Taxes and Insurance. Landlord shall pay all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9.
Appears in 6 contracts
Samples: Commercial Lease Agreement, Commercial Lease Agreement, Commercial Lease Agreement
Taxes and Insurance. Landlord Borrowers shall pay to Lender on each Payment Date (i) one-twelfth of the Taxes that Lender estimates will be payable during the next 12 months in order to accumulate with Lender sufficient funds to pay all taxes such Taxes at least 30 days prior to their respective due dates and (including but not limited toii) one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least 30 days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the "TAX AND INSURANCE SUBACCOUNT"). Provided that no monetary Event of Default or material non-monetary Event of Default has occurred and is continuing, ad valorem taxesLender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrowers pursuant to Sections 5.2 and 7.1, special assessments provided that Borrowers have promptly supplied Lender with notices of all Taxes and any other governmental chargesInsurance Premiums due, or (b) on the Premises and shall procure and pay reimburse Borrowers for such commercial general liabilityamounts upon presentation of evidence of payment; subject, broad form fire however, to Borrowers' right to contest Taxes in accordance with Section 5.2. In making any payment relating to Taxes and extended and special perils insurance Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the Premises as Landlord accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable discretion judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen increase (15or decrease) days after receipt of notice from Landlord as the monthly contribution required to be made by Borrowers to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal Tax and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Insurance Subaccount.
Appears in 5 contracts
Samples: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc)
Taxes and Insurance. Landlord Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all taxes such Taxes at least thirty (including but not limited to30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, ad valorem taxesprovided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, special assessments and any other governmental chargesor (b) on the Premises and shall procure and pay reimburse Borrower for such commercial general liabilityamounts upon presentation of evidence of payment; subject, broad form fire however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and extended and special perils insurance Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the Premises as Landlord accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable discretion judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen increase (15or decrease) days after receipt of notice from Landlord as the monthly contribution required to be made by Borrower to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal Tax and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Insurance Subaccount.
Appears in 3 contracts
Samples: Loan Agreement (Thomas Properties Group Inc), Loan Agreement (Thomas Properties Group Inc), Loan Agreement (Thomas Properties Group Inc)
Taxes and Insurance. Landlord Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all taxes such Taxes at least thirty (including but not limited to30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Provided that no Event of Default has occurred and is continuing, ad valorem taxesLender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, special assessments provided that Borrower has promptly supplied Lender with notices of all Taxes and any other governmental chargesInsurance Premiums due, or (b) on the Premises and shall procure and pay reimburse Borrower for such commercial general liabilityamounts upon presentation of evidence of payment; subject, broad form fire however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and extended and special perils insurance Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the Premises as Landlord accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable discretion judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen increase (15or decrease) days after receipt of notice from Landlord as the monthly contribution required to be made by Borrower to the amount dueTax and Insurance Subaccount. Tenant The foregoing obligations to fund and maintain the Tax and Insurance Subaccount shall be solely responsible conditionally waived for insuring Tenant’s personal so long as (A) Borrower timely pays such charges prior to delinquency and business property Lender receives satisfactory evidence of such payment prior to delinquency and (B) no Event of Default shall have occurred hereunder. Upon the failure of any of the foregoing conditions, Lender may demand full compliance with the provisions of this Section 3.3(a) for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the remaining term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Loan.
Appears in 2 contracts
Samples: Loan Agreement (Hines Global REIT, Inc.), Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Taxes and Insurance. Landlord (1) In the event the "Tax and Insurance Expenses" (as defined below) of the Building shall pay all taxes (including but not limited to, ad valorem taxes, special assessments and in any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance calendar year during the term of this LeaseLease exceed the sum of $ 0.75 per square foot, then with respect to such excess (the "Tax and any extension or renewal thereofInsurance Differential"). If boxes are checked below, the manner of reimbursement shall be Tenant agrees to pay as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year additional rental Tenant's pro rata share of the term fails to coincide with Tax and Insurance Differential within ten (10) days following receipt of an invoice from Landlord stating the tax year, then any excess for the tax year during which the term ends shall be reduced by the amount due. The pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, share to be paid by Tenant is Nineteen and 1/10 percent (19.1%) subject, however, to adjustment for that any expansion of the Leased Premises. In the case of a multi-building Project, if such Tax and Insurance Expenses are not separately assessed to the Building but are assessed against the Project as a whole, Landlord shall determine the portion of such Tax and Insurance Expenses allocable to the last Building in which the Leased Premises are located.
(2) At or prior to the commencement of this Lease Year. If this box is checkedand at any time during the Lease term, Landlord may deliver to Tenant shall reimburse Landlord for taxes by paying a written estimate of any additional rent applicable to Landlord, beginning the Leased Premises (based on the Rent Commencement Date pro rata share stated above) which may be anticipated for excess Tax and on the first day of each calendar month Insurance Expenses during the term hereofcalendar year in which this Lease commences or for any succeeding calendar year, an amount equal to one- as the case may be. Based upon such written estimate, the monthly Base Rental shall be increased by one-twelfth (1/12) of the then current tax payments estimated additional rent.
(3) Statements showing the actual Tax and Insurance Expenses (as well as the actual Common Area Maintenance Expenses, as defined in Paragraph 6(b) below) and Tenant's proportionate share thereof (hereinafter referred to as the "Statement of Actual Adjustment") shall be delivered by Landlord to Tenant after any calendar year in which additional rental was paid or due by Tenant. Within ten (10) days after the delivery by Landlord to Tenant of such Statement of Actual Adjustment. Tenant shall pay Landlord the amount of any additional rental shown on such statement as being due and unpaid. If such Statement of Actual Adjustment shows that Tenant has paid more than the amount of additional rental actually due from Tenant for the Premises. Upon receipt of bills, statements or other evidence of taxes duepreceding calendar year and if Tenant is not then in default under this Lease, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal credit the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal such excess to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9next Base Rental installment due from Tenant.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Avanex Corp), Commercial Lease Agreement (Avanex Corp)
Taxes and Insurance. Landlord Borrower shall pay all taxes to Lender (including but not limited toi) $51 ,013.99 on the date hereof on account of Taxes, ad valorem taxes(ii) $12,561.62 on the date hereof on account of Insurance Premiums, special assessments and any other governmental charges(iii) on each Payment Date, (x) one-twelfth (l/ 12th) of the Premises Taxes that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates and shall procure (y) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the "Tax and pay Insurance Subaccount"). Provided that no Default or Event of Default has occurred and is continuing, Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, provided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, or (b) reimburse Borrower for such commercial general liabilityamounts upon presentation of evidence of payment; subject, broad form fire however, to Borrower's right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and extended and special perils insurance Insurance Premiums, Lender may do so according to any bxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the Premises as Landlord accuracy of such bxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable discretion judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen increase (15or decrease) days after receipt of notice from Landlord as the monthly contribution required to be made by Borrower to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal Tax and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Insurance Subaccount.
Appears in 2 contracts
Samples: Loan Agreement (Medalist Diversified REIT, Inc.), Loan Agreement (Medalist Diversified REIT, Inc.)
Taxes and Insurance. Landlord Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all taxes such Taxes at least thirty (including but not limited to30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Provided that no Event of Default has occurred and is continuing, ad valorem taxesLender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, special assessments provided that Borrower has promptly supplied Lender with notices of all Taxes and any other governmental chargesInsurance Premiums due, or (b) on the Premises and shall procure and pay reimburse Borrower for such commercial general liabilityamounts upon presentation of evidence of payment; subject, broad form fire however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and extended and special perils insurance Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the Premises as Landlord accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable discretion judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen increase (15or decrease) days after receipt of notice from Landlord as the monthly contribution required to be made by Borrower to the amount dueTax and Insurance Subaccount. Tenant The foregoing obligations to fund and maintain the Tax and Insurance Subaccount shall be solely responsible conditionally waived for insuring Tenant’s personal so long as (A) Borrower timely pays such charges prior to delinquency and business property Lender receives satisfactory evidence of such payment prior to delinquency and (B) no Event of Default shall have occurred hereunder. Upon the failure of any of the foregoing conditions, Lender may demand full compliance with the provisions of this Section 3.3 (a) for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the remaining term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Loan.
Appears in 2 contracts
Samples: Loan Agreement (KBS Real Estate Investment Trust, Inc.), Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Taxes and Insurance. Landlord Expense From and after January 1, 2020, Tenant shall pay all taxes to Landlord, as Additional Rent, Tenant’s Allocable Share of Taxes and Insurance Expense (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriatethose terms are hereafter defined). Tenant shall reimburse pay to Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereofmonth, an amount equal to one- twelfth 1/12th of Landlord’s estimate of Tenant’s Allocable Share of Taxes and Insurance Expense (1/12“Estimated Monthly Payments”) of the then current tax payments that will be due and payable for the Premisescurrent Lease Year. Upon receipt Landlord may revise such Estimated Monthly Payments from time to time upon thirty (30) days prior notice to Tenant, but not more often than once per calendar year. If the Estimated Monthly Payments made by Tenant during a Lease Year exceed Tenant’s Allocable Share of billsTaxes and Insurance Expense due for such Lease Year, statements then Landlord shall, at Tenant’s election, credit or other evidence refund the overpayment to Tenant; if the Estimated Monthly Payments made by Tenant during a Lease Year are less than Tenant’s Allocable Share of taxes dueTaxes and Insurance Expense due for such Lease Year, Landlord then Tenant shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay underpayment to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment within thirty (as applicable30) as documented by Landlorddays after written demand therefor. Landlord shall have no provide Tenant with a statement of the actual amount of Taxes and Insurance Expense incurred with respect to each Lease Year within one hundred twenty (120) days after the end of each Lease Year. No delay of Landlord in delivering such estimates, statements, or notices shall relieve Tenant of its obligation to segregate pay any amounts due under this Section, provided Landlord shall not be permitted to xxxx Tenant for any Taxes and Insurance Expense for a Lease Year arising more than three (3) years prior to the date of Landlord’s statement for that Lease Year. Any and all personal property taxes or otherwise account for the tax reimbursements other taxes levied against Tenant or Tenant’s personal property shall be paid hereunder except as provided in this paragraph 9directly by Tenant.
Appears in 1 contract
Samples: Loan and Security Agreement (4Front Ventures Corp.)
Taxes and Insurance. Landlord shall Lessor will, in the first instance, pay all taxes (including but not limited to, ad valorem the taxes, special levies and assessments on or in respect of Lessor's ownership of the Leased Premises and, during the continuance of this Lease, Lessee shall reimburse to Lessor the amount of such taxes, levies, and assessments attributable to the Leased Coal and the Leased Premises, but excluding taxes attributable to all rights excepted and reserved, if separately assessed, including taxes attributable to timber, oil, gas and other minerals, after Lessee's receipt of Lessor's statement therefor, such amounts to constitute and be treated as additional rental hereunder; provided that the obligation of Lessee shall be prorated for any partial calendar years for the first year and the last year of this Lease. Lessee shall promptly pay at the several times they become due and payable all taxes levied or assessed upon coal mined from or products manufactured from coal upon the Leased Premises. Lessee shall also pay any and all taxes due to the state and/or its subdivision for severing, removing, processing, or preparing of said coal, except for taxes on gross or net income of Lessor on receipt of royalties, and Lessee shall also pay all royalties for removal of coal required by any existing or future labor agreements of lessee, its agents, operators or affiliates. If Lessor fails to pay the taxes, levies and assessments set forth above or if there are any taxes or encumbrances due on the Leased Premises, then Lessee may pay the same and any other governmental charges) on penalties, or redeem the Leased Premises from a tax sale, and shall procure deduct the amount expended attributable to taxes attributable to all rights excepted or reserved, if separately assessed, as well as penalties and interest assessed due to Lessor's failure to timely pay for any taxes, levies and assessments, from any rents and royalties subsequently accruing. Lessee may, at any time during the continuance of this Lease, at its own cost and expense, and after reasonable notice to Lessor of its intention so to do, contest any of the taxes, levies, or assessments to be borne by Lessee as above provided. In the event of any such commercial general liabilitycontest, broad form fire and extended and special perils insurance Lessee is authorized to proceed in the name of Lessor with respect to the Premises as Landlord reversionary interest of Lessor in the Leased Premises, but Lessee shall indemnify Lessor against any costs, penalties, expenses, or interest charges arising out of such contest. The symbol [***] is used to indicate that a portion of the exhibit has been omitted and filed separately with the commission. Confidential treatment has been requested with respect to the omitted portion. Lessee shall submit to Lessor, for its reasonable discretion may deem appropriatereview, a copy of annual coal appraisal reports or returns prepared pursuant to laws or regulations in the Commonwealth of Virginia with respect to Lessor's ownership prior to the filing with any governmental agency. Tenant shall reimburse Landlord It is understood and agreed that the taxes levied or assessed from such reports are based, in part, upon the permitting and/or production of Lessee and for all taxes and insurance that reason, Lessee's payments to Lessor as provided herein within fifteen for in this section shall continue and survive any termination of this Lease until the earlier of such time as (15a) days after receipt said taxes levied or assessed are not based on production or the designation of notice from Landlord the Leased Coal as mineral under development, (b) the Leased Coal is leased to any third parties (or if partially leased, to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes extent so leased); or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term (c) one year following termination of this Lease. Notwithstanding the foregoing, and any extension or renewal thereof. If boxes are checked belowafter termination of the Lease, the manner Lessee's responsibilities for payment of reimbursement taxes shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on to the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal incremental difference between the amount of taxes paid due based on the designation of coal reserves as mineral under development and the amount of taxes that would be due if such reserves were not under development. Lessor shall use its commercially reasonable efforts to minimize all taxes payable by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in Lessee under this paragraph 9Lease.
Appears in 1 contract
Taxes and Insurance. Landlord In addition to the base rent above provided, and as additional lease rent, Lessee shall pay its proportionate share of all taxes taxes, general and special, assessed against every. part of the Warehouse of which the leased premises are a part and the land upon which the Warehouse is located (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to personal property owned by Landlord or other tenants nor any interest or penalty related to such taxes), and also its proportionate share of the cost of all fire, windstorm and other hazard insurance, including, without limitation, liability and rent loss coverage, carried upon the Warehouse of which the Lease Premises as Landlord are a part. The square footage of building space leased to Lessee hereunder is 43,200 square feet, and the total leasable space in its reasonable discretion may deem appropriatethe Warehouse is 108,000 square feet and, therefore, Lessee's proportionate share is 40.00%, which percentage figure shall be applied to the total taxes assessed and insurance costs to determine the amount for which Lessee is liable. Tenant Lessor shall reimburse Landlord estimate for all the period from the Commencement Date to January 1, next following the Commencement Date, Lessee's proportionate share of taxes and insurance costs and notify Lessee of the amount of such estimate. Lessee's proportionate share shall be the prorated for the actual number of months and days from the Commencement Date to January 1, next following the Commencement Date and Lessee shall pay the amount so determined to Lessor in equal monthly installments, concurrent with payment of the base rental, commencing on the, Commencement Date and continuing through and including the rental payment due December 1, next following the Commencement Date. On or before January 1, next following the Commencement Date, and on or before each succeeding January 1, thereafter, Lessor shall estimate Lessee's, pro rata share of the taxes and insurance costs for the succeeding calendar year, as provided herein above, and shall notify Lessee of the amount of said estimate. Lessee shall pay to Lessor monthly thereafter during the ensuing calendar year, concurrent with the payment of the base rental, 1/12th of the amount so estimated. Lessor shall keep annual records of the amount of taxes assessed and insurance costs paid and shall compute Lessee's pro rata share thereof. By no later than April 1 of each year of this lease, commencing April 1, 2000, Lessor shall notify Lessee of said amount of taxes and insurance coats. If the monthly payments previously made by Lessee are not sufficient to pay said taxes and insurance costs, Lessee shall pay to Lessor, within fifteen thirty (1530) days after receipt of notice from Landlord as to of said deficiency, the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for by which the actual costs of said taxes and insurance during exceeds the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The estimated amount paid by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax yearLessee. If the final Lease Year of estimated amount paid by Lessee exceeds the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against and the Premises for cost of insurance, Lessor shall credit such excess to Lessee and shall reduce the previous tax year shall be used as a basis for determining the pro rata share, if any, estimated amount to be paid by Tenant Lessee for the ensuing year by that portion amount, or if a refund is owed to Lessee after the termination or expiration of the last Lease Year. If this box is checkedLease, Tenant such amount, after deducting any amount owed by Lessee to Lessor, shall reimburse Landlord for taxes be paid to Lessee by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) no later than March 15 of the then current tax payments year immediately following the year for which the Premises. Upon receipt of bills, statements refund is due (this provision shall survive such termination or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9expiration).
Appears in 1 contract
Samples: Sublease (Sportsmans Guide Inc)
Taxes and Insurance. Landlord shall Lessor will, in the first instance, pay all taxes (including but not limited to, ad valorem the taxes, special levies and assessments on or in respect of Lessor's ownership of the Leased Premises and, during the continuance of this Lease, Lessee shall reimburse to Lessor the amount of such taxes, levies, and any assessments attributable to the Leased Coal and the Leased Premises, but excluding taxes attributable to all rights excepted and reserved, if separately assessed, including taxes attributable to timber, oil, gas and other governmental charges) on minerals, promptly upon receipt of The symbol [***] is used to indicate that a portion of the Premises exhibit has been omitted and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance filed separately with the commission. Confidential treatment has been requested with respect to the Premises omitted portion. Lessor's statement therefor, such amounts to constitute and be treated as Landlord in its reasonable discretion may deem appropriateadditional rental hereunder; provided that the obligation of Lessee shall be prorated for any partial calendar years for the first year and the last year of this Lease. Tenant Lessee shall reimburse Landlord for promptly pay at the several times they become due and payable all taxes levied or assessed upon coal mined from or products manufactured from coal upon the Leased Premises. Lessee shall also pay any and insurance as provided herein within fifteen (15) days after all taxes due to the state and/or its subdivision for severing, removing, processing, or preparing of said coal, except for taxes on gross or net income of Lessor on receipt of notice from Landlord as royalties, and Lessee shall also pay all royalties for removal of coal required by any existing or future labor agreements of lessee, its agents, operators or affiliates. If Lessor fails to pay the amount due. Tenant shall be solely responsible for insuring Tenant’s personal taxes, levies and business property and for paying assessments set forth above or if there are any taxes or governmental assessments levied thereonencumbrances due on the Leased Premises, then Lessee may pay the same and any penalties, or redeem the Leased Premises from a tax sale, and deduct the amount expended attributable to taxes attributable to all rights excepted or reserved, if separately assessed, as well as penalties and interest assessed due to Lessor's failure to timely pay any taxes, levies and assessments, from any rents and royalties subsequently accruing. Tenant shall reimburse Landlord for taxes and insurance Lessee may, at any time during the term continuance of this Lease, at its own cost and expense, and after reasonable notice to Lessor of its intention so to do, contest any extension of the taxes, levies, or renewal thereofassessments to be borne by Lessee as above provided. If boxes In the event of any such contest, Lessee is authorized to proceed in the name of Lessor with respect to the reversionary interest of Lessor in the Leased Premises, but Lessee shall indemnify Lessor against any costs, penalties, expenses, or interest charges arising out of such contest. Lessee shall submit to Lessor, for its review, a copy of annual coal appraisal reports or returns prepared pursuant to laws or regulations in the State of West Virginia with respect to Lessor's ownership prior to the filing with any governmental agency. It is understood and agreed that the taxes levied or assessed from such reports are checked belowbased, in part, upon the manner permitting and/or production of reimbursement Lessee and for that reason, Lessee's payments to Lessor as provided for in this section shall continue and survive any termination of this Lease until the earlier of such time as (a) said taxes levied or assessed are not based on the designation of the Leased Coal as "permitted" under said coal appraisal reports or returns, (b) the Leased Coal is leased to any third parties (or if partially leased, to the extent so leased); or (c) five years following termination of this Lease. Notwithstanding the foregoing, after termination of the Lease, Lessee's responsibilities for payment of taxes shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on to the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal incremental difference between the amount of taxes paid due based on the designation of coal reserves as permitted on such coal appraisal reports or returns and the amount of taxes that would be due if such reserves were designated as unpermitted on such coal appraisal reports and returns. Lessor shall use its commercially reasonable efforts to minimize all taxes payable by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in Lessee under this paragraph 9Lease.
Appears in 1 contract
Taxes and Insurance. Landlord shall pay all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) 8.1. Beginning on the Premises date that monthly minimum rent begins and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance continuing during the term of this Leaselease, Tenant shall pay all real estate taxes and assessments which may be levied or assessed against the leased premises. Taxes and assessments for fractional calendar years of the lease term, being the first and last years, shall be prorated between Owner and Tenant on a daily basis. The amount of taxes payable by Tenant shall be determined as follows:
8.1.1. Owner shall make every reasonable effort to have the leased premises, and any extension or renewal thereofthe land thereunder, segregated and taxed separately, in which case Tenant shall pay the real estate taxes and assessments directly to the taxing authority when due and before delinquency. If boxes Tenant shall promptly furnish Owner with copies of receipts evidencing such payments.
8.1.2. In the event the Owner is unable, after reasonable effort, to have the leased premises segregated and taxed separately and the premises are checked belowa part of a larger parcel of real property which is assessed as one property for real property tax purposes, Owner shall pay the manner real estate taxes and assessments on the leased premises and Tenant shall reimburse Owner for the proportionate share of reimbursement the taxes so paid within ten (10) days after Owner presents to Tenant evidence of Owner's payment of the same and Owner's calculation of Tenaxx'x xroportionate share of said taxes. Tenant's proportionate share of said taxes and assessments shall be the taxes and assessments attributable to the leased premises and the land thereunder, and shall be computed as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax yearfollows:
8.1.2.1. If the final Lease Year taxing authority will supply a breakdown of the term fails to coincide with the tax yearassessment, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment providing an assessed valuation of the last month’s rentalleased premises separately, then the amount figures of such taxes assessed against the Premises for the previous tax year taxing authority shall be used as a basis for determining conclusive and Tenant's proportionate share of the pro rata share, if any, to taxes and assessments shall be paid by Tenant for that portion of the last Lease Yeartotal taxes and assessments paid as the assessed valuation of the leased premises and the land thereunder bears to the total assessed valuation of the larger parcel.
8.1.2.2. If this box is checkedno breakdown of the assessment can, after reasonable effort, be obtained from the taxing authority, then Tenant shall reimburse Landlord Owner for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) a portion of the then current tax payments for taxes so paid, said portion being determined by the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9.following formula:
Appears in 1 contract
Samples: Lease Agreement (Gi Joes Inc)
Taxes and Insurance. Landlord From and after the Commencement Date and for the lease term, Tenant shall pay all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on to Landlord without set-off or deduction the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all amount of taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during assessed upon the term of this Leasepremises and the underlying realty (except as otherwise provided in Section 8.4), and the cost to Landlord of the insurance that Landlord maintains pursuant to Section 10.5 below. Such sum for any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax partial year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends hereof shall be reduced by the pro rata part of such tax year beyond the Lease termprorated based on a three hundred sixty (360)-day year. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year Payment shall be used as a basis for determining made in the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning following manner: on the Rent Commencement Date and on the first day of each calendar month thereafter during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlordthis Lease, Tenant shall upon demand pay to Landlord an amount equal estimated by Landlord to be the deficiency monthly sum payable hereunder. Landlord may periodically adjust the monthly estimated sum on the basis of Landlord's experience and estimated future costs. Within a reasonable period of time after the end of each calendar year, or Landlord shall refund to Tenant any overpayment (as applicable) as documented by at Landlord's option, each tax year,. Landlord shall have no obligation provide Tenant with a statement covering such year showing the total tax and insurance expenses payable by Tenant and the payments actually made by Tenant. If the sums payable exceed Tenant's payments, Tenant shall pay Landlord the deficiency within ten (10) days of receipt of such statement. If Tenant's payments exceed the sums payable, Tenant shall be entitled to segregate or otherwise account offset the excess against payments thereafter due Landlord under this Section. Neither Landlord's failure to xxxx Tenant monthly for the tax reimbursements paid hereunder except sums due as provided set forth above or Landlord's failure to collect same from Tenant or request payment thereof by Tenant or to provide Tenant with any necessary statements of the sums due under this Section, shall constitute a waiver by Landlord of Landlord's right to collect same from Tenant at any later time after providing any such statements, information, request or demand, nor shall the lapse of time in this paragraph 9any way estop Landlord or prevent Landlord from collecting the sums payable by Tenant.
Appears in 1 contract
Samples: Lease (Sports Arenas Inc)
Taxes and Insurance. Landlord As additional rental hereunder, Tenant shall pay all taxes to Landlord the amount of (including but not limited to, ad valorem i) Landlord's costs of taxes, special assessments and any other governmental charges) as hereinafter defined, on the Premises and shall procure and pay for such commercial general liability(ii) Landlord's cost of insurance, broad form fire and extended and special perils insurance with respect to as hereinafter defined, on the Premises as Landlord in its reasonable discretion may deem appropriatePremises. Tenant shall reimburse Landlord for all such costs of taxes and insurance as provided herein within fifteen (15) calendar days after Tenant's receipt of notice billxxxx xxxrefor from Landlord. For the purposes of the foregoing, the terms "taxes" shall be deemed to include, without limitation, all real and personal property taxes and assessments and all other taxes, charges, levies and license and permit fees of any kind or nature whatsoever, foreseen or unforeseen, general or special, whether payable in the year assessed or payable over a period of years, which are levied upon or assessed with respect to all or any portion of the Premises and the improvements, fixtures, and appurtenances thereto; together with any taxes of whatsoever nature and however characterized which become payable by Landlord, whether or not now customary or within the contemplation of Landlord as or Tenant, which are levied in addition to or in lieu of such real or personal property taxes or assessments (i) upon, allocable to or measured by rent or other amounts payable to Landlord hereunder (ii) with respect to the amount due. receipt of such rents or amounts by Landlord or (iii) with respect to any activity or right of Tenant in the leasing, possession, occupancy, use, operation, management, repair, maintenance, alteration or improvement of the Premises; and any interest, penalties or delinquency charges added to such taxes, assessments and other charges for any reason other than late payment or non-payment thereof by Landlord; provided, however, that the term "taxes" as used hereinabove shall be solely responsible for insuring Tenant’s personal and business property and for paying deemed not to include any taxes or governmental assessments levied thereonagainst the personal property of Tenant of any other tenant within the Premises, nor to include any income tax, franchise tax or transfer tax for which Landlord may be or become personally liable. Tenant shall reimburse Landlord for taxes and insurance during For the purposes of the foregoing, the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement "insurance" shall be as indicated: The amount by which deemed to include all taxes premiums or other costs to maintain (including but not limited toi) "All Risk" or equivalent casualty insurance coverage (including, ad valorem taxesif Landlord deems necessary, special assessments flood and any earthquake insurance) against loss or damage to the Building and all other governmental charges) improvements now or hereinafter located on the Premises Premises; (ii) liability insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Complex and the Common Areas thereof against claims for each tax year exceed personal injury or death, property damage and product liability occurring upon, in or about the Complex and the Common Areas; (iii) insurance in the "All Risk" or equivalent form against abatement or loss of rental by reason of the occurrences covered by the insurance described in subsection (i) above; (iv) workxxx'x xxxpensation insurance to the extent required by the laws of the State of Georgia; and (v) all taxes other insurance carried by Landlord on the Premises for Complex and the tax year ; or Common Areas. All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends such insurance shall be reduced by the pro rata part of in amounts and coverages and have such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used deductibles as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9reasonably deem necessary.
Appears in 1 contract
Samples: Lease Agreement (Simmons Co /Ga/)
Taxes and Insurance. Landlord shall pay all taxes A. In the event the "Tax and Insurance Expenses" (including but not limited toas defined below) of the Building shall, ad valorem taxes, special assessments and in any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance calendar year during the term of this Lease, exceed the sum of $3.47 per square foot, then with respect to such excess (the "Tax and any extension or renewal thereof. If boxes are checked belowInsurance Differential"), the manner of reimbursement shall be Tenant agrees to pay as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year additional rental Tenant's prorata share of the term fails to coincide with Tax and Insurance Differential within ten (10) days following receipt of an invoice from Landlord stating the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease termamount due. If such taxes for the year in which the Lease terminates are not ascertainable before payment The prorata share of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, Building to be paid by Tenant for that is nine point five percent (9.5%). In the case of a multi-building Project, if such Tax and Insurance Expenses are not separately assessed to the Building but are assessed against the Project as a whole, Landlord shall determine the portion of such Tax and Insurance Expenses allocable to the last Building in which the Leased Premises are located.
B. On the Commencement Date of the Lease, or at or prior to the commencement of any calendar year during the Lease Yearterm, Landlord may deliver to Tenant a written estimate of any additional rent applicable to the Leased Promises (based on Tenant's prorata share above) which may be anticipated for excess Tax and Insurance Expenses during the calendar year in which this Lease commences or for any such succeeding year, as the case may be. If this box Based on such written estimate, the monthly Base Rental shall be increased by a fraction of the estimated additional rent, the numerator of which in one (1) and the denominator of which is checkedthe number of months remaining in the applicable calendar year.
C. Statements showing the actual Tax and Insurance Expenses of the Building and Tenant's proportionate share thereof (hereinafter referred to as the "Statement of Actual Adjustment") shall be delivered by Landlord to Tenant within a reasonable time after the end of any calendar year in which additional rental was paid or due by Tenant. Within ten (10) days after the delivery by Landlord to Tenant of such Statement of Actual Adjustment, Tenant shall reimburse pay Landlord the amount of any additional rental shown on such statement as being due and unpaid. If such Statement of Actual Adjustment shows that Tenant has paid more than the amount of additional rental actually due for taxes by paying the preceding calendar year and if Tenant is not then in default under this Lease, Landlord shall credit the amount of such excess to Landlord, beginning on the Rent next Base Rental installment due from Tenant.
D. If the Commencement Date and on of this Lease is a day other than the first day of each a calendar month during year, or if the term hereofTermination Date is a day other than the last day of a calendar year, an the amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments shown as due by Tenant hereunder do not equal on the amount Statement of taxes paid by Landlord, Tenant Actual Adjustment shall upon demand pay reflect a proration based on the ratio that number of days this Lease was in effect during such calendar year bears to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9365.
Appears in 1 contract
Taxes and Insurance. Landlord It is the intention of the Lessor and the Lessee that the rent herein specified shall pay all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect be net to the Premises as Landlord Lessor in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance each month during the term of this lease; that all costs, expenses, and obligations of every kind relating to the Demised Premises, except as may be specifically otherwise provided in this Lease, which may arise or become due during the term of this lease shall be paid by the Lessee; and any extension or renewal thereofthat the Lessor shall be indemnified by the Lessee against such costs, expenses and obligations. If boxes are checked belowWithout limiting the generality of the foregoing provision, the manner of reimbursement parties agree that:
a. Lessee shall be as indicated: The amount by which promptly pay all taxes (including but not limited toand assessments against or allocated to the Premises as and when they become due for tax periods after the signing of this Lease. Lessee will pay all taxes and assessments levied against the equipment, ad valorem taxesbuildings, special assessments and any or other governmental charges) property which is now located on or which Lessee may erect, install or have located on the Premises for each tax year exceed all taxes on the Premises Premises. Taxes for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax current year shall be used prorated on a calendar year basis between Lessor and Lessee as of the date of commencement of this Lease. Taxes for the final year of the lease term shall also be prorated on a basis for determining calendar year basis.
b. In the pro rata shareevent Lessee fails to pay the entire real estate tax xxxx when due, if anyLessor may, to but shall not be obligated to, pay the tax xxxx and the amount so paid together with interest at the rate of eighteen (18%) percent per annum from the date of payment shall be deemed additional rent due hereunder and shall be paid by Tenant for that portion Lessee not later than the date the next installment of rent shall become due hereunder.
c. Lessee, at its own cost and expense, covenants and agrees to keep the last Lease Year. If this box is checkedPremises, Tenant shall reimburse Landlord for taxes by paying including any improvements and betterments now existing or which may be made to Landlordthe Premises, beginning on the Rent Commencement Date and on the first day of each calendar month fully insured during the term hereof, of this lease against loss or damage by fire and 156 other casualty; such insurance to be written by an amount equal insurance company or companies authorized to one- twelfth (1/12) do business in the State of West Virginia for the full insurable replacement value of the then current tax payments Premises, including improvements. Lessee covenants and agrees that Lessor and Lessee shall be named as insured parties on such policies as their interests may appear, and that Lessee shall procure endorsements on the policies required to be maintained by it under the provisions of this paragraph wherein and whereby the insurance company will agree that the Lessor will be given fifteen (15) days' advance written notice of any cancellation or reduction of insurance under any such policy and that copies of all endorsements issued after the date of such policy will be forwarded to Lessor. In the event that Lessee fails to pay for such fire and other casualty insurance when the Premises. Upon receipt of bills, statements or other evidence of taxes premiums are due, Landlord Lessor may, but shall not be obligated to, pay the premium necessary to prevent the lapse of existing policies or cause to obtain and pay the premium for replacement policies, and the amount so paid together with interest at the rate of eighteen percent (18%) per annum from the date of payment shall be deemed additional rent due hereunder and shall be paid by Lessee not later than the taxes. If at any time date the reimbursement payments by Tenant hereunder do not equal the amount next installment of taxes paid by Landlord, Tenant rent shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9become due hereunder.
Appears in 1 contract
Taxes and Insurance. Landlord Sublessee shall pay upon demand, as additional rental during the term of this Sublease and any extension or renewal thereof, the amount by which all taxes (including including, but not limited to, ad valorem taxes, special assessments and any other governmental charges) payable by the Sublessor on the Premises subleased premises. The tax for the subleased premises shall be determined by proration on the basis that the rentable floor area of the subleased premises bears to the rentable floor area of entire property assessed. Sublessee agrees to pay the amount for all taxes levied upon or measured by the rent payable hereunder, whether as a so-called sales tax, transaction privilege tax, excise tax, or otherwise (but no income taxes of Landlord shall be payable by Tenant). Such taxes shall be due and shall procure payable at the same time as and in addition to each payment of rent. Sublessee agrees to pay Landlord as additional rental, Sublessee's pro rata share of the insurance premiums payable by Sublessor for such commercial general liability, broad form fire and extended and special perils insurance with respect coverage. Sublessor's pro rata share shall be based on the square footage of the subleased premises leased to Sublessor (as specified above) compared to the Premises as Landlord total square footage of leasable space in its reasonable discretion may deem appropriatethe entire building. Tenant shall reimburse Landlord for all taxes and insurance as provided herein Sublessee agrees to pay Sublessor said increased amount within fifteen thirty (1530) days after receipt of a notice in writing from Landlord as Sublessor, of the increase in said insurance premiums. If during the final year of the Sublease, or any extension or renewal thereof, the term does not coincide with the year upon which the insurance rate is determined, the increase in premiums for the portion of that year shall be prorated according to the amount duenumber of months during which tenant is in possession of the subleased premises. Tenant Sublessee, at his expense, shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance maintain at all times during the term of this LeaseSublease agreement, auto and public liability insurance with a minimum combined single limit of $1,000,000.00 per occurrence and worker's compensation insurance with mandatory statutory limits. All such policies shall name Sublessor and Landlord as additional named insureds, and provide for 20 days written notice prior to cancellation for any extension or renewal thereofreason. If boxes are checked below, the manner Appropriate certificates of reimbursement shall insurance will be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year delivered to Sublessor prior to occupancy of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, facilities an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9applicable renewal date.
Appears in 1 contract
Taxes and Insurance. Landlord a) Escrow balance, suspense balance, buydown balance and loss drafts as reflected on transfer cutoff trial balance and foreclosure expenses as of transfer cutoff.
b) Seller shall pay all taxes provide notification to GMAC Mortgage (including via email) advising of the Federal Reserve reference number and the amount of the wire.
A) Tax Listing, to contain, but not be limited to the following for each escrowed account, items which are due for the 30 days following the transfer date and remain unpaid (generated as of Transfer Cutoff Date and provided in Excel format): Loan number Tax type - e.g. county, school, city, special assessment, etc. Next tax due date Next tax amount due or last paid amount, whichever is applicable 5 Indicator whether or not tax type is escrowed Tax identification number (parcel number)*where available Payee code associated with each parcel
B) Tax listing to contain, but not be limited to, ad valorem taxesthe following for each escrow and non-escrow account (sort separately) which is delinquent for payment of taxes at the time of transfer by investor (generated as of Transfer Cutoff Date): Loan number Tax type - e.g. county, school, city, special assessments and any other governmental chargesassessment, etc. Next tax due date Next tax amount due or last paid amount, whichever is applicable 5 Indicator whether or not tax type is escrowed Tax identification number (parcel number) on the Premises and shall procure and pay for such commercial general liability*where available Payee code associated with each parcel
C) Tax listing to contain, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not be limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises following for each tax year exceed all taxes on loan in a taxing authority with late release dates: Servicer loan number GMAC Mortgage loan number Payee code associated with each parcel
D) Prior to the Premises for Transfer Cutoff Date, Servicer will perform a lien-level audit comparing the tax year ; or All parcel numbers on Servicer’s system to the tax parcel number shown by the Servicer’s tax service company. Servicer agrees to correct any incorrect tax parcel numbers on their system prior to the Transfer Cutoff Date. Servicer will provide a copy of the audit report to GMAC Mortgage.
E) Servicer will handle any known tax delinquencies on non-escrowed loans prior to Transfer Date by advancing escrow funds for payment, enforcing escrow requirement (if allowable) for future taxes (including but not limited todue and notify customer of increased payment according to applicable state xxxxxxxxxx.Xx the event Servicer is unable to complete this process by the Transfer Date, ad valorem taxes, special assessments and any other governmental charges) on Servicer shall provide GMAC Mortgage a list of outstanding tax delinquencies to include the Premises status for each loan and all supporting documentation received from the tax yearservice company and all correspondence sent to the homeowner.
F) If Servicer utilizes Lereta or Fidelity for their tax service contracts, an AB38A3 tape shall be provided no later than 10 days prior to each Transfer Date.Tapes shall be directed to the following address: First American Real Estate Tax Service, Attn:Xxxx Xxxxxx, 0000 Xxxxxxxx Xxxxxxx, 0xx Xxxxx, Xxxxxx, XX 75247.Please notify Sales and Acquisitions when tapes are shipped. If Servicer utilizes First American, please provide GMAC Mortgage your customer number.
G) Tax service type codes and tax escrow type codes (if Servicer uses a tax service company other than First American).
H) Copy of your open tax research items report on loans in the final Lease Year portfolio, including any applicable system notes pertaining to the research items (generated as of Transfer Cutoff Date).
I) Copy of the term fails report produced by your tax service containing contracts that are suspended or cancelled due to coincide missing or incomplete legal descriptions or due to missing homeowner authorizations (generated as of Transfer Cutoff Date). If no tax service is used, provide a report with the same information.
J) Accounts on Tax Service – Servicer will ensure tax year, then any excess for contracts remain in effect through Transfer Cutoff Date.
K) Accounts not on Tax Service - Servicer will submit to applicable taxing authorities notification of the tax year during which the term ends shall be reduced by the pro rata part Servicing transfer to GMAC Mortgage and will provide GMAC Mortgage with copies of such notification.
L) Servicer agrees to assume responsibility for payment of property taxes and or assessments for loans with escrow accounts that are due or will become delinquent up to the transfer cutoff date as well as those due within 30 days after the Transfer Date where bills/tax year beyond the Lease termamounts are available. If such taxes for applicable, the year in which Servicer will comply with state regulations governing the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as within a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9designated discount period.
Appears in 1 contract
Samples: Servicing Agreement (Deutsche Alt-a Securities Inc)
Taxes and Insurance. Landlord In addition to the base rent above provided, and as additional lease rent, Lessee shall pay its proportionate share of all taxes taxes, general and special, assessed against every part of the Warehouse of which the Leased Premises are a part and the land upon which the Warehouse is located (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to personal property owned by Landlord or other tenants nor any interest or penalty related to such taxes), and also its proportionate share of the cost of all fire, windstorm and other hazard insurance, including, without limitation, liability and rent loss coverage, carried upon the Warehouse of which the Leased Premises as Landlord are a part. Such proration shall, to the extent possible, take into consideration finished versus unfinished portions of the Warehouse. However, if Lessor is unable, in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all sole determination, to prorate such items taking into consideration finished versus unfinished portions of the Warehouse, taxes and insurance shall be prorated solely on a square footage basis. The square footage of the Leased Premises, at the present time, shall be deemed to be 45,330 square feet, and the total leasable space in the Warehouse is 117,600 square feet and, therefore, Lessee's proportionate share is 38.55%. Such percentage is subject to change if additional mezzanine space is added to other leased units. Lessee's proportionate share shall be the prorated for the actual number of months and days from the Commencement Date to January 1, next following the Commencement Date and Lessee shall pay the amount so determined to Lessor in equal monthly installments, concurrent with payment of the base rent, commencing on the Commencement Date and continuing through and including the rental payment due December 1, next following the Commencement Date. On or before January 31, next following the Commencement Date, and on or before each succeeding January 31, thereafter, Lessor shall estimate Lessee's pro rata share of the taxes and insurance costs for the succeeding calendar year, as provided herein above, and shall notify Lessee of the amount of said estimate. Lessee shall pay to Lessor monthly thereafter during the ensuing calendar year, concurrent with the payment of the base rental, 1/12th of the amount so estimated. Lessor shall keep annual records of the amount of taxes assessed and insurance costs paid and shall compute Lessee's pro rata share thereof. By no later than April 1 of each year of this lease, commencing April 1, 2000, Lessor shall notify Lessee of said amount of taxes and insurance costs. If the monthly payments previously made by Lessee are not sufficient to pay said taxes and insurance costs, Lessee shall pay to Lessor, within fifteen thirty (1530) days after receipt of notice from Landlord as to of said deficiency, the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for by which the actual costs of said taxes and insurance during exceeds the term of this Lease, and any extension or renewal thereof. If boxes are checked below, estimated amount paid by Lessee.-If the manner of reimbursement shall be as indicated: The estimated amount paid by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on Lessee exceeds the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against and the Premises for cost of insurance, Lessor shall credit such excess to Lessee and shall reduce the previous tax year shall be used as a basis for determining the pro rata share, if any, estimated amount to be paid by Tenant Lessee for the ensuing year by that portion amount, or if a refund is owed to Lessee after the termination or expiration of the last Lease Year. If this box is checkedLease, Tenant such amount, after deducting any amount owed by Lessee to Lessor, shall reimburse Landlord for taxes be paid to Lessee by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) no later than March 15 of the then current tax payments year immediately following the year for which the Premises. Upon receipt of bills, statements refund is due (this provision shall survive such termination or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9expiration).
Appears in 1 contract
Taxes and Insurance. Landlord shall pay all taxes (including but not limited to, ad valorem A. In the event that the amount of real estate taxes, special assessments assessments, or any governmental charges which may be levied or assessed against the land upon which the building stands and upon the building containing the leased premises attributable to any other governmental charges) on tax year following the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance base year during the term of this LeaseLease or any renewals, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlordon the real property attributable to the base year, then Tenant shall pay to Landlord Tenant's pro rate share of the increase in taxes. In addition, Tenant shall upon demand pay Landlord its proportionate share of any increase in the insurance expenses required for the operation of the Market Square Complex that accrue during the term of this lease. The Tenant's pro rata share in any calendar year shall be determined by multiplying the amount by which the taxes and insurance for said calendar year exceed the taxes and insurance charged in the base year by a percentage determined by dividing Tenant's net leasable space by the total net leasable space in the building. For purposes of this Section the base year shall mean and refer to the year 1985. It is hereby understood and agreed that should Tenant not have been in possession of the leased premises for the entire year in which taxes and insurance exceed those in the base year, Tenant's liability for such extra taxes and insurance shall be pro rata. The Tenant's obligation to Landlord an amount equal as set forth herein is to survive the deficiency or expiration date of this Lease and the expiration date of any renewal term hereof. Any payments required by such increase in taxes and insurance shall be paid within 30 days of receipt of a statement therefor from Landlord.
B. Landlord shall refund to Tenant pay all real estate and ad valorem taxes and any overpayment (as applicable) as documented special assessments upon the premises imposed by Landlord. lawful authority provided, however, Landlord shall have no obligation to segregate be reimbursed by Tenant as additional rent for such amount as may be required by the preceding paragraph for Tenant's proportionate share thereof; and the Tenant shall pay all ad valorem taxes upon its property, merchandise, inventory, and equipment and any other taxes or otherwise account for levies assessed or charged against the tax reimbursements paid hereunder except Tenant as provided in this paragraph 9a result of its use and occupancy of the premises or improvements thereto made by Tenant, provided, however, Tenant shall pay as additional rent such amounts as may be required by the preceding paragraph.
Appears in 1 contract
Taxes and Insurance. Landlord shall pay all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall Mortgagor will pay or cause to be paid all real estate taxes and assessments on the Mortgaged Premises and all insurance premiums for hazard and liability insurance covering the Mortgaged Premises as the same shall become due as further set forth in the Loan Agreement. Furthermore, Mortgagor shall submit evidence of payment of the same upon written request from Mortgagee. In the event of a default in the payment of such taxes or insurance then Mortgagee shall be permitted to pay the taxes and/or insurance to protect the Mortgaged Premises and charge the same to the Mortgagor as additional indebtedness secured by the Mortgage. Notwithstanding the foregoing, Mortgagee shall reserve the right to require Mortgagor to pay to Mortgagee in addition to the monthly installments of principal and interest a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage plus one-twelfth of yearly premium installments for hazard insurance, all as reasonably estimated initially and from time to time by Mortgagee on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held by Mortgagee, who shall apply the Funds to pay said taxes, assessments and insurance premiums. Mortgagee shall make no charge for so holding and applying the Funds or verifying and compiling said assessments and bills. Mortgagee shall not be required to pay Mortgagor any interest on the Funds. Mortgagee shall give to Mortgagor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the indebtedness secured by this Mortgage. Funds paid hereunder may be commingled with other funds of the Mortgagee. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid the Funds held by LandlordMortgagee shall not be sufficient to pay taxes, Tenant assessments and insurance premiums as they fall due, Mortgagor shall upon demand pay to Landlord an Mortgagee the amount equal of any such deficiency within thirty days after notice from Mortgagee to the deficiency or Landlord Mortgagor requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Mortgagee shall promptly refund to Tenant Mortgagor any overpayment (as applicable) as documented Funds held by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Mortgagee.
Appears in 1 contract
Samples: Mortgage With Power of Sale, Security Agreement and Financing Statement (Glimcher Realty Trust)
Taxes and Insurance. Landlord Tenant shall pay all taxes to Landlord as Additional Rent (including but not limited to, ad valorem i) its proportionate share of real estate taxes, special taxes and assessments and all insurance for the Center (excluding any other governmental chargestenants separately taxed or charged for insurance) and (ii) any separate or special assessment related to the Building. If the ground that constitutes the Leased Premises shall be assessed as a separate parcel for real estate tax purposes, then, notwithstanding the obligations described in subsection (i), above, Tenant shall (in lieu of the obligation to pay a proportionate share of real estate taxes applicable to the Center) pay 100% of any taxes on the Leased Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect directly to the Premises local taxing jurisdiction on or before the last day before any penalties or interest for late payment may be assessed or charged. Insurance shall include all risk coverage, fire insurance for the full replacement value of the improvements, extended coverage and all other perils coverage, loss of rents coverage, plus all endorsements and other coverages required as the result of the operation of the Center by Landlord in its reasonable discretion may deem appropriateand all Tenants. Landlord shall notify Tenant of the amount of such charges, including with such notification copies of tax and insurance bills, and Tenant shall reimburse pay Landlord for all taxes and insurance as provided herein such amounts within fifteen (15) days after receipt from the date of notice from Landlord as to it by Landlord. Tenant's proportionate share is the amount due. fraction, the numerator of which is the Gross Leasable Area in the Leased Premises and the denominator of which is the total Gross Leasable Area of the Center (excluding any tenants separately taxed or charged for insurance), provided that if the taxes for the Center are increased materially because of assessment of Tenant's improvements at a higher rate than other tenants in the Center, Tenant agrees to pay any such excess taxes and provided further that Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereonall additional fire insurance premiums as set forth in Section 8.03. Landlord, at Landlord's option, may bill Tenant shall reimburse Landlord on a monthly basix xased on one-twelfth (1/12) of the estimated annual amount for taxes and insurance during the term of this Leaseas estimated by Landlord, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord pay said cost for taxes by paying to Landlord, beginning on the tax and insurance with monthly Minimum Rent Commencement Date and on the first day of each calendar month during in advance. The initial estimate shall be as set forth in Section 1.00(o). In the term hereof, an amount equal to one- twelfth (1/12) event that Tenant's payments in such year exceed Tenant's proportionate share of the then current actual tax payments for the Premises. Upon receipt of billsand insurance costs, statements or other evidence of taxes due, Landlord Tenant shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal credited the amount of taxes paid the overpayment. If Tenant's proportionate share of the actual tax and insurance costs exceeds the payments made in such year by LandlordTenant, Tenant shall upon demand pay the difference to Landlord an amount equal within thirty (30) days of receiving a detailed statement therefor from Landlord or Tenant shall be in default of the Lease. In the event Tenant does not make said payment monthly, Tenant shall be in default of this Lease. Additionally, with respect to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9.taxes:
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Taxes and Insurance. Landlord shall Lessor will, in the first instance, pay all taxes (including but not limited to, ad valorem the taxes, special levies and assessments on or in respect of Lessor's ownership of the Leased Premises and, during the continuance of this Lease, Lessee shall reimburse to Lessor the amount of such taxes, levies, and assessments attributable to the Leased Coal and the Leased Premises, but excluding taxes attributable to all rights excepted and reserved, if separately assessed, including taxes attributable to timber, oil, gas and other minerals, after Lessee's receipt of Lessor's statement therefor, such amounts to constitute and be treated as additional rental hereunder; provided that the obligation of Lessee shall be prorated for any partial calendar years for the first year and the last year of this Lease. Lessee shall promptly pay at the several times they become due and payable all taxes levied or assessed upon coal mined from or products manufactured from coal upon the Leased Premises. Lessee shall also pay any and all taxes due to the state and/or its subdivision for severing, removing, processing, or preparing of said coal, except for taxes on gross or net income of Lessor on receipt of royalties, and Lessee shall also pay all royalties for removal of coal required by any existing or future labor agreements of lessee, its agents, operators or affiliates. If Lessor fails to pay the taxes, levies and assessments set forth above or if there are any taxes or encumbrances due on the Leased Premises, then Lessee may pay the same and any other governmental charges) on penalties, or redeem the Leased Premises from a tax sale, and shall procure deduct the amount expended attributable to taxes attributable to all rights excepted or reserved, if separately assessed, as well as penalties and interest assessed due to Lessor's failure to timely pay for any taxes, levies and assessments, from any rents and royalties subsequently accruing. Lessee may, at any time during the continuance of this Lease, at its own cost and expense, and after reasonable notice to Lessor of its intention so to do, contest any of the taxes, levies, or assessments to be borne by Lessee as above provided. In the event of any such commercial general liabilitycontest, broad form fire and extended and special perils insurance Lessee is authorized to proceed in the name of Lessor with respect to the Premises as Landlord reversionary interest of Lessor in the Leased Premises, but Lessee shall indemnify Lessor against any costs, penalties, expenses, or interest charges arising out of such contest. Lessee shall submit to Lessor, for its reasonable discretion may deem appropriatereview, a copy of annual coal appraisal reports or returns prepared pursuant to laws or regulations in the Commonwealth of Virginia with respect to Lessor's ownership prior to the filing with any governmental agency. Tenant shall reimburse Landlord It is understood and agreed that the taxes levied or assessed from such reports are based, in part, upon the permitting and/or production of Lessee and for all taxes and insurance that reason, Lessee's payments to Lessor as provided herein within fifteen for in this section shall continue and survive any termination of this Lease until the earlier of such time as (15a) days after receipt said taxes levied or assessed are not based on production or the designation of notice from Landlord the Leased Coal as mineral under development, (b) the Leased Coal is leased to any third parties (or if partially leased, to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes extent so leased); or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term (c) one year following termination of this Lease. Notwithstanding the foregoing, and any extension or renewal thereof. If boxes are checked belowafter termination of the Lease, the manner Lessee's responsibilities for payment of reimbursement taxes shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on to the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal incremental difference between the amount of taxes paid due based on the designation of coal reserves as mineral under development and the amount of taxes that would be due if such reserves were not under development. Lessor shall use its commercially reasonable efforts to minimize all taxes payable by Landlord, Tenant shall upon demand pay Lessee under this Lease. The symbol [***] is used to Landlord an amount equal indicate that a portion of the exhibit has been omitted and filed separately with the commission. Confidential treatment has been requested with respect to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9omitted portion.
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Taxes and Insurance. Landlord shall Commencing the first month of the Commencement Date, Tenant covenants and agrees to directly pay at its own expense for all taxes “Taxes” and “Insurance Premiums” (including but not limited toas such quoted terms are hereinafter defined) for the Project, ad valorem taxesas may be adjusted from time to time by Landlord, special assessments and any other governmental charges) on the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect pursuant to the Premises as Landlord in its reasonable discretion may deem appropriateprovisions hereinafter stated. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days Landlord, after receipt of any tax notice from or insurance xxxx on the Project, shall promptly furnish Tenant with a copy of such document. Provided that Landlord as timely complies with the foregoing sentence, Tenant covenants and agrees to pay, before they become delinquent, all Taxes and Insurance Premiums affecting the amount dueProject during the Lease Term. During any partial calendar year that this Lease is in effect, the Taxes and Insurance Premiums shall be prorated between the parties. Furthermore, Tenant shall be solely responsible also pay prior to delinquency all personal property taxes accruing on any personal property located on the Premises. If Tenant desires to contest any ad valorem real property taxes or assessments or the validity of any tax and gives Landlord written notice of this intention, then Tenant may contest the assessment or tax without being in default hereunder; provided, however, that Tenant shall either provide an escrow or post a bond with Landlord, or otherwise provide for insuring the payment of such taxes or assessments reasonably acceptable to Landlord, so that Landlord may insure the payment of such Taxes if Tenant’s personal and business property and for paying contests of any taxes or governmental assessments levied thereonassessment shall fail. Landlord agrees to cooperate with any such effort by Tenant, but without expense to Landlord. Tenant shall reimburse agrees to indemnify Landlord for taxes and insurance during the term hold Landlord harmless from all costs, expenses and damages whatsoever arising out of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount such contest by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Tenant.
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Samples: Lease Agreement (EVO Transportation & Energy Services, Inc.)
Taxes and Insurance. Landlord shall Lessor will, in the 6rst instance, pay all taxes (including but not limited to, ad valorem the taxes, special levies and assessments on or in respect of Lessor's ownership of the Leased Premises and, during the continuance of this Lease, Lessee shall reimburse to Lessor the amount of such taxes, levies, and assessments attributable to the Leased Coal and the Leased Premises, but excluding taxes attributable to all rights excepted and reserved, if separately assessed, including taxes attributable to timber, oil, gas and other minerals, promptly upon receipt of Lessor's statement therefor, such amounts to constitute and be treated as additional rental hereunder; provided that the obligation of Lessee shall be prorated for any partial calendar years for the first year and the last year of this Lease. Lessee shall promptly pay at the several times they become due and payable all taxes levied or assessed upon coal mined from or products manufactured from coal upon the Leased Premises. Lessee shall also pay any and all taxes due to the state and/or its subdivision for severing, removing, processing, or preparing of said coal, except for taxes on gross or net income of Lessor on receipt of royalties, and Lessee shall also pay all royalties for removal of coal required by any existing or future labor agreements of lessee, its agents, operators or affiliates. If Lessor fails to pay the taxes, levies and assessments set forth above or if there are any taxes or encumbrances due on the Leased Premises, then Lessee may pay the same and any other governmental charges) on penalties, or redeem the Leased Premises from a tax sale, and shall procure deduct the amount expended attributable to taxes attributable to all rights excepted or reserved, if separately assessed, as well as penalties and interest assessed due to Lessor's failure to timely pay for any taxes, levies and assessments, from any rents and royalties subsequently accruing. Lessee may, at any time during the continuance of this Lease, at its own cost and expense, and after reasonable notice to Lessor of its intention so to do, contest any of the taxes, levies, or assessments to be borne by Lessee as above provided. In the event of any such commercial general liabilitycontest, broad form fire and extended and special perils insurance Lessee is authorized to proceed in the name of Lessor with respect to the Premises as Landlord reversionary interest of Lessor in the Leased Premises, but Lessee shall indemnify Lessor against any costs, penalties, expenses, or interest charges arising out of such contest. Lessee shall submit to Lessor, for its reasonable discretion may deem appropriatereview, a copy of annual coal appraisal reports or returns prepared pursuant to laws or regulations in the State of with respect to Lessor's ownership prior to the filing with any governmental agency. Tenant shall reimburse Landlord It is understood and agreed that the taxes levied or assessed from such reports are based, in part, upon the permitting and/or production of Lessee and for all taxes and insurance that reason, Lessee's payments to Lessor as provided herein within fifteen for in this section shall continue and survive any termination of this Lease until the earlier of such time as (15a) days after receipt said taxes levied or assessed are not based on the designation of notice from Landlord the Leased Coal as "permitted" under said coal appraisal reports or returns, (b) the Leased Coal is leased to any third parties (or if partially leased, to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes extent so leased); or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term (c) five years following termination of this Lease. Notwithstanding the foregoing, and any extension or renewal thereof. If boxes are checked belowafter termination of the Lease, the manner Lessee's responsibilities for payment of reimbursement taxes shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on to the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal incremental difference between the amount of taxes paid due based on the designation of coal reserves as permitted on such coal appraisal reports or returns and the amount of taxes that would be due if such reserves were designated as unpermitted on such coal appraisal reports and returns. Lessor shall use its commercially reasonable efforts to minimize all taxes payable by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in Lessee under this paragraph 9Lease.
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Taxes and Insurance. Landlord (a) Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender reasonably estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all taxes such Taxes at least thirty (including but not limited to30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, ad valorem taxesprovided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, special assessments and any other governmental chargesor (b) on the Premises and shall procure and pay reimburse Borrower for such commercial general liabilityamounts upon presentation of evidence of payment; subject, broad form fire however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and extended and special perils insurance Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the Premises as Landlord accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable discretion judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen increase (15or decrease) days after receipt of notice from Landlord as the monthly contribution required to be made by Borrower to the Tax and Insurance Subaccount.
(b) Notwithstanding anything to the contrary contained herein, it is understood and agreed that for so long as Building 1 (which is part of the Property) and Building 4 (which is part of the Other Property) share part of the same tax lot, the amount due. Tenant to be paid pursuant to clause (i) of subsection (a) above (with respect to Building 1) shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) calculated based on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part entirety of such tax year beyond lot (inclusive of Building 4); provided, that once Borrower provides evidence to Lender that Building 1 and Building 4 no longer share a single tax lot, Lender shall promptly return to Borrower any excess amounts then on deposit in the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment Tax and Insurance Subaccount that have been deposited therein on account of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Building 4.
Appears in 1 contract
Taxes and Insurance. Landlord (a) Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender reasonably estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all taxes such Taxes at least thirty (including but not limited to30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, ad valorem taxesprovided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, special assessments and any other governmental chargesor (b) on the Premises and shall procure and pay reimburse Borrower for such commercial general liabilityamounts upon presentation of evidence of payment; subject, broad form fire however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and extended and special perils insurance Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the Premises as Landlord accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable discretion judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen increase (15or decrease) days after receipt of notice from Landlord as the monthly contribution required to be made by Borrower to the Tax and Insurance Subaccount.
(b) Notwithstanding anything to the contrary contained herein, it is understood and agreed that for so long as Building 4 (which is part of the Property) and Building 1 (which is part of the Other Property) share part of the same tax lot, the amount due. Tenant to be paid pursuant to clause (i) of subsection (a) above (with respect to Building 4) shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance during the term of this Lease, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) calculated based on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part entirety of such tax year beyond lot (inclusive of Building 1); provided, that once Borrower provides evidence to Lender that Building 4 and Building 1 no longer share a single tax lot, Lender shall promptly return to Borrower any excess amounts then on deposit in the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment Tax and Insurance Subaccount that have been deposited therein on account of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Building 1.
Appears in 1 contract
Taxes and Insurance. Landlord shall pay all taxes (including but not limited to, ad valorem A. In the event that the amount of real estate taxes, special assessments assessments, or any governmental charges which may be levied or assessed against the land upon which the building stands and upon the building containing the leased premises attributable to any other governmental charges) on tax year following the Premises and shall procure and pay for such commercial general liability, broad form fire and extended and special perils insurance with respect to the Premises as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord for taxes and insurance base year during the term of this LeaseLease or any renewals, and any extension or renewal thereof. If boxes are checked below, the manner of reimbursement shall be as indicated: The amount by which all taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year exceed all taxes on the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlordon the real property attributable to the base year, then Tenant shall pay to Landlord Tenant's pro rate share of the increase in taxes. In addition, Tenant shall upon demand pay Landlord its proportionate share of any 6 7 increase in the insurance expenses required for the operation of the Market Square Complex that accrue during the term of this lease. The Tenant's pro rata share in any calendar year shall be determined by multiplying the amount by which the taxes and insurance for said calendar year exceed the taxes and insurance charged in the base year by a percentage determined by dividing Tenant's net leasable space by the total net leasable space in the building. For purposes of this Section the base year shall mean and refer to the year 1985. It is hereby understood and agreed that should Tenant not have been in possession of the leased premises for the entire year in which taxes and insurance exceed those in the base year, Tenant's liability for such extra taxes and insurance shall be pro rata. The Tenant's obligation to Landlord an amount equal as set forth herein is to survive the deficiency or expiration date of this Lease and the expiration date of any renewal term hereof. Any payments required by such increase in taxes and insurance shall be paid within 30 days of receipt of a statement therefor from Landlord.
B. Landlord shall refund to Tenant pay all real estate and ad valorem taxes and any overpayment (as applicable) as documented special assessments upon the premises imposed by Landlord. lawful authority provided, however, Landlord shall have no obligation to segregate be reimbursed by Tenant as additional rent for such amount as may be required by the preceding paragraph for Tenant's proportionate share thereof; and the Tenant shall pay all ad valorem taxes upon its property, merchandise, inventory, and equipment and any other taxes or otherwise account for levies assessed or charged against the tax reimbursements paid hereunder except Tenant as provided in this paragraph 9a result of its use and occupancy of the premises or improvements thereto made by Tenant, provided, however, Tenant shall pay as additional rent such amounts as may be required by the preceding paragraph.
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Taxes and Insurance. Landlord (a) Borrower shall pay to Lender on each Payment Date (i) one-twelfth (1/12th) of the Taxes that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all taxes such Taxes at least thirty (including but 30) days prior to their respective due dates and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies. Such amounts will be transferred by Lender to a Subaccount (the "Tax and Insurance Subaccount"). Provided that no Default or Event of Default has occurred and is continuing, Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, provided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due, or (b) reimburse Borrower for such amounts upon presentation of evidence of payment; subject, however, to Borrower's right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and Insurance Premiums, Lender may do so according to any bill, statement or estimate procurxx xrom the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or intx xxe validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If Lender determines in its reasonable judgment that the funds in the Tax and Insurance Subaccount will be insufficient to pay (or in excess of) the Taxes or Insurance Premiums next coming due, Lender may increase (or decrease) the monthly contribution required to be made by Borrower to the Tax and Insurance Subaccount.
(b) Notwithstanding anything to the contrary contained in Section 3.3(a), Borrower shall not limited tobe required to make the monthly payments required under Section 3.3(a), ad valorem taxesprovided that (i) Borrower shall deliver to Lender to be held in the Tax and Insurance Subaccount an amount (the "Alternative Tax and Insurance Funds") equal to one-quarter of the amount determined by Lender to be required to pay all Taxes and Insurance Premiums over the ensuing twelve month period, special assessments (ii) Ingram Micro is required to pay alx Xxxxs and Insurance Premiums pursuant to the terms of the Ingram Micro Lease, (iii) subject xx Xxxram Micro's contest rights set xxxxx in the Ingram Micro Lease, Ingram Micro sxxxx xay all Taxes axx Xxxurance Premiums as the same become due and payable and before delinquency, (iv) Borrower or Ingram Micro shall furnish to Lendxx xxxdence of the renewal of any expiring Policy prior to the expiration thereof, (v) Borrower or Ingram shall, upon request, furnisx xx Xender receipts for the payment of all such amounts or other evidence of such payment reasonably satisfactory to Lender, (vi) the Ingram Micro Lease remains in full xxxxx and effect, (vii) Borrower or Ingram shall provide Lender with nxxxxx of any increases in the annual payments for Taxes or Insurance Premiums not less than thirty (30) days prior to the effective date of any such increase and the Alternative Tax and Insurance Funds shall be increased by an amount equal to one quarter of such increased amount at least ten (10) Business Days prior to the effective date of such increase, (viii) no Lease Default is continuing under the Ingram Micro Lease, (ix) no Event xx Xxxault shall be continuing and (x) the credit rating of Ingram Micro has not been downgradxx xxxow B by S&P (or its functional equivalent by any other governmental chargesRating Agency), (xi) on Ingram Micro (and subtenant under xx Xxxroved sublease) remains in full occupancy of the Premises Property and (xii) Ingram Micro is not required to esxxxxxxh an escrow for taxes and insurance premiums in accordance with the Ingram Micro Lease. Borrower's oblxxxxxxn to make the payments required under Section 3.3
(a) shall immediately resume and shall procure continue (A) in the event of the failure of any condition set forth in clauses (i) through (vii) of this Section 3.3(b), until the end of the Term, (B) in the event of the failure of the condition set forth in (viii) or (ix) until such time as no Event of Default or Lease Default, as the case may be, shall be continuing (provided, that once an Event of Default has occurred or Lease Default has occurred, then with respect to each subsequent Event of Default or Lease Default, as the case may be, Borrower's obligation to make the payments required under Section 3.3(a) shall continue until such time as no Event of Default or Lease Default, as the case may be, has been continuing for a period of six consecutive months) or (C) in the event of the failure of the condition set forth in (x), until such time as the credit rating of Ingram Micro has been upgraded to X xx xigher by S&P (and pay for its functional equivalent by any other Rating Agency) (D) in the event of the failure of the condition set forth in (xi), until such commercial general liability, broad form fire and extended and special perils insurance time as Ingram Micro (or the subtenants unxxx xx Approved Sublease) takes full occupancy of the Property or (E) with respect to the Premises failure of the condition set forth in (xii), until such time as Landlord in its reasonable discretion may deem appropriate. Tenant shall reimburse Landlord for all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due. Tenant shall be solely responsible for insuring Tenant’s personal and business property and for paying any taxes or governmental assessments levied thereon. Tenant shall reimburse Landlord Ingram Micro is no longer required xx xxintain an escrow for taxes and insurance during in accordance with the term of this Ingram Micro Lease, and any extension or renewal thereof. If boxes are checked belowany non-payxxxx xf Taxes or Insurance Premiums is not cured within five (5) days of notice of such nonpayment, Lender shall have the manner of reimbursement shall be as indicated: The amount by which all taxes (including right, but not limited tothe obligation, ad valorem taxes, special assessments and any other governmental charges) to draw on the Premises Alternative Tax and Insurance Funds for each tax year exceed all taxes on purposes of making the Premises for the tax year ; or All taxes (including but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. If the final Lease Year of the term fails to coincide with the tax year, then any excess for the tax year during which the term ends shall be reduced by the pro rata part of such tax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last month’s rental, then the amount of such taxes assessed against the Premises for the previous tax year shall be used as a basis for determining the pro rata share, if any, to be paid by Tenant for that portion of the last Lease Year. If this box is checked, Tenant shall reimburse Landlord for taxes by paying to Landlord, beginning on the Rent Commencement Date and on the first day of each calendar month during the term hereof, an amount equal to one- twelfth (1/12) of the then current tax payments for the Premises. Upon receipt of bills, statements Taxes or other evidence of taxes due, Landlord shall pay or cause to be paid the taxes. If at any time the reimbursement payments by Tenant hereunder do not equal the amount of taxes paid by Landlord, Tenant shall upon demand pay to Landlord an amount equal to the deficiency or Landlord shall refund to Tenant any overpayment (as applicable) as documented by Landlord. Landlord shall have no obligation to segregate or otherwise account for the tax reimbursements paid hereunder except as provided in this paragraph 9Insurance Premiums.
Appears in 1 contract
Samples: Loan Agreement (First Union Real Estate Equity & Mortgage Investments)