Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes. (b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided. (c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent. (d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 3 contracts
Samples: Ground Lease (Clean Energy Fuels Corp.), Ground Lease (Clean Energy Fuels Corp.), Ground Lease (Clean Energy Fuels Corp.)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in For purposes of this Lease, all Taxes on Real Property ("Real Property Taxes" shall consist of all real estate taxes, leasehold excise taxes and all other taxes relating to the Building, the Common Areas and/or the Project, as applicable, all other taxes which may be levied in lieu of real estate taxes, all assessments, local improvement districts, assessment bonds, levies, fees and other governmental charges, including, but not limited to, charges for traffic facilities and improvements, water service studies, and improvements or amounts necessary to be expended because of governmental orders, whether general or special, ordinary or extraordinary, unforeseen as well as foreseen, of any kind and nature for public improvements, services, benefits, or any other purpose, which are assessed, levied, confirmed, imposed or become a lien upon the Building or any portion of the Project, the Property and/or the Common Areas, or become payable during the Term (or which become payable after the expiration or earlier termination hereof and are attributable in whole or in part to any period during the Term hereof), together with all costs and expenses incurred by Landlord in successfully contesting, resisting or appealing any such taxes, rates, duties, levies or assessments, "Real Property Taxes" shall exclude any franchise, estate, inheritance or succession transfer tax of Landlord, or any federal or state income, profits or revenue tax or charge upon the net income of Landlord from all sources; provided, however, that if at any time during the Term there is levied or assessed against Landlord a federal, state or local tax or excise tax on rent, or any other tax however described on account of rent or gross receipts or any portion thereof, Tenant shall pay one hundred percent (100%) for of the Tenant's Share of any said tax or excise applicable to Tenant's Rent as Additional Rent. Together with each fiscal tax year or portion thereof that is within payment of Rent to Landlord commencing and prorated as of the Commencement Date through the balance of the Term, prorated between Lessor Tenant shall pay to Landlord one-twelfth (1/12th) of the prior calendar year’s real property taxes and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears assessments with respect to the number Premises and one-twelfth (1/12th) of such days that are outside the Term. Lessor then current calendar’s year’s association assessments and Lessee shall use its Commercially Reasonable Efforts fees (if any) with respect to cause the LNG Facility and the Premises each month. Subject to be separately assessed from other property owned by Lessorsuch payment, Landlord shall pay such taxes, assessments and fees to the respective taxing authority and office association. In the event addition, Tenant shall pay all personal property taxes with respect to any property of Tenant or any subtenant in or upon the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon prior to delinquency and directly to the Governmental Authority collecting respective taxing authority on or before the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, last day upon which the same may be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes without interest or any portion thereof before or after the delinquency date and any and all fines, penaltiespenalty, and interest thereon, and Lessee agrees Tenant shall deliver to reimburse Lessor immediately for Landlord reasonable documentation evidencing Tenant’s compliance with the total amount so paid by Lessor, as Additional Rentforegoing payment obligations.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 3 contracts
Samples: NNN Lease Agreement (Zoned Properties, Inc.), NNN Lease Agreement (Zoned Properties, Inc.), NNN Lease Agreement (Zoned Properties, Inc.)
Real Property Taxes. (a) Lessee agrees to pay to LessorFrom and after the Commencement Date, prior to delinquencyTenant shall pay, as Additional Rent, any and all real property taxes and general or special assessments, and installments thereof, (including any tax on rent additional to all other Rent reserved whether or not substituted in this Leasewhole or in part for real property taxes or assessments and any license fee imposed by a local governmental body on the collection of rent, all Taxes on Real Property and excluding federal and state income taxes) (collectively, "Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term), prorated between Lessor and Lessee for each fiscal tax year that is not entirely within which shall during the Term in be levied or assessed against all or any portion of the same ratio as Premises or imposed on Landlord. Said Taxes for the number first and last years of days of such fiscal tax year that are within the Term bears hereunder shall, if necessary, be prorated and apportioned between Landlord and Tenant to coincide with the number Delivery Date and expiration of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee Tenant shall pay Real Property its estimated share of Taxes thereon directly monthly as part of Common Area Costs pursuant to Section 5.5 and 5.7 above. Tenant hereby acknowledges that its estimated share of Taxes may include an amount reasonably estimated by Landlord to reflect a "supplemental assessment" due to initial construction, transfer or remodel of the Governmental Authority collecting Shopping Center, and that such portion of the Real Property Taxesestimated Taxes payable by Tenant shall be reconciled at the end of the year that the bxxx from the County Assessor fixing such supplemental assessment is received by Landlord.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee Tenant shall be required liable only for that portion of the Taxes attributable to the Premises based upon individual assessment valuations (proration) supplied by the County Assessor. Said proration shall be conclusive upon both parties unless the parties otherwise mutually agree in writing. In the absence of a proration supplied by the County Assessor or a written agreement by the parties, Tenant's share shall be determined by multiplying the amount payable set forth in the tax bxxx by a fraction, the numerator of which is the Floor Area of the Premises, as specified in Paragraph F of the BLP, and in which the denominator is the greater of (i) the occupied Floor Area of all premises included in the tax bxxx, or (ii) eighty percent (80%) of the Floor area of all premises included in the tax bxxx, excluding in both (i) and (ii) above the Floor Area of any spaces on separately assessed parcels to the extent the occupant(s) thereof pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above providedseparately assessed taxes directly to the taxing authority.
(c) In If the event that Lessee fails Premises are separately billed pursuant to a segregation, Tenant shall pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional RentRent the amount of such Taxes directly to the tax collector. If the Premises are not separately assessed, Tenant shall pay Tenant's share of such Taxes to Landlord as specified above. Each party shall furnish the other, upon written request, evidence of payment of such Taxes.
(d) In Tenant acknowledges and understands that in the event that Lessor has paidLandlord should at any time in the future sell the Shopping Center and/or the Premises, before then there is a possibility of an increase in the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is which will be borne by Tenant along with other tenants in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereofShopping Center.
Appears in 3 contracts
Samples: Lease Agreement (Boomer Holdings, Inc.), Lease Agreement (Boomer Holdings, Inc.), Lease Agreement (Boomer Holdings, Inc.)
Real Property Taxes. (a) Lessee Tenant agrees to pay its pro rata share of all general and special real property taxes and assessments and governmental levies and charges of any and every kind, nature and sort whatsoever, ordinary and extraordinary, foreseen and unforeseen, and substitutes therefor or supplements thereto, including the cost to LessorLandlord of any appeals or contests of any taxes or assessments, prior except any inheritance, estate, succession, transfer or gift tax imposed on Landlord or any income tax specifically payable by Landlord as a separate tax-paying entity without regard to delinquency, Landlord’s income source as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property arising from or out of the Entire Premises ("collectively “Real Property Taxes") for each fiscal tax year ”), which may be levied or portion thereof that is assessed by any lawful authority against the Entire Premises applicable to the period from the commencement of the Term until the expiration or sooner termination of this Lease. Tenant’s pro rata share shall be apportioned according to the floor area of the Premises as it relates to the total leasable floor area of the Building or buildings located within the TermEntire Premises (including the Premises). Notwithstanding the foregoing provisions, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within if the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to arc not levied and assessed against the Governmental Authority collecting Entire Premises by means of a single tax bxxx (i.e., if the Entire Premises is separated into two (2) or more separate tax parcels for purposes of levying and assessing the Real Property Taxes.
(b) With respect to ), then, at Landlord’s option, Tenant shall pay Tenant’s pro rata share of all Real Property Taxes that may, which may be levied or assessed by any lawful authority against the land and improvements of the separate tax parcel on which the Building containing the Premises is located. Tenant’s pro rata share under applicable Legal Requirements then in force, be paid in installments, Lessee such circumstances shall be required apportioned according to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years the floor area of the Premises as above provided.
(c) In it relates to the event that Lessee fails to pay any total leasable floor area of the Building or buildings situated in the separate parcel in which the Premises are located. All Real Property Taxes for the tax year in which the Term commences and for the tax year in which this Lease terminates shall be apportioned and adjusted so that Tenant shall not be responsible for taxes and assessments for a period of time occurring prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before time the Term Commencement Datecommences or subsequent to the Term. The amount to be paid pursuant to the provisions of this Section 8.01 shall be paid monthly in advance without demand or offset as estimated by Landlord based on the most recent tax bills and estimates or reappraised values (if reappraisal is to occur), commencing with the month (or partial month on a prorated basis if such be the case) that the Term commences. If at any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within time during the Term, Lessee agrees a tax, fee or excise is levied or assessed by any political body against Landlord on account of rent payable to pay to LessorLandlord hereunder, the square footage of the Premises, the act of entering into this Lease or the occupancy of Tenant or any other tax however described or any tax based on or measured by expenditures made by Tenant on behalf of Landlord, including the Term Commencement Dateso-called value added tax, Lessee's pro rata portion thereofsuch tax, fee or excise shall be considered “Real Property Taxes” for purposes of this Section 8.01, and shall be payable in full by Tenant. At Landlord’s option, such taxes, fees or excises shall be payable monthly in advance on an estimated basis as provided in this Section 8.01 or shall be payable within ten (10) days after Tenant’s receipt of the tax bxxx therefor from Landlord.
Appears in 2 contracts
Samples: Lease Agreement (Cinemark Holdings, Inc.), Lease Agreement (Cinemark Holdings, Inc.)
Real Property Taxes. (a) Lessee agrees Tenant shall pay during the Term hereof Tenant’s Percentage of Real Estate Taxes for the Building, as indicated above in Section 1.1, with respect to Real Estate Taxes incurred by Landlord in any tax year. Landlord and Tenant acknowledge and agree that Landlord receives one xxxx for Real Estate Taxes for the entire Industrial Park and that the Real Estate Taxes shown on such xxxx shall be allocated by Landlord among all of the buildings comprising the Industrial Park in good faith and in a fair and reasonable manner with respect to all parcels in the entire Industrial Park. Upon Landlord’s receipt of any tax xxxx, Landlord shall provide a copy to Tenant. The term “Real Estate Taxes” means the aggregate of all real estate taxes and any other governmental impositions which Landlord is required to pay based upon the value of or gross rents from the Property, general or special assessments, charges for sewer use or other governmental services, special district fees or taxes, and any other governmental fees and assessments imposed upon the Property, exclusive only of income and franchise taxes, whether or not such Real Estate Taxes exist or apply on the Commencement Date. Any assessments which can be paid in installments by Landlord shall be paid by Landlord in the maximum number of installments permitted by law and not included in Real Estate Taxes except in the year in which the assessment is actually paid. Notwithstanding anything to Lessor, prior to delinquency, as rent additional to all other Rent reserved the contrary contained in this Lease, all the following shall be excluded from Real Estate Taxes on Real Property ("Real Property Taxes") for each fiscal tax year and shall be paid solely by Landlord: inheritance, estate, succession, transfer, gift, franchise, or portion thereof that is within capital stock tax, or any income taxes arising out of or related to ownership and operation of income-producing real estate, or any excise taxes imposed upon Landlord based upon gross or net rentals or other income received by it; any increase in taxes and assessments resulting from Landlord’s sale of, or other transfer of its interest in, the TermBuilding or the Industrial Park; and assessments, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears charges, taxes, rents, fees, rates, levies, excises, license fees, permit fees, inspection fees, or other authorization fees or charges to the number extent allocable to or caused by the development or installation of such days that are outside on- or off-site improvements or utilities (including without limitation street and intersection improvements, roads, rights of way, lighting, and signalization) necessary for the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause development or construction of the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessedBuilding, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before past, present or after future system development reimbursement schedule or sinking fund related to any of the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rentforegoing.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 2 contracts
Samples: Lease Agreement (Akouos, Inc.), Lease Agreement (Akouos, Inc.)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other As Additional Rent reserved and in accordance with Paragraph 4.D of this Lease, Tenant shall pay to Landlord (or if Landlord so directs, directly to the Tax Collector prior to the delinquency date) all Taxes on Real Property Taxes relating to the Premises accruing with respect to the Premises during the Term of this Lease and the Extended Term ("if any). The term “Real Property Taxes") for each fiscal tax year or portion thereof ” shall also include supplemental taxes related to the period of Tenant’s Term whenever levied, including any such taxes that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within may be levied after the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessorexpired. In the event the Premises are separately assessedleased hereunder consist of only a portion of the entire tax parcel, Lessee Tenant shall pay Real Property Taxes thereon to Landlord, monthly in advance or as they become due, pursuant to statements submitted to Tenant by Landlord, Tenant’s Proportionate Share of such real estate taxes allocated to the Premises by square footage or other reasonable basis as calculated and determined by Landlord. If the tax billing pertains 100% to the Premises, and Landlord chooses to have Tenant pay said real estate taxes directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that mayTax Collector, under applicable Legal Requirements then in forcesuch event Landlord agrees to obtain and forward to Tenant the relevant tax and assessments bills and Tenant shall pay, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor the applicable real property taxes and assessments pertaining to the Premises. The term “Real Property Taxes”, as used herein, shall have the right mean (i) all taxes, assessments, levies and optionother charges of any kind or nature whatsoever, but no obligationgeneral and special, foreseen and unforeseen (including all installments of principal and interest required to pay such Real Property Taxes any general or special assessments for public improvements and any increases resulting from reassessments caused by any change in ownership of the Premises) now or hereafter imposed by any governmental or quasi-governmental authority or special district having the direct or indirect power to tax or levy assessments, which are levied or assessed against, or with respect to the value, occupancy or use of, all or any portion thereof before of the Premises (as now constructed or after as may at any time hereafter be constructed, altered, or otherwise changed) or Landlord’s interest therein; any improvements located within the delinquency date Premises (regardless of ownership); the fixtures, equipment and any other property of Landlord, real or personal, that are an integral part of and located in the Premises; or parking areas, public utilities, or energy within the Premises; (ii) all finescharges, penaltieslevies or fees imposed by reason of environmental regulation or other governmental control of the Premises, and interest thereonprovided that such charges, and Lessee agrees to reimburse Lessor immediately levies or fees are not imposed as a penalty for the total amount so paid specific acts of any third party not related to Tenant; and (iii) all costs and fees (including reasonable attorneys’ fees) incurred by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, Landlord in reasonably contesting any Real Property Taxes Tax and in negotiating with public authorities as to any Real Property Tax. If at any time during the Term of this Lease the taxation or installment thereof for assessment of the Premises prevailing as of the Commencement Date of this Lease shall be altered so that in lieu of or in addition to any Real Property Tax described above there shall be levied, assessed or imposed (whether by reason of a fiscal change in the method of taxation or assessment, creation of a new tax year or portion thereof that is in part within the Termcharge, Lessee agrees to pay to Lessor, or any other cause) an alternate or additional tax or charge (i) on the Term Commencement Datevalue, Lessee's pro rata portion thereof.use or occupancy of the Premises or Landlord’s interest therein or
Appears in 2 contracts
Samples: Lease Agreement (Genitope Corp), Lease Agreement (Genitope Corp)
Real Property Taxes. (a) 10.1. PAYMENT OF LESSEE’S PROPORTIONATE SHARE OF TAXES. Lessor shall pay all real property taxes applicable to the Premises; provided, however, that Lessee agrees to pay to Lessor, prior to delinquencyshall pay, as additional rent additional and in addition to all other Rent reserved charges due hereunder, Lessee’s proportionate share (as defined in this Lease, all Taxes on Section 12) of real property taxes applicable to the Project (the “Real Property ("Tax Amount”). Lessee shall pay Lessor in advance its monthly estimated proportionate share of the Real Property Taxes"Tax Amount, together with all applicable rental taxes due thereon, within ten (10) for days after receipt of an invoice from Lessor setting forth Lessor’s estimate of such amount. Within ninety (90) days following the end of each fiscal tax calendar year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within during the Term in the same ratio or as the number soon thereafter as is reasonably possible, Lessor shall furnish Lessee with a statement of days of such fiscal tax year that are within the Term bears all real property taxes relating to the number Project for the previous calendar year indicating the computation of Lessee’s proportionate share of the Real Property Tax Amount for such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility calendar year and the Premises payments made by Lessee during such calendar year. If Lessee’s aggregate estimated monthly payments actually paid to be separately assessed Lessor for the calendar year are greater than Lessee’s proportionate share of the Real Property Tax Amount for such calendar year, Lessor shall promptly pay the excess to Lessee or shall apply the excess to any past due amounts owing from other property owned by Lessee to Lessor. In ; if the event the Premises payments made are separately assessedless than Lessee’s proportionate share, Lessee shall pay Real Property Taxes thereon directly the difference to Lessor within ten (10) days of its receipt of such statement. If the Governmental Authority collecting Term does not commence or expire concurrently with the Real Property Taxescommencement or expiration of the tax year, Lessee’s liability for real property taxes for the such partial year shall be prorated on an annual basis.
10.2. DEFINITION OF “REAL PROPERTY TAX”. As used herein, the term “real property tax” shall include any form of assessment, levy, or tax (b) With respect other than inheritance or estate taxes), imposed by any authority having the direct or indirect power to Real Property Taxes that maytax, under applicable Legal Requirements then in forceincluding any city, be paid in installmentscounty, Lessee shall be required to pay hereunder only such installmentsstate, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquencyor federal government, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before school, agricultural, lighting, drainage, or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessorother improvement district thereof, as Additional Rentagainst any legal or equitable interest of Lessor in the Premises, the Project and the real property of which the Premises and the Project are a part.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 2 contracts
Samples: Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc), Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc)
Real Property Taxes. (a) Lessee agrees In accordance with this Section 8.2, Tenant shall pay the amount of any and all Real Property Taxes that shall during the Term be levied or assessed against all or any portion of the Premises. As used in Section 8.2 the word Premises includes the land underlying the Premises. Real Property Taxes on the Common Area are paid pursuant to Article 9.
(b) Real Property Taxes shall include any and all taxes and assessments imposed, levied or assessed against the Premises (including the underlying land), or any portion thereof, including any reassessment thereof at any subsequent time, whether such taxes are measured in whole or in part by the value of the Premises or by the amount of any Rent paid to Landlord under this Lease for the use and occupancy thereof. Real Property Taxes shall include the amount of any surtax or deferred tax which is imposed, levied or assessed either at the time of any transfer or assignment of the Premises, or any interest therein, or upon the occurrence of any other event, which surtax or deferred tax is imposed, levied or assessed for the purpose of recapturing any Real Property Taxes, (i) the imposition, levy or assessment of which had been previously deferred, and (ii) which would have, but for such deferral, been previously imposed or levied upon or assessed against the Premises or any portion thereof; provided, however, that Tenant’s share of such deferred taxes shall be prorated to cover only the period of time within the tax fiscal year for such deferred taxes during which this Lease was in effect. Real Property Taxes shall be liberally construed so that Tenant shall, during the entire Term, pay to Lessor, prior to delinquency, not only any and all Real Property Taxes imposed or levied upon or assessed against the Premises under the law existing as rent additional to all other Rent reserved in of the date of execution of this Lease, but any and all Taxes on other taxes (collectively “In Lieu Taxes”) which may hereafter be imposed, levied or assessed, in conjunction with, in lieu of, as an alternative to, as an offset against or as the result of any deferral of any such Real Property ("Taxes and any other special, unforeseen or extraordinary taxation, however, described, relating to the Center. The foregoing notwithstanding, Real Property Taxes shall not include (i) personal property taxes or franchise taxes payable by Landlord, or (ii) any taxes imposed or levied upon or assessed against Tenant’s fixtures, equipment, merchandise or other personal property located in, upon or about the Premises, which property Tenant agrees to cause to be assessed separately from the Premises or , (iii) federal or state income taxes. Or (iv) tax increases due to the sale of the property or transfer of title. Tenant shall, promptly upon written demand from Landlord and without additional consideration, execute an addendum to this Lease which specifically refers to and expressly incorporates any such in Lieu Taxes"; provided, however, the failure or refusal of Tenant to execute such an addendum to this Lease will not affect any obligation of Tenant under this Article.
(c) Any Real Property Taxes for each fiscal the first and last years of the Term shall be prorated between the parties. With respect to any assessment which may be levied upon the Premises and which under the laws then in force may be evidenced by bonds payable in installments, the computation of the tax year or portion thereof that is within payable by Tenant hereunder shall be limited to the installments payable during the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within .
(d) If the Term Tenant improvements in the same ratio Premises, whether installed or paid for by Landlord or Tenant and whether or not affixed to the real property so as to become a part thereof, are assessed for Real Property Tax purposes at a valuation materially higher than the number of days valuation at which typical or standard tenant improvements in other space in the Center are assessed, then the Real Property Taxes levied against Landlord or Landlord’s property by reason of such fiscal tax year that excess assessed valuation shall be deemed to be taxes levied against personal property of Tenant and shall be governed by the provisions of Section 8.1. If the records of the Assessor of the County in which the Premises are within located are available and sufficiently detailed to serve as a basis for determining whether said Tenant Improvements are assessed for Real Property Tax purposes at such higher valuation, such records shall be binding on both Landlord and Tenant for purposes of this Article 8. If such records are not available or sufficiently detailed to serve as a basis for making such determination, the Term bears to the number total cost of construction of such days that are outside Tenant improvements, as determined by the Term. Lessor records of Landlord and Lessee Tenant, shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event used.
(e) If the Premises are separately assessedassessed and billed pursuant to a segregated tax assessment, Lessee Tenant shall pay at least ten (10) days prior to delinquency the amount of such Real Property Taxes thereon directly to the Governmental Authority collecting tax collector. Tenant shall furnish to Landlord, prior to the delinquency date, evidence of payment of such Real Property Taxes.
(bf) With respect If the Premises are not separately billed and assessed pursuant to a segregated tax assessment, then Tenant shall pay to Landlord, by the latter of ten (10) days before delinquency or ten (10) days after receipt of a statement setting forth the amount owed, Xxxxxx’s share of Real Property Taxes. Subject to Section 8.2(d), Xxxxxx’s share of a tax bill covering more than the Premises shall be determined by multiplying the amount payable set forth in the tax bill by a fraction in which the numerator is the Floor Area of Tenant’s Premises, and the denominator is that portion of the leasable Floor Area in the Center which is included in the tax bill, whether occupied or not (the denominator includes the Premises).
(g) Notwithstanding anything to the contrary contained in Article 8, Landlord may elect to require Tenant to pay Real Property Taxes that mayin accordance with the provisions of this Section 8.2(g). If Landlord so elects, under applicable Legal Requirements then in forcebeginning at the Commencement Date (or at the beginning of the calendar year following Xxxxxxxx’s election) and at the beginning of each calendar year thereafter, be paid in installments, Lessee Landlord shall be required furnish to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In Tenant a detailed statement setting forth the event that Lessee fails to pay any estimated Real Property Taxes prior to delinquencybe levied upon and assessed against the Premises for the immediately succeeding calendar year or fraction thereof. Tenant shall pay such estimated Real Property Taxes to Landlord in equal monthly installments that shall be made concurrently with the payment of each installment of Base Rent. Within sixty (60) days after the end of each calendar year or fraction thereof, Lessor or within sixty (60) days of any reassessment, Landlord shall have furnish to Tenant a detailed and itemized statement in writing, certified by Landlord to be correct, showing the right actual Real Property Taxes levied upon and optionassessed against the Premises during the immediately preceding calendar year or fraction thereof or the applicable calendar year, but no obligationif there has been a reassessment. At that time an adjustment shall be made between Landlord and Tenant, to pay so that Tenant’s payments of Real Property Taxes for the preceding year or fraction thereof shall equal the actual amount of such Real Property Taxes or any portion thereof before or after for the delinquency date same period. Any overpayment by Tenant upon such adjustment shall be credited by Landlord to the monthly installments of estimated Real Property Taxes next falling due, and any and all fines, penalties, and interest thereon, and Lessee agrees underpayment by Tenant shall be paid to reimburse Lessor immediately for Landlord with the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any next installment of estimated Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on if the Term Commencement Datehas ended, Lessee's pro rata then promptly upon Xxxxxx’s receipt of Landlord’s statement. Notwithstanding anything to the contrary contained in this Lease, if during any calendar year an event occurs which would permit a Real Property Tax reassessment of the Premises or the Common Area, and such reassessment is not made by the appropriate governmental authorities during the calendar year in which the event occurred, but in the normal course of events will be made and applied retroactively for all or any portion thereofof said calendar year, then any amounts paid by Tenant pursuant to either or both of Sections 8.2(g) and 9.5 to cover such reassessment may be retained by Landlord until such reassessment is completed by the appropriate governmental authorities, if at the time the reassessment occurs, it is reasonably determined that Tenant has (i) overpaid such Real Property Taxes, Landlord may elect either to credit such overpayment to the monthly installments of estimated Real Property Taxes and/or Common Area Expenses falling due thereafter or refund such overpayment to Tenant, or, if the Lease has terminated, then any overpayment shall be credited against any amounts owed to Landlord by Tenant, or, if none, shall be paid to Tenant, or (ii) underpaid such Real Property Taxes, any underpayment by Tenant shall be paid to Landlord within thirty (30) days of notice to Tenant of such underpayment.
Appears in 2 contracts
Samples: Retail Lease Agreement, Retail Lease Agreement
Real Property Taxes. All real property and personal property ad valorem and other similar Taxes, including payments in-lieu-of property Taxes, assessed or levied with respect to the Assets for a taxable period which includes (abut does not end on) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, Closing Date shall be prorated between Lessor Buyers and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as Sellers based on the number of days of such fiscal tax year that are within taxable period before the Term bears to Closing Date (the “Pre-Closing Tax Period”) and the number of days in such taxable period on and after the Closing Date (the “Post-Closing Tax Period”). Sellers shall be liable for the proportionate amount of such prorated Taxes that is attributable to the Pre-Closing Tax Period, and Buyers shall be liable for the proportionate amount of such prorated Taxes that is attributable to the Post-Closing Tax Period. At Closing, the Purchase Price shall be (i) increased by the amount, if any, of any such Taxes prepaid by Sellers with respect to a Post-Closing Tax Period, or (ii) decreased by the amount, if any, of any such Taxes relating to a Pre-Closing Tax Period which Buyers will be obligated to pay after Closing. Buyers and Sellers shall cooperate in good faith to agree upon the amount of any such Purchase Price adjustments by not later than ten (10) days prior to the Closing Date. Buyers shall file all required reports and returns incidental to such Taxes that are outside the Term. Lessor become due and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility payable after Closing and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property such Taxes thereon directly to on or before the Governmental Authority collecting due date therefor. To the Real Property Taxes.
(b) With extent that the amount of any such Taxes paid by Buyers with respect to Real Property Taxes that mayany Pre-Closing Tax Period exceeds the Purchase Price adjustment therefor, Sellers shall reimburse Buyers for the difference within thirty (30) days of Seller’s receipt of Buyers’ invoice therefor, accompanied by reasonable supporting documentation (including copies of relevant Tax bills); provided, however, under applicable Legal Requirements then in force, be paid in installments, Lessee no circumstances shall Sellers be required to pay hereunder only such installments, (i) any amount greater than the prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails amount they would have had to pay in respect of the Pre-Closing Tax Period had they not conveyed the Assets to Buyers, or (ii) any Real Property Taxes prior to delinquency, Lessor shall have penalties or interest resulting from the right and option, but no obligation, to pay such Real Property Taxes acts or omissions of Buyers or any portion thereof before of their agents or representatives. Sellers and Buyers shall reasonably cooperate with each other after Closing with respect to any property Tax assessment or valuation (or protest in connection therewith) by any Governmental Authority with respect to the Tax periods in which the Closing Date occurs. If either party receives a refund of any property Taxes paid by the other, the party receiving such refund, whether received in cash, or as a credit against another state and/or local Tax, shall, within thirty (30) days after the delinquency date and any and all finesreceipt of such refund, penalties, and interest thereon, and Lessee agrees remit it to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rentparty who paid.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 2 contracts
Samples: Asset Purchase Agreement (PBF Energy Inc.), Asset Purchase Agreement (PBF Energy Inc.)
Real Property Taxes. Notwithstanding anything to the contrary in this Agreement, the Parties acknowledge that certain of the Seller Parties have appealed certain real property Taxes attributable to the Properties. Such Seller Parties shall be responsible for, and shall receive the benefit of (aless any portion thereof to which a Tenant may be entitled), any additional real property Taxes and any Tax rebates or refunds attributable to periods prior to the Closing Date and such appeals; provided that such Seller Parties shall not be responsible for (or receive the benefit of) Lessee agrees any such Taxes (or rebates or refunds) to the extent the Unadjusted Purchase Price was adjusted downward (or upward) pursuant to Article I determined after taking into consideration all adjustments provided for therein, on account of such Taxes (or rebates or refunds). If such Seller Parties are entitled to the benefit of any rebate or refund pursuant to the preceding sentence, then upon receipt by or on behalf of Purchaser or its Affiliates of any such rebate or refund, Purchaser shall within ten (10) days’ pay to Lessor, prior such Seller Parties an amount equal to delinquency, as rent additional the portion of such rebate or refund to all other Rent reserved in this Lease, all Taxes on Real Property which such Seller Parties are so entitled ("Real Property Taxes") for each fiscal tax year or less any portion thereof that is within the Termto which a Tenant may be entitled). A Seller Party, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use at its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessedexpense, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and optionright, but no not the obligation, to, as applicable, initiate, control, and continue (but not settle or compromise, except as expressly provided below) any such appeal or related proceedings which are pending as of the date of this Agreement, including the employment of counsel reasonably satisfactory to Purchaser, and shall promptly provide to Purchaser all material information relating to such appeals or proceedings as and when such information becomes known to a Seller Party, together with such other information as Purchaser may reasonably request; provided, however, if a Seller Party elects not to control any such appeal or related proceeding, then such Seller Party shall give prompt written notice to Purchaser of such election, and, thereafter, Purchaser shall have the right, but not the obligation, to pay control such Real Property Taxes appeal or related proceeding and the settlement or compromise thereof. A Seller Party may not settle or compromise any portion thereof before such appeal or after the delinquency date and any and all finesrelated proceeding without Purchaser’s prior written consent, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rentwhich consent shall not unreasonably be withheld.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (American Realty Capital Trust IV, Inc.), Purchase and Sale Agreement (American Realty Capital Properties, Inc.)
Real Property Taxes. (a) Lessee Tenant agrees to pay its pro rata share of all general and special real property taxes and assessments and governmental levies and charges of any and every kind, nature and sort whatsoever, ordinary and extraordinary, foreseen and unforeseen, and substitutes therefor or supplements thereto, including the cost to LessorLandlord of any appeals or contests of any taxes or assessments, prior except any inheritance, estate, succession, transfer or gift tax imposed on Landlord or any income tax specifically payable by Landlord as a separate tax-paying entity without regard to delinquency, Landlord’s income source as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property arising from or out of the Entire Premises ("collectively “Real Property Taxes") for each fiscal tax year ”), which may be levied or portion thereof that is assessed by any lawful authority against the Entire Premises applicable to the period from the commencement of the Term until the expiration or sooner termination of this Lease. Tenant’s pro rata share shall be apportioned according to the floor area of the Premises as it relates to the total leasable floor area of the Building or buildings located within the TermEntire Premises (including the Premises). Notwithstanding the foregoing provisions, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within if the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to are not levied and assessed against the Governmental Authority collecting Entire Premises by means of a single tax bxxx (i.e., if the Entire Premises is separated into two (2) or more separate tax parcels for purposes of levying and assessing the Real Property Taxes.
(b) With respect to ), then, at Landlord’s option, Tenant shall pay Tenant’s pro rata share of all Real Property Taxes that may, which may be levied or assessed by any lawful authority against the land and improvements of the separate tax parcel on which the Building containing the Premises is located. Tenant’s pro rata share under applicable Legal Requirements then in force, be paid in installments, Lessee such circumstances shall be required apportioned according to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years the floor area of the Premises as above provided.
(c) In it relates to the event that Lessee fails to pay any total leasable floor area of the Building or buildings situated in the separate parcel in which the Premises are located. All Real Property Taxes for the tax year in which the Term commences and for the tax year in which this Lease terminates shall be apportioned and adjusted so that Tenant shall not be responsible for taxes and assessments for a period of time occurring prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before time the Term Commencement Datecommences or subsequent to the Term. The amount to be paid pursuant to the provisions of this Section 8.01 shall be paid monthly in advance without demand or offset as estimated by Landlord based on the most recent tax bills and estimates or reappraised values (if reappraisal is to occur), commencing with the month (or partial month on a prorated basis if such be the case) that the Term commences. If at any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within time during the Term, Lessee agrees a tax, fee or excise is levied or assessed by any political body against Landlord on account of rent payable to pay to LessorLandlord hereunder, the square footage of the Premises, the act of entering into this Lease or the occupancy of Tenant or any other tax however described or any tax based on or measured by expenditures made by Tenant on behalf of Landlord, including the Term Commencement Dateso-called value added tax, Lessee's pro rata portion thereofsuch tax, fee or excise shall be considered “Real Property Taxes” for purposes of this Section 8.01, and shall be payable in full by Tenant. At Landlord’s option, such taxes, fees or excises shall be payable monthly in advance on an estimated basis as provided in this Section 8.01 or shall be payable within ten (10) days after Tenant’s receipt of the tax bxxx therefor from Landlord.
Appears in 2 contracts
Samples: Lease Agreement (Cinemark Holdings, Inc.), Lease Agreement (Cinemark Holdings, Inc.)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other As Additional Rent reserved and in accordance with Paragraph 4E of this Lease, Tenant shall pay to Landlord, or if Landlord so directs, directly to the applicable tax collector ("Tax Collector"), all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within Taxes relating to the Premises accruing with respect to the Premises commencing on the Lease Commencement Date and throughout the Lease Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the including any Extended Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessedleased hereunder consist of only a portion of the entire tax parcel, Lessee Tenant shall pay to Landlord as they become due, pursuant to statements submitted to Tenant by Landlord, Tenant's proportionate share of such Real Property Taxes thereon allocated to the Premises by square footage or other reasonable basis as calculated and determined by Landlord. If the tax billing pertains 100% to the Premises, and Landlord chooses to have Tenant pay said Real Property Taxes directly to the Governmental Authority collecting Tax Collector, then in such event it shall be the responsibility of Tenant to obtain the bills and pay, prior to delinquency, the applicable Real Property Taxes pertaining to the Premises, and failure to receive a bill for taxes and/or assessments shall not provide a baxxx for cancellation of or non-responsibility for payment of penalties for nonpayment or late payment by Tenant. The term "Real Property Taxes", as used herein, shall mean (i) all taxes, assessments, levies and other charges of any kind or nature whatsoever, general and special, foreseen and unforeseen (including all installments of principal and interest required to pay any general or special assessments for public improvements and any increases resulting from reassessments caused by any change in ownership of the Complex) now or hereafter imposed by any governmental or quasi-governmental authority or special district having the direct or indirect power to tax or levy assessments, which are levied or assessed against, or with respect to the value, occupancy or use of, all or any portion of the Complex (as now constructed or as may at any time hereafter be constructed, altered, or otherwise changed) or Landlord's interest therein; any improvements located within the Complex (regardless of ownership); the fixtures, equipment and other property of Landlord, real or personal, that are an integral part of and located in the Complex; or parking areas, public utilities, or energy within the Complex; (ii) all area wide taxes, charges, levies or fees imposed by reason of environmental regulation or other governmental control, including, but not limited to, any taxes, charges, levies or fees related to on-site originated Hazardous Materials contamination caused or contributed to by Tenant's Hazardous Materials Activities; and (iii) all costs and fees (including reasonable attorneys' fees) incurred by Landlord in reasonably contesting any Real Property Tax and in negotiating with public authorities as to any Real Property Tax. If at any time during the Lease Term the taxation or assessment of the Complex prevailing as of the Lease Commencement Date shall be altered so that in lieu of or in addition to any Real Property Tax described above there shall be levied, assessed or imposed (whether by reason of a change in the method of taxation or assessment, creation of a new tax or charge, or any other cause) an alternate or additional tax or charge (i) on the value, use or occupancy of the Complex or Landlord's interest therein or (ii) on or measured by the gross receipts, income or rentals from the Complex, on Landlord's business of leasing the Complex, or computed in any manner with respect to the operation of the Complex, then any such tax or charge, however designated, shall be included within the meaning of the term "Real Property Taxes" for purposes of this Lease. If any Real Property Tax is based upon property or rents unrelated to the Complex, then only that part of such Real Property Tax that is fairly allocable to the Complex shall be included within the meaning of the term "Real Property Taxes.
(b) With " Notwithstanding the foregoing, the term "Real Property Taxes" shall not include estate, inheritance, gift or franchise taxes of Landlord or the federal or state net income tax imposed on Landlord's income from all sources or penalties incurred as a result of Landlord's negligence, inability or unwillingness to make payments of, and/or to file any tax or informational returns with respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior when due. Notwithstanding anything within this Paragraph 12, it is agreed that if any special assessments for capital improvements are assessed, and if Landlord has the option to delinquencyeither pay the entire assessment in cash or go to bond, Lessor and if Landlord elects to pay the entire assessment in cash in lieu of going to bond, the entire portion of the assessment assigned to Tenant's Premises will be prorated over the same period that the assessment would have been prorated had the assessment gone to bond. It is additionally agreed that Tenant shall have the right right, at Tenant's sole cost and optionexpense, to contest with any taxing authority or appellate body the imposition or amount of any Real Property Tax, but no obligation, any such contest shall not excuse Tenant from any of its obligations hereunder as to pay paying any such Real Property Taxes Tax when payable hereunder. Notwithstanding anything to the contrary in this Lease, in the event prior to the Lease Commencement Date there is an interim or any portion thereof before supplemental reassessment of the Premises based upon the added value of the Shell Improvements or after the Interior Improvements leased hereunder, then Tenant shall pay no later than five days prior to its delinquency date and date, any and all fines, penalties, and such interim or supplemental taxes (but no penalties or interest thereon, and Lessee agrees to reimburse Lessor immediately for in connection therewith provided Tenant has prior thereto paid the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any applicable Real Property Taxes or installment thereof for a fiscal tax year or portion thereof when required by the terms of this Lease) that is have been levied against the Premises and are attributable to the added value of the Shell Improvements and Interior Improvements (as defined in part within the Term, Lessee agrees Construction Agreement) during the period prior to pay to Lessor, on the Term said Lease Commencement Date, Lessee's pro rata portion thereof.
Appears in 2 contracts
Samples: Lease Agreement (Alza Corp), Lease Agreement (Alza Corp)
Real Property Taxes. (a) Lessee agrees to Commencing on the Rent Commencement Date and on the first day of each month during the Lease Term thereafter, Tenant shall pay to LessorLandlord as Additional Rent, prior to delinquencyin advance, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property an amount obtained by dividing by twelve ("Real Property Taxes"12) for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number Tenant’s Proportionate Share of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to . If, on the first day of the month in question, the amount of any tax payable during the then current calendar year shall not have been determined by the taxing authority, then the Real Property Taxes that maythen payable by Tenant shall be based on the amount of the corresponding tax for the immediately preceding tax year subject to immediate adjustment when the amount of such tax shall be determined and billed by Landlord, under applicable Legal Requirements then in forcewhich event Tenant shall pay the amount required to be paid as a result of said adjustment within thirty (30) days following Tenant’s receipt of a xxxx therefor. Notwithstanding the foregoing, (i) as to any special assessments which may be paid in annual installments, only the amount of such annual installment (with appropriate proration for any partial year) shall be included within the computation of Tenant’s Proportionate Share of the Real Property Taxes for any particular year, and if such assessment may not be paid in installments, Lessee Tenant shall only be required to pay hereunder only such installmentsresponsible for Tenant’s Proportionate Share of the amortized portion, prorated between Lessor based on the useful life of the improvement under New Jersey Law and Lessee the remaining term of the Lease, including any exercised renewal options; (ii) Tenant shall not be responsible for partial fiscal any future rent tax years as above provided.
and (ciii) In the event that Lessee fails to pay Tenant shall not be responsible for any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately penalties or late fees for the total amount so paid late payment of Real Estate Taxes by Lessor, as Additional RentLandlord. .
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 2 contracts
Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other As Additional Rent reserved and in accordance with Paragraph 4.D of this Lease, Tenant shall pay to Landlord, monthly in advance or as they become due, pursuant to statements submitted by Landlord, Tenant’s Proportionate Share of all Taxes on Real Property Taxes relating to the Premises accruing with respect to the Premises during the Term of this Lease and the Extended Term ("if any). The term “Real Property Taxes") for each fiscal tax year or portion thereof ” shall also include supplemental taxes related to the period of Tenant’s Term whenever levied, including any such taxes that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within may be levied after the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessorhas expired. In the event the Premises are separately assessedleased hereunder consist of only a portion of the entire tax parcel, Lessee Tenant shall pay Real Property Taxes thereon to Landlord monthly in advance or as they become due, pursuant to statements submitted to Tenant by Landlord, Tenant’s Proportionate Share of such real estate taxes allocated to the Premises by square footage or other reasonable basis as calculated and determined by Landlord. If the tax billing pertains 100% to the Premises, and Landlord chooses to have Tenant pay said real estate taxes directly to the Governmental Authority collecting Tax Collector, then in such event it shall be the responsibility of Tenant to obtain the tax and assessments bills and pay, no less than ten (10) days prior to delinquency, the applicable real property taxes and assessments pertaining to the Premises, and failure to receive a xxxx for taxes and/or assessments shall not provide a basis for cancellation of or non-responsibility for payment of penalties for nonpayment or late payment by Tenant The term “Real Property Taxes”, as used herein, shall mean (i) all taxes, assessments, levies and other charges of any kind or nature whatsoever, general and special, foreseen and unforeseen (including all installments of principal and interest required to pay any general or special assessments for public improvements and any increases resulting from reassessments caused by any change in ownership of the Premises) now or hereafter imposed by any governmental or quasi-governmental authority or special district having the direct or indirect power to tax or levy assessments, which are levied or assessed against, or with respect to the value, occupancy or use of, all or any portion of the Premises (as now constructed or as may at any time hereafter be constructed, altered, or otherwise changed) or Landlord’s interest therein; any improvements located within the Premises (regardless of ownership); the fixtures, equipment and other property of Landlord, real or personal, that are an integral part of and located in the Premises; or parking areas, public utilities, or energy within the Premises; (ii) all charges, levies or fees imposed by reason of environmental regulation or other governmental control of the Premises and (iii) all costs and fees (including reasonable attorneys’ fees) incurred by Landlord in reasonably contesting any Real Property Tax and in negotiating with public authorities as to any Real Property Tax. If at any time during the Term of this Lease the taxation or assessment of the Premises prevailing as of the Commencement Date of this Lease shall be altered so that in lieu of or in addition to any Real Property Tax described above there shall be levied, assessed or imposed (whether by reason of a change in the method of taxation or assessment, creation of a new tax or charge, or any other cause) an alternate or additional tax or charge (i) on the value, use or occupancy of the Premises or Landlord’s interest therein or (ii) on or measured by the gross receipts, income or rentals from the Premises, on Landlord’s business of leasing the Premises, or computed in any manner with respect to the operation of the Premises, then any such tax or charge, however designated, shall be included within the meaning of the term “Real Property Taxes” for purposes of this Lease. If any Real Property Tax is based upon property or rents unrelated to the Premises, then only that part of such Real Property Tax that is fairly allocable to the Premises shall be included within the meaning of the term “Real Property Taxes.
(b) With respect to ” Notwithstanding the foregoing, the term “Real Property Taxes Taxes” shall not include estate, inheritance, gift or franchise taxes of Landlord or the federal or state net income tax imposed on Landlord’s income from all sources. Notwithstanding anything to the contrary above , it is agreed that mayif any special assessments for capital improvements are assessed, under applicable Legal Requirements then and if Landlord has the option to either pay the entire assessment in forcecash or go to bond, be paid in installments, Lessee shall be required and if Landlord elects to pay hereunder only such installmentsthe entire assessment in cash in lieu of going to bond, the entire portion of the assessment assigned to Tenant’s Leased Premises will be prorated between Lessor over the same period that the assessment would have been prorated had the assessment gone to bond (including interest) and Lessee Tenant shall pay its Proportionate Share over the Term remaining in the Lease (including the Extended Lease Term if said Lease Term is extended for partial fiscal tax years as above provided.
(cany reason whatsoever) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, Rent on the first day of the remaining months in the Lease Term Commencement Date, Lessee's pro rata portion thereof(as may be extended).
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Ruckus Wireless Inc)
Real Property Taxes. (a) Lessee Real property taxes and all other prorations shall be assessed against Purchaser as of the Closing Date and, thereafter, all risk of loss shall be borne by Purchaser. Purchaser acknowledges that as of the Closing Date, the Lot might not have been assessed as a separately described parcel of real estate and that real property taxes for the Lot for the current year might be assessed under a tax bill in the name of Seller, which covers the entire Subdivision. If that is the case, Xxxxxxxxx agrees to pay to LessorSeller at closing that portion of the current tax assessment for the Subdivision (based on the estimated appraised value of the property in which the Lot is located as determined by Seller) which shall be determined by multiplying the total tax bill by a fraction, prior to delinquency, as rent additional to the numerator of which shall be the acreage of the Lot and the denominator of which shall be the total acreage of all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is of the lots within the TermSubdivision covered by the tax bill, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within then prorating the Term in the same ratio as the number of days product of such fiscal multiplication as of the Closing Date. Xxxxxx agrees to pay the entire tax year that are within bill before it becomes delinquent and, upon written request from Purchaser, to provide Purchaser with proof of payment. If the Term bears amount allocated to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility Purchaser is based upon an estimate and the Premises to be separately actual bill for the Subdivision, or if assessed separately, the Lot, varies from other property owned by Lessor. In the event the Premises are separately assessedestimate, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor Seller shall have the right to adjust the prorated amount and, within ten (10) days of receipt of notice, Purchaser shall pay any increased amount to Seller. If the Lot is a separately described and optionassessed parcel of real estate for real property tax purposes, but no obligation, to pay such Real Property Taxes or any portion thereof before or after real property taxes assessed against the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately Lot for the total amount so paid by Lessor, year in which closing occurs shall be prorated as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, of 12:01 a.m. on the Term Commencement Closing Date. If the current year's taxes have not been determined at the time of closing, Lesseeproration shall be based on the previous year's pro rata portion thereoftaxes. After the actual amount of taxes for the Subdivision, or if assessed separately, the Lot, for the year of closing has been determined, Seller has the right to adjust the prorated amount and, within ten (10) days of receipt of notice, Purchaser shall pay any increased amount to Seller.
Appears in 1 contract
Samples: Purchase Agreement
Real Property Taxes. (a) Lessee agrees to Tenant shall also pay to Lessor, prior to delinquencyat least 20 days before delinquent any and all real estate taxes, as rent additional to all other Rent reserved defined in this LeaseSection 12.3, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year assessed or portion thereof that is within imposed, or which become a lien upon or become chargeable against or payable in connection with the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of Premises. Within three business days of such fiscal tax year that are within the Term bears to the number payment, Tenant shall provide Landlord evidence of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts payment in a form reasonably acceptable to cause the LNG Facility and the Premises to be separately assessed from other property owned by LessorLandlord. In the event that the Premises are not separately assessed, Lessee Tenant shall pay an equitable proportion of the real estate taxes and assessments for all the land and improvements included within the tax parcel(s) assessed, such proportion shall be determined by Landlord from the respective valuations assigned in the Assessor’s worksheets and such other information as is reasonably available to Landlord, including the Building and any special improvements constructed for the benefit of Tenant. Real Property Taxes thereon directly to estate taxes for the Governmental Authority collecting last year of the Real Property Taxes.
(b) term of this Lease shall be prorated between Landlord and Tenant as of the expiration date of the term. With respect to Real Property Taxes that mayany assessments which may be levied against or upon the Premises, or which under applicable Legal Requirements the laws then in force, force may be evidenced by improvement or other bonds and may be paid in annual installments, Lessee shall be required to pay hereunder only the amount of such installmentsannual installment, prorated between Lessor and Lessee with appropriate proration for any partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penaltiesyear, and interest thereon, shall be included within a computation of taxes and Lessee agrees assessments levied against the Premises. To the extent tax bills are not otherwise delivered to reimburse Lessor immediately for Tenant and such tax bills are delivered to Landlord, at least 60 days prior to the total applicable delinquency date, Landlord will provide Tenant with written notice detailing the amount so paid by Lessor, as Additional Rent.
(d) and due date of each real estate tax Tenant is required to pay pursuant to this Section 12.2. In the event that Lessor has paidTenant incurs a late charge on the payment of the Base Monthly Rental or fails to pay the real property taxes within 20 days before delinquent, Landlord may estimate the current real property taxes, and require that such taxes be paid in advance to Landlord by Tenant monthly in advance with the payment of the Base Monthly Rental. Such monthly payment shall be equal to the amount of the estimated installment of taxes divided by the number of months remaining before the Term Commencement Datemonth in which such installment becomes delinquent. When the actual amount of the applicable tax xxxx is known, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees amount of such equal monthly advance payments shall be adjusted as required to provide the funds needed to pay the applicable taxes. If the amount collected by Landlord is insufficient to Lessorpay such real estate taxes when due, on Tenant shall pay Landlord, upon demand, such additional sum as is necessary. Upon receipt of the Term Commencement Datefull amount of the real estate taxes for such period, Lessee's pro rata portion thereofLandlord shall, if practicable, pay such real estate taxes before they are delinquent. Advance payments may be intermingled with other moneys of Landlord and shall not bear interest. In the event of a breach by Tenant in the performance of its obligations under this Lease, then any such advance payments may be treated by Landlord as an additional security deposit; provided, however, to the extent that Landlord applies such payments to anything other than real estate taxes, then Landlord shall promptly give Tenant notice of such application.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees During the Lease Term, Tenant shall be responsible for the ad valorem taxes (including rollback taxes) assessed on and allocable to pay the Leased Premises, the Rolling Mill and any other improvements thereon (but not for any ad valorem or other taxes assessed on and allocable to Lessorthe Mineral Estate, prior the Adjacent Premises or the Access Areas, for which Landlord shall be solely responsible) that are attributable to delinquency, as rent additional to all other Rent reserved in the time period from the Effective Date until the expiration or earlier termination of this Lease, all Taxes on Real Property ("Real Property Taxes") prorated for each fiscal any partial tax year years, and payable upon receipt of an invoice directly from the taxing authority or portion thereof that is within the Termfrom Landlord, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Termcase may be. Lessor All sums payable by Tenant under this Section 8.1 shall be paid without notice (except as provided in Section 8.1(d)), demand, counterclaim, setoff, deduction or defense and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessedwithout abatement, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxessuspension, deferment, diminution or reduction, except as expressly provided herein.
(b) With respect Tenant shall have no liability for inheritance and succession taxes, franchise and corporate taxes, estate and gift taxes, documentary transfer (stamp) taxes arising as a result of Landlord’s transfer of title to Real Property Taxes that maythe Leased Premises, under applicable Legal Requirements then in forceLandlord’s federal and state income taxes, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above providedor other taxes applied or measured by Landlord’s general or net income.
(c) In the event that Lessee fails to pay Should any Real Property Taxes prior to delinquencyreal property ad valorem taxes payable by Tenant become delinquent, Lessor shall have the right and Landlord may, at its option, but no obligationpay the same, to pay such Real Property Taxes or any portion thereof before or after in which case Tenant shall reimburse Landlord the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount amounts so paid within twenty (20) days after receiving an invoice therefor, after which period such delinquent amounts shall bear interest at the Default Rate until the date of reimbursement by Lessor, as Additional RentTenant.
(d) In Each Party shall provide the event that Lessor has paidother Party, before promptly upon receipt, a copy of all tax bills and invoices received from any taxing authority in connection with any real property ad valorem taxes for which the Term Commencement Dateother Party is responsible. Landlord shall reasonably cooperate with Tenant to cause copies of all ad valorem tax bills for the Leased Premises to be sent directly to Tenant.
(e) Landlord, with the cooperation of Tenant but at no external cost payable by Landlord to any Real Property Taxes or installment thereof third party, shall use reasonable efforts to have the Leased Premises assessed separately for a fiscal property tax year or portion thereof that is in part purposes from the balance of Landlord’s real property. If the Leased Premises are not so separately assessed, Tenant’s share of the real property tax liability will be an equitable proportion of the real property taxes for all of the land and improvements included within the Termtax parcel assessed, Lessee agrees such proportion to pay to Lessor, on be reasonably determined by mutual agreement of Landlord and Tenant from the Term Commencement Date, Lessee's pro rata portion thereofrespective valuations assigned in the assessor’s work sheets or such other information as may be reasonably available.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on All Real Property Taxes shall be paid by Landlord. However, the portion of the Real Property Taxes that are assessed on the parcels where improvements made by Tenant are located (which parcel numbers are set out in Exhibit D) at the 0000 Xxxxxxxx Xxxxxx address, shall be billed by Landlord to Tenant, and Tenant shall pay such portion of the Real Property Taxes to Landlord as are reasonably and fairly allocable to Tenant's improvements no later than thirty (30) days after receipt from Landlord of the Real Property Tax xxxx from the taxing governmental authority. The term "Real Property Taxes"," as used herein, shall mean and include: (i) all taxes, assessments, levies and other charges of any kind or nature whatsoever, general and special, foreseen and unforeseen (including without limitation, all installments of principal and interest required to pay any general or special assessments for each fiscal public improvements) now or hereafter imposed by any governmental or quasi-governmental authority or special district having the direct or indirect power to tax year or levy assessments, which are levied or assessed against, or with respect to the value, occupancy, or use of all or any portion thereof that is of the Premises (as now constructed or as may at any time hereafter be constructed, altered, or otherwise changed by the Tenant) or Landlord's interest therein; any improvements located within the TermPremises (regardless of ownership) constructed by Tenant; the fixtures, prorated between Lessor equipment and Lessee for each fiscal tax year other property of Landlord, real or personal, that is not entirely are an integral part of and located in the Premises; and landscaping areas, walkways, parking areas, public utilities, or energy within the Term Premises; and (ii) all costs and fees (including reasonable attorneys' fees) incurred by Landlord or Tenant in the same ratio as the number of days of such fiscal tax year that are within the Term bears reasonably contesting any Real Property Tax attributable to the number of such days that are outside parcel(s) on which the Term. Lessor Building is located and Lessee shall use its Commercially Reasonable Efforts in negotiating with public authorities as to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay any Real Property Taxes thereon directly Tax attributable to the Governmental Authority collecting parcel(s) on which the Real Property Taxes.
Building is located. Tenant shall not be obligated to pay (a) any state, local, federal or corporate income tax measured by the income of Landlord from all sources; (b) With respect to Real Property Taxes that mayany franchise, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
succession or transfer taxes; (c) In the event that Lessee fails interest on taxes or penalties resulting from Landlord's failure to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
taxes in a timely manner; (d) In any increases in taxes attributable to additional improvements to the event that Lessor has paidBuilding or parking areas unless such improvements to the Building or parking areas are for Tenant's benefit; (e) any increases in taxes attributable to the sale, before transfer, exchange or other disposition of Landlord's interest in the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereofBuilding.
Appears in 1 contract
Samples: Lease Agreement (Noosh Inc)
Real Property Taxes. (a) Lessee Tenant agrees to pay to Lessorthe Building’s Share of all general and special real property taxes, prior to delinquencyassessments (including, as rent additional to without limitation, change in ownership taxes or assessments), liens, bond obligations, license fees or taxes and any similar impositions in-lieu of other impositions now or previously within the definition of real property taxes or assessments and any and all other Rent reserved in this Leaseassessments under any covenants, all Taxes on Real Property conditions and restrictions affecting the Project ("collectively “Real Property Taxes"”) for each fiscal tax year which may be now or portion thereof that is within hereafter levied or assessed against the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears Project applicable to the number period from the Early Occupancy Date , until the expiration or sooner termination of such days that are outside this Lease Notwithstanding the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause foregoing provisions, if the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to are not levied and assessed against the Governmental Authority collecting entire Project by means of a single tax xxxx (i e , if the Project is separated into two (2) or more separate tax parcels for purposes of levying and assessing the Real Property Taxes.
(b) With respect to ), then, at Landlord’s option, Tenant shall pay Tenant’s pro rata share of all Real Property Taxes that may, which may be levied or assessed by any lawful authority against the land and improvements of the separate tax parcel on which the Premises are located Tenant’s pro rata share under applicable Legal Requirements then in force, be paid in installments, Lessee such circumstances shall be required apportioned according to pay hereunder only such installmentsthe floor area of the Premises as it relates to the total leasable floor area of all of the buildings (including the Premises) situated in the separate tax parcel In which the Premises is located Notwithstanding anything in this Section 10 1 to the contrary, prorated between Lessor “Real Property Taxes” shall not include Landlord’s federal or state income, franchise, Inheritance or estate taxes Upon Tenant’s request, Landlord shall, at Tenant’s sole cost and Lessee expense, contest the amount of Real Property Taxes for partial fiscal the Project, which contest shall be undertaken in a manner to be reasonably determined by Landlord. All Real Property Taxes for the tax years as above provided.
(c) year in which the Early Occupancy Date occurs and for the tax year In the event which this Lease terminates shall be apportioned and adjusted so that Lessee fails to pay Tenant shall not be responsible for any Real Property Taxes for a period of time occurring prior to delinquencythe Early Occupancy Date or subsequent to the expiration of the Lease term. The amount to be paid pursuant to the provisions of this Section 10.1 shall be paid monthly in advance as part of Tenant’s Monthly Operating Expense Charge as estimated by Landlord based on the most recent tax bills and estimates of reappraised values (if reappraisal is to occur), Lessor shall have commencing with the right and option, but no obligation, to pay month (or partial month on a prorated basis If such be the case) that the Commencement Date occurs The initial estimated monthly charge for the Building’s Share of Real Property Taxes or any portion thereof before or after is included in the delinquency date and any and all finesMonthly Operating Expense Charge as provided in Section 4 Notwithstanding anything in this Lease to the contrary, penaltiesTenant shall be solely responsible for, and interest thereon, and Lessee agrees shall pay directly to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
Landlord (d) In the event that Lessor has paid, before the Term Commencement Datein addition to Tenant’s Monthly Operating Expense Charge pertaining to Real Property Taxes), any increase in Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within on account of any Improvements made to the TermPremises by Tenant including, Lessee agrees to pay to Lessorbut not limited to, on the Tenant Improvements If at any time during the Term Commencement Dateunder the laws of the United States, Lessee's pro rata portion thereof.or the state, county, municipality, or any political subdivision thereof In which the Premises is located, a tax or excise on rent or any other tax however described is levied or assessed by any such political body against Landlord on account of rent payable to Landlord hereunder or any tax based on or measured by expenditures made by Tenant on behalf of landlord, such tax or excise shall be considered “Real Property Taxes” for purposes of this Section 10.1, and shall be payable in full by Tenant. Such taxes or excises shall be payable within thirty (30) days after Tenant’s receipt of the tax xxxx therefor from Landlord
Appears in 1 contract
Samples: Single Tenant Industrial Lease (Imcor Pharmaceutical Co)
Real Property Taxes. (a) Lessee Tenant agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in the Landlord throughout the term of this Lease, Tenant's Proportionate Share of all Taxes on Real Property real estate taxes and all assessments which may be levied against Landlord by the local tax authorities and other governmental agencies. Tenant's proportionate share of real estate taxes shall be fifty ("Real Property Taxes"50%) percent of any increase over the base year which shall be 1995. Tenant will pay its proportionate share of real estate taxes after the end of each calendar year Landlord when the Landlord delivers to Tenant a computation of the Tenant's proportionate Share for each fiscal tax the prior calendar year or portion thereof that is within based upon the Term, prorated between Lessor and Lessee for each fiscal tax base year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term1995. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee Tenant shall pay Real Property Taxes thereon directly said additional rent to Landlord within thirty (30) days after Landlord presents to Tenant its proportionate share. For the Governmental Authority collecting purposes of this Lease, the Real Property Taxes.
term "real estate taxes" shall include all real estate taxes, assessments, water and sewer rents (bexcept water meter charges and sewer rent based thereon) With respect to Real Property Taxes that mayand other governmental impositions and charges of every kind and nature whatsoever, under applicable Legal Requirements then in forceextraordinary as well as ordinary, general and special, foreseen and unforeseen, and each and every installment thereof (including any interest on amounts which may be paid in installments) which shall or may, Lessee during the Lease term, be levied, assessed, imposed, become due and payable, or liens upon, or arising in connection with, the use, occupancy or possession of or become due and payable out of, or for, the entire demise premises or any part thereof, and all costs incurred by Landlord in contesting or negotiating the same with governmental authority. Tenant hereby waives any right it may have by statute or otherwise to protest real estate taxes so long as Landlord is contesting or negotiating the same with the governmental authority. Nothing herein contained shall be required construed to pay hereunder only include as a tax which shall be the basis of real estate taxes, any inheritance, estate succession, transfer gift, franchise, corporation, income or profit tax or capital levy that is or may be imposed upon Landlord; provided, however, that if, any time after the date hereof the methods of taxation shall be altered so that in lieu of or as a substitute for the whole or any part of the taxes now levied, assessed or imposed on real estate as such, there shall be levied, assessed or imposed (a) a tax on the rents received from such installmentsreal estate, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
or (b) a license fee measured by the rents receivable by Landlord or any portion thereof, or (c) a tax or license fee imposed upon Landlord which is otherwise measured by or based in whole or part upon any portion thereof. In addition to the event that Lessee fails foregoing, should any governmental authority acting under any existing or future law, ordinance or regulation, levy, assess or impose a tax, excise and/or 7 assessment upon or against this Lease, the execution hereof and/or the Minimum Rent, Percentage Rent and other charges payable by Tenant to pay Landlord whether by way of substitution for or in addition to any Real Property Taxes prior to delinquencyexisting tax or otherwise, Lessor and whether or not evidenced by documentary stamps or the like, Tenant shall have the right be responsible for and option, but no obligation, to shall pay such Real Property Taxes tax, excise and/or assessment, or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately shall reimbursed Landlord for the total amount so paid by Lessorthereof, as Additional Rentthe case may be, after Tenant has received thirty (30) days' written notification.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Samples: Business Property Lease (Pharmasystems Holdings Corp)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor1.1.1. In the event that the Premises are Site is separately assessedassessed by the applicable taxing jurisdictions (separately from the remainder of the WM Property): (i) Lessee shall, Lessee during the Term of this Agreement, pay or arrange for the payment of all real property taxes and assessments levied upon or assessed against the Site, and the Purchaser’s Facility or any other equipment and improvements constructed or installed thereon; and (ii) Lessor shall, during the Term of this Agreement, pay or arrange for the payment of all real property taxes and assessments levied upon or assessed against the WM Property (excluding the Site), and any facilities or equipment and improvements constructed or installed thereon. Lessee, at its sole cost and expense, shall pay Real Property Taxes thereon directly have the right at any time to contest any taxes or assessments that may be imposed on the Site or any other part of Purchaser’s Facility in the manner provided by law, provided that (x) LESSEE INDEMNIFIES, DEFENDS, AND HOLDS LESSOR HARMLESS FROM AND AGAINST ANY ACTIONS, CLAIMS, DEMANDS, EXPENSES, OR LIABILITIES ARISING OUT OF OR RELATING TO SUCH CONTEST AND/OR APPEAL THAT LESSOR WOULD NOT OTHERWISE HAVE BEEN OBLIGATED TO PAY HAD LESSEE NOT CONTESTED SUCH ITEMS AND (Y) SUCH CONTEST IS DONE IN ACCORDANCE WITH APPLICABLE LAW (INCLUDING THE PAYMENT OF TAXES UNDER PROTEST OR POSTING OF BONDS, IF SO REQUIRED). Any and all refunds received from such contest, including interest, shall be equitably apportioned to the Governmental Authority collecting account of Lessor or Lessee based upon the Real Property Taxesperiod affected thereby, and Xxxxxx shall be entitled to receive Xxxxxx’s pro rata share of any such refund and reimbursement of Xxxxxx’s pro rata share of the reasonable, actual third party costs (including reasonable attorneys’ fees) incurred in connection with such contest. The obligations of this Section 11.3.1 shall survive the expiration or earlier termination of this Agreement.
(b) With respect 1.1.2. For the purposes of this Section 11.3, real property taxes and assessments means: all real property taxes and other assessments on buildings and land, including taxes and assessments for special improvement districts and building improvement districts, and all governmental charges, fees and assessments for police, fire, traffic mitigation or other governmental service of purported benefit to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above providedthe property.
(c) 1.1.3. In the event that the Site is not separately assessed by the applicable taxing jurisdictions (separately from the remainder of the WM Property, or any portion thereof), Lessor shall, during the Term of this Agreement, pay or arrange for the payment of all real property taxes and assessments levied upon or assessed against the tax parcel(s) within the WM Property that include the Site, and any facilities or equipment and improvements constructed or installed thereon, and Lessee fails shall reimburse Lessor for the Lessee’s pro-rata share of such real property taxes and assessments within twenty (20) days after receiving an invoice from Lessor. The Lessee’s annual pro-rata share of such real property taxes and assessments shall be: (i) 100% of the amount of real property taxes and assessments, to pay the extent that it can be determined, levied upon or assessed against the Purchaser’s Facility or equipment and improvements constructed or installed as of the Effective Date on the Site; plus (ii) an amount equal to the product of (A) the surface area of the Site divided by (B) the total surface area of the WM Property multiplied by (C) the amount of real property taxes and assessments levied upon or assessed against the tax parcel(s) within the WM Property (excluding improvements) that include the Site; plus (iii) 100% of the amount of increase of real property taxes and assessments levied upon or assessed against the tax parcel(s) within the WM Property that include the Site over the tax year in which the Effective Date occurs (the “Tax Base Year”), to the extent that such increase is attributable to any Real Property Taxes prior Purchaser’s Facility constructed and installed by Xxxxxx subsequent to delinquencythe Tax Base Year. In addition, Xxxxxx shall have the right at any time to contest any taxes or assessments, and Lessor shall have the right to select counsel and optioncontrol the appeal. Xxxxxx agrees to promptly reimburse Lessor for the reasonable costs incurred in connection with any such appeal that are directly related to the Site, but no obligation, to pay such Real Property Taxes or any portion thereof before or part of Purchaser’s Facility. Xxxxxx agrees to promptly provide Lessee with notice of any real property tax assessment affecting Xxxxxx’s rights hereunder but in no event later than thirty (30) days after its receipt of any such bill (provided, the delinquency date and any and all fines, penaltiesfailure to provide such bill shall not be grounds for non-payment by Xxxxxx), and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, allow Lessee to participate in any review process as Additional Rent.
(d) necessary to effect Xxxxxx’s rights of defense under this Section 11.3.3. In the event that Xxxxxx has successfully contested the taxes or assessments imposed on such parcel, which includes the Site and/or other part of the Purchaser’s Facility and/or WM Property, and has received a refund thereon, the Lessor has paid, before shall promptly remit a prorated portion of any such refund to the Term Commencement Date, any Real Property Taxes other Party. Such prorations shall be in accordance with the formula set forth above in this Section 11.3.3. The obligations of this Section 11.3.3 shall survive the expiration or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereoftermination of this Agreement.
Appears in 1 contract
Samples: Lease Agreement (OPAL Fuels Inc.)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay all Real Property Taxes thereon directly to levied against the Governmental Authority collecting Premises during the Real Property Taxes.
Term within fifteen (b15) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, days after notice from Lessor of the amount due. Lessee shall be required to pay hereunder only promptly furnish Lessor with satisfactory evidence that such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that taxes have been paid. If Lessee fails to pay any Real Property Taxes prior to delinquencysuch taxes, Lessor shall have the right and optionbut not the obligation to pay same. In which case Lessee shall repay such amount to Lessor with Lessee's next rent installment together with interest at an annual rate equal to the floating commercial prime lending rate reported in the Wall Street Journal most recently published before the date of expenditure, but no obligation, not to pay such Real Property Taxes or exceed any portion thereof before or after applicable usury limitations. If the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the TermPremises are not separately assessed, Lessee agrees to pay to Lessor its pro rata share of all Real Property Taxes levied against the Property. As used herein, "Real Property Taxes" shall include any form of assessment, license, fee, levy, penalty or tax imposed by any authority having the direct or indirect power to tax (excluding Lessor's income taxes), on including any improvement district, as against any legal or equitable interest of Lessor in the Term Commencement DateProperty or as against Lessor's business of renting the Property; provided, however, that any so-called "rent tax" shall only be paid by Lessee if such rent tax is levied in lieu of, and not in addition to, ad valorem real property taxes currently levied against the Property. Lessee's pro rata portion thereofshare of Real Property Taxes shall be equitably prorated to cover only the period of time within the fiscal tax year during which this Lease is in effect. With respect to any assessments which may be levied against or upon the Premises, and which may be paid in annual installments, only the amount of such annual installments (with appropriate proration for any partial year) and interest due thereon shall be included within the compilation of the annual Real Property Taxes. Notwithstanding Paragraph 5.1 of the Lease, Lessee shall not be responsible for paying any documentary transfer tax during the' term of the Lease.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees Photronics shall pay, as additional rent, all real property taxes levied or assessed by, or becoming payable to any governmental authority having jurisdiction, for or in respect of the Premises, for each tax period wholly included in the period after the date hereof and before the expiration of the term. All such payments shall be made directly to the authority charged with the collection thereof not less than ten (10) business days prior to the earlier of the last date on which the same may be paid without interest or penalty or upon which it would otherwise be deemed “delinquent” as provided in Section 6.3. In the event that such bills are delivered to Micron, Micron shall promptly deliver copies thereof to Photronics. Photronics shall provide to Micron at least seven (7) Business Days prior to the due date for payment of such taxes, a copy of a receipted tax bxxx or other documentary evidence reasonably satisfactory to Micron, showing the amount of the taxes due and the payment of same as required herein. For any fraction of a tax period included in the period between the date hereof and the expiration of the term, Photronics shall pay to LessorMicron, prior within thirty (30) days after receipt of Micron’s invoice therefor, that portion of the total taxes levied or assessed or becoming payable which is allocable to delinquencysuch included period, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that determined by multiplying the total taxes by a fraction whose denominator is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal in the tax year that are within the Term bears to period and whose numerator is the number of such days that are outside in the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause period between the LNG Facility date hereof and the Premises to be separately assessed from other property owned by Lessorexpiration of the term. In the event Photronics fails to pay any real property tax bxxx before the delinquency date thereof, Micron may, but need not, pay the same on behalf of Photronics and such amount thereafter shall become immediately due and payable as additional rent by Photronics to Micron upon delivery of Micron’s written demand therefor. The obligation of Photronics pursuant to this Section 6.1 shall extend to any increase in real property taxes resulting from any reassessment of the Premises and shall survive the expiration or termination of this Lease. For the purposes of this Article VI, real property taxes which are separately assessed, Lessee levied on a fiscal year (which is different from a calendar year) basis shall pay Real Property Taxes thereon directly be deemed to the Governmental Authority collecting the Real Property Taxesapply one-twelfth (1/12) to each calendar month in such fiscal year.
(b) If the Premises is not assessed and taxed as a separate tax parcel, then notwithstanding anything to the contrary set forth in this Article VI, “real property taxes” shall mean, as to the Premises:
(i) That portion of the real property taxes assessed against the land underlying the tax parcel which the square footage of the Premises bears to the aggregate square footage of all land within the applicable tax parcel; plus
(ii) That portion of the real property taxes assessed against the leasehold improvements included within the tax parcel which the valuation assigned by the taxing authorities to the leasehold improvements included within the Premises bears to the valuation so assigned to all of the leasehold improvements included within such tax parcel. If such separate valuations are available from the county tax assessor, then such separate valuations shall be conclusive. If such separate valuations are not reasonably available to Micron, then Micron shall determine, reasonably and in good faith, from the best information reasonably available to it, the proportion of the real property taxes assessed against the leasehold improvements included within such tax parcel which is attributable to the leasehold improvements upon the Premises.
(iii) With respect to other types of taxes, a proportion thereof based upon the assessment methodology used by the assessor, or if such methodology cannot be used to determine Photronics’ portion, then a reasonable proportion as determined by Micron. Real Property Taxes that may, under applicable Legal Requirements then property taxes for or in force, respect of the Premises shall be paid in installments, Lessee shall be required by Photronics to pay hereunder only such installments, prorated between Lessor Micron not later than the earlier of (A) thirty (30) days after Micron’s delivery of written notice of the amount thereof and Lessee for partial fiscal tax years as above provided.
(cB) In the event that Lessee fails to pay any Real Property Taxes ten (10) days prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date therefor. Photronics shall be solely liable for any late penalties or interest resulting from any failure to timely pay Micron or the taxing authority. There shall be no administrative or overhead fee payable to Micron with respect to real property taxes payable by Photronics. Micron and any Photronics acknowledge and all fines, penalties, agree that it is their intent that real property taxes be billed to and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid directly by Lessor, as Additional RentPhotronics.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Samples: Lease Agreement (Photronics Inc)
Real Property Taxes. Notwithstanding anything to the contrary in this Agreement, the Parties acknowledge that certain of the Seller Parties have appealed certain real property Taxes attributable to the Transferred Properties. Such Seller Parties shall be responsible for, and shall receive the benefit of (aless any portion thereof to which a Tenant may be entitled), any additional real property Taxes and any Tax rebates or refunds attributable to Pre-Closing Tax Periods and such appeals; provided that such Seller Parties shall not be responsible for (or receive the benefit of) Lessee agrees any such Taxes (or rebates or refunds) to the extent the Unadjusted Purchase Price was adjusted downward (or upward) pursuant to Article I determined after taking into consideration all adjustments provided for therein, on account of such Taxes (or rebates or refunds). If such Seller Parties are entitled to the benefit of any rebate or refund pursuant to the preceding sentence, then within ten (10) days of receipt by or on behalf of any Purchaser Party or Affiliate thereof of any such rebate or refund, the Purchaser Parties shall pay to Lessor, prior the Seller Parties an amount equal to delinquency, as rent additional the portion of such rebate or refund to all other Rent reserved in this Lease, all Taxes on Real Property which the Seller Parties are so entitled ("Real Property Taxes") for each fiscal tax year or less any portion thereof that is within the Termto which a Tenant may be entitled) and net of any Tax cost imposed on any Purchaser Party as a result of receiving such refund or rebate. A Seller Party, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use at its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessedexpense, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and optionright, but no not the obligation, to pay control and continue (but not settle or compromise, except as expressly provided below) any such Real Property Taxes appeal or any portion thereof before or after related proceedings which are pending as of the delinquency date and any and all finesof this Agreement, penaltiesincluding the employment of counsel, and interest thereonshall promptly provide to the applicable Purchaser Parties all material information relating to such appeals or proceedings as and when such information becomes known to a Seller Party, together with such other information as the applicable Purchaser Parties may reasonably request; provided, however, if a Seller Party elects not to control any such appeal or related proceeding, then such Seller Party shall give prompt written notice to the applicable Purchaser Parties of such election, and, thereafter, the applicable Purchaser Parties shall have the right, but not the obligation, to control such appeal or related proceeding and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessorsettlement or compromise thereof. A Seller Party may not settle or compromise any such appeal or related proceeding without prior written consent of the applicable Purchaser Parties, as Additional Rentwhich consent shall not be unreasonably withheld.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Samples: Memorandum of Understanding (Blackstone Mortgage Trust, Inc.)
Real Property Taxes. From and after the Effective Date, Tenant shall pay all Taxes (aas defined below) Lessee agrees which accrue against or are otherwise payable with respect to the Premises. Tenant shall arrange for the bills for all Taxes to be sent directly from the applicable taxing authorities to Tenant, and Tenant shall pay all such Taxes directly to Lessor, the appropriate taxing authorities not later than ten (10) business days prior to delinquency. Landlord shall, as rent additional at no cost or expense to Landlord, reasonably cooperate with Tenant’s efforts to have the bills for all Taxes sent directly from the taxing authorities to Tenant. Tenant shall provide to Landlord written evidence of timely payment of Taxes by Tenant not later than five (5) business days prior to the last day that any Taxes may be paid without the imposition of interest and/or a penalty. Notwithstanding the provisions of this Section 7(c) to the contrary, if Tenant shall fail to pay any Taxes to the applicable taxing authorities in a timely manner (unless Tenant is contesting such Taxes in accordance with Section 7(d) below) or if Tenant shall default in the payment of any Base Rent, Additional Rent or other Rent reserved in sums due under this Lease beyond any applicable notice and cure periods, Landlord may, upon not less than three (3) days’ prior written notice to Tenant, require that Tenant thereafter pay one-twelfth (1/12) of the amount reasonably estimated by Landlord to be the Taxes due and payable during each year thereafter during the Lease Term, together with each monthly installment of Base Rent. Landlord reserves the right to adjust the amount of any such estimated payments from time to time. Landlord may commingle any such estimated payments with Landlord’s other funds and shall not be obligated to pay or otherwise credit Tenant for any interest that may be earned thereon. At the end of each full tax year during the Lease Term and again at the expiration or termination of this Lease, Landlord and Tenant shall calculate the actual Tax accruing against the Premises, and Tenant shall be credited or charged, as the case may be, for such adjustments as may be necessary by reason of any difference between the actual amounts determined by Landlord to have accrued against the Premises (or the pro-rata portion of such amount notwithstanding that payment to the taxing authority may not then be due) as of the expiration or termination of this Lease and the amount of such Taxes actually paid by Tenant. If Landlord requires Tenant to pay monthly estimated installments of Taxes hereunder, then Landlord shall be obligated to pay all Taxes on Real Property or before their due dates to the extent that ("Real Property Taxes"A) for each fiscal tax year or portion thereof that is within Landlord has received the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days full amount of such fiscal tax year that are within Tax payments from Tenant and (B) Landlord has received a copy of the Term bears to the number of xxxx for such Taxes, in each case at least thirty (30) days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Renttheir due date.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees The Tenant shall pay as Additional Rent to pay the Landlord, or to Lessorthe taxing Authorities if the Landlord so directs, prior to delinquency, as rent additional to all other Rent reserved and discharge in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is during the Term and within the Term, prorated between Lessor and Lessee times provided for each fiscal tax year that is not entirely within by the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.taxing Authorities
(b) With respect If there are not separate real property tax bills and separate real property assessment notices for the Premises and the Common Areas, the Tenant shall pay to the Landlord, as Additional Rent, its Proportionate Share of all Real Property Taxes that maylevied, under applicable Legal Requirements then in forcerated, be paid in installments, Lessee shall be required charged or assessed from time to pay hereunder only such installments, prorated between Lessor time against the Building and Lessee for partial fiscal tax years as above providedthe Lands.
(c) In The Tenant shall provide the event that Lessee fails Landlord, within lO days after receipt by the Tenant, a copy of any separate tax bills and assessment notices for the Premises or any part thereof. If the Landlord requires the Tenant to pay any Real Property Taxes prior directly to delinquencythe relevant taxing Authority, Lessor the Tenant shall have promptly deliver to the right and option, but no obligation, to pay Landlord receipts evidencing the payment of all such Real Property Taxes or any portion thereof before or after and furnish such other information in connection therewith as the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional RentLandlord reasonably requires.
(d) In If the event that Lessor has paid, before Landlord does not require the Term Commencement Date, any Tenant to pay the Real Property Taxes to the relevant taxing Authority, the Tenant shall pay the amounts payable under section 6.03(a) or installment thereof for a fiscal tax year or portion thereof (b), as the case may be, to the Landlord within 20 days following date that is in part within the Term, Lessee agrees to pay to Lessor, on Landlord provides the Term Commencement Date, Lessee's pro rata portion thereofTenant with bills (including interim bills) showing the amount of Real Property Taxes payable.
(e) Intentionally Deleted.
(f) Intentionally Deleted.
Appears in 1 contract
Samples: Multi Tenant Commercial Lease (Catalina Lighting Inc)
Real Property Taxes. Without limiting the foregoing, Additional Rent shall include, and Tenant agrees to bear, discharge and pay as the same become due, and before delinquency, all taxes, assessments, rates, charges, license fees, municipal liens, levies, excises or imposts, whether general or special, or ordinary or extraordinary, of every name, nature and kind whatsoever, including all governmental charges of every name, nature or kind that may be levied, assessed, charged or imposed or maybe or become a lien or charge upon the Premises or any part thereof; or upon the rent or income of Tenant; or upon the use or occupancy of the Premises; or any document creating or transferring an estate or interest in the Premises; upon any of the buildings or improvements existing at any time during the Term upon the Premises; or upon the leasehold of Tenant; or upon Landlord by reason of its ownership of the Premises (but not including any franchise, transfer, inheritance, or capital stock taxes or income taxes measured by the net income of Landlord unless, due to a change in the method of taxation, any of such taxes is levied or assessed against Landlord as a substitute for, in whole or in part, any other tax that would otherwise be the responsibility of Tenant). If at any time during the Term, under any Applicable Laws, any tax is levied or assessed against Landlord directly, in substitution in whole or in part for real property taxes, Tenant covenants and agrees to pay and discharge such tax. All of the foregoing taxes, assessments and other charges which are the responsibility of Tenant are herein referred to as “Property Taxes.” Notwithstanding the foregoing, Tenant shall have no obligation to pay (a) Lessee agrees any portion of an increase in Property Taxes, if any, attributable to pay to Lessora reassessment for assessment year 2007-2008 as a result of Landlord’s recent acquisition of the ground lease interest in the Premises; or (b) any environmental assessment, charges or liens arising in connection with the remediation of Hazardous Materials from the Premises, the causation of which arose prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number delivery of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessedTenant, Lessee shall pay Real Property Taxes thereon directly or to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that mayextent caused by Landlord or any of Landlord’s agents, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In costs or fees (other than general real property taxes) payable in connection with Landlord’s right to further develop the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penaltiesPremises, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In property transfer taxes, stamp or recording taxes attributable to Landlord’s transfer of ownership of the event that Lessor has paid, before the Term Commencement Date, Premises or any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereofinterest of Landlord therein.
Appears in 1 contract
Samples: Commercial Lease (Tesla Motors Inc)
Real Property Taxes. (a) Lessee agrees If any assessments for public improvements, services or benefits are levied against the Premises, Lessor may elect to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved the assessment either in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year full or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessorinstallments. In the event the Premises are separately assessedeither such case, however, Lessee shall pay to Lessor with each payment of real property taxes due hereunder only that amount of any tax increase based on the installments of principal and interest which would have become due during this Lease Term had Lessor elected to pay the assessment in installments. Lessee shall pay the Real Property Taxes thereon directly applicable to the Governmental Authority collecting Premises within (i) twenty (20) days after receipt of billing or (ii) ten (10) days prior to the Real Property Taxesdelinquency date of such real property taxes, whichever is later. Any Tax Increase attributable to the cost of the Lessor Improvements and Tenant Improvements shall be payable by Lessee; provided, however, that if the construction of the Lessor Improvements and Tenant Improvements shall trigger a full fair market value reassessment of the Premises, then Lessee shall only be required to pay a share of any such resulting Tax Increase, which share shall be determined by multiplying the amount of the Tax Increase by a fraction, the numerator of which shall be the sum of the cost of the Lessor Improvements and Tenant Improvements incurred by both Lessor and Lessee and the denominator of which shall be the amount of the reassessed fair market value of the Premises, it being understood that Lessor shall be responsible for paying the remaining share of the Tax Increase.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installmentsDuring the Original Term of this Lease, Lessee shall not be required obligated to pay hereunder only such installmentspay, prorated between and Lessor shall pay, any Tax Increase resulting from any "change of ownership" and Lessee for partial fiscal tax years consequent reassessment of the Premises pursuant to Chapter 3.5 of the California Revenue and Taxation Code, as above providedamended.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquencyLessee, Lessor at its cost, shall have the right and option, but no obligationat any time, to pay such Real Property Taxes seek a reduction in the assessed valuation of the Premises or to contest any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees Tax Increase that is to reimburse Lessor immediately for the total amount so be paid by Lessee. Lessor shall not be required to join in any proceeding or contest brought by Lessee unless the provisions of any law require that the proceeding or contest be brought by or in the name of Lessor. In that case, Lessor shall join in the proceedings or contest or permit it to be brought in Lessor's name as Additional Rent.
long as Lessor is not required to bear any cost. Lessor shall cooperate in good faith with Lessee in connection with any such proceeding or contest. On final determination of the proceedings or contest, (di) In the event that Lessor has paid, before the Term Commencement Date, Lessee shall immediately pay or discharge its share of any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, Tax Increase based on the Term Commencement Datedecision or judgment rendered, Lessee's pro rata portion thereof.together with all costs, charges, interest and
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease (Digitalthink Inc)
Real Property Taxes. i. Local improvements, assessment rates, occupancy charges, common expenses and other charges shall be apportioned to the Closing Date (athe day itself to be apportioned to the Purchaser). Because the Occupancy Fee does not include any amount on account of real property taxes relating to the Unit for the period following the Firm Occupancy Date, real property taxes on account of the Unit shall be apportioned to the Firm Occupancy Date (the day itself to be apportioned to the Purchaser) Lessee agrees with the Vendor being responsible for all real property taxes up to pay but not including the Firm Occupancy Date and the Purchaser being responsible for all real property taxes assessed on account of the Unit thereafter with an adjustment on Closing of any taxes paid by the Vendor for the period after the Firm Occupancy Date as apportioned by the Vendor to Lessorthe Unit. The Vendor and the Purchaser hereby mutually undertake to make any necessary readjustments for real property taxes, prior local improvements and other charges upon receipt of the assessment for the Unit and with respect to delinquencyany other adjustments on the statement of adjustments.
ii. Real property/municipal taxes applicable to the Unit including local improvement or other charges shall be estimated by the Vendor for the calendar year in which the Closing Date occurs and may at the option of the Vendor be adjusted as if such sums as estimated had been paid by the Vendor for the said year notwithstanding the same or part thereof may not have been levied or paid, subject to readjustment after the Closing Date upon the actual amount of such taxes, local improvement or other charges being ascertained. The foregoing is subject to the provisions in subparagraph iv hereof.
iii. The Vendor and the Purchaser hereby mutually undertake to make any necessary readjustments for real property/municipal taxes, local improvements and other charges upon receipt of the assessment for the Unit and with respect to any other adjustments on the statement of adjustments.
iv. In addition and without limitation on account of any of the foregoing or anything else within this Agreement, as rent additional it may be one or more years following Closing before real property/municipal taxes are separately assessed against the Unit and the billing for such taxes will continue against the Vendor until such separate assessment, the Vendor has the right to all other Rent reserved in require the payment from the Purchaser to the Vendor on Closing of an amount equal to two times 1/116th (this Lease, all Taxes number is based on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the total number of days approved units in Jasper Condos) of the real property taxes assessed as of Closing against the whole of the proposed condominium plan. This is intended to cover the Purchaser’s share of two years of “land taxes”. The monies so collected will be applied on account of real property taxes that accrue from the Firm Occupancy Date until such fiscal tax year that time as taxes are within separately assessed against the Term bears Unit. Any excess of monies collected will be returned to the number of such days that are outside the TermPurchaser. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises Any deficiency is to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor made up for and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rentthe Purchaser.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other As Additional Rent reserved and in accordance with Paragraph 4.D of this Lease, Tenant shall pay to Landlord, monthly in advance or as they become due, pursuant to statements submitted by Landlord, Tenant’s Proportionate Share of all Taxes on Real Property Taxes relating to the Premises accruing with respect to the Premises during the Term of this Lease and the Extended Term ("if any). The term “Real Property Taxes") for each fiscal tax year or portion thereof ” shall also include supplemental taxes related to the period of Tenant’s Term whenever levied, including any such taxes that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within may be levied after the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessorhas expired. In the event the Premises are separately assessedleased hereunder consist of only a portion of the entire tax parcel, Lessee Tenant shall pay Real Property Taxes thereon to Landlord monthly in advance or as they become due, pursuant to statements submitted to Tenant by Landlord, Tenant’s Proportionate Share of such real estate taxes allocated to the Premises by square footage or other reasonable basis as calculated and determined by Landlord. If the tax billing pertains 100% to the Premises, and Landlord chooses to have Tenant pay said real estate taxes directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that mayTax Collector, under applicable Legal Requirements then in force, be paid in installments, Lessee such event it shall be required the responsibility of Tenant to pay hereunder only such installmentsobtain the tax and assessments bills and pay, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
no less than ten (c10) In the event that Lessee fails to pay any Real Property Taxes days prior to delinquency, Lessor the applicable real property taxes and assessments pertaining to the Premises, and failure to receive a bxxx for taxes and/or assessments shall have the right not provide a basis for cancellation of or non-responsibility for payment of penalties for nonpayment or late payment by Tenant. The term “Real Property Taxes”, as used herein, shall mean (i) all taxes, assessments, levies and optionother charges of any kind or nature whatsoever, but no obligationgeneral and special, foreseen and unforeseen (including all installments of principal and interest required to pay such Real Property Taxes any general or special assessments for public improvements and any increases resulting from reassessments caused by any change in ownership of the Premises) now or hereafter imposed by any governmental or quasi-governmental authority or special district having the direct or indirect power to tax or levy assessments, which are levied or assessed against, or with respect to the value, occupancy or use of, all or any portion thereof before of the Premises (as now constructed or after the delinquency date and as may at any and all finestime hereafter be constructed, penaltiesaltered, and or otherwise changed) or Landlord’s interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, therein; any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part improvements located within the TermPremises (regardless of ownership); the fixtures, Lessee agrees to pay to Lessorequipment and other property of Landlord, on real or personal, that are an integral part of and located in the Term Commencement DatePremises; or parking areas, Lessee's pro rata portion thereof.public utilities, or energy within the Premises; (ii) all charges, levies or fees BUILDING: 1098 Alta PROPERTY: 1-0001
Appears in 1 contract
Samples: Lease Agreement (Sonics, Inc.)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within During the Lease Term, prorated between Lessor Tenant shall also pay at least twenty (20) days before delinquent any and Lessee for each fiscal tax year that is not entirely within all Real Estate Taxes, assessed or imposed, or which become a lien upon or become chargeable against or payable in connection with the Term in Building Improvements and the same ratio as the number of Premises. Within three business days of such fiscal tax year that are within the Term bears to the number payment, Tenant shall provide Landlord evidence of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts payment in a form reasonably acceptable to cause the LNG Facility and the Premises to be separately assessed from other property owned by LessorLandlord. In the event that the Premises are not separately assessed, Lessee Tenant shall pay Real Property Taxes thereon directly to the Governmental Authority collecting an equitable proportion of the Real Property Taxes.
(bEstate Taxes and assessments for all the land and improvements included within the tax parcel(s) assessed, with such proportion to be determined by Landlord from the respective valuations assigned in the Assessor’s worksheets and such other information as is reasonably available to Landlord, including the Building Improvements and any special improvements constructed for the benefit of Tenant. Real Estate Taxes for the last year of the term of this Lease shall be prorated between Landlord and Tenant as of the expiration date of the term. With respect to Real Property Taxes that mayany assessments which may be levied against or upon the Building Improvements or the Premises, or which under applicable Legal Requirements the laws then in force, force may be evidenced by improvement or other bonds and may be paid in annual installments, Lessee shall be required to pay hereunder only the amount of such installmentsannual installment, prorated between Lessor and Lessee with appropriate proration for any partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penaltiesyear, and interest thereon, shall be included within a computation of taxes and Lessee agrees assessments levied against the Building Improvements or the Premises. To the extent tax bills are not otherwise delivered to reimburse Lessor immediately for Tenant and such tax bills are delivered to Landlord, at least sixty (60) days prior to the total applicable delinquency date, Landlord will provide Tenant with written notice detailing the amount so paid by Lessor, as Additional Rent.
(d) and due date of each real estate tax Tenant is required to pay pursuant to this Section 12.1.2. In the event that Lessor has paidTenant incurs a late charge on the payment of the Base Monthly Rental or fails to pay the real property taxes within twenty (20) days before delinquent, Landlord may estimate the current real property taxes, and require that such taxes be paid in advance to Landlord by Tenant monthly in advance with the payment of the Base Monthly Rental. Such monthly payment shall be equal to the amount of the estimated installment of taxes divided by the number of months remaining before the Term Commencement Datemonth in which such installment becomes delinquent. When the actual amount of the applicable tax xxxx is known, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees amount of such equal monthly advance payments shall be adjusted as required to provide the funds needed to pay the applicable taxes. If the amount collected by Landlord is insufficient to Lessorpay such Real Estate Taxes when due, on Tenant shall pay Landlord, upon demand, such additional sum as is necessary. Upon receipt of the Term Commencement Datefull amount of the Real Estate Taxes for such period, Lessee's pro rata portion thereofLandlord shall, if practicable, pay such Real Estate Taxes before they are delinquent. Advance payments may be intermingled with other moneys of Landlord and shall not bear interest. In the event of a breach by Tenant in the performance of its obligations under this Lease, then any such advance payments may be treated by Landlord as an additional security deposit; provided, however, to the extent that Landlord applies such payments to anything other than real estate taxes, then Landlord shall promptly give Tenant notice of such application.
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Real Property Taxes. (a) Lessee In addition to the rents provided for in Article 2 above, and commencing with the term of this Lease, as defined in Article 1, Tenant agrees to pay to Lessormonthly, prior to delinquencyon the first day of each month, (on an estimated basis by Landlord) all taxes (including other fees or charges hereinafter defined as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property New Taxes") and assessments levied and assessed for each fiscal tax any year or portion thereof that is within upon the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility Premises and the Premises to be separately assessed from other property owned by Lessorunderlying realty. In the event the Landlord does not have the Premises separately assessed for tax purposes, then and in that event the taxes and assessments on the Premises shall be apportioned according to the floor area of the Premises, including mezzanine (if any), as it relates to the total leasable floor area of the building or buildings included in said tax assessment. All such taxes and assessments shall be payable by Tenant to Landlord within thirty (30) days after receipt of an invoice from Landlord advising Tenant of its share of said taxes and assessments. With respect to any assessments which may be levied against or upon the Premises or which under the laws then in force may be evidenced by improvement or other bonds, or may be paid in annual installments, only the amount of such annual installment (with appropriate proration for any partial year) and statutory interest shall be included within the computation of the annual taxes and assessments levied against the Premises. Taxes for the first and last year of the term hereof shall be prorated between the Landlord and Tenant as of the commencement of, and expiration of the term, subject to the provisions of Article 1, and shall be payable within ten (10) days after a receipt of an invoice from Landlord. In the event taxes are separately assessedbilled on an estimated basis, Lessee Tenant shall pay to Landlord one-twelfth (1/12th) of its proportionate share of the estimated Real Property Taxes thereon directly to for each tax year on the Governmental Authority collecting first day of each month, which occurs in such tax year. The amount of the Real Property Taxes.
(b) With respect to estimated Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only based on the most recent available assessment notices or tax bills concerning the entire Building or, at the option of Landlord, the Parcel of which the Premises are a part, or, if there are none, on such installmentsamount as Landlord, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In in good faith, shall estimate. If the event that Lessee fails to pay any amount paid by Tenant toward the estimated Real Property Taxes prior exceeds the actual amount due at the end of such tax year (as determined from the specific tax bills for such tax year), the excess shall be applied against Tenant's next succeeding payment(s) due under this Section. If the amount paid by Tenant under this Section is less than said actual amount due, Tenant shall pay to delinquency, Lessor Landlord the deficiency within ten (10) days after notice from Landlord. A tax xxxx or assessment notice submitted by Landlord to Tenant shall have be conclusive evidence of the right and option, but no obligation, to pay such amount of Real Property Taxes assessed or any portion thereof before levied and of the items taxed or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rentassessed.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
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Real Property Taxes. (a) Lessee agrees Commencing on the Commencement Date and continuing throughout the Term, Tenant will pay or cause to pay to Lessorbe paid, prior to delinquency, all real property taxes and assessments now or hereafter levied or assessed against the Premises (the “Taxes”). Notwithstanding the foregoing, Taxes shall not include (a) any inheritance, estate, succession, transfer, gift, franchise, or capital stock tax; (b) any gross or net income taxes of Landlord; or (c) any excise taxes imposed upon Landlord based upon gross or net rentals or other income received by it (collectively, the “Excluded Taxes”), unless the present method of assessment or taxation is changed so that the whole or any part of the taxes, assessments, levies or charges now levied, assessed or imposed on real estate and improvements thereon are changed or discontinued and as rent additional a substitute therefore, taxes, assessments, levies or charges are levied, assessed and/or imposed wholly or partially upon Landlord in the form of one or more of the Excluded Taxes, in which event Taxes will include the Excluded Taxes to all the extent so levied, assessed or imposed. Taxes will be prorated between the parties for any partial year after the Commencement Date or at the expiration or other Rent reserved in termination of this Lease, all . Tenant shall pay Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and assessed against the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
taxing authority prior to delinquency and shall provide Landlord with copies of paid tax receipts or other evidence of payment within ten (b10) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only business days following such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee payment. If Tenant fails to pay any Real Property Taxes prior when required to delinquencybe paid hereunder and that failure continues for more than five (5) business days after written notice from Landlord, Lessor shall have the right and optionthen, but no obligationin addition to any other remedies available to Landlord under this Lease, to Landlord may pay such Real Property Taxes or any portion thereof before or after Taxes, in which event Tenant must immediately reimburse Landlord for the delinquency date and any and all finesamount thus advanced by Landlord, penalties, together with the administrative charge and interest thereonat the Default Rate on such sums as provided in Section 15.7. Any refunds, rebates and Lessee agrees to reimburse Lessor immediately for discounts received by Landlord in connection with such Taxes shall be credited against the total amount so paid by Lessor, as Additional Rentnext installment of Rent due hereunder.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees to Landlord shall pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears Taxes with respect to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility Building and the Premises to Project, which shall be separately assessed from other property owned by Lessorincluded in Operating Expenses. In the event If the Premises are separately assessed, Lessee or included within an assessor’s parcel that does not encompass the entire Project, Landlord shall pay Real Property Taxes thereon directly adjust Tenant’s Share of Operating Expenses as it relates to the Governmental Authority collecting the Real Property Taxes.
(b) With respect , to Real Property Taxes that reflect the proportion between the area of the Premises and the total area of the assessor’s parcel encompassing the Premises. Tenant may, under applicable Legal Requirements then upon the receipt of prior written approval of Landlord, such approval not to be unreasonably withheld, contest any Real Estate Taxes against the Project and attempt to obtain a reduction in force, be paid in installments, Lessee shall be required to pay hereunder only the assessed valuation of the Project for the purpose of reducing any such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) assessment. In the event that Lessee fails to pay any Real Property Taxes prior to delinquencyLandlord approves, Lessor shall have and upon the right and optionrequest of Tenant, but no obligationwithout expense or liability to Landlord, to pay Landlord shall cooperate with Tenant and execute any document which may be reasonably necessary and proper for any proceeding. If a tax reduction is obtained, there shall be a subsequent reduction in Tenant’s Real Estate Taxes for such Real Property Taxes or any portion thereof before or after the delinquency date year, and any and excess payments by Tenant shall be refunded by Landlord, without interest, when all fines, penalties, and interest thereon, and Lessee agrees refunds to reimburse Lessor immediately for which Landlord is entitled from the total amount so paid taxing authority with respect to such year have been received by Lessor, as Additional Rent.
(d) Landlord. In the event that Lessor has paid, before the Term Commencement Date, Landlord desires to contest any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the TermEstate Taxes, Lessee Tenant agrees to pay cooperate with Landlord and execute any document which may be reasonably necessary and proper for any proceeding, at no cost to Lessor, on Tenant. Tenant shall not be liable for increases in Real Estate Taxes attributable to additional improvements to expand the Term Commencement Date, Lessee's pro rata portion thereofrentable area of the Project.
Appears in 1 contract
Samples: Standard Industrial Lease (Alphatec Holdings, Inc.)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) 1.1.1 In the event that the RNG Site is separately assessed by the applicable taxing jurisdictions (separately from the remainder of the WM Property): (i) Lessee fails shall, during SMRH:4870-4515-0077.1 -19- the Term of this Agreement, pay or arrange for the payment of all real property taxes and assessments levied upon or assessed against the RNG Site, and the Purchaser’s Facility or any other equipment and improvements constructed or installed thereon; and (ii) Lessor shall, during the Term of this Agreement, pay or arrange for the payment of all real property taxes and assessments levied upon or assessed against the WM Property (excluding the RNG Site), and any facilities or equipment and improvements constructed or installed thereon. Lessee, at its sole cost and expense, shall have the right at any time to contest any taxes or assessments that may be imposed on the RNG Site or any other part of Purchaser’s Facility in the manner provided by law, provided that (x) LESSEE INDEMNIFIES, DEFENDS, AND HOLDS LESSOR HARMLESS FROM AND AGAINST ANY ACTIONS, CLAIMS, DEMANDS, EXPENSES, OR LIABILITIES ARISING OUT OF OR RELATING TO SUCH CONTEST AND/OR APPEAL THAT LESSOR WOULD NOT OTHERWISE HAVE BEEN OBLIGATED TO PAY HAD LESSEE NOT CONTESTED SUCH ITEMS AND (Y) SUCH CONTEST IS DONE IN ACCORDANCE WITH APPLICABLE LAW (INCLUDING THE PAYMENT OF TAXES UNDER PROTEST OR POSTING OF BONDS, IF SO REQUIRED). Any and all refunds received from such contest, including interest, shall be equitably apportioned to the account of Lessor or Lessee based upon the period affected thereby, and Xxxxxx shall be entitled to receive Xxxxxx’s pro rata share of any such refund and reimbursement of Xxxxxx’s pro rata share of the reasonable, actual third party costs (including reasonable attorneys’ fees) incurred in connection with such contest. The obligations of this Section 11.3.1 shall survive the expiration or earlier termination of this Agreement.
1.1.2 For the purposes of this Section 11.3, real property taxes and assessments means: all real property taxes and other assessments on buildings and land, including taxes and assessments for special improvement districts and building improvement districts, and all governmental charges, fees and assessments for police, fire, traffic mitigation or other governmental service of purported benefit to the property.
1.1.3 In the event that the RNG Site is not separately assessed by the applicable taxing jurisdictions (separately from the remainder of the WM Property, or any portion thereof), Lessor shall, during the Term of this Agreement, pay or arrange for the payment of all real property taxes and assessments levied upon or assessed against the tax parcel(s) within the WM Property that include the RNG Site, and any Real facilities or equipment and improvements constructed or installed thereon, and Lessee shall reimburse Lessor for the Lessee’s pro-rata share of such real property taxes and assessments within twenty (20) days after receiving an invoice from Lessor. The Lessee’s annual pro-rata share of such real property taxes and assessments shall be: (i) 100% of the amount of real property taxes and assessments, to the extent that it can be determined, levied upon or assessed against the Purchaser’s Facility or equipment and improvements constructed or installed as of the Effective Date on the RNG Site; plus (ii) an amount equal to the product of (A) the surface area of the RNG Site divided by (B) the total surface area of the WM Property Taxes prior multiplied by (C) the amount of real property taxes and assessments levied upon or assessed against the tax parcel(s) within the WM Property (excluding improvements) that include the RNG Site; plus (iii) 100% of the amount of increase of real property taxes and assessments levied upon or assessed against the tax parcel(s) within the WM Property that include the RNG Site over the tax year in which the Effective Date occurs (the “Tax Base Year”), to delinquencythe extent that such increase is attributable to any Purchaser’s Facility constructed and installed by Lessee subsequent to the Tax Base Year. In addition, Xxxxxx shall have the right at any time to contest any taxes or assessments, and Lessor shall have the right to select counsel and optioncontrol the appeal. Xxxxxx agrees to promptly reimburse Lessor for the reasonable costs incurred in connection with any such appeal that are directly related to the RNG Site, but no obligation, to pay such Real Property Taxes or any portion thereof before or part of Purchaser’s Facility. Xxxxxx agrees to promptly provide Lessee with notice of any real property tax assessment affecting Xxxxxx’s rights hereunder but in no event later than thirty (30) days after its receipt of any such bill (provided, the delinquency date and any and all fines, penaltiesfailure to provide such bill shall not be grounds for non-payment by Xxxxxx), and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, allow Xxxxxx to participate in any review process as Additional Rent.
(d) necessary to effect Xxxxxx’s rights of defense under this Section 11.3.3. In the event that Xxxxxx has successfully contested the taxes or assessments imposed on such parcel, which includes the RNG Site and/or other part of the Purchaser’s Facility and/or WM Property, and has received a refund thereon, the Lessor has paid, before shall promptly remit a prorated portion of any such refund to the Term Commencement Date, any Real Property Taxes other Party. Such prorations shall be in accordance with the formula set forth above in this Section 11.3.3. The obligations of this Section 11.3.3 shall survive the expiration or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereoftermination of this Agreement.
Appears in 1 contract
Samples: Lease Agreement (OPAL Fuels Inc.)
Real Property Taxes. (a) Lessee Tenant agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in Landlord throughout the term of this Lease, as Additional Rent, any and all Taxes on Real Property real property taxes, assessments, and levies assessed against the Leased Premises during each tax year ("Real Property Taxes"). Tenant covenants and agrees to deposit monthly, in advance, and if requested by Landlord, with Landlord on the first day of each calendar month throughout the Lease Term an amount equal to one-twelfth (1/12th) of Landlord's estimate of the Real Property Taxes for the next succeeding tax fiscal year. The first installment shall be due and payable by Tenant on the Rent Commencement Date, without proration, and the next installment shall be paid on the first day of the next calendar month. Any underpayment of Tenant's obligations not covered by the accumulation of monthly deposits shall be paid by Tenant within fifteen (15) days of Landlord's demand and any overpayment shall be credited against the installments next coming due. Any interest earned on the escrow deposits payable hereunder shall be and remain the property of Landlord. Should any governmental taxing authority acting under any present or future law, ordinance or regulation, levy, assess, or impose a tax, excise and/or assessment (other than an income or franchise tax) upon or against the Rent, or any part of it, payable by Tenant to Landlord, either by way of substitution (in whole or in part) for each fiscal or in addition to any existing tax year on the Leased Premises or portion otherwise, Tenant shall be responsible for and shall pay such tax, excise and/or assessment, or shall reimburse Landlord for the amount thereof that is within the Termthirty (30) days of demand, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessorcase may be. In the event any governmental authority includes in the Premises are separately assessed, Lessee shall pay tax base upon which the Real Property Taxes thereon directly to are levied or assessed the Governmental Authority collecting value of any improvements made by Tenant, or of any machinery, equipment, fixtures, inventory or other personal property or assets of Tenant, then Tenant shall pay the entire portion of the Real Property Taxes.
(b) With respect Taxes attributable to or based upon such items in addition to the portion of the Real Property Taxes that may, under applicable Legal Requirements then payable by Tenant as otherwise provided in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee this Section. Tenant agrees to pay before delinquency all taxes imposed on or incidental to Lessorthe personal property of Tenant, on the Term Commencement Date, Lessee's pro rata portion thereofconduct of its business and its use and occupancy of the Leased Premises.
Appears in 1 contract
Samples: Lease Agreement (Execustay Corp)
Real Property Taxes. (a) Lessee agrees Tenant shall pay Tenant's Percentage of the increase of all real property taxes and assessments levied or assessed against the Property in excess of the real property taxes and assessments levied or assessed against the Property for the Base Year. Landlord shall notify Tenant of Landlord's calculation of Tenant's share of such increase, and together with such notice, shall furnish Tenant with a copy of the appropriate tax bills. Tenant may be required to pay its share of any such increase semi-annually not later than ten (10) days before the taxing authority delinquency date (November 1St and May 1') or ten (10) days after receipt of the notice, whichever is later. If the final year of this Lease is less than a full calendar year, the amount of the increase shall be prorated to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or reflect the portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax of such calendar year that this Lease is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxeseffect.
(b) With respect Tenant shall pay before delinquent all taxes levied against trade fixtures, furnishings, equipment, improvements and all other personal property located on or about the Premises. Tenant shall attempt to Real Property Taxes that mayhave the trade fixtures, under applicable Legal Requirements then in forcefurnishings, be paid in installmentsfixtures, Lessee equipment and all other personal property assessed separately from the real property and billed directly to Tenant. If any property is assessed with Landlord's real property, Tenant shall be required pay Landlord the taxes attributable to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.the personal property within thirty (30) days after demand by Landlord containing a written statement showing the taxes on the personal property
(c) In the event that Lessee fails Tenant agrees to pay all taxes, except income tax, which may be levied or assessed upon any Real Property Taxes prior rent payment made by Tenant to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional RentLandlord.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part Landlord's failure to notify Tenant within the Term, Lessee agrees time period referenced above to pay to Lessor, on its proportionate share of the Term Commencement Date, Lessee's pro rata portion thereoftaxes specified in subparagraphs (b) and (c) shall not serve as a waiver by Landlord of these amounts.
Appears in 1 contract
Samples: Office Lease (Nord Resources Corp)
Real Property Taxes. Notwithstanding anything to the contrary in this Agreement, the Parties acknowledge that certain of the Seller Parties have appealed certain real property Taxes attributable to the Transferred Properties. Such Seller Parties shall be responsible for, and shall receive the benefit of (aless any portion thereof to which a Tenant may be entitled), any additional real property Taxes and any Tax rebates or refunds attributable to Pre-Closing Tax Periods and such appeals; provided that such Seller Parties shall not be responsible for (or receive the benefit of) Lessee agrees any such Taxes (or rebates or refunds) to the extent the Unadjusted Purchase Price was adjusted downward (or upward) pursuant to Article I determined after taking into consideration all adjustments provided for therein, on account of such Taxes (or rebates or refunds). If such Seller Parties are entitled to the benefit of any rebate or refund pursuant to the preceding sentence, then within ten (10) days of receipt by or on -- \\DC - 088650/000238 - 6521921 v16 behalf of any Purchaser Party or Affiliate thereof of any such rebate or refund, the Purchaser Parties shall pay to Lessor, prior the Seller Parties an amount equal to delinquency, as rent additional the portion of such rebate or refund to all other Rent reserved in this Lease, all Taxes on Real Property which the Seller Parties are so entitled ("Real Property Taxes") for each fiscal tax year or less any portion thereof that is within the Termto which a Tenant may be entitled) and net of any Tax cost imposed on any Purchaser Party as a result of receiving such refund or rebate. A Seller Party, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use at its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessedexpense, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and optionright, but no not the obligation, to pay control and continue (but not settle or compromise, except as expressly provided below) any such Real Property Taxes appeal or any portion thereof before or after related proceedings which are pending as of the delinquency date and any and all finesof this Agreement, penaltiesincluding the employment of counsel, and interest thereonshall promptly provide to the applicable Purchaser Parties all material information relating to such appeals or proceedings as and when such information becomes known to a Seller Party, together with such other information as the applicable Purchaser Parties may reasonably request; provided, however, if a Seller Party elects not to control any such appeal or related proceeding, then such Seller Party shall give prompt written notice to the applicable Purchaser Parties of such election, and, thereafter, the applicable Purchaser Parties shall have the right, but not the obligation, to control such appeal or related proceeding and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessorsettlement or compromise thereof. A Seller Party may not settle or compromise any such appeal or related proceeding without prior written consent of the applicable Purchaser Parties, as Additional Rentwhich consent shall not be unreasonably withheld.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement (General Electric Capital Corp)
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquencypromptly, as rent additional to all other Rent reserved in the same become due and are assessed and are, or become a lien during the term of this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay exhibit to Lessor, on demand, receipts evidencing payment of all such taxes and assessments so payable by Lessee. All such taxes for the Term Commencement Datelast year of the term hereof shall be equitably prorated between the parties as of the last day of the term of this Lease. It is expressly agreed, however, that Lessee shall not be obligated to pay any income tax, profits tax, excise tax or other similar tax or charge that may be payable by or chargeable to Lessor under any present or future law of the United States, the State of California, or any City or other local government authority except to the extent that Lessor can demonstrate that such taxes are in lieu of real property taxes and are in fact imposed upon the real estate. Nor shall Lessee be obligated to pay any inheritance, transfer, estate, succession or other similar tax or charge that may be payable under any present or future law of the United States or the said State, or imposed by any political or taxing subdivision thereof. Lessee may, in good faith and in a lawful manner, contest the propriety or legality of any tax, assessment or claim against said premises but all costs and expense incident to such contest shall be paid by Lessee and, in case any such tax, assessment or claim shall be adjudicated adversely to Lessee's pro rata portion thereof, then Lessee shall promptly pay and satisfy such tax, assessment or claim. In the event of any such contest by Lessee, Lessee shall indemnify Lessor against any loss or damage resulting therefrom and, if necessary to prevent a sale or other loss or damage to Lessor shall pay such tax, assessment or claim under the protest or take such other steps as may be necessary to prevent any such sale or any loss or damage to Lessor in connection therewith.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees Except to pay to Lessorthe extent any such impositions are excluded from Lease Expenses under Section 8.1 above, prior to Tenant shall pay, at least ten days before delinquency, as rent additional all real property or real estate taxes, assessments, and other impositions, whether general, special, ordinary, or extraordinary, and of every kind and nature, which may be separately levied, assessed, imposed upon or with respect to all the Premises to the extent attributable to the Term. On demand by Landlord, Tenant shall furnish Landlord with satisfactory evidence of such payments. Landlord may, at its election, pay such taxes, assessments, license fees, and/or other Rent reserved in charges and Landlord shall receive immediate reimbursement of that portion of the amounts so paid that are applicable to the Term, regardless of the validity of the levy. To the extent Tenant pays any such taxes, assessments, license fees and/or other charges, which are attributable to any period after the expiration or earlier termination of this Lease, all Taxes on Real Property Landlord shall, within thirty ("Real Property Taxes"30) for each fiscal tax year days following such expiration or earlier termination and Tenant's written demand therefor, the pro-rata portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears payment attributable to the number of such days that are outside the Termperiod. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned If, by Lessor. In the event the Premises are separately assessedapplicable law, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, any taxes or assessments may be paid in installments at the option of the taxpayer, then whether or not Landlord elects to pay taxes and assessments in installments, Lessee Tenant's liability for such taxes an assessments shall be required to pay hereunder computed as if such election had been made, and only such installments, prorated between Lessor the installments thereof and Lessee for partial fiscal tax years as above provided.
(c) In any interest or fee payable thereon which would have become due during the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor Lease Term shall be included in Lease Expenses. Tenant shall have the right and optionright, but no obligationby appropriate proceedings, to pay protest or contest with the appropriate governmental agency any assessment, reassessment or allocation of real property taxes or other taxes payable by Tenant hereunder, in whole or in part; provided that Tenant provides such Real Property Taxes financial assurances as Landlord may reasonably require in order to bond over or provide for such taxes and no jeopardy or threat to the Landlord's interest in the Premises or any portion thereof before or after the delinquency date exists as a result. Tenant may act in its own name and Landlord shall, at Tenant's request and expense, reasonably cooperate with Tenant in connection with such contest. Tenant may utilize any and all fineslegal procedure for payment under protest, penaltiesif available, and interest thereon, and Lessee agrees may xxx to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.recover
Appears in 1 contract
Samples: Purchase and Sale Agreement (Neurocrine Biosciences Inc)
Real Property Taxes. (a) Lessee 5.1 Tenant agrees to pay before they become delinquent, any and all real estate taxes, payments in lieu of taxes and special assessments, water and sewer rents, and any other governmental charges, general and special, ordinary or extraordinary (collectively referred to Lessor, prior to delinquency, herein as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property (the "Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term), prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within lawfully levied or assessed against the Term bears Demised Premises. Tenant does hereby indemnify, defend and hold the Landlord harmless from and against any and all damages and costs (including reasonable attorneys' fees ) caused by or resulting from Tenant's failure to pay on a timely basis any Real Property Taxes.
5.2 Landlord or Tenant may request and take whatever steps are required to obtain a separate tax xxxx for the number of such days that are outside Demised Premises and, if so obtained, the Term. Lessor and Lessee Tenant shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessorpay said tax xxxx in a timely manner. In the event the Premises are separately assessedtaxing authority refuses to allow a separate tax xxxx for the Demised Premises, Lessee then a method of computation provided by the local assessor's office showing how it arrived at the tax computation for Tenant's improvements and the land shall pay be satisfactory and binding upon Landlord and Tenant.
5.3 If by law any such Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, may be paid in installments, Lessee Tenant shall pay each such installment on or before the date upon which such installment may be paid before delinquency, and Tenant shall exhibit to Landlord for examination for all such taxes within 30 days after the last day upon which the same may be so paid.
5.4 In the event Tenant fails to pay any such Real Property Taxes before delinquency, and if such default shall continue for an additional period of thirty (30) days after Landlord shall have given Tenant notice in writing of the existence thereof, then in such event, Landlord may
5.5 Anything contained herein to the contrary notwithstanding, Landlord agrees that Tenant shall have the right to contest the amount or legality of any Real Property Taxes which it is obligated to pay, and the right to make application for the reduction thereof or of any assessment upon which the same may be based, but this shall not be deemed or construed in any way as releasing or discharging Tenant's covenant to pay such taxes. Landlord shall, at the request of Tenant, join in any such proceedings or application; provided, however, that Tenant agrees to indemnify Landlord against all liabilities, damages, costs and expenses, including counsel fees, in connection therewith, and all such proceedings and applications shall be without cost or expense or liability to Landlord. If Tenant shall contest the amount or legality of any such imposition, or make application for the reduction thereof, or of any assessment which the same may be based, the time within which Tenant shall be required to pay hereunder the same shall be extended until such contest or application shall have been finally determined (including all appeals with respect thereto), but only if such installmentslegal proceedings or such action as Tenant may and does take in connection therewith shall operate to prevent or stay the collection of the impositions contested and the sale of the Demised Premises, prorated between Lessor or any part thereof, to satisfy the same. Tenant agrees that it will prosecute any such contest or application with due diligence and Lessee for partial fiscal tax years as above provided.that it will, within thirty (30) days after final determination thereof (including all appeals with respect thereto), pay the amount of such taxes which may have been the subject of such contest
(c) In the event that Lessee fails 5.6 Nothing herein contained shall require Tenant to pay municipal, state or federal income, excess profits, revenue or excise taxes assessed against or imposed upon Landlord, or municipal, state or federal capital levy, capital stock, estate, succession, inheritance, devolution, transfer or gift taxes of Landlord, or corporation franchise taxes imposed upon any Real Property Taxes prior to delinquencycorporate owner of the fee (or undivided interest(s) in the fee) of the Demised Premises, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before other taxes of a similar nature which are or after may become payable by Landlord or which may be imposed against Landlord, the delinquency date and income or profits of Landlord, by reason of any and all fineslaw now in force or hereinafter enacted, penaltiesexcept that the Tenant shall reimburse the Landlord for any tax, and interest thereonexcise, and Lessee agrees to reimburse Lessor immediately for surcharge or assessment upon or against the total amount so paid by Lessor, as Additional Base Minimum Rent.
(d) In 5.7 As respects the event that Lessor has paidyear in which the term of this Lease expires or terminates, before Tenant shall not be liable for taxes in respect of the Term Commencement Dateimprovements and/or the land comprising the Demised Premises which are applicable to the fractional period subsequent to termination, and if Tenant shall have previously paid any Real Property Taxes or installment thereof such taxes for a fiscal tax year or portion thereof that which it is in part within not so liable, Landlord shall refund the Term, Lessee agrees excess to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereofTenant.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved As used in this Lease, all Taxes the term “Taxes” shall include any form of tax or assessment, license fee, license tax, possessory interest tax, tax or excise on Real Property rental, or any other levy, charge, expense or imposition imposed by any Federal, state, county or city authority having jurisdiction, or any political subdivision thereof, or any school, agricultural, lighting, drainage or other improvement or special assessment district on any interest of Landlord or Tenant ("Real Property Taxes"including any legal or equitable interest of Landlord or its mortgagee, if any) for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as Premises, the number remainder of days of such fiscal tax year that are within the Term bears to Project or the number of such days that are outside the Termunderlying realty. Lessor and Lessee The term “Taxes” shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessednot include Landlord’s general income taxes, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxesinheritance, estate or gift taxes.
(b) With From and after the Rent Commencement Date, Tenant shall pay to Landlord, as Additional Rent, a share of the Taxes pursuant to Section 8.1(c) below. Taxes for any partial year shall be prorated. Landlord, at its option, may collect Tenant’s payment of its share of Taxes after the actual amount of Taxes are ascertained or in advance, monthly or quarterly, based upon estimated Taxes. If Landlord elects to collect Tenant’s share of Taxes based upon estimates, Tenant shall pay to Landlord from and after the Rent Commencement Date, and thereafter on the first (1st) day of each month or quarter during the Term (as determined by Landlord), an amount estimated by Landlord to be the monthly or quarterly Taxes payable by Tenant. Landlord may periodically adjust the estimated amount. If Landlord collects Taxes based upon estimated amounts, then following the end of each calendar year or, at Landlord’s option, its fiscal year, Landlord shall famish Tenant with a statement covering the year just expired showing the total Taxes for the Project for such year, the total Taxes payable by Tenant for such year, and the payments previously made by Tenant with respect to Real Property such year, as set forth above. If the actual Taxes payable for such year exceed Tenant’s prior payments, Tenant shall pay to Landlord the deficiency within ten (10) days after its receipt of the statement. If Tenant’s payments exceed the actual Taxes payable for that mayyear, under applicable Legal Requirements then in force, be paid in installments, Lessee Tenant shall be required entitled to pay offset the excess against the next payment(s) of Taxes and/or other Additional Rent that become due to Landlord; provided that Landlord shall refund to Tenant the amount of any overpayment for the last year of the Term. Landlord shall furnish to Tenant copies of the bills for the Taxes for the Project from which the Taxes payable by Tenant hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above providedwere computed upon Tenant’s written request.
(c) In Tenant’s share of the event Taxes shall be determined by multiplying all of the Taxes on the portion of the Project which is the tax parcel including the Premises, by a fraction, the numerator of which shall be the Floor Area of the Premises and the denominator of which shall be the Floor Area existing and for which a certificate of occupancy has been issued in such portion of the Project as of the commencement of the applicable calendar or fiscal year; provided, however, that Lessee fails for purposes of determining Tenant’s share of Taxes allocable to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part land within the Termtax parcel including the Premises (as opposed to Taxes on building improvements), Lessee agrees to pay to Lessor, it shall be deemed that Landlord has completed construction of both the Premises containing 3,000 square feet of Floor Area and the adjacent building shown on the Term Commencement Date, Lessee's pro rata portion thereofExhibit A as containing 13,905 square feet of Floor Area.
Appears in 1 contract
Samples: Lease (Central Coast Bancorp)
Real Property Taxes. (a) Lessee From and after the Rent Commencement Date only, Tenant agrees to pay an amount equal to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on the full value of Real Property Taxes levied upon the Land and the Premises as would otherwise be due from a non-exempt owner before the later of ("i) thirty (30) days following Tenant’s receipt of the tax invoice, of (ii) the date such taxes would be delinquent. Landlord shall ensure that the Land will be assigned separate assessor parcel numbers and will not be assessed as part of any other real property owned by Landlord or other parties. “Real Property Taxes"” means real estate taxes levied or assessed against the Premises and the Land as finally determined to be legally payable by legal proceedings after taking into account any available discount, excluding any interest or penalty for late payment. The term “Real Property Taxes” as used in this Lease shall be deemed to exclude any transfer, gift, succession, mortgage, capital stock, corporation, income or profit taxes, or Landlord’s gross profit tax, or any special assessment(s) for each fiscal highway, street, or traffic control improvements, for sanitary or storm sewers, for utilities, or for other off-site improvements in connection with the development of the Premises where the work in connection with such off-site improvements shall have been commenced on or before the Commencement Date, or for any income, franchise, corporate, personal property, capital levy, capital stock, gross receipts, excess profits, transfer, revenue, estate, inheritance, gift, devolution or succession tax year payable by Landlord, or portion thereof that is any other tax or assessment upon, or measured by, the rent payable by Tenant hereunder. If any tax or assessment may be paid in installments under applicable laws, only the current annual installment for such tax or assessment shall be included within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within meaning of the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the term “Real Property Taxes.
(b) With respect ” If Landlord shall actually receive a refund of real estate charges for any tax year in which Tenant has paid its proportionate share of real estate charges, Landlord shall refund Tenant’s proportionate share of such refund to Real Property Taxes that mayTenant, under applicable Legal Requirements then in force, be paid in installments, Lessee and this provision shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor survive termination of this Lease. Tenant shall have the right and option, but no obligation, to pay such contest Real Property Taxes or so long as Tenant indemnifies Landlord from any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, liability as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion result thereof.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees to Tenant shall pay to LessorLandlord in the manner set forth in Section 8 below, prior to delinquencyand as Additional Rent, as rent additional to all other Rent reserved in this Lease, all Taxes on Tenant's Percentage Share of Real Property Taxes attributable to the tax parcel within which the Building is located and the portion of Real Property Taxes attributable to the developed Common Facilities in the Project (including, but not limited to, common detention ponds, the central park area, Building and Project roads, Building and Project landscaping, etc.) allocated by Landlord to the Building based on the Building's pro rata share thereof (as such pro rata share is reasonably determined by Landlord) (collectively, "Tenant's Percentage Share of Real Property Taxes") for each fiscal tax year or ). Landlord shall not allocate to Tenant any portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior attributable to delinquencyundeveloped portions of the Project, Lessor shall have developed portions of the right and optionProject held for lease (excluding the Building), but no obligation, or developed portions of the Project that are not Common Facilities. Tenant's obligation to pay such Tenant's Percentage Share of Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before during the Term Commencement Dateshall survive the expiration or early termination of this Lease provided that Landlord invoices Tenant for such amounts no later than two (2) years after such expiration or early termination. If this Lease shall commence or terminate on a day other than the first or last day of a calendar year, any respectively, the amount of Tenant's Percentage Share of Real Property Taxes or installment thereof payable by Tenant for a fiscal tax such calendar year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, shall be prorated on the Term Commencement Date, Lesseebasis of a 365 day year and shall be due and payable when rendered notwithstanding termination of this Lease provided that Landlord invoices Tenant for such amounts no later than two (2) years after such expiration or early termination. Tenant's pro rata portion thereofPercentage Share of Real Property Taxes allocable to the calendar year in which this Lease commences or terminates shall be deemed to have been incurred evenly over the entire twelve (12) month period of such calendar year.
Appears in 1 contract
Real Property Taxes. (a) Lessee agrees to Upon written notice from Landlord, Tenant shall pay to Lessor, prior to delinquencyLandlord the real property tax, as rent additional defined herein, applicable to all other Rent reserved in the Premises during the term of this Lease. As used herein, the term "real property tax" shall include any form of real estate tax or assessment, general, special, ordinary or extraordinary, and any license fee, commercial rental tax, improvement bond or bonds, levy or tax (other than inheritance, personal income or estate taxes) imposed on the Premises by any authority having the direct or indirect power to tax, including any city, state or federal government, or any school, agricultural, sanitary, fire, street, drainage or other improvement district thereof, as against any legal or equitable interest of Landlord in the Premises or in the real property of which the Premises are a part, as against Landlord's right to rent or other income therefrom, and as against Landlord's business of leasing the Premises. If the Premises are not separately assessable, Xxxxxx's liability shall be an equitable portion of the real property taxes for all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is of the land and improvements included within the Termtax parcel assessed, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within such proportion to be determined by Landlord from the Term respective valuations assigned in the same ratio assessor's work sheets or such other information as may be reasonably available. Landlord's reasonable determination thereof, in good faith, shall be conclusive. If Xxxxxx believes the number assessed value of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to is greater than the actual market value, Tenant, with Xxxxxxxx's prior written consent, which consent will not be separately assessed from other property owned by Lessorunreasonably withheld, may pursue a reassessment at it's expense. In Landlord shall cooperate with Tenant with such efforts. Tenant assumes all risk and expenses and liabilities if the request is denied, or in the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxesassessed value is increased as a result of Xxxxxx's request for reassessment.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
Appears in 1 contract
Real Property Taxes. (a) Lessee Notwithstanding anything in Section 8.1 of the Lease to the contrary at such time as Tenant may lease at least eighty-five percent (85%) of the rentable area of the Building, Tenant shall have the right to appeal the assessment value of the Building Parcel (hereinafter defined). In addition, in any event, Tenant shall have the right to apply for an abatement of Real Estate Taxes, under any governmental incentives regarding the leasing of the Premises, including, without limitation, the “Mxxxxx Tax Abatement Program”, or any other tax incentives under the laws of Mxxxxxxxxx County, Maryland or the State of Maryland. Landlord agrees to pay cooperate with Tenant, at no out of pocket cost to LessorLandlord, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year any attempt by Tenant in any such contest or portion thereof that is within abatement under any such incentive program. Tenant shall receive the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number entire benefit of days of any such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned incentives obtained by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property TaxesTenant.
(b) With respect to The sentence in Section 8.1 of the Lease reading, “Real Property Estate Taxes that mayshall specifically exclude any abatements, under applicable Legal Requirements then reductions or credits received by Landlord” is hereby deleted in forceits entirety and replaced with the following language, be paid in installments, Lessee “Real Estate Taxes shall be required reduced by the amount of any abatements, reductions or credits received by Landlord relating to pay hereunder only such installmentstax fiscal years occurring during the Term of the Lease, prorated between Lessor and Lessee for partial fiscal tax years as above providedwhether obtained by Landlord or Tenant or otherwise.”
(c) In Section 8.1 of the event that Lessee fails to pay any Real Property Taxes prior to delinquencyLease shall be modified by deleting the following sentence in its entirety: “Notwithstanding the foregoing, Lessor Landlord shall have no obligation to challenge Real Estate Taxes.” and substituting therefor the right following language: “Landlord shall have no obligation to appeal the assessment value of the Building and optionthe land on which the Building is located (collectively, but no obligation“Building Parcel”), except that if Tenant, while Tenant, is leasing less than eighty-five percent (85%) of the rentable area of the Building, after reasonable investigation at its sole cost, is of the opinion that the assessment value of the Building Parcel for any tax fiscal year during the Term is too high, Tenant may, by written notice delivered to pay Landlord accompanied by the written results of such Real Property Taxes investigation, request that Landlord appeal such assessment value. Upon receipt of such written notice, unless Landlord reasonably concludes that there is a significant risk that such an appeal could result in an increase in the assessment value of the Building Parcel or otherwise would not be successful, Landlord shall timely file and diligently prosecute an appeal of such assessment value, which appeal shall be made at Tenant’s sole cost and expense. Tenant will cooperate with Landlord in the preparation and prosecution of any portion thereof before or after the delinquency date such appeal and any and all fines, penalties, and interest thereon, and Lessee agrees to shall reimburse Lessor immediately Landlord’s costs for the total amount so paid same within thirty (30) days following any written request from Landlord. Landlord shall have no obligation to appeal any adverse decision relating to such appeal made by Lessor, as Additional Rentthe Property Tax Assessment Appeal Board.”
(d) In Provided that no Event of Default shall then exist, Landlord shall pay any amount payable by Landlord to Tenant pursuant to Section 8.1 of the event that Lessor has paidLease within thirty (30) days following Landlord’s receipt of any such refund.
(e) Section 1.11 of the Lease, before as amended and replaced by Paragraph 6 of the Term Commencement DateSecond Amendment, any shall be modified by inserting after “Operating Expenses” the words: “(including, without limitation, Real Property Taxes or installment thereof for Estate Taxes)”.
(f) The first paragraph of Section 7.2 of the Lease, in the 5th line from the end, shall be modified by inserting after “tenants” the words: “(including, without limitation, Real Estate Taxes)”.
(g) Landlord shall promptly provide Tenant with a fiscal copy of all notices received by Landlord of tax year or portion thereof that is in part within assessments relating to the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereofBuilding Parcel.
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Samples: Lease Agreement (Gene Logic Inc)
Real Property Taxes. (a) Lessee Tenant agrees to pay the Building's Share of all general and special real property taxes, assessments (including, without limitation, change in ownership taxes or assessments), liens, bond obligations, license fees or taxes and any similar impositions in-lieu of other impositions now or previously within the definition of real property taxes or assessments and any and all assessments under any covenants, conditions and restrictions affecting the Project (collectively "REAL PROPERTY TAXES") which may be now or hereafter levied or assessed against the Project applicable to Lessorthe period from the Early Occupancy Date, prior until the expiration or sooner termination of this Lease. Notwithstanding the foregoing provisions, if the Real Property Taxes are not levied and assessed against the entire Project by means of a single tax xxxx (i.e., if the Project is separated into two (2) or more separate tax parcels for purposes of levying and assessing the Real Property Taxes), then, at Landlord's option, Tenant shall pay Tenant's pro rata share of all Real Property Taxes which may be levied or assessed by any lawful authority against the land and improvements of the separate tax parcel on which the Premises are located. Tenant's pro rata share under such circumstances shall be apportioned according to delinquency, the floor area of the Premises as rent additional it relates to the total leasable floor area of all other Rent reserved of the buildings (including the Premises) situated in the separate tax parcel in which the Premises is located. Notwithstanding anything in this LeaseSection 10.1 to the contrary, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year " shall not include Landlord's federal or portion thereof that is within state income, franchise, inheritance or estate taxes. Upon Tenant's request, Landlord shall, at Tenant's sole cost and expense, contest the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number amount of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly for the Project, which contest shall be undertaken in a manner to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to be reasonably determined by Landlord. All Real Property Taxes that may, under applicable Legal Requirements then for the tax year in force, be paid which the Early Occupancy Date occurs and for the tax year in installments, Lessee which this Lease terminates shall be required to pay hereunder only such installments, prorated between Lessor apportioned and Lessee adjusted so that Tenant shall not be responsible for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes for a period of time occurring prior to delinquencythe Early Occupancy Date or subsequent to the expiration of the Lease term. The amount to be paid pursuant to the provisions of this Section 10.1 shall be paid monthly in advance as part of Tenant's Monthly Operating Expense Charge as estimated by Landlord based on the most recent tax bills and estimates of reappraised values (if reappraisal is to occur), Lessor shall have commencing with the right and option, but no obligation, to pay month (or partial month on a prorated basis if such be the case) that the Commencement Date occurs. The initial estimated monthly charge for the Building's Share of Real Property Taxes or any portion thereof before or after is included in the delinquency date and any and all finesMonthly Operating Expense Charge as provided in Section 4. Notwithstanding anything in this Lease to the contrary, penaltiesTenant shall be solely responsible for, and interest thereon, and Lessee agrees shall pay directly to reimburse Lessor immediately for the total amount so paid by Lessor, as Additional Rent.
Landlord (d) In the event that Lessor has paid, before the Term Commencement Datein addition to Tenant's Monthly Operating Expense Charge pertaining to Real Property Taxes), any increase in Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within on account of any improvements made to the TermPremises by Tenant including, Lessee agrees to pay to Lessorbut not limited to, on the Tenant Improvements. If at any time during the Term Commencement Dateunder the laws of the United States, Lesseeor the state, county, municipality, or any political subdivision thereof in which the Premises is located, a tax or excise on rent or any other tax however described is levied or assessed by any such political body against Landlord on account of rent payable to Landlord hereunder or any tax based on or measured by expenditures made by Tenant on behalf of Landlord, such tax or excise shall be considered "Real Property Taxes" for purposes of this Section 10.1, and shall be payable in full by Tenant. Such taxes or excises shall be payable within thirty (30) days after Tenant's pro rata portion thereofreceipt of the tax xxxx therefor from Landlord.
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Samples: Single Tenant Industrial Lease (Alliance Pharmaceutical Corp)
Real Property Taxes. Lessee shall pay all real property taxes and assessments (aincluding, but not limited to, water, irrigation project, sewer, street, paving and other improvement lien assessments) against the Premises commencing on the Commencement Date. Lessee agrees shall arrange for the xxxx for all real property taxes and assessments to be sent directly from the taxing authorities to Lessee and Lessee shall pay all such real property taxes and assessments to the appropriate taxing authorities prior to delinquency. Lessee shall, promptly following Lessor's written request, provide to Lessor written evidence of timely payment. Notwithstanding the provisions of this PARAGRAPH 8(c) to the contrary, at any time following the occurrence of an Event of Default (as defined in PARAGRAPH 24 below) with respect to any monetary obligation of Lessee under this Lease, Lessor may, upon written notice to Lessee, require that Lessee pay one-twelfth (1/12) of the estimated annual amount of such real estate taxes and assessments to Lessor, prior together with and at the same time that each monthly installment of Base Rent is due pursuant to delinquencyPARAGRAPHS 4 AND 5 above. In such event, as rent additional Lessor shall notify Lessee of the most current tax assessment against the Premises, together with Lessor's computation of the monthly amount of such tax to all other Rent reserved in be paid by Lessee. At the end of each full tax year during the Lease Term and again at the expiration or termination of this Lease, all Taxes on Real Property ("Real Property Taxes") for each fiscal tax year or portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause calculate the LNG Facility actual tax paid or owing for the Premises, and the Premises to be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority collecting the Real Property Taxes.
(b) With respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required credited or charged, as the case may be, for such adjustments as may be necessary by reason of any difference between the actual amounts determined by Lessor to pay hereunder only such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided.
(c) In the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property Taxes been paid or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately owing for the total Premises (or the pro-rata portion of such amount so notwithstanding that payment to the taxing authority may not then be due) and the amount of such taxes actually paid by Lessor, as Additional Rent.
(d) In the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof.
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