Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of payment.
Appears in 6 contracts
Samples: Master Lease Agreement (Aimco OP L.P.), Master Lease Agreement (Aimco Properties L.P.), Master Lease Agreement (Aimco OP L.P.)
Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant Lessee shall pay as additional rent during the term of this Lease its Proportionate Share, as provided in Summary paragraph F of this Lease, of all Real Estate Taxes (as hereinafter defined) levied, assessed, accruingad valorem and real property taxes levied or assessed by any lawful authority against all of the real property which is now or hereafter becomes a part of the Lakeside Plaza office building, or imposed from Building Common Areas, and after such other costs and fees incurred by Lessor in contesting or appealing any such taxes, assessments, or charges and/or negotiating with any such lawful authority with respect. In the Commencement Dateevent any governmental authority having jurisdiction shall levy any general or special assessment against the real property which is now or hereafter becomes a part of the Lakeside Plaza office building for public betterments or improvements, or if the property upon which the Building /s/ Lessor /s/ Lessee or Building Common Areas are located are subject to assessment by any property owner’s association, Lessee shall also pay to Lessor as additional rent its Proportionate Share of such assessments. Lessor shall have the option to take the benefit of any statute or ordinance permitting any such assessments for public betterments or improvements to be paid over a period of time, in which case Lessee shall be obligated to pay only the said fraction of the installments of any such assessments which shall become due and payable during the Term term of this Lease. Lessor shall estimate the taxes and assessments referred to in this Section and Lessee shall pay one-twelfth (1/12) thereof monthly in advance, together with respect the payment of Fixed Annual Rent. After the end of each Lease Year, Lessor shall furnish Lessee a statement of the actual Taxes and assessments, and there shall be an adjustment between Lessor and Lessee with payment to or repayment by Lessor, as the case may require, to the Propertyend that Lessor shall receive the entire amount of Lessee’s Proportionate Share for such annual period. If Notwithstanding contrary provisions, for any such Real Estate Taxes mayyear in which the Building has not been at least ninety-five (95%) percent occupied during the entire year, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that taxes shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu amount of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills which would have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from incurred if ninety-five (95%) percent of the transfer of any direct or indirect interest office space in the Property by Landlord unless Building bad been occupied (and interior construction completed) during such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentyear.
Appears in 3 contracts
Samples: Lease (Local Matters Inc.), Office Lease Agreement (Local Matters Inc.), Office Lease Agreement (Local Matters Inc.)
Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant Seller shall pay all Real Estate Taxes delinquent real estate taxes incurred during the period which Seller holds fee simple title to the Property, together with penalties and interest thereon; all assessments which are a lien against the Property as of the Closing Date and assessed during the period in which Seller holds fee simple title to the Property (as hereinafter defined) leviedboth current and reassessed, assessed, accruing, whether due or imposed from and after the Commencement Date, which shall to become due and payable not yet payable); all real estate taxes incurred during the Term with respect period which Seller holds fee simple title to the Property; real estate taxes for the year of Closing, prorated through the Closing Date; and all agricultural use roll back taxes or tax recoupments, if any, incurred during the period which Seller holds fee simple title to the Property. If any such Real Estate Taxes may, at the option The proration of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that undetermined taxes shall be assessed with respect based upon a 365-day year and on the last available tax rate, giving due regard to applicable exemptions, recently voted millage, change in tax rate or valuation (as a taxable year result of this transaction or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereonotherwise), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessedetc., whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills same have been forwarded certified. It is the intention of the parties in making this tax proration to Tenant give Buyer a credit as close in a timely manner; providedamount as possible to the amount which Buyer will be required to remit to the County Treasurer (or other applicable government agency or body) for the period of time preceding the Closing Date hereof. Seller and Buyer agree that the amount so computed shall be subject to later adjustment should the amount credited at Closing be incorrect based upon actual tax bills received by Buyer after Closing. Seller further warrants and represents that neither Seller nor any of its agents, howeveremployees or representatives have received notice, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall meanoral or written, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer or have knowledge of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a))proposed improvement, and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration part of the Term. Tenant shall also pay, directly to cost of which would or might be assessed against the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of payment.Property;
Appears in 3 contracts
Samples: Real Estate Purchase Agreement, Real Estate Purchase Agreement, Real Estate Purchase Agreement
Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the unpaid ad valorem real estate and personal property taxes, and any sales taxes levied against with respect to Rental Payments, applicable to the Property (regardless of the year for which such taxes are assessed) shall be prorated as of the Closing Proration Time based on the whole number of days through the Closing Date. All ad valorem real estate and personal property taxes, and any sales taxes with respect to Rental Payments, applicable to the improvements Property for the Closing Tax Year (regardless of the year for which such taxes are assessed) that have been paid by the Partnership prior to Closing shall be prorated as of the Closing Proration Time based on the whole number of days from and fixtures located thereon)including January 1, betterment assessments, special benefit taxes 2005 and through the Closing Date. All installments of special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals due and payable by Tenant prior to the extent charged, assessed or imposed upon tenants in general which are based upon Closing Date shall be for the rents account of the Pre-Amendment Partnership and all installments of special assessments due and payable under this Lease, any impact fees levied or assessed, whether or not billed by on and after the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on Closing Date shall be for the Property that are in addition to or in lieu account of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely mannerPost-Amendment Partnership; provided, however, that Real Estate Taxes the Pre-Amendment Partnership shall not include be required by the foregoing to pay any Excluded Taxesinstallments of special assessments which have not been confirmed or which relate to projects that have not been completed on the Effective Date. “Excluded Taxes” If tax bills are not available on the Closing Date, taxes shall meanbe prorated at Closing based upon the tax bills for the Tax Year last issued, without limitationor, Landlord’s income if available, based upon the current assessed valuation and current millage rates, and in such event the Existing Partners and Strategic shall reprorate the taxes, gift taxesas actual or final tax bills are available, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in accordance with Section 6.10. If the Property by Landlord unless has been assessed for property tax purposes at such taxes replace Real Estate Taxes rates as would result in reassessment (such as an “escape assessment” or “roll-back taxes”) based upon the future (except as expressly set forth change in the last sentence of this Section 4(a))use, and any interest occupancy or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration ownership of the Term. Tenant shall also payProperty on or after the Closing Date, directly the Post-Amendment Partnership hereby agrees to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect pay all such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymenttaxes.
Appears in 2 contracts
Samples: Contribution Agreement (Strategic Hotel Capital Inc), Contribution Agreement (Strategic Hotel Capital Inc)
Real Estate Taxes and Assessments. Subject During the term Tenant shall pay or cause to Section 4(cbe paid all real estate and other ad valorem taxes and assessments of every kind and nature (including, but not limited to, general and special assessments, foreseen as well as unforeseen) with respect to the Premises, including all land, together with the buildings and improvements constituting and situated on the Premises (collectively, “Tenant Improvements”). Tenant shall pay or cause to be paid all rollback, open space, “Green Acres”, or similar taxes attributable to agricultural or special use valuation and any other deferred taxes or assessments which pertain to a period prior to the term of this Lease and shall indemnify, defend and hold Landlord harmless from such taxes, penalties and interest. The provisions of this Paragraph shall survive the termination of this Lease. Tenant, at its sole cost and expense, may dispute and contest the taxes and assessment on the Premises, and in such cases if permitted under applicable law the disputed charge need not be paid until finally adjudged to be valid. Tenant shall pay the charge contested to the extent it is held valid, together with all court and other costs, interest, penalties and other expenses related thereto. If taxes are billed to Landlord, Landlord shall send statements therefor to Tenant at Tenant’s address for notice in accordance with Article 19 below. If at any time during the Lease Term the Premises do not constitute a separate tax parcel, Tenant shall pay all Real Estate its proportionate share of such Taxes (for the assessor’s parcel of which the Premises forms a part based upon the square footage of land comprising the Premises as hereinafter defined) leviedcompared with the square footage of the land comprising the tax assessor’s parcel together with the amount of the assessment which is attributable to Tenant’s Improvements. If the Premises do not constitute a separate tax parcel, assessedLandlord and Tenant shall cooperate, accruingat Tenant’s expense, to cause the Premises to become a separate tax parcel and to have the statement for such taxes issued directly to Tenant. With respect to any assessments which may be levied as part of Taxes, or imposed from and after the Commencement Datewhich may be evidenced by improvements or other bonds, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, or may be paid in annual installments, Tenant may exercise only the option to pay amount of such annual installment (prorated for any partial Lease Year) including any interest charged by the same in installments; provided Tenant pays all costs and charges related governmental or public authority with regard to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning included within the computation of the annual Taxes for the Lease Year in question. Tenant, at its sole cost and expense, may dispute and contest the Taxes and assessment on or before the Premises, and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effectcases if permitted under applicable law the disputed charge need not be paid until finally adjudged to be valid. “Real Estate Taxes” Tenant shall mean pay the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant charge contested to the extent chargedit is held valid, assessed or imposed upon tenants in general which are based upon the rents payable under this Leasetogether with all court and other costs, any impact fees levied or assessedinterest, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest other expenses related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentthereto.
Appears in 2 contracts
Samples: Ground Lease Agreement (Ceres, Inc.), Ground Lease Agreement (Ceres, Inc.)
Real Estate Taxes and Assessments. Subject to Section 4(c) belowpayment by Tenant, Tenant as hereinafter provided, Landlord shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes and all installments of assessments, any taxes in lieu thereof, which may be levied upon or assessed (hereinafter collectively referred to as “taxes”) against the Property (land and improvements including the improvements common areas, constituting the Demised Premises of which the Leased Premises are a part. Tenant in addition to all other payments to Landlord by Tenant required hereunder, shall pay to Landlord, payable at the same address as the minimum guaranteed rent, in each year during the term of this Lease, and fixtures located thereon)any extension or renewal thereof, betterment Tenant’s proportionate share as defined above of said taxes, special assessments, and interest on special benefit assessments. The Proportionate Share of said taxes and assessments to be paid hereunder by Tenant monthly equal to 1/12th of the real estate taxes and special assessments levied or imposed against due in each year during the Propertyterm of this Lease. However, taxes levied or assessed on gross rentals payable Landlord reserves the right to estimate Tenant’s proportionate share of said taxes, and Tenant shall pay monthly to Landlord an amount estimated by Tenant Landlord to be necessary to be billed monthly so that Landlord will have collected Tenant’s proportionate share thirty (30) days prior to the extent charged, assessed or imposed upon tenants in general which date said taxes are based upon the rents due and payable under this Lease, any impact fees levied or assessed, whether or not billed on an installment basis by Landlord to the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any authorities before interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenantaccrues thereon. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in In the event Landlord is required by law exercises its right to collect such taxestimate Tenant’s Proportionate Share of said taxes, and bills Tenant shall pay such use and occupancy tax to Landlord as Rent monthly thereof, within thirty (30) days after receipt by Landlord of written demand and the applicable tax statement, Landlord shall remit render a billing to Tenant adjusting the estimated payments received to the actual payments required, and setting forth the difference between the total amount which should have been collected on an actual basis. In the event Tenant has underpaid Tenant’s proportionate share up to the date of such billing, based upon the applicable tax statement, Tenant shall pay any amounts so paid shortage to Landlord to the appropriate Governmental Authority in a timely fashionwithin ten (10) and deliver evidence days of delivery of such payment billing to Tenant by Landlord. Thereafter, for the balance of the applicable period, the monthly billing by Landlord to Tenant will be based upon Tenant’s actual Proportionate Share of the applicable tax statement to be paid. Any overpayment by Tenant of real estate taxes, assessments or any other taxes there of shall be credited against the next applicable tax statement or refunded to Tenant within ten (10) days of making such payment or within ten (10) days of receipt calculation at the option of Tenant’s request for . In the event the taxing authorities include in such real estate taxes and installments of assessments the value of any improvements made by Tenant, or of machinery, equipment, fixtures, inventory or other personal property or assets of Tenant, then Tenant will pay all of the taxes attributable to such items in addition to its proportionate share of said real estate taxes and installments of assessments. A photostatic copy of the tax statement received by Landlord and submitted by Landlord to Tenant shall be sufficient evidence of paymentthe amount of said taxes assessed or levied against the land and improvements constituting the Demised Premises of which the Leased Premises are part, as well as the items taxed. Landlord represents that there are no special assessments levied or pending as of the date of this Lease Agreement.
Appears in 2 contracts
Samples: Lease Agreement (Nexxus Lighting, Inc.), Lease Extension Agreement (Nexxus Lighting, Inc.)
Real Estate Taxes and Assessments. Subject to Section 4(cAs additional rent ("Additional Rent") below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or PEF shall pay before delinquency all real and personal property taxes, general and special assessments, levies and other governmental charges of every description (the "Property Taxes") which are levied, assessed, charged or imposed upon or against the Premises or the Project (the Project and all other improvements to the Premises and all alterations, additions or improvements to any thereof are referred to in this Lease as the "Improvements"), or against any legal or equitable interest of Ranchcorp in the Premises, or against any of PEF's personal property now or hereafter located on the Premises, for or attributable to any portion of the Term. Ranchcorp shall cause the Premises to be separately assessed from any other real property owned by Ranchcorp. All Property Taxes required to be paid by PEF shall be prorated for the first year of the Term and for the year in which the Lease expires or terminates. If the law permits the payment of the Property Tax in installments (whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed interest accrues on the unpaid balance) PEF may elect to pay the tax before delinquency in installments. Ranchcorp will promptly notify PEF of all notices, levies and assessments of Property that are Taxes received in addition to or in lieu of taxes that are currently so assessedconnection with the Premises, and penalties and interest related PEF shall pay them prior to Real Estate Taxes if delinquency, provided, however, PEF may, at its expense , contest in all desirable proceedings the applicable Real Estate validity of, amount of, or assessment of any Property Tax bills have been forwarded agreed to Tenant in a timely manner; be paid by PEF, provided, however, that Real Estate Taxes PEF at all times shall keep the Premises free from any delinquent tax lien. Any penalty, interest or delinquency charge that may result from the contest shall be the obligation of PEF. Ranchcorp shall not include be required to join in any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from proceeding or contest brought by PEF unless the transfer provisions of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, law require that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property proceeding or any improvements thereon (contest be brought by or in the event Landlord is required name of the fee owner of the Premises. In that case, Ranchcorp shall join in the proceeding or contest or permit it to be brought in Ranchcorp's name and all costs, including Ranchcorp's attorneys' fees, shall be borne by law PEF. Ranchcorp agrees to collect such tax, Tenant shall pay such use and occupancy tax execute any documents necessary to Landlord perfect PEF's right of contest as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority provided for in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentthis Section.
Appears in 2 contracts
Samples: Easement Deed and Agreement (Tejon Ranch Co), Tejon Ranch Co
Real Estate Taxes and Assessments. Subject Real estate taxes and assessments imposed by any Governmental Authority with respect to Section 4(cany Property that is being sold (“Real Estate Taxes”) belowand that either (i) have not yet been assessed or (ii) are not yet due and payable or paid, Tenant shall pay all be prorated as of the Adjustment Time based upon the most recent ascertainable assessed values and tax rates during such relevant tax year or years. Real Estate Taxes for any tax period (as hereinafter definedor portion thereof) leviedending on or prior to the Adjustment Time shall be the responsibility of the Sellers, assessed, accruing, and Real Estate Taxes for any tax period (or imposed from and portion thereof) beginning after the Commencement DateAdjustment Time shall be the responsibility of Buyers. Following Closing, upon Buyers’ receipt of the actual Real Estate Tax xxxx for any Property for the year in which shall become due and payable during the Term Closing occurs or for any prior year, if any adjustment is required with respect to the Propertytax proration made as of the Adjustment Time, within thirty (30) days following receipt of such xxxx, the Sellers and Buyers shall each, as the case may be, pay to the other any amount required as a result of such adjustment. If Sellers shall receive a credit for any such Real Estate Taxes maypaid by Sellers applicable to any period after the Adjustment Time. Notwithstanding the foregoing, at however, to the option of the taxpayerextent that, be paid in installmentsfor any particular Property, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect are paid by the corresponding Tenant pursuant to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this its Lease, any impact fees levied or assessed, whether or not billed by the taxing authority then as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if between the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; providedSeller and Buyer, however, that Real Estate Taxes shall not include be prorated. If, as of the Effective Date, Sellers are protesting or have notified Buyers in writing that they have elected or may elect to protest any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in with respect to any Property, then Buyers agree that Sellers shall have the future right (except as expressly set forth in but not the last sentence of this Section 4(a)obligation), after the Closing Date, to continue such protest. In such case, any Real Estate Taxes paid by Buyers after the Closing Date with respect to such Property shall be paid under protest and Buyers shall promptly notify Sellers of the payment of any interest such Real Estate Taxes. Buyers further agree to cooperate with Sellers, at no cost to Buyers and Buyers shall have no obligation to bring or penalty charges resulting solely from Landlord’s failure participate in any suit or other action, and execute any documents reasonably requested by Sellers in connection with such protest. As to promptly deliver the any Property, any Real Estate Tax bills to Tenant if savings received, net of expenses (“Tax Refunds”), or additional Real Estate Tax assessments due for the applicable taxing authority has forwarded the relevant tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments year under any protest, shall be amortized over prorated between the longest time permitted under ordinance parties as of the Adjustment Time. Sellers and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid Buyers agree to notify the other in full prior to the expiration or termination of this Lease; provided, that the useful life writing of any such improvements do not extend beyond the expiration receipt of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property a Tax Refund or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent notice of Real Estate Tax assessment within thirty (30) days of written demand receipt of such Tax Refund or notice. The Sellers and Landlord Buyers shall remit any amounts so paid to Landlord each, as the case may be, pay to the appropriate Governmental Authority in other any amount required as a timely fashion) and deliver evidence result of such payment Real Estate Tax assessment within thirty (30) days. To the extent either party obtains a Tax Refund, a portion of which is owed to Tenant the other party, the receiving party shall deliver the Tax Refund to the other party within ten thirty (1030) days of making its receipt. If Buyers or Sellers fail to pay such payment amount(s) to the other as and when due, such amount(s) shall bear interest from the date any such amount is due to Sellers or within ten Buyers, as applicable, until paid at the lesser of (10a) days of receipt of Tenant’s request for such evidence of paymenttwelve percent (12%) per annum and (b) the maximum amount permitted by Law. The obligations set forth herein shall survive the Closing Date.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Sila Realty Trust, Inc.), Purchase and Sale Agreement (Sila Realty Trust, Inc.)
Real Estate Taxes and Assessments. Subject A. In addition to Section 4(c) belowthe Rent, Tenant shall pay all Real Estate Taxes real estate taxes, governmental impositions, levies, and special or general assessments (sometimes collectively, the "Impositions") which are levied or assessed against Leased Premises and the common areas of the Premises, as hereinafter defined) levieddefined in Section 9 hereof, assessedwhen they shall respectively become due and payable, accruingup to a maximum of $15,000.00 per year. If, during the term of the Lease or imposed from any renewal term, the amount of the Impositions increases above $15,000.00, then Landlord and Tenant shall each pay 50% of such increase. All Impositions assessed prior to but payable in whole or in installments after the Commencement Date, which shall become due and payable all Impositions assessed during the Term term of this Lease but payable in whole or in installments after the term of this Lease, shall be adjusted and prorated so that the Landlord shall pay its prorated share for the periods preceding and following the term of this Lease, and Tenant shall pay its prorated share for the term of this Lease. Notwithstanding the foregoing, Tenant shall not be chargeable with respect or nor obligated to pay any income, inheritance, gift, franchise, corporate, gross receipts (except as provided below), capital levy, or estate tax, which may be at any time levied or assessed against, or become a lien upon, Landlord's parcel or the Property. If any such Real Estate Taxes mayrents payable hereunder, but Landlord, at its own cost and expense, shall discharge same so as to keep the option Leased Premises free of the taxpayerliens of same, it being the intent hereof that Tenant shall be paid in installments, Tenant may exercise the option required to pay the same in installments; provided Tenant pays all costs and charges related to only such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem Impositions as are properly known as real estate taxes levied or real estate assessments and are assessed against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, real estate, successionincluding the buildings and improvements thereon, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentsuch.
Appears in 1 contract
Samples: Lease Agreement (Ace Hardware Corp)
Real Estate Taxes and Assessments. Subject to Section 4(cFor purposes of this Agreement, "Property Taxes" means real estate or ad valorem real property taxes, assessments (including any business improvement district charges and principal and interest installments due on any community facilities district or local improvement district liens) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term personal property taxes with respect to the Property. If any such Real Estate Taxes may, at To the option extent not paid directly by the tenants of the taxpayerProperty or reimbursed by tenants as part of the Tenant Charges, Property Taxes shall be prorated as of the Adjustment Time based upon the latest available tax xxxx. Any Property Taxes which may be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that installments shall be assessed with respect prorated based upon such installments and, notwithstanding anything to a taxable year the contrary contained in this Agreement, LGI De shall not be required to pre-pay or period beginning on to bear (by credit or before and ending after debit) the Commencement Date or beginning on or before and ending after prepayment of any amount due for Property Taxes (including special amounts payable for other assessments) other than the Termination Date installments due for the Current Tax Period. LGI De shall be apportioned pro rata between Landlord responsible for (a) all Property Taxes assessed for any period prior to the Current Tax Period and Tenant (b) that portion of the Property Taxes assessed for the Current Tax Period determined on a per diem the basis in accordance with of the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean have elapsed from the ad valorem real estate taxes levied against first day of the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant Current Tax Period to the extent chargedAdjustment Time, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessedinclusive, whether or not billed by the taxing authority as a special benefit tax or a special assessmentsame shall be payable prior to the Adjustment Time. The Partnership shall be responsible for (i) all Property Taxes assessed for any period after the Current Tax Period, all taxes levied or and (ii) that portion of the Property Taxes assessed for the Current Tax Period, determined on the Property that are in addition to or in lieu basis of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from number of days following the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in Adjustment Time through the last sentence day of this Section 4(a))the Current Tax Period, and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver inclusive. The term "Current Tax Period" shall mean the Real Estate Tax bills to Tenant if fiscal period of the applicable taxing or charging authority has forwarded during which the Closing occurs. If the latest available tax xxxx is not the xxxx for the Current Tax Period, then Property Taxes shall be prorated based upon the latest tax information then available (including previous tax bills, current assessments and other information available from the taxing authorities) and the Partnership and LGI De shall re-prorate the Property Taxes following the Closing as soon as the tax xxxx for the Current Tax Period becomes available, but in all events no later than the Final Proration Adjustment as provided in Section 6.9.5 below. Any increase in Property Taxes which is assessed following the Closing arising out of the conveyance of the Real Property to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments Partnership or a subsequent sale or change in ownership thereafter, and/or arising out of such special benefit taxes and special assessments not yet due any construction or improvements to the Real Property performed following the Closing, shall be paid by the Partnership when assessed. Refunds of Property Taxes for the Current Tax Period, net of the costs of pursuing any tax contest or protest proceedings and collecting such refunds, shall be prorated in full prior proportion to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration respective shares of the TermProperty Taxes for the Current Tax Period borne by LGI De and the Partnership hereunder. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of payment.6.9.4
Appears in 1 contract
Samples: Contribution Agreement and Joint Escrow Instructions
Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, real estate taxes and assessments levied against all or imposed from any part of the Leased Premises and after the Commencement Date, which shall become improvements constituting a part thereof due and payable during the Term with respect to Lease Term, if any. Provided Tenant has paid all taxes due and payable during the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installmentsLease Term, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s no liability for installments of such special benefit taxes accrued during the Lease Term and special assessments not yet due shall be paid in full prior payable subsequent to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Lease Term. Tenant Payment of same shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required be by law to collect such tax, Tenant shall pay such use and occupancy tax reimbursement to Landlord as Rent within thirty (30) days of written demand and after Landlord provides Tenant with a statement for same, or shall remit any amounts so be paid to Landlord directly by Tenant to the appropriate Governmental Authority taxing authorities if the Leased Premises, including land and improvements, are separately assessed for real estate tax and assessment purposes in which event a timely fashioncopy of each tax bill showing receipt of payment by the taxing authorities shall be furnished to Landlord by Tenant within thirty (30) and deliver evidence days after the due date of any such payment payment. In addition, Tenant shall pay to Landlord within thirty (30) days after written notice is mailed by Landlord to Tenant within ten (10) days the amount of making any tax, other than federal or state income tax, which Landlord must pay as a result of the imposition of a tax upon the leasehold estate or rents created by this Lease by federal, state, county, municipal, or other taxing authorities. In the event Tenant fails to pay any of the foregoing when due, then Landlord, in addition to any other remedies available under this Lease or otherwise provided by law, may pay such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentamounts and all payments, expenditures and costs incurred by Landlord in connection therewith shall be payable promptly by Xxxxxx.
Appears in 1 contract
Samples: Ground Lease
Real Estate Taxes and Assessments. Subject In addition to Section 4(c) belowthe other amounts set forth in this Lease, Tenant shall pay all will also pay, commencing on the Commencement Date, a pro rata share of Real Estate Taxes (as hereinafter hereafter defined) assessed against the tax parcel of which the Premises is a part (the “Tax Parcel”). For purposes of this Lease, Real Estate Taxes shall mean the total real estate taxes, levies and assessments and all other charges in the nature of taxes and assessments upon Landlord’s land and buildings in the Tax Parcel whether general or special, ordinary or extraordinary or of any kind or nature whatsoever heretofore or during the term of this Lease laid, levied, assessed, accruing, assessed or imposed from or which become a lien upon or chargeable against or payable in connection with Landlord’s land and after buildings in the Commencement DateTax Parcel or any part thereof, which shall become due and payable during including the Term common use areas, assessed with respect to any calendar year, all or part of which falls within the Propertyterm of this Lease. If Should the State of California, or any political subdivision thereof, or other governmental authority having jurisdiction over the Center, specifically impose a tax, assessment, charge or fee or specifically increase a then existing tax, assessment, charge or fee, which Landlord shall be required to pay, either by way of substitution for said real estate taxes or assessed against such land and buildings, or in addition thereto, or impose a tax on rents in substitution for a general tax levied against such land or such buildings, such taxes, assessments, charges or fees shall be deemed to constitute a Real Estate Tax hereunder to the extent said taxes are in substitution therefore, or in addition hereto. All of Landlord’s reasonable expenditures for attorneys’ fees, appraisers’ fees, experts’ fees and other costs incurred in respect of its efforts to minimize Real Estate Taxes shall be included in the definition of Real Estate Taxes for the purposes of this Article 5. Tenant’s pro rata share of all such Real Estate Taxes may, at shall be based on the option ratio of the taxpayer, be paid total number of square feet of Tenant’s Premises to the total number of square feet of rentable floor space in installments, Tenant may exercise all of Landlord’s buildings in the option to pay the same Tax Parcel (but in installments; provided Tenant pays no event less than 15,000 square feet). Tenant’s pro rata share of all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after during the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due term hereof shall be paid in full prior monthly installments on or before the first day of each calendar month during the Lease term, in advance, in an amount estimated by Landlord. Upon receipt of all tax bills and assessment bills attributable to any calendar year during the expiration or termination Lease term, Landlord shall furnish Tenant with a written statement of the actual amount of Tenant’s pro rata share of the taxes and assessments for such year. If the total amount paid by Tenant under this Article for any calendar year during the term of this Lease; provided, that Lease shall be less than the useful life of any actual amount due from Tenant for such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (year as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect shown on such taxstatement, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand the difference between the amount paid by Tenant and Landlord shall remit any amounts so the actual amount due, such deficiency to be paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days after demand therefor by Landlord; and if the total amount paid by Tenant hereunder for any such calendar year shall exceed such actual amount due from Tenant for such calendar year, such excess shall be credited against payments of making Real Estate Taxes hereunder next due, or, if no payments are next due, refunded by Landlord. All amounts due hereunder shall by payable in the manner and at such payment place as the rent payments provided for in Article 3 hereof Landlord’s and Tenant’s obligations under this Article shall survive the expiration of the term of this Lease. In the event all or within any installment of any special assessment or assessments, or improvement or other bonds, shall become due and payable in regard to the Tax Parcel by Landlord during any calendar year in which part or all of any Lease Year falls after the date on which rent begins, Tenant shall pay its pro rata share of such assessments or bonds computed on the same basis as Tenant’s share of Real Estate Taxes. Upon receipt of the xxxx or bills covering such special assessments, or improvement or other bonds Landlord shall notify Tenant of the amount which Tenant is obligated to pay and Tenant shall pay same, with the next installment of rent falling due at least ten (10) days after Landlord’s notice. Whenever it becomes necessary to determine the total square feet of receipt rentable floor space in Landlord’s buildings under the terms of Tenant’s request this Lease, same shall be determined as of the first day of January for such evidence the year in question, as the case may be, and shall be measured from the outside of paymentexterior walls or the center of any common walls, as the case may be.
Appears in 1 contract
Real Estate Taxes and Assessments. Subject to Section 4(c) belowCommencing and together with Tenant's payments of Base Rent hereunder, Tenant shall pay to Landlord ("Tenant's Monthly Tax Payments") an amount equal to one-twelfth (1/12) of the all Real Estate Taxes (as hereinafter defined) leviedreal estate taxes, assessed, accruing, or imposed from special assessment installments and after other ad valorem governmental charges of any kind which are attributable to the Commencement Date, which shall become due Building and payable Premises during the Term with respect (or any renewal term) (collectively, the “Taxes”). As of the date hereof, Tenant's Monthly Tax Payments equal One Thousand Eight Hundred Eighty Six and 50/100 ($1,886.50) per month. Landlord acknowledges and agrees that Tenant's Tax Payments shall be held in escrow solely for the payment of the Taxes. Landlord shall make timely payment of the Taxes, and in any event, prior to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to penalty date and shall pay the same in installments; provided Tenant pays all costs when and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant if available on a per diem basis in accordance with "discounted" basis. Tenant shall not be responsible for any late fees or penalties due to Landlord's failure to make timely payments. Landlord shall forward to Tenant documentation evidencing the respective number payment of days in all Taxes. In the event Landlord fails to pay any Taxes by the penalty date, Tenant shall have the option, but not the obligation, to pay such taxable year or period during which this Lease is in effect. “Real Estate Taxes and demand Landlord immediately reimburse Tenant the amount of said Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied applicable interest or assessed, whether or not billed penalties applied by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessedbody, and penalties and additional interest related to Real Estate Taxes if at the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; providedrate of ten (10) percent per annum until reimbursement and, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such notice, Tenant shall have the right to offset such amounts from Base Rent and Tenant's Monthly Tax Payments until Tenant is reimbursed in full. In addition, Tenant shall be responsible for paying any personal property taxes levied against Tenant’s personal property, equipment and trade fixtures located within the Premises. If, due to a change in the method of taxation, any franchise, income, profit or other tax shall be levied against Landlord in substitution for or in lieu of any tax which would constitute a real estate tax, such franchise, income, profit or other tax shall be deemed to be Taxes for the foregoing purposes to the extent, and only to the extent, that such altered or new Taxes replace or are in lieu of an increase in the ad valorem governmental charges which Tenant has agreed to pay under the first sentence of this Paragraph 8. Notwithstanding anything contained in this Lease to the contrary, Tenant shall not be required to pay any estate, inheritance, succession or transfer tax which may be payable on account of the Landlord's ownership of the Premises, and Tenant shall not be required to pay any income or similar tax on account of the transfer of Landlord's interest in the Premises or on account of the receipt by Landlord of the Base Rent hereunder unless such tax is in partial or complete substitution for the ad valorem taxes against the Premises which Tenant has agreed to pay under the first sentence of this Section 8. Once Tenant has reached the EBITDA Threshold, Tenant shall not be required to make Tenant's Tax Payments to Landlord and instead, Tenant shall have the right to pay the Taxes directly to the applicable taxing authority. Once such EBITDA Threshold has been met, Landlord shall forward to Tenant all bills and notices regarding the Taxes upon receipt. Landlord agrees that Tenant may request the taxing authorities to send all statements for Taxes directly to Tenant and further agrees to execute any requests or consents required by the taxing authorities in connection therewith. Tenant shall pay all such Taxes prior to the penalty date and shall forward to Landlord documentation evidencing the payment of all Taxes. In the event Tenant fails to pay any Taxes by the penalty date, Landlord shall have the option, but not the obligation, without limiting Landlord’s remedies hereunder, to pay such Taxes and demand Tenant immediately reimburse Landlord the amount of said Taxes, any applicable interest or within penalties applied by the taxing body, and additional interest at the rate of ten (10) days of receipt of percent per annum until reimbursement. Landlord shall not be responsible for any late fees or penalties due to Tenant’s request failure to make timely payments. Landlord agrees that Tenant shall have the right, but not the duty, at its sole cost and expense, to contest the amount or legality of the Taxes which may be assessed against the Premises or Landlord which Tenant has agreed to pay hereunder and to make application for the reduction thereof or of any assessment upon the Premises, and Landlord agrees to execute or join in the execution of any instrument or document necessary in connection with such evidence of paymentcontest or application should Landlord be requested to do so by Tenant. Tenant agrees to prosecute any such contest or application with due diligence and to provide Landlord with any necessary undertakings or agreements to the end that the title to the Premises shall not be prejudiced by any such contest or application. Landlord and Tenant agree that any assessments against the Premises during the Term shall, wherever permitted by the taxing authority, be paid in installments over the longest period permitted by such taxing authority.
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Real Estate Taxes and Assessments. Subject to Section 4(cFor purposes of this Agreement, "Property Taxes" means real estate or ad valorem real property taxes, assessments (including any business improvement district charges and principal and interest installments due on any community facilities district or local improvement district liens) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term personal property taxes with respect to the Property. If any such Real Estate Taxes may, at To the option extent not paid directly by the tenants of the taxpayerProperty or reimbursed by tenants as part of the Tenant Charges, Property Taxes shall be prorated as of the Adjustment Time based upon the latest available tax bill. Any Property Taxes which may be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that installments shall be assessed with respect prorated based upon such installments and, notwithstanding anything to a taxable year the contrary contained in this Agreement, LGI De shall not be required to pre-pay or period beginning on to bear (by credit or before and ending after debit) the Commencement Date or beginning on or before and ending after prepayment of any amount due for Property Taxes (including special amounts payable for other assessments) other than the Termination Date installments due for the Current Tax Period. LGI De shall be apportioned pro rata between Landlord responsible for (a) all Property Taxes assessed for any period prior to the Current Tax Period and Tenant (b) that portion of the Property Taxes assessed for the Current Tax Period determined on a per diem the basis in accordance with of the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean have elapsed from the ad valorem real estate taxes levied against first day of the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant Current Tax Period to the extent chargedAdjustment Time, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessedinclusive, whether or not billed by the taxing authority as a special benefit tax or a special assessmentsame shall be payable prior to the Adjustment Time. The Partnership shall be responsible for (i) all Property Taxes assessed for any period after the Current Tax Period, all taxes levied or and (ii) that portion of the Property Taxes assessed for the Current Tax Period, determined on the Property that are in addition to or in lieu basis of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from number of days following the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in Adjustment Time through the last sentence day of this Section 4(a))the Current Tax Period, and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver inclusive. The term "Current Tax Period" shall mean the Real Estate Tax bills to Tenant if fiscal period of the applicable taxing or charging authority has forwarded during which the Closing occurs. If the latest available tax bill is not the bill for the Current Tax Period, then Property Taxes shall be prorated based upon the latest tax information then available (including previous tax bills, current assessments and other information available from the taxing authorities) and the Partnership and LGI De shall re-prorate the Property Taxes following the Closing as soon as the tax xxxx bill for the Current Tax Period becomes available, but in all events no later than the Final Proration Adjustment as provided in Section 6.9.5 below. Any increase in Property Taxes which is assessed following the Closing arising out of the conveyance of the Real Property to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments Partnership or a subsequent sale or change in ownership thereafter, and/or arising out of such special benefit taxes and special assessments not yet due any construction or improvements to the Real Property performed following the Closing, shall be paid by the Partnership when assessed. Refunds of Property Taxes for the Current Tax Period, net of the costs of pursuing any tax contest or protest proceedings and collecting such refunds, shall be prorated in full prior proportion to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration respective shares of the Term. Tenant shall also pay, directly to Property Taxes for the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees Current Tax Period borne by LGI De and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentPartnership hereunder.
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Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. The term “Real Estate Taxes” shall mean the ad valorem real estate taxes levied mean: (i) any fee, license fee, license tax, business license fee, commercial rental tax, levy, charge, assessment, penalty or tax imposed by any taxing authority against the Property (Real Estate, the Improvements to be constructed by or for the benefit of Tenant hereunder, all fixtures taxable as real property and the all future improvements and fixtures located thereonor any alterations or additions constructed pursuant to Section 7, below (collectively the “Taxable Real Property”); (ii) any tax on the Landlord’s right to receive, betterment assessmentsor the receipt of, special benefit taxes and special assessments levied rent or imposed income from the Taxable Real Property or against Landlord’s business of leasing the PropertyTaxable Real Property (excluding Landlord’s federal or state income, taxes levied capital gains, inheritance or assessed on gross rentals payable by Tenant estate taxes); (iii) any tax, assessment or charge for fire protection, streets, sidewalks, road maintenance, refuse or other services provided to the extent charged, assessed or Taxable Real Property by any governmental agency; (iv) any tax imposed upon tenants in general which are this transaction or based upon a re-assessment of the rents payable under this LeaseTaxable Real Property due to a change of ownership, as defined by applicable law, or other transfer of all or part of Landlord’s interest in the Taxable Real Property; and (v) any impact fees levied charge or assessed, whether or not billed by fee replacing any tax previously included within the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu definition of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; providedTax. In this regard, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall meanall charges levied, without limitationassessed or imposed, Landlord’s income taxeswhether general or special, gift taxesordinary or extraordinary, excess profit taxesunforeseen as well as foreseen, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct kind and nature, made, assessed, levied or indirect interest in imposed upon, or which become a lien upon, the Property by Landlord unless such taxes replace Taxable Real Estate Taxes in Property, or any part of the future (except as expressly set forth in the last sentence of Taxable Real Property, or upon this Section 4(a))Lease, and any interest are due and payable during or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior are otherwise attributable to the expiration Lease Term, as well as assessments for sidewalks, streets, sewers, water, or termination any other public improvements and any other improvements or benefits which shall, during the Lease Term, be levied, assessed or imposed, or become a lien upon the Taxable Real Property, or any part of the Taxable Real Property, or upon this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly and become due and payable during or are otherwise attributable to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentLease Term.
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Samples: Lease (Aqua Power Systems Inc.)
Real Estate Taxes and Assessments. Subject to Section 4(cReal estate or ad valorem real property taxes, assessments (including installments of business improvement district charges and principal and interest installments due on any community facilities district or local improvement district liens, if any) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term personal property taxes with respect to the PropertyProperty (collectively, “Property Taxes”) shall be prorated based upon the latest available tax xxxx. If Seller shall be responsible for (a) all Property Taxes relating to any such Real Estate Taxes may, at period prior to the option Current Tax Period and (b) that portion of the taxpayer, be paid in installments, Tenant may exercise Property Taxes for the option to pay Current Tax Period determined on the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after basis of the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year which have elapsed from the first day of the Current Tax Period to the Adjustment Time, inclusive, whether or not the same shall be payable prior to or following the Adjustment Time. Purchaser shall be responsible for (i) all Property Taxes relating to any period during which this Lease is in effectafter the Current Tax Period, and (ii) that portion of the Property Taxes for the Current Tax Period, determined on the basis of the number of days following the Adjustment Time through the last day of the Current Tax Period, whether or not the same shall be payable prior to or following the Adjustment Time. The term “Real Estate TaxesCurrent Tax Period” shall mean the ad valorem real estate taxes levied against fiscal year of the applicable taxing or charging authority in which the Close of Escrow occurs. If the latest available tax xxxx is not the xxxx for the current tax year, then Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are Taxes shall be prorated based upon the rents payable under this Leaselatest tax information then available (including previous tax bills, any impact fees levied or assessed, whether or not billed by current assessments and other information available from the taxing authority authorities) and Purchaser and Seller shall re-prorate the Property Taxes following the Close of Escrow as a special benefit soon as the current tax xxxx or other current information becomes available, but in all events no later than the Final Proration Adjustment as provided in Section 5.9.4 below. Any increase in Property Taxes which is assessed following the Close of Escrow arising out of the sale of the Real Property to Purchaser or a special assessmentsubsequent sale or change in ownership thereafter, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer and/or arising out of any direct construction or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure improvements to promptly deliver the Real Estate Tax bills to Tenant if Property following the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments Close of such special benefit taxes and special assessments not yet due Escrow, shall be paid by Purchaser when assessed. Refunds of Property Taxes for the Current Tax Period, net of the costs of pursuing any tax contest or protest proceedings and collecting such refunds, shall be prorated in full prior proportion to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence respective shares of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentProperty Taxes borne by Seller and Purchaser hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement and Joint Escrow Instructions (Deckers Outdoor Corp)
Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. The term “Real Estate Taxes” shall mean the ad valorem real estate taxes levied mean: (i) any fee, license fee, license tax, business license fee, commercial rental tax, levy, charge, assessment, penalty or tax imposed by any taxing authority against the Property (Real Estate, the Improvements to be constructed by or for the benefit of Tenant hereunder, all fixtures taxable as real property and the all future improvements and fixtures located thereonor any alterations or additions constructed pursuant to Section 7, below (collectively the “Taxable Real Property”); (ii) any tax on the Landlord’s right to receive, betterment assessmentsor the receipt of, special benefit taxes and special assessments levied rent or imposed income from the Taxable Real Property or against Landlord’s business of leasing the PropertyTaxable Real Property (excluding Landlord’s federal or state income, taxes levied franchise, inheritance or assessed on gross rentals payable by Tenant estate taxes); (iii) any tax, assessment or charge for fire protection, streets, sidewalks, road maintenance, refuse or other services provided to the extent charged, assessed or Taxable Real Property by any governmental agency; (iv) any tax imposed upon tenants in general which are this transaction or based upon a re-assessment of the rents payable under this LeaseTaxable Real Property due to a change of ownership, as defined by applicable law, or other transfer of all or part of Landlord’s interest in the Taxable Real Property; and (v) any impact fees levied charge or assessed, whether or not billed by fee replacing any tax previously included within the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu definition of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; providedTax. In this regard, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall meanall charges levied, without limitationassessed or imposed, Landlord’s income taxeswhether general or special, gift taxesordinary or extraordinary, excess profit taxesunforeseen as well as foreseen, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct kind and nature, made, assessed, levied or indirect interest in imposed upon, or which become a lien upon, the Property by Landlord unless such taxes replace Taxable Real Estate Taxes in Property, or any part of the future (except as expressly set forth in the last sentence of Taxable Real Property, or upon this Section 4(a))Lease, and any interest are due and payable during or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior are otherwise attributable to the expiration Lease Term, as well as assessments for sidewalks, streets, sewers, water, or termination any other public improvements and any other improvements or benefits which shall, during the Lease Term, be levied, assessed or imposed, or become a lien upon the Taxable Real Property, or any part of the Taxable Real Property, or upon this Lease; provided, that and become due and payable during or are otherwise attributable to the useful life of any such improvements do not extend beyond the expiration of the Lease Term. Tenant shall also paypay and discharge when due all Real Estate Taxes levied, directly assessed, imposed, or due and payable during or otherwise attributable to the applicable Governmental Authority (as hereinafter defined)Lease Term on, any storm water chargesagainst, fees or with respect to the Taxable Real Property, and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use all late charges, interest and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit penalties if any amounts so Real Estate Taxes are not paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within or discharged when required hereunder. Within ten (10) days after any installment or payment of making such Real Estate Taxes is due, Tenant shall deliver to Landlord satisfactory evidence that the installment or payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymenthas been paid and discharged in full.
Appears in 1 contract
Real Estate Taxes and Assessments. Subject to Section 4(c) belowFor purposes of this Agreement, Tenant shall pay all “Real Estate Taxes (as hereinafter defined) leviedTaxes” means real estate or ad valorem real property taxes, assessed, accruing, or imposed from assessments and after the Commencement Date, which shall become due and payable during the Term personal property taxes with respect to the Property. If any such Real Estate Taxes may, at the option shall be prorated as of the taxpayer, be paid in installments, Tenant may exercise Adjustment Time based upon the option to pay latest available tax xxxx and the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effecthave elapsed from the first day of the Current Tax Period to the Adjustment Time. The term “Real Estate TaxesCurrent Tax Period” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu fiscal period of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate taxing or charging authority during which the Closing occurs. If the latest available tax xxxx is not the xxxx for the Current Tax bills have been forwarded to Tenant in a timely manner; providedPeriod, however, that then Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall meanbe prorated based upon the latest tax information then available (including previous tax bills, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance current assessments and realty transfer taxes resulting other information available from the transfer of any direct or indirect interest in taxing authorities) and Buyer and Seller shall re-prorate the Property by Landlord unless such taxes replace Real Estate Taxes following the Closing as soon as the tax xxxx for the Current Tax Period becomes available, but in all events no later than the future Final Proration Adjustment as provided in Section 6.9.8 below. Refunds of Real Estate Taxes for any period of time prior to the Current Tax Period, shall belong to Seller and Seller reserves the right to commence, contest and settle same. In the event such refunds are paid to Buyer, Buyer shall promptly pay such amount to Seller (except as expressly set forth which obligation shall survive the Closing and shall not be merged into the Deed and the other documents and instruments to be delivered at Closing). Seller shall have the right to continue to contest and settle same, provided Seller shall not, to effectuate any reduction in Taxes, agree with the last sentence relevant authorities to increase taxes for any year from and after the year in which the Closing Date occurs and shall provide Buyer with all material correspondence, pleadings, submissions and other information relating thereto from time to time promptly upon Buyer’s request for same. Refunds of this Section 4(a))Real Estate Taxes for the Current Tax Period, net of the actual out of pocket costs of pursuing any tax contest or protest proceedings and any interest or penalty charges resulting solely from Landlord’s failure collecting such refunds, shall be prorated in proportion to promptly deliver the respective shares of the Real Estate Taxes for the Current Tax bills to Tenant if Period borne by Seller and Buyer hereunder and the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments party receiving such refund shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior promptly deliver to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration other party its proportionate share of the Term. Tenant shall also pay, directly to refund for any Taxes during the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of paymentCurrent Tax Period.
Appears in 1 contract
Samples: Purchase and Sale Agreement and Joint Escrow Instructions (Steadfast Apartment REIT III, Inc.)
