Common use of Taxability of Possessory Interest Clause in Contracts

Taxability of Possessory Interest. Without limiting the foregoing, Tenant recognizes and agrees that this Lease will create a possessory interest subject to property taxation and that Tenant will be subject to the payment of Possessory Interest taxes levied on such interest. Tenant shall pay any and all possessory interest taxes lawfully levied upon Tenant’s interest pursuant to an assessment lawfully made by City’s Assessor; provided, that Tenant shall have the right to contest the validity, applicability or amount of any such taxes as set forth below. San Francisco Administrative Code Sections 23.38 and 23.39 require that Landlord report certain information relating to this Lease, and any renewals thereof, to the Tax Assessor within sixty (60) days after any such transaction, and that Tenant report certain information relating to any assignment of or sublease under this Lease to the Tax Assessor within thirty (30) days after such assignment or sublease transaction. Tenant agrees to comply with these requirements

Taxability of Possessory Interest. Without limiting the foregoing, Tenant Xxxxxx recognizes and agrees that this Lease will create a possessory interest subject to property taxation and that Tenant will be subject to the payment of Possessory Interest taxes levied on such interest. Tenant shall pay any and all possessory interest taxes lawfully levied upon TenantXxxxxx’s interest pursuant to an assessment lawfully made by City’s Assessor; provided, that Tenant shall have the right to contest the validity, applicability or amount of any such taxes as set forth below. San Francisco Administrative Code Sections 23.38 and 23.39 require that Landlord report certain information relating to this Lease, and any renewals thereof, to the Tax Assessor within sixty (60) days after any such transaction, and that Tenant report certain information relating to any assignment of or sublease under this Lease to the Tax Assessor within thirty (30) days after such assignment or sublease transaction. Tenant Xxxxxx agrees to comply with these requirements