TITLE/TAXES. Ownership of fee title to the Facility Premises shall remain vested in Landlord during the Lease Term and thereafter, subject to the covenants, conditions and terms of this Lease, and Tenant shall have a leasehold interest in and to the Facility Premises during the Lease Term. All leasehold improvements, including, without limitation, all Capital Projects, made to the Facility Premises shall be vested with Landlord, who shall have fee title thereto, subject to the covenants, conditions and terms of this Lease. Notwithstanding the foregoing, no furnishings, furniture, trade fixtures, equipment or other personal property installed or constructed by Tenant on or within the Facility Premises shall be Landlord’s property (unless such property is permanently affixed to and a leasehold improvement of the Facility Premises), but shall be the property of Tenant. Notwithstanding that fee title to the Facility Premises shall remain vested in Landlord during the Lease Term, it is acknowledged that (i) Tenant will pay for and construct or provide (or cause to be constructed or provided) a significant portion of the Facility and the installations, additions, fixtures and improvements to be placed in or upon the Facility Premises, whether temporary or permanent; (ii) Tenant shall retain the sole beneficial and depreciable interest for tax purposes (to the extent of its investment and any funds arranged by it) in such items; and (iii) for all income tax purposes, neither Landlord nor any other Person shall have the right to take depreciation deductions with respect to such items, or claim any other right to tax benefits arising from such items, such rights being exclusively reserved to Tenant unless assigned by Tenant, in whole or in part, to one or more third parties (“Tenant’s Beneficial Rights”). It is the belief and intent of Landlord and Tenant that neither the Facility Premises, nor any portion thereof, shall be the subject of any imposition, levy or payment of ad valorem real property tax and, in recognition thereof, Landlord agrees to hold harmless, defend and indemnify Tenant against the same and Landlord shall pay, or shall reimburse Tenant for its payment of, any such ad valorem real property tax so imposed, levied or paid, if any. Notwithstanding anything contained herein to the contrary, the foregoing provision shall have no effect on Tenant’s liability and obligation to pay Base Rent, Gecko Investments’ liability and obligation to pay Office Base Rent, or to cause Subtenants to pay Base Rent or Office Base Rent, and any applicable sales tax, as provided under this Lease. Tenant shall be liable for all taxes levied or assessed against personal property, furniture, or fixtures of Tenant in or about the Facility Premises or in or on the Property.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
TITLE/TAXES. (a) Ownership of fee title to the Facility Premises shall remain vested in Landlord during the Lease Term and thereafter, subject to the covenants, conditions and terms of this Lease, and Tenant shall have a leasehold interest in and to the Facility Premises during the Lease Term. All leasehold improvements, including, without limitation, all Capital Projects, made to the Facility Premises shall be vested with Landlord, who shall have fee title thereto, subject to the covenants, conditions and terms of this Lease. Notwithstanding the foregoing, no furnishings, furniture, trade fixtures, equipment or other personal property installed or constructed by Tenant on or within the Facility Premises shall be Landlord’s property (unless such property is permanently affixed to and a leasehold improvement of the Facility Premises), but shall be the property of Tenant. .
(b) Notwithstanding that fee title to the Facility Premises shall remain vested in Landlord during the Lease Term, it is acknowledged that (i) Tenant will pay for and construct or provide (or cause to be constructed or provided) a significant portion of the Facility and the installations, additions, fixtures and improvements to be placed in or upon the Facility Premises, whether temporary or permanent; (ii) Tenant shall retain the sole beneficial and depreciable interest for tax purposes (to the extent of its investment and any funds arranged by it) in such items; and (iii) for all income tax purposes, neither Landlord nor any other Person shall have the right to take depreciation deductions with respect to such items, or claim any other right to tax benefits arising from such items, such rights being exclusively reserved to Tenant unless assigned by Tenant, in whole or in part, to one or more third parties (“Tenant’s Beneficial Rights”). .
(c) It is the belief and intent of Landlord and Tenant that neither the Facility Premises, nor any portion thereof, shall be the subject of any imposition, levy or payment of ad valorem real property tax and, in recognition thereof, Landlord agrees to hold harmless, defend and indemnify Tenant against the same and Landlord shall pay, or shall reimburse Tenant for its payment of, any such ad valorem real property tax so imposed, levied or paid, if any. Notwithstanding anything contained herein to the contrary, the foregoing provision shall have no effect on Tenant’s liability and obligation to pay Base Rent, Gecko Investments’ liability and obligation to pay Office Base Rent, or to cause Subtenants to pay Base Rent or Office Base Rent, and any applicable sales tax, as provided under this Lease. .
(d) Tenant shall be liable for all taxes levied or assessed against personal property, furniture, or fixtures of Tenant in or about the Facility Premises or in or on the Property.
Appears in 1 contract
Samples: Lease Agreement
TITLE/TAXES. Ownership of fee title to the Facility Premises shall remain vested in Landlord during the Lease Term and thereafter, subject to the covenants, conditions and terms of this Lease, and Tenant shall have a leasehold interest in and to the Facility Premises during the Lease Term. All leasehold improvements, including, without limitation, all Capital Projects, made to the Facility Premises shall be vested with Landlord, who shall have fee title thereto, subject to the covenants, conditions and terms of this Lease. Notwithstanding the foregoing, no furnishings, furniture, trade fixtures, equipment or other personal property installed or constructed by Tenant on or within the Facility Premises shall be Landlord’s property (unless such property is permanently affixed to and a leasehold improvement of the Facility Premises), but shall be the property of Tenant. Notwithstanding that fee title to the Facility Premises shall remain vested in Landlord during the Lease Term, it is acknowledged that (i) Tenant will pay for and construct or provide (or cause to be constructed or provided) a significant portion of the Facility and the installations, additions, fixtures and improvements to be placed in or upon the Facility Premises, whether temporary or permanent; (ii) Tenant shall retain the sole beneficial and depreciable interest for tax purposes (to the extent of its investment and any funds arranged by it) in such items; and (iii) for all income tax purposes, neither Landlord nor any other Person shall have the right to take depreciation deductions with respect to such items, or claim any other right to tax benefits arising from such items, such rights being exclusively reserved to Tenant unless assigned by Tenant, in whole or in part, to one or more third parties (“Tenant’s Beneficial Rights”). It is the belief and intent of Landlord and Tenant that neither the Facility Premises, nor any portion thereof, shall be the subject of any imposition, levy or payment of ad valorem real property tax and, in recognition thereof, Landlord agrees to hold harmless, defend and indemnify Tenant against the same and Landlord shall pay, or shall reimburse Tenant for its payment of, any such ad valorem real property tax so imposed, levied or paid, if any. Notwithstanding anything contained herein to the contrary, the foregoing provision shall have no effect on Tenant’s liability and obligation to pay Base Rent, Gecko Investments’ liability and obligation to pay Office Base Rent, or to cause Subtenants to pay Base Rent or Office Base Rent, and any applicable sales tax, as provided under this Lease. Tenant shall be liable for all taxes levied or assessed against personal property, furniture, or fixtures of Tenant in or about the Facility Premises or in or on the Property.
Appears in 1 contract
Samples: Lease Agreement
