Common use of Tax Fund Payments Clause in Contracts

Tax Fund Payments. At Landlord's election, Tenant shall pay, as Additional Rent, on the first day of each month of the Term, tax fund payments to Landlord. "Tax fund payments" refers to such payments as Landlord shall reasonably determine to be sufficient to provide in the aggregate a fund adequate to pay all taxes and assessments referred to in Section 5.2.1 when they become due and payable. If the aggregate of said tax fund payments is not adequate to pay all said taxes and assessments, Tenant shall pay to Landlord the amount by which such aggregate is less than the amount of all said taxes and assessments, such payment to be made on or before the later of (a) 10 days after receipt by Tenant of notice from Landlord of such amount, or (b) the 30th day prior to the last day on which such taxes and assessments may be paid without interest or penalty. If Tenant shall have made the aforesaid tax fund payments, Landlord shall pay to the proper authority charged with the collection thereof all taxes and assessments referred to in Section 5.2.1, up to the amount of such tax fund payments, and furnish Tenant, upon request, reasonable evidence of such payment. Any balance remaining after such payment by Landlord shall be accounted for to Tenant annually within thirty (30) days after the end of the applicable tax year, and any remaining balance shall be applied to the next succeeding tax fund payments otherwise payable by Tenant. Upon expiration or earlier termination of the Term of this Lease, any unapplied balance of tax fund payments held by Landlord shall be returned to Tenant. In the event of any default under the terms of this Lease, any part or all of said reserve fund may, at the election of Landlord, be applied to any of Tenant's obligations under this Lease.

Tax Fund Payments. At If Tenant defaults in its obligations to pay taxes or assessments under Subsections 3.2(a) or 3.2(b) and Landlord thereafter requires Tenant to make tax fund payments to Landlord's election, or if any holder of any mortgage on the Premises requires Landlord to make tax fund payments to it, then Landlord shall so advise Tenant shall payand thereafter Tenant shall, as Additional Rent, on the first day of each month of the Termapplicable Term which is included in the Rent Period and, if exercised, the Extension Terms, make tax fund payments to Landlord. "“Tax fund payments" refers ” refer to such payments as Landlord or such mortgagee shall reasonably determine to be sufficient to provide in the aggregate a fund adequate to pay all taxes and assessments referred to in subsection 3.2(a) and 3.2(b) of this Section 5.2.1 3.2 when they become due and payable, and all such payments shall to the extent thereof relieve Tenant of its obligations under said subsections. If the aggregate of said tax fund payments is not adequate to pay all said taxes and assessments, Tenant shall pay to Landlord the amount by which such aggregate is less than the amount of equal to all said taxes and assessments, such payment to be made on or before the later of (a) 10 fifteen (15) days after receipt by Tenant of written notice from Landlord of such amount, or (b) the 30th day 5 days prior to the last day on which such taxes and assessments may be paid without interest or penalty. If Tenant shall have made the aforesaid tax fund payments, Landlord shall on or before the last day on which the same may be paid without interest or penalty, pay or cause its mortgagee to pay to the proper authority charged with the collection thereof all taxes and assessments referred to in Section 5.2.1, up said subsections 3.2(a) and 3.2(b). All payments made by Tenant pursuant to this subsection 3.2(c) shall to the amount extent thereof relieve Tenant of such tax fund payments, and furnish Tenant, upon request, reasonable evidence of such payment. Any balance remaining after such payment by Landlord shall be accounted for to Tenant annually within thirty (30) days after the end of the applicable tax year, and any remaining balance shall be applied to the next succeeding tax fund payments otherwise payable by Tenant. Upon expiration or earlier termination of the Term of this Lease, any unapplied balance of tax fund payments held by Landlord shall be returned to Tenant. In the event of any default under the terms of this Lease, any part or all of said reserve fund may, at the election of Landlord, be applied to any of Tenant's its obligations under this Leasesaid subsections 3.2(a) and 3.2(b).

Tax Fund Payments. At Landlord's electionIf any holder of a first mortgage on the Premises requires Landlord to make tax fund payments to it, Tenant shall pay, as Additional Rent, on the first day of each month of the applicable Term, pay Tenant's Share of tax fund payments to Landlord. "Tax fund payments" refers refer to such payments as Landlord such mortgagee shall reasonably determine to be sufficient to provide in the aggregate a fund adequate to pay all taxes and assessments referred to in subsections 4.2.1.1 and 4.2.1.2 of this Section 5.2.1 4.2.1 when they become due and payable, and all such payments shall to the extent thereof relieve Tenant of its obligations under said subsections. If the aggregate of said Tenant's Share of tax fund payments is not adequate to pay all said taxes and assessments, Tenant shall pay to Landlord the amount by which such aggregate of Tenant's Share is less than the amount equal to Tenant's Share of all said taxes and assessments, such payment to be made on or before the later of (a) 10 ten (10) days after receipt by Tenant of written notice from Landlord of such amount, or (b) the 30th day prior to the last day on which such taxes and assessments may be paid without interest or penalty. If Tenant shall have made the aforesaid tax fund payments, Landlord shall on or before the last day on which the same may be paid without interest or penalty, pay to the proper authority charged with the collection thereof all taxes and assessments referred to in Section 5.2.1, up to the amount of such tax fund payments, said subsections 4. 2.1.1 and 4.2.1.2 and furnish Tenant, upon request, reasonable evidence of such payment. Any balance remaining after such payment by Landlord shall be accounted for to Tenant annually within thirty (30or more frequently, if appropriate) days after by crediting the end same to such payments next becoming due from Tenant. In addition, at the expiration of the applicable tax yearTerm, and any remaining balance Landlord shall be applied make an equitable adjustment to the next succeeding tax fund payments otherwise payable by Tenant on account of Tenant. Upon expiration or earlier termination of the Term of this Lease, any unapplied balance 's Share of tax fund payments held by payments, provided that if Tenant is in default, Landlord shall be returned may apply such amounts to Tenant. In the event of any default amounts due Landlord under the terms Lease. All payments made by Tenant pursuant to this subsection 4.2.1.3 shall to the extent thereof relieve Tenant of this Lease, any part or all of said reserve fund may, at the election of Landlord, be applied to any of Tenant's its obligations under this Leasesaid subsections 4.2.1.1 and 4.2.1.2.

Tax Fund Payments. At If Tenant defaults in its obligations to pay taxes or assessments under Subsections 3.2(a) or 3.2(b) and Landlord thereafter requires Tenant to make tax fund payments to Landlord's election, or if any holder of any mortgage on the Premises requires Landlord to make tax fund payments to it, then Landlord shall so advise Tenant shall payand thereafter Tenant shall, as Additional Rent, on the first day of each month of the Termapplicable Term which is included in the Rent Period and, if exercised, the Extension Terms, make tax fund payments to Landlord. "“Tax fund payments" refers ” refer to such payments as Landlord or such mortgagee shall reasonably determine to be sufficient to provide in the aggregate a fund adequate to pay all taxes and assessments referred to in subsection 3.2(a) and 3.2(b) of this Section 5.2.1 3.2 when they become due and payable, and all such payments shall to the extent thereof relieve Tenant of its obligations under said subsections. If the aggregate of said tax fund payments is not adequate to pay all said taxes and assessments, Tenant shall pay to Landlord the amount by which such aggregate is less than the amount of equal to all said taxes and assessments, such payment to be made on or before the later of (a) 10 fifteen (15) days after receipt by Tenant of written notice from Landlord of such amount, or (b) the 30th day five (5) days prior to the last day on which such taxes and assessments may be paid without interest or penalty. If Tenant shall have made the aforesaid tax fund payments, Landlord shall on or before the last day on which the same may be paid without interest or penalty, pay or cause its mortgagee to pay to the proper authority charged with the collection thereof all taxes and assessments referred to in Section 5.2.1, up said subsections 3.2(a) and 3.2(b). All payments made by Tenant pursuant to this subsection 3.2(c) shall to the amount extent thereof relieve Tenant of such tax fund payments, and furnish Tenant, upon request, reasonable evidence of such payment. Any balance remaining after such payment by Landlord shall be accounted for to Tenant annually within thirty (30) days after the end of the applicable tax year, and any remaining balance shall be applied to the next succeeding tax fund payments otherwise payable by Tenant. Upon expiration or earlier termination of the Term of this Lease, any unapplied balance of tax fund payments held by Landlord shall be returned to Tenant. In the event of any default under the terms of this Lease, any part or all of said reserve fund may, at the election of Landlord, be applied to any of Tenant's its obligations under this Leasesaid subsections 3.2(a) and 3.2(b).

Tax Fund Payments. At Landlord's election, Tenant shall payshall, as Additional Addition Rent, on the first day of ------------------ each month of the Termterm, make tax fund payments to Landlord. "Tax fund payments" refers refer to such payments as Landlord shall reasonably determine to be sufficient to provide in the aggregate a fund adequate to pay all taxes and assessments referred to in Subsection 4.2.1 and 4.2.2 of this Section 5.2.1 4.2 when they become due and payablepayable and all such payments shall, to the extent thereof, relieve Tenant of its obligations under said subsections. The initial calculation of the monthly estimated payments shall be based upon the Initial Estimate of Taxes of the Tax Year and upon quarterly payments being due to the governmental authority on August 1, November 1, February 1 and May 1, and shall be made when the Commencement Date has been determined. If the aggregate of said tax fund payments is not adequate to pay all said taxes and assessments, Tenant shall pay to Landlord the amount by which such aggregate is less than the amount of equal to all said taxes and assessments, such payment to be made on or before the later of within ten (a10) 10 days after receipt by Tenant of notice from Landlord of such amount, or (b) the 30th day prior to the last day on which such taxes and assessments may be paid without interest or penalty. If Tenant shall have made the aforesaid tax fund payments, Landlord shall on or before the last day on which the same may be paid without interest or penalty, pay to the proper authority charged with the collection thereof all taxes and assessments referred to in Section 5.2.1, up to the amount of such tax fund payments, said subsections 4.2.1 and 4.2.2 and furnish Tenant, upon request, reasonable evidence of such payment. Any balance remaining after such payment by Landlord shall be accounted for credited against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.3, or refunded to Tenant annually within thirty (30) days after if the end of the applicable tax year, and any remaining balance shall be applied to the next succeeding tax fund payments otherwise payable by Tenant. Upon expiration or earlier termination of the Term term of this LeaseLease has expired or terminated and Tenant has no further obligation to Landlord, any unapplied balance of tax fund payments held by as the case may be. Landlord shall be returned deliver to Tenant. In the event Tenant a copy of any default under the terms of this Lease, any part or all of said reserve fund may, at the election of bills for taxes and assessments referred to in Section 4.2.1 and 4.2.2 hereof promptly after Landlord, be applied to any of Tenant's obligations under this Leasereceipt thereof.

Tax Fund Payments. At Landlord's electionIf and when requested by Lender, Tenant shall pay, as Additional Rent, on the first day of each month of the Termterm, make tax fund payments to LandlordLender. "Tax fund payments" refers refer to such payments as Landlord Lender shall reasonably determine to be sufficient to provide in the aggregate a fund adequate to pay all taxes and assessments referred to in subsections 4.2.1 and 4.2.2 of this Section 5.2.1 4.2 when they become due and payable. If the aggregate of said tax fund payments is not adequate to pay all said taxes and assessments, Tenant shall pay to Landlord Lender the amount by which such aggregate is less than the amount of equal to all said taxes and assessments, such payment to be made on or before the later of (a) 10 ten (10) days after receipt by Tenant of written notice from Landlord Lender of such amount, or (b) the 30th fifteenth (15th) day prior to the last day on which such taxes and assessments may be paid without interest or penalty. If Tenant shall have made the aforesaid tax fund payments, Landlord Lender shall on or before the last day on which the same may be paid without interest or penalty, pay to the proper authority charged with the collection thereof all taxes and assessments referred to in Section 5.2.1, up to the amount of such tax fund payments, said subsections 4.2.1 and 4.2.2 and furnish Tenant, upon request, reasonable evidence of such payment. Any balance remaining after such payment by Landlord Lender shall be accounted for to Tenant annually within thirty (30) days after the end of the applicable tax yearannually. All payments made by Tenant pursuant to this subsection 4.2.3 shall, and any remaining balance shall be applied to the next succeeding tax fund payments otherwise payable by Tenant. Upon expiration or earlier termination extent thereof, relieve Tenant of the Term of this Lease, any unapplied balance of tax fund payments held by Landlord shall be returned to Tenant. In the event of any default under the terms of this Lease, any part or all of said reserve fund may, at the election of Landlord, be applied to any of Tenant's its obligations under this Leasesaid subsections 4.2.1 and 4.2.2.