Common use of Status of Tenant Clause in Contracts

Status of Tenant. This Lease shall terminate if Tenant does not maintain its status as a not-for-profit entity and a Tax-Exempt Organization as recognized by the Internal Revenue Service. Tenant shall provide City with documentation of its status prior to execution of this Lease, and shall provide City with copies of annual Certificates of Good Standing reports during the existence of this lease. Tenant covenants and agrees that it has not and shall not perform any act or enter into any agreement which shall adversely affect its status as a Tax-Exempt Organization and shall conduct its operations so as to maintain its status as a charitable organization within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) which is exempt from federal income taxes under Section 501(a) of the Code, or any successor provisions of federal income tax law. Reference is also made to the agreements of Tenant relating to the tax-exempt bonds issued by the City to finance the Complex as set forth in the Agreement With Respect to Bond- Financed Facilities between the City and the Tenant.

Status of Tenant. This Lease shall terminate if Tenant does not maintain its status as a not-for-profit entity and a Tax-Exempt Organization as recognized by the Internal Revenue Service. Tenant shall provide the City with documentation of its status prior to execution of this Lease, and shall provide the City with copies of annual Certificates of Good Standing reports during the existence of this leaselLease. Tenant covenants and agrees that it has not and shall not perform any act or enter into any agreement which shall adversely affect its status as a Tax-Exempt Organization and shall conduct its operations so as to maintain its status as a charitable organization within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) which is exempt from federal income taxes under Section 501(a) of the Code, or any successor provisions of federal income tax law. Reference is also made to the agreements of Tenant relating to the tax-exempt bonds issued by the City to finance the Complex as set forth in the Agreement With Respect to Bond- Financed Facilities between the City and the Tenant.