Common use of Definition of “Real Property Tax Clause in Contracts

Definition of “Real Property Tax. “REAL PROPERTY TAXES” shall mean all ad valorem real property taxes and assessments due and applicable during the LEASE TERM which are assessed by any lawful authority against the real property constituting the PREMISES, less any rebates, credits or abatements which are granted or agreed upon by such lawful authority. The term “REAL PROPERTY TAXES” shall not, however, include the following: (i) [RESERVED]; (ii) income, profits, including gross profits, franchise, gift, estate, inheritance, succession, conveyance, transfer, sales, transaction, excise, capital or other tax assessments upon LANDLORD or the rent payable under this LEASE; and (iii) any interest, fine or penalty for late payment or nonpayment by LANDLORD of REAL PROPERTY TAXES.