Proposition 8 Clause Samples
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Proposition 8. Notwithstanding anything to the contrary set forth in the Lease, as amended hereby, during the Extended Term, the amount of Tax Costs for the Base Year and any subsequent year shall, except as provided herein, be calculated without taking into account any decreases in real estate taxes obtained in connection with Proposition 8, and, therefore, the Tax Costs in the Base Year and/or a subsequent year may be greater than those actually incurred by Landlord, but shall, nonetheless, be the Tax Costs due under the Lease; provided that (a) any costs and expenses incurred by Landlord in securing any Proposition 8 reduction shall not be included in Tax Costs nor included in Operating Costs for purposes of the Lease, as amended hereby, except to the extent relating to any Proposition 8 Offset (defined below), and (b) tax refunds under Proposition 8 shall not be deducted from Tax Costs nor refunded to Tenant, but rather shall be the sole property of Landlord. Landlord and Tenant acknowledge that the preceding sentence is not intended to in any way affect (i) the inclusion in Tax Costs of the statutory two percent (2.0%) annual increase in Tax Costs (as such statutory increase may be modified by subsequent legislation), or (ii) the inclusion or exclusion of Tax Costs pursuant to the terms of Proposition 13. Notwithstanding the foregoing, for any year subsequent to the Base Year during which a Proposition 8 reduction applies and such reduction is actually achieved, after reimbursement of the costs and expenses incurred by Landlord in order to obtain such reduction of Tax Costs, the amount of Tax Costs for such year shall be reduced by the amount of the reduction actually received (“Proposition 8 Offset”), provided that Tax Costs in any year subsequent to the Base Year shall never be less than Tax Costs in the Base Year. By way of example only, and not as a limitation on the foregoing, if Tax Costs for the Base Year are $1.02 per rentable square foot and no Proposition 8 reduction applies in the Base Year, and if as a result of the permitted annual 2% statutory increase, Tax Costs would be $1.0824 per rentable square foot in the third (3rd) comparison year, but Landlord receives a Proposition 8 Offset for such year so that actual Tax Costs are $1.04 for such year, then Tenant would be obligated to pay only $.02 per rentable square foot for such year. In addition, notwithstanding the foregoing, upon a reassessment of the Building and/or Development pursuant to the terms ...
Proposition 8. Notwithstanding anything to the contrary herein, if Taxes for the Base Year or any subsequent year are decreased as a result of any proceeding filed by Landlord for a reduction in the Building and Property’s assessed value obtained in connection with California Revenue and Taxation Code Section 51 (a “Proposition 8 Reduction”), Landlord shall make the following adjustments in determining Taxes (i) any Proposition 8 Reduction applicable to the Tax Base Year (whether actually obtained in the Tax Base Year or obtained retroactively in any subsequent year) shall be disregarded for purposes of determining the Base Year Tax Amount; and (ii) any Proposition 8 Reduction applicable to a subsequent year shall be recognized for purposes of determining Taxes for that year; however, if and to extent that as a result of any Proposition 8 Reduction applicable to a subsequent year Taxes are reduced below the Base Tax Year amount, Tenant will not be entitled to any credit or refund related to such reduction below the Base Tax Year Amount.
Proposition 8. If Landlord receives a reduction in Real Estate Taxes attributable to the Base Year as a result of commonly called Proposition 8 application, then Real Estate Taxes for the Base Year and each Lease Year shall be calculated as if no Proposition 8 reduction in Real Estate Taxes were received.
Proposition 8. Notwithstanding anything to the contrary set forth in the Lease, the amount of Tax Expenses for the Expansion Premises Base Year and the Existing Premises Base Year, as applicable, shall each be calculated without taking into account any decreases in taxes obtained in connection with Proposition 8, and, therefore, the Tax Expenses in the applicable Base Year may be greater than those actually incurred by Landlord, but shall, nonetheless, be the Tax Expenses for each of the Expansion Premises Base Year and the Existing Premises Base Year, as applicable, under the Lease; provided that (a) any costs and expenses incurred by Landlord in securing any Proposition 8 reduction shall not be deducted from Tax Expenses nor included in Tax Expenses for purposes of the Lease (and shall be at Landlord’s sole cost and expense), and (b) tax refunds under Proposition 8 shall not be deducted from Tax Expenses nor refunded to Tenant, but rather shall otherwise be the sole property of Landlord. Landlord and Tenant acknowledge that this paragraph is not intended to in any way affect (i) the inclusion in Tax Expenses of the statutory annual increase in Tax Expenses (currently 2% per annum), or (ii) the inclusion or exclusion of Tax Expenses pursuant to the terms of Proposition 13, which shall be governed pursuant to the terms and conditions of Section 8).
Proposition 8. Notwithstanding anything to the contrary set forth in the Lease, Landlord and Tenant agree that from and after the Direct Expenses Adjustment Date, the amount of Tax Expenses for the new 2015 Base Year for the First Floor Premises and the 2-4-7 Floor Premises as provided in Section 6(e) and for each Expense Year thereafter shall be calculated without taking into account of any decreases in real estate taxes that Landlord may obtain under Proposition 8, and, therefore, the Tax Expenses in such Base Year and any such later Expense Year may be greater than those actually incurred by Landlord, but shall, nonetheless, be the Tax Expenses under the Lease for such Base Year or Expense Year, as applicable; provided that any costs and expenses incurred by Landlord in securing any Proposition 8 reduction shall be included in Direct Expenses for purposes of the Lease. Landlord and Tenant acknowledge that this Section 17(b) is not intended to in any way affect (A) the inclusion in Tax Expenses of the statutory two percent (2.0%) annual increase in Tax Expenses (as such statutory increase may be modified by subsequent legislation), or (B) the inclusion of Tax Expenses pursuant to the terms of Proposition 13, which shall be governed by the terms of Section 5 of the Lease, as amended by this Amendment. In conformity with the foregoing, the second sentence of Section 5.2.5.3 of the Lease shall not apply to Tax refunds, if any, obtained by Landlord pursuant to Proposition 8.
Proposition 8. Notwithstanding any contrary provision hereof, Taxes shall be calculated without taking into account any reduction achieved under California Revenue and Taxation Code § 51.
Proposition 8. In the event that Landlord receives a refund of Taxes for any Expense Year as result of a reassessment of the Project under Proposition 8 (adopted by the voters of the State of California in the November 1978 election), Landlord shall credit against subsequent payments of Taxes due hereunder, an amount equal to Tenant's Share of any such refund, net of any expenses Incurred by Landlord in achieving such refund. A reassessment of the Project under Proposition 8 during any Expense Year shall not lower Base Taxes. However, if Base Taxes are reduced as result of a reassessment of the Project under Proposition 8, then the Base Taxes shall be correspondingly revised based on such reduction, the Additional Rent previously paid or payable on account of Tenant's payment of Tenant's Share of Tax Expenses hereunder for all Expense Years shall be recomputed on the basis of such reduction, and Tenant shall pay to Landlord within thirty (30) days after being billed therefor, any deficiency between the amount of such Additional Rent previously computed and paid by Tenant to Landlord, and the amount due as a result of such recomputations.
Proposition 8. Tenant will be entitled to “Proposition 8 protection” as described in Section 7(c) of the Lease.