax Year”) during the term of this Lease shall exceed Base Taxes, whether due to increase in rate or reassessment of the Property, or both, Tenant shall reimburse Landlord therefor, as Additional Rent, in an amount equal to Tenant’s Percentage of any such excess (the “Tax Excess”). Except as otherwise provided in the immediately following paragraph, Tenant shall pay the Tax Excess to Landlord at least ten (10) days prior to the date or dates within any year during the term hereof that the same, or any fractional share thereof, shall be due and payable to any full governmental authority responsible for collection of same (as stated in a notice to Tenant given at least twenty (20) days prior to the date or dates any such payment shall be due, which notice shall set forth the manner of computation of any Tax Year or fraction of a Tax Year falling within Excess due from Tenant, except that such payment shall be made to Landlord not later than ten (10) days after such notice to Tenant if such notice is given subsequent to the Term, date twenty (20) days prior to the date the same is due and payable as aforesaid). At Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premiseselection, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of the amount Tax Excess, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Tax Year. If the total of such excess. Not later monthly remittances for any Tax Year is greater than ninety the Tax Excess for such Tax Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Taxes (90or promptly refund such overpayment if the term of this Lease has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than the Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by Landlord. If, after Tenant shall have made all payments due to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant’s Percentage of that percentage of the refund (after first deducting any expenses, including attorneys’, consultants’ and appraisers’ fees, incurred in connection with obtaining any such refund) which equals the percentage of the applicable Tax Expenses Allocable Year included in the term hereof, provided however, in no event shall Tenant be entitled to receive more than the Premises are determined for the first sum of payments actually made by Tenant on account of Taxes with respect to such Tax Year or fraction thereof and to receive any payment if Taxes for each succeeding any Tax Year are less than Base Taxes. In the event that the Commencement Date shall occur or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or fraction thereof period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant’s Percentage be modified during any Tax Year due to a change in the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative rentable area of Landlord showing for the preceding year Building and/or the Premises or fraction thereofotherwise, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments otherwise payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, pro-rated on a sum equal to Tenant’s share of such increases, at least ten (10) days before the daily basis based on a 360 day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for reasonable legal fees (which may be calculated on a contingent fee basis) and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or or, within thirty (30) days after the delivery of such statement, refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 1 contract
Real Estate Taxes. If with respect The rental, outlined in Article II hereunder, includes the base per-square-foot real estate taxes for the Building, of which the Demised Premises forms a part. This per-square-foot real estate tax is outlined in EXHIBIT "D" which is attached hereto and accepted by Tenant. Tenant acknowledges and agrees that, if this per-square-foot cost decreases below the base over the term of the Lease, there will be no credit, reduction to or replacement of the EXHIBIT "D" attached hereto. COMMENCING JANUARY 1, 2004, if in any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premisesreal estate tax billing period, or for any such fraction portion thereof, during the term of a Tax Year exceed this Lease, the corresponding fraction of Base Taxes Allocable to per-square-foot real estate taxes levied against the Premises thenBuilding, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7an annual basis, increase over those shown on EXHIBIT "D", then Tenant shall agrees to pay to Landlord, as Additional Rent, its proportionate share of the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement increase in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, said real estate taxes on (the Building "Tax Increase"). Tenant's proportionate share shall be determined by multiplying the per-square-foot Tax Increase by the Usable Square Footage of the Demised Premises (2,839 u.s.f.). Landlord may make a reasonable estimate of the expected per-square-foot Tax Increase and may bill Tenant for its proportionate share as additional monthly rental xxxeunder. Landlord will render a yearly accounting of the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce per-square-foot real estate taxes or the valuation of the Building incurred, and Tenant agrees to pay any shortfall between Tenant's estimated payments made and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of per-square-foot real estate taxes already paid incurred by Xxxxxx as Additional Rent, and Landlord. In the event the total per-square-foot real estate costs incurred by Landlord prove to be less than the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord and paid by Tenant, then Landlord shall refund any overpayment to be sufficient to provide Tenant by either applying, at Landlord's option, in the aggregate, a sum equal any overpayment to Tenant’s share of such increases, at least ten (10) days before the day on which such 's future estimated payments or by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:lump sum refund.
Appears in 1 contract
Samples: Sublease (Macrochem Corp)
Real Estate Taxes. If Real estate taxes and personal property taxes which are a lien upon or levied against any portion of the Property prior to the Closing Date, and all pre-Closing Date Current Taxes levied prior to the Closing Date (to the extent of installments thereof due prior to the Closing Date), shall be the obligation of and paid by or on behalf of Target and the Target Subsidiaries on or prior to the Closing Date. Further, all taxes in the nature of rollback or similar taxes charged, assessed or levied based on the prior use or any change in use of the Land or Improvements prior to Closing shall be the obligation of and paid by Target and the Target Subsidiaries. All real estate taxes and personal property taxes (the “Current Taxes”) levied against any portion of the Property with respect to any full Tax Year or fraction the applicable tax year (determined, as set forth in Exhibit 9(a)(i)(A) in accordance with the custom in the county where the Property is located) in which the Closing occurs shall be prorated and adjusted between the Parties such that Target is responsible for that portion of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable Current Taxes allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable period from the beginning of such tax year to and including the day prior to the PremisesClosing Date, or and Merger Sub is responsible for any such fraction that portion of a Tax Year exceed the corresponding fraction of Base Current Taxes Allocable allocable to the Premises thenperiod commencing on the Closing Date through the end of the tax year. Merger Sub shall pay all installments of special assessments due on and after the Closing Date. In addition, if Target or any Target Subsidiary has paid any taxes or assessments for or in respect of tax years commencing on or before after the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7Closing Date, then Tenant Merger Sub shall pay be responsible for same and the amount thereof shall be credited to LandlordTarget at Closing. If the tax bills for the Current Taxes have not been issued by the Closing Date, as Additional Rent, Target and Merger Sub agree to use 105% of the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined taxes for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during year immediately preceding the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing Closing for the preceding year or fraction thereof, as purpose of computing the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessmentsprorations under this Section 9(a)(i)(A). Expenditures for legal fees and for other expenses incurred in seeking the tax Any refund or abatement may rebate of Current Taxes which is received by or payable to Merger Sub, Target or a Target Subsidiary after the Closing shall be charged against prorated between Target and Merger Sub, in the tax refund or abatement before the adjustments manner provided above, promptly upon receipt. If there are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce any open appeals of real estate taxes or assessments for tax years prior to the valuation of tax year in which the Building Closing occurs, then Merger Sub may continue to prosecute and the Site. Said statement to control such appeals at Merger Sub’s sole expense, and any rebate or benefit from such appeals shall be rendered to Tenant shall also show solely for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to TenantMerger Sub’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:account.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentadditional rent, for each tax period partially or wholly included in the term, Tenant’s Percentage of Taxes (as hereinafter defined). Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Taxes, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tenant’s Percentage of Taxes, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. The initial calculation of the monthly estimated payments shall be based upon the Initial Estimate of Xxxxxx’s Percentage of Taxes for the Tax Year and upon quarterly payments being due to the governmental authority on August 1, November 1, February 1 and May 1, and shall be made when the Commencement Date has been determined. If the total of such monthly remittances for any Tax Year is greater than the Tenant’s Percentage of Taxes for such Tax year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the amount difference; if the total of such excess. Not later remittances is less than ninety the Tenant’s Percentage of Taxes for such Tax Year, Tenant shall pay the difference to Landlord at least ten (9010) days after Landlord’s Tax Expenses Allocable prior to the Premises are determined for the first date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) days following a written notice to Tenant, which notice shall set forth the manner of computation of Xxxxxx’s Percentage of Taxes). If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or fraction thereof otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant’s Percentage of the refund (less the proportional, pro rata expenses, including attorneys’ fees and appraisers’ fees, incurred in connection with obtaining any such refund), as relates to Taxes paid by Tenant to Landlord with respect to any Tax Year for each succeeding which such refund is obtained. If Landlord does not pursue a tax abatement during the Tax Year in question, Tenant shall have the right to do so in Landlord’s name and Landlord shall reasonably cooperate with Tenant in such effort, provided however, that Tenant shall give prior written notice to Landlord that Tenant elects to seek an abatement and provided, further, that all abatement proceedings are entirely at Tenant’s sole cost and expense. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year assessment of real estate taxes be changed or fraction thereofbe more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Taxes which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Samples: Lease (Lemaitre Vascular Inc)
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30tha) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay Tenant’s Proportionate Share (as defined in Section 15(c) above) of any “Real Estate Taxes” (defined in Section 27(b) below) imposed upon the Center that become due and payable during each lease year included within the period commencing with the Commencement Date and ending with the expiration of the term of this Lease. Tenant shall initially pay to Landlordlandlord as additional rental, as Additional Rentsimultaneously with the payment of Base Rent called for under Section 4(a), the estimated monthly amount of such excessTenant’s Proportionate Share of Real Estate Taxes as set forth in Section 4(c) of Two and 50/100 Dollars ($2.50) per square foot, payable in equal monthly installments of Seven Thousand Nine Hundred Sixteen and 67/100 Dollars ($7,916.67) as the estimated amount of Tenant’s Proportionate Share of Real Estate Taxes. Not later than ninety Within one hundred twenty (90120) days after Landlord’s Tax Expenses Allocable the end of each accounting year (which Landlord may change from time to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Termtime), Landlord shall render provide Tenant with an annual reconciliation of Real Estate Taxes and a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Siteactual amount of Tenant’s Proportionate Share thereof. Said statement to be rendered to Any excess payments from Tenant shall also show for be applied to the preceding Tax Year or fraction thereof as the case may be the amounts next installments of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due fromReal Estate Taxes hereunder, or overpaid by, refunded by Landlord. Any underpayments by Tenant for the year or other period covered by the statement. Within shall be paid to Landlord within thirty (30) days after receipt of such reconciliation statement. Tenant’s estimated monthly installment of Real Estate Taxes payable hereunder may be adjusted by written notice from Landlord.
(b) For the date purpose of delivery this Lease, the term “Real Estate Taxes” shall include any special and general assessments, water and sewer rents and other governmental impositions imposed upon or against the Center of every kind and nature whatsoever, extraordinary as well as ordinary, foreseen and unforeseen and each and every installment thereof, which shall or may during the foregoing statementlease term be levied, assessed or imposed upon or against such Center and of all expenses, including reasonable attorneys’ fees, administrative hearing and court costs incurred in contesting or negotiating the amount, assessment or rate of any such real estate taxes, minus any refund received by Landlord.
(c) Notwithstanding any provision of this Lease to the contrary, Tenant shall not be obligated to pay to Landlord for any assessment for special improvements heretofore installed or in the balance process of installation in connection with the initial development of the amountsCenter, and Landlord hereby agrees to pay for the same.
(d) The real estate taxes for any lease year shall be the real estate taxes that become due and payable during such lease year. If any lease year shall be greater than or less than twelve (12) months, or if anythe real estate tax year shall be changed, required an appropriate adjustment shall be made. If there shall be more than one taxing authority, the real estate taxes for any period shall be the sum of the real estate taxes for said period attributable to each taxing authority. If, upon the assessment day for real estate taxes for any tax year fully or partly included within the term of this Lease, a portion of such assessment shall be attributable to buildings in the process of construction, a fair and reasonable adjustment shall be made to carry out the intent of this Section 27.
(e) Upon request, Landlord shall submit to Tenant true copies of the real estate tax bxxx for each tax year or portion of a tax year included within the term of this Lease and shall bxxx Tenant for the amount to be paid pursuant by Tenant hereunder. Said bxxx shall be accompanied by a computation of the amount payable by Tenant and such amount shall be paid by Tenant within thirty (30) days after receipt of said bxxx.
(f) Should the State of Ohio or any political subdivision thereof or any governmental authority having jurisdiction thereof, impose a tax and/or assessment (other than an income or franchise tax) upon or against the rentals payable hereunder, in lieu of or in addition to assessments levied or assessed against the above provisions Premises, or Center, then such tax and/or assessment shall be deemed to constitute a tax on real estate for the purpose of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:27.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Real Estate Taxes. If with respect Tenant covenants to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, for each fiscal tax period (a “Tax Year”) partially or wholly included in the amount Term, Tenant’s Percentage of such excessTaxes (as hereinafter defined). Not later than ninety (90) days after Tenant shall remit to Landlord’s Tax Expenses Allocable to the Premises are determined for , on the first such Tax Year or fraction thereof and for day of each succeeding Tax Year or fraction thereof calendar month during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, estimated payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made Taxes, such monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord amounts to be sufficient to provide Landlord, in by the aggregatetime real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tenant’s share Percentage of Taxes, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available. The initial calculation of the monthly estimated payments shall be based upon Xxxxxxxx’s initial estimate of Tenant’s Percentage of Taxes for the Tax Year and upon quarterly payments being due to the governmental authority on August 1, November 1, February 1 and May 1, and shall be made when the Commencement Date has been determined. If the total of such increasesmonthly remittances for any Tax Year is greater than the Tenant’s Percentage of Taxes for such Tax Year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the Tenant’s Percentage of Taxes for such Tax Year, Tenant shall pay the difference to Landlord at least ten (10) days before prior to the day on which date or dates within such payments by Landlord would Tax Year that any Taxes become delinquent. To the extent that real estate taxes shall be due and payable to the taxing governmental authority (but in installments with respect any event no earlier than ten (10) days following a written notice to periods less than a Tax YearTenant, which notice shall set forth the foregoing statement manner of computation of Xxxxxx’s Percentage of Taxes). This section shall be rendered and payments made on account survive the expiration or earlier termination of such installments. Terms used herein are defined as follows:this Lease.”
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord as additional rent an amount equal to Tenant's proportionate share of real property taxes for any tax year during the balance of the amounts, if any, required to lease term ("Tenant's Real Property Taxes") which shall be paid pursuant to the above provisions of this Section 2.7 in accordance with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against sections (i) monthly installments through (iii) below. Tenant's Real Property Taxes shall be prorated on a per diem basis for any partial tax year included within the lease term. Tenant's Real Property Taxes shall be paid as follows:
(i) Landlord has informed Tenant that it has estimated the real property taxes on the Land, the Building and the Premises for the first year of fixed the lease term (base year) at $1.39 per rentable square feet. Tenant's obligation hereunder shall be to pay such amount as additional rent next thereafter coming due or as provided in (ii) any sums then due from Tenant to Landlord under this Lease below until such time as the Land, Building and Premises are assessed by the taxing authority and the corresponding tax xxxx is issued by such taxing authority.
(or refund such portion ii) Thereafter, after receipt of the overannual property tax xxxx for the Land and the Building, Landlord shall furnish Tenant a tax statement together with a copy of said tax xxxx. Commencing on the Commencement Date, Tenant shall pay one-payment twelfth (1/12) of Tenant's Real Property Taxes based on Landlord's estimate as aforesaid if provided in (i) above or as shown on the Term has ended current tax statement, on a monthly basis, together with payments of the Basic Rent, as an estimate and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated Tenant's Real Property Taxes for the then current year year, which payments shall continue until receipt by Tenant of a tax statement or other notice from Landlord, pursuant to subsection (iii) below, revising the amount of Tenant's Real Property Taxes or increasing the amount of monthly estimated payments.
(iii) All estimated monthly payments shall be subject to an adjustment when the actual real property taxes for the applicable year can be verified. If the actual taxes are less than the amounts upon which the payments previously made monthly at by Tenant were based, Tenant shall receive a credit against the time and first installment(s) of rent coming due after the end of the calendar year in which such adjustment is received in the fashion herein provided amount by which Tenant's payment of Tenant's Real Property Taxes exceeded the payments actually due for the payment of fixed rent. The amount so to be paid to applicable year, or if the lease term has expired, Landlord shall be an refund the amount reasonably estimated by Landlord of any such overpayment to be sufficient to provide Landlord, in Tenant within fifteen (15) days after determination of the aggregate, a sum equal amount due to Tenant’s share . If the actual taxes are more than the amounts upon which the payments previously made by Tenant were based, the installment of such increases, at least ten (10) days before rent next coming due shall include the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes corresponding retroactive adjustment and subsequent installments of rent shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted accordingly.
Appears in 1 contract
Real Estate Taxes. If with respect to Taxes (as hereinafter defined) for any full Tax Year or fraction of a Tax Year falling within during the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year term shall exceed Base Taxes Allocable to the PremisesTaxes, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to reimburse Landlord, as Additional Rent, the amount for Tenant’s Percentage of such excessexcess (such amount hereinafter referred to as “Tax Excess”). Not later Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Tax Excess, such monthly amounts to be sufficient to provide Landlord, by the time real estate tax payments are due and payable to any governmental authority responsible for collection of same, a sum equal to the Tax Excess, as reasonably estimated by Landlord from time to time on the basis of the most recent tax data available (it being understood that Tenant shall have at least ten [10] days’ prior notice before it shall be required pay any revised estimate of Tax Excess). If the total of such monthly remittances for any Tax Year is greater than ninety the actual Tax Excess for such Tax year, Landlord shall promptly pay to Tenant, or if the term of this Lease has not expired or otherwise been terminated, credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the difference; if the total of such remittances is less than the actual Tax Excess for such Tax Year, Tenant shall pay the difference to Landlord at least ten (9010) days after Landlord’s Tax Expenses Allocable prior to the Premises are determined for the first date or dates within such Tax Year that any Taxes become due and payable to the governmental authority (but in any event no earlier than ten (10) days following a written notice to Tenant, which notice shall set forth the manner of computation of Tax Excess). If, after Tenant shall have made reimbursement to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any portion of Taxes paid by Tenant with respect to any Tax Year during the term hereof as a result of an abatement of such Taxes by legal proceedings, settlement or fraction thereof otherwise (without Landlord having any obligation to undertake any such proceedings), Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.1, the Tenant’s Percentage of the refund (less the proportional, pro rata expenses, including attorneys’ fees and appraisers’ fees, incurred in connection with obtaining any such refund), as relates to Tax Excess paid by Tenant to Landlord with respect to any Tax Year for each succeeding which such refund is obtained. In the event this Lease shall commence, or shall end (by reason of expiration of the term or earlier termination pursuant to the provisions hereof), on any date other than the first or last day of the Tax Year, or should the Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative period of Landlord showing for the preceding year assessment of real estate taxes be changed or fraction thereofbe more or less than one (1) year, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and then the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to Tax Excess which may be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments payable by Tenant on account of increases as provided in real estate taxes anticipated for the then current year this subsection 4.2.1 shall be made monthly at the time appropriately apportioned and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:adjusted.
Appears in 1 contract
Real Estate Taxes. If with respect to any full Tax Year or fraction of a For each Tax Year falling within the Term, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount Landlord's Tax Expenses Allocable to the Premises for such corresponding Tax Year, and for each fraction of a Tax Year falling within the Term at the beginning or end thereof, Tenant shall pay to Landlord, as Additional Rent, the product of (i) such excessapplicable fraction of a Tax Year and (ii) the Landlord's Tax Expenses Allocable to the Premises for the Tax Year in which said fraction occurs. Not later than ninety (90) days after Landlord’s 's Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building Buildings and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (ix) monthly installments of fixed rent next thereafter coming due or (iiy) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In the event Landlord succeeds in obtaining a reduction of such real estate taxes, rates or assessments with respect to a real estate tax fiscal year as to which Tenant contributed Tenant's share of Landlord's Tax Expenses, then, Tenant shall be entitled to receive its proportionate share of the net amount of any refund received or reduction obtained by Landlord to the extent allocable to the Term of this Lease. Tenant's entitlement to such refund amount shall survive the expiration of the Term. Landlord will, upon the written request of Tenant, who together with other tenants lease at least fifty (50%) of the Total Rentable Floor Area of the Complex, at Landlord's election either (i) apply for an abatement of real estate taxes or (ii) allow such tenants to apply for abatements in their own name, or in Landlord's name, at their own cost (subject to such tenants' right to recover such costs on a first dollar basis from the abatement proceeds, if any). If such tenants apply for an abatement of real estate taxes, then Landlord shall have the right to be involved in each step of the abatement process, including, without limitation, Landlord's right to approve all filings in connection with such abatement proceedings (such approval not to be unreasonably withheld) and the right to attend all meetings between Tenant and its representatives and the representatives of the Town of Bedford. In addition, payments by Tenant on account of increases in real estate taxes Landlord's Tax Expenses Allocable to the Premises anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant’s share of such increasesLandlord's Tax Expenses Allocable to the Premises, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:
Appears in 1 contract
Samples: Lease Agreement (Irobot Corp)
Real Estate Taxes. If 8.1. Payments on Account of Real Estate Taxes
a. For the purposes of this Article, the term “Tax Year” shall mean the twelve (12) month fiscal year in which the Building is first assessed as a completed building and each twelve (12) month period thereafter during the Term of this Lease; and the term “Taxes” shall mean real estate taxes assessed with respect to the Property for any full Tax Year. “Taxes” shall exclude (a) federal, state or local income, franchise or estate taxes and (b) interest and penalties assessed by reason of Landlord’s failure to pay such real estate taxes when due (provided that Tenant makes payment to Landlord of such real estate taxes when due, otherwise Tenant shall be responsible for that portion of interest and penalties attributable to its late payment). If any special taxes or assessment shall be levied against the Building, Landlord shall elect to pay such special tax or assessment over the longest period of time allowed by law.
b. In the event that for any reason, Taxes shall be greater during any Tax Year or fraction of a Tax Year falling within the Termthan Base Taxes, Landlord’s Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises, or for any such fraction of a Tax Year exceed the corresponding fraction of Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rentan Escalation Charge, the an amount equal to:
i. The excess of Taxes over Base Taxes, multiplied by,
ii. The Escalation Factor, such excess. Not later than ninety (90) days after Landlord’s Tax Expenses Allocable amount to the Premises are determined be apportioned for the first such any fraction of a Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during in which the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Only Landlord shall have the right to institute tax reduction or other proceedings to reduce real estate taxes Commencement Date falls or the valuation of the Building and the Site. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Xxxxxx as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions Term of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, ends.
c. Estimated payments by Tenant on account of increases in real estate taxes anticipated for the then current year Taxes shall be made monthly and at the time and in the fashion herein provided for the payment of fixed rentBasic Rent. The monthly amount so to be paid to Landlord shall equal to one-twelfth (1/12) of the amount required to be an amount reasonably estimated paid (if any) by Tenant pursuant to Paragraph b. above for the preceding Tax Year. Promptly after receipt by Landlord to be sufficient to provide Landlordof bills for such Taxes, in Landlord shall advise Tenant of the aggregate, a sum equal to amount thereof and the computation of Tenant’s share payment on account thereof (it being agreed that Landlord will provide a copy of such increasesbills at Tenant’s request). If estimated payments theretofore made by Tenant for the Tax Year covered by such bills exceed the required payments on account thereof for such Tax Year, at least ten (10) days before Landlord shall credit the day amount of overpayment against subsequent obligations of Tenant on which such payments by Landlord would become delinquent. To the extent that account of real estate taxes shall be payable (or refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the taxing authority in installments with respect to periods less required payments on account thereof for such Tax Year are greater than a estimated payments theretofore made on account thereof for such Tax Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord. Landlord shall have the foregoing statement shall be rendered same rights and remedies for the nonpayment by Tenant of any payments made due on account of such installments. Terms used herein are defined Taxes as follows:Landlord has hereunder for the failure of Tenant to pay Basic Rent.
Appears in 1 contract
Samples: Lease Agreement (TechTarget Inc)
