Government Property Lease Sample Clauses

Government Property Lease. City hereby acknowledges and agrees that if the Project is completed as contemplated in compliance with the Schedule of Performance (as it may be amended or extended) and Developer has otherwise satisfied its obligations, in all material respects, under this Agreement (taking into account all applicable cure periods, if any), then Developer shall be entitled to all statutorily-authorized property tax abatements available pursuant to the provisions of A.R.S. §§ 42-6201 through 42-6209, inclusive, as in effect on May 20, 2010, which were reserved in Resolution 2010.76. Upon execution of this Agreement, the conditions stated in Sections 2 and 3 of such Resolution shall have been satisfied. City and Developer hereby agree that the voluntary payment to be made by Developer pursuant to Section 3.7.2 satisfies the contribution referenced in Section 3 of such Resolution. Upon issuance of a Certificate of Occupancy for the Project (i) the Property shall be conveyed to City by a special warranty deed in substantially the form of Exhibit F attached hereto, or a form otherwise mutually acceptable to City and Developer, and (ii) City shall lease back the Property to Developer pursuant to a separate Land and Improvements Lease substantially in the form attached hereto as Exhibit G, or a form otherwise mutually acceptable to City and Developer (the “Government Property Lease”). The Property must be conveyed to City within 180 days after issuance of the first Certificate of Occupancy for the Project.
Sample 1
AutoNDA by SimpleDocs
Government Property Lease. City hereby acknowledges and agrees that if the Project is completed as contemplated in compliance with the Schedule of Performance (as it may be amended or extended) and Developer has otherwise satisfied its obligations, in all material respects, under this Agreement (taking into account all applicable cure periods, if any), then Developer shall be entitled to all statutorily-authorized property tax abatements available pursuant to the provisions of A.R.S. §§ 42-6201 through 42-6209, inclusive, as in effect on May 20, 2010 which were reserved in Resolution 2010.76. Upon execution of this Agreement, the conditions stated in Section 2 of such Resolution shall have been satisfied. No in-lieu payment referenced in Section 3 of such Resolution is required. Upon issuance of a Certificate of Occupancy for Phase I of the Project, (i) the Property shall be conveyed to City by a special warranty deed in substantially the form of Exhibit D attached hereto, or a form otherwise mutually acceptable to City and Developer, and (ii) City shall lease back the Property to Developer pursuant to a separate Land and Improvements Lease substantially in the form attached hereto as Exhibit E, or a form otherwise mutually acceptable to the City and the Developer (the “Government Property Lease”). The term of the Government Property Lease shall not exceed 6 years from the date of conveyance of the Property to the City. The Property must be conveyed to City within 180 days after issuance of the first Certificate of Occupancy for the Project but not more than one year after the date of Substantial Completion of Phase 1. The City agrees that the Property may be conveyed to the City subject to the lien of a fee deed of trust executed by Developer as the trustor, in which event, while the City shall have no personal liability under such fee deed of trust, the City’s interest in the Property shall be subject and subordinate to the lien of such fee deed of trust. The parties acknowledge that at the time of this Agreement, construction has already commenced on the Project.
Sample 1
Government Property Lease. City hereby acknowledges and agrees that as and when Certificates of Completion for the Improvements on a Parcel are issued and Developer has otherwise satisfied, in all material respects, its obligations which are then due under this Agreement (taking into account all applicable cure periods, if any), then Developer shall be entitled to all statutorily-authorized property tax abatements, including, without limitation, all such abatements currently available pursuant to the provisions of A.R.S. §42-6201 through §42-6209. Following issuance of a Certificate of Completion on a Parcel, and upon City’s receipt of Developer’s written request therefor, the Parcel will be subject to the Government Property Lease Excise Tax as provided for under A.R.S. §42-6201 through §42-6209.
Sample 1
Government Property Lease. City hereby acknowledges and agrees that as each Phase of the Project which constitutes either the office component or a hotel component is completed as contemplated in compliance with the Schedule of Performance (as it may be amended or extended) and so long as Developer has otherwise satisfied its obligations, in all material respects, under this Agreement with respect to such Phase (taking into account all applicable cure periods, if any), then Developer shall be entitled to all statutorily-authorized property tax abatements available pursuant to the provisions of A.R.S. §42-6209. Developer acknowledges that Developer's right to any Government Property Lease shall apply only to the office component and hotel component (with appurtenant retail uses, if any) and not to any other Phases within the Project. Any residential project constructed within the Property shall not be entitled to a Government Property Lease. If Developer has fully performed its obligations under this Agreement, then to facilitate property tax abatements, City hereby agrees that, at the request of Developer from time to time, City shall accept reconveyances of one or more Phases and conveyances of Improvements thereon by deed substantially in the form attached hereto as Exhibit J and shall lease-back all such Parcels and Improvements to Developer upon the terms and conditions set forth in a Government Property Lease substantially in the form attached hereto as Exhibit K.
Sample 1
Government Property Lease. City hereby acknowledges and agrees that if the Project is completed as contemplated in compliance with the Schedule of Performance (as it may be amended or extended) and Developer has otherwise satisfied its obligations, in all material respects, under this Agreement (taking into account all applicable cure periods, if any), then Developer shall be entitled to all statutorily-authorized property tax abatements and rates available pursuant to the provisions of A.R.S. §§ 42-6201 through 42-6210, inclusive, as in effect on May 20, 2010 which were reserved in Resolution 2010.76. Upon execution of this Agreement, the conditions stated in Section 2 of such Resolution shall have been satisfied. If Developer has performed its development obligations hereunder under this Agreement, then City and Developer shall take such actions as are necessary to facilitate property tax abatements on government property improvements for which a certificate of occupancy has been issued, including without limitation, entering a lease substantially in the form attached hereto as Exhibit G (each a “GPLET Lease”). Alternatively, City and Developer may agree to include the requisite provisions in the Master Lease.
Sample 1

Related to Government Property Lease

  • Real Property; Leasehold Neither the Company nor any of its Subsidiaries owns or has ever owned any real property. The Company has made available to Parent (a) an accurate and complete list of all real properties with respect to which the Company directly or indirectly holds a valid leasehold interest as well as any other real estate that is in the possession of or leased by the Company or any of its Subsidiaries, and (b) copies of all leases under which any such real property is possessed (the “Company Real Estate Leases”), each of which is in full force and effect, with no existing material default thereunder. The Company’s use and operation of each such leased property conforms to all applicable Laws in all material respects, and the Company has exclusive possession of each such leased property and has not granted any occupancy rights to tenants or licensees with respect to such leased property. In addition, each such leased property is free and clear of all Encumbrances other than Permitted Encumbrances. The Company has not received written notice from its landlords or any Governmental Body that: (i) relates to violations of building, zoning, safety or fire ordinances or regulations; (ii) claims any defect or deficiency with respect to any of such properties; or (iii) requests the performance of any repairs, alterations or other work to such properties.

  • Personal Property Leases Schedule 5.10 contains, as of the date of this Agreement, a list of each lease or other agreement or right under which the Company or any of the Subsidiaries is lessee of, or holds or operates, any machinery, equipment, vehicle or other tangible personal property owned by a third Person, except those which are terminable by the Company or such Subsidiary without penalty on 90 days’ or less notice or which provide for annual rental payments of less than $250,000.

  • Property Leased Lessor leases to Lessee all of the Equipment described on each Summary Equipment Schedule. In the event of a conflict, the terms of the applicable Schedule prevail over this Master Lease.

  • Real Property Leases Section 2.12 of the Disclosure Schedule lists all Leases and lists the term of such Lease, any extension and expansion options, and the rent payable thereunder. The Company has delivered to the Buyer complete and accurate copies of the Leases. With respect to each Lease:

  • Title to Property; Leases The Company and its Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects.

  • Equipment; Leasehold (a) All material items of equipment and other tangible assets owned by or leased to the Company are adequate for the uses to which they are being put, are in good condition and repair (ordinary wear and tear excepted) and are adequate for the conduct of the Company's business in the manner in which such business is currently being conducted.

  • Real Property; Personal Property (a) On the Disaffiliation Date, Local Church will have full title and ownership of the Real Property and Personal Property. The parties shall ensure all necessary transfers or other transactions relating to the above properties are completed on or prior to the Disaffiliation Date. Any costs resulting from such transfers or other transactions shall be borne by Local Church. Annual Conference shall fully cooperate with Local Church, as needed and applicable, to ensure that such transfers and other transactions convey all of Annual Conference’s interest – both for itself and on behalf of The United Methodist Church – in the Real Property and Personal Property, both tangible and intangible, of Local Church.

  • Access to Property, Property’s Management, Property Lender, and Property Tenants Potential Investor agrees to not seek to gain access to any non-public areas of the Property or communicate with Property’s management employees, the holder of any financing encumbering the Property, the Property’s tenants, and the Owner’s partners in the ownership of the Property, without the prior consent of Owner or HFF, which consent may be withheld in the Owner’s sole discretion.

  • Leaseholds If the Mortgage Loan is secured by a long-term residential lease, (1) the lessor under the lease holds a fee simple interest in the land; (2) the terms of such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the lessor's consent and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protections; (3) the terms of such lease do not (a) allow the termination thereof upon the lessee's default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default, (b) allow the termination of the lease in the event of damage or destruction as long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard insurance policy or policies relating to the Mortgaged Property or (d) permit any increase in rent other than pre-established increases set forth in the lease; (4) the original term of such lease is not less than 15 years; (5) the term of such lease does not terminate earlier than five years after the maturity date of the Mortgage Note; and (6) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates in transferring ownership in residential properties is a widely accepted practice;

  • Personal Property Loss An employee's personal property loss or damage by the action of a client shall be replaced or repaired at the expense of the Employer to a maximum of seven hundred and fifty ($750.00) dollars, subject to integration with one hundred (100%) per cent coverage by Workers' Compensation Board, provided that reasonable proof of the cause of such damage is submitted by the employee concerned within reasonable time of such loss or damage.

Time is Money Join Law Insider Premium to draft better contracts faster.