TAX AND INSURANCE. 4.6.1 To pay, cover and compensate the Tenant for all tax assessments and outgoings for the Property apart from those specified as the obligations of the Tenant in this Agreement.
TAX AND INSURANCE. On the date hereof, Borrower shall deposit with Lender the following sums: (i) $737,701.65 with respect to Impositions, and (ii) $153,112.04 with respect to insurance premiums. Such sums shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.51, and (B) insurance premiums for policies required pursuant to this Agreement, which amount shall initially be $126,376.83 (provided, that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). If such amounts for the then current Fiscal Year or payment period are not ascertainable by Lender at the time a monthly deposit is required to be made, the Tax and Insurance Monthly Installment shall be Lender’s reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year or payment period, with adjustments reasonably determined by Lender. As soon as Impositions and insurance premiums are fixed for the then current Fiscal Year or period, the next ensuing Tax and Insurance Monthly Installment shall be adjusted to reflect any deficiency or surplus in prior Tax and Insurance Monthly Installments. Lender shall make payments of Impositions and insurance premiums out of the Tax and Insurance Reserve Account before the same shall be delinquent to the extent that there are funds available in the Tax and Insurance Reserve Account and Lender has received appropriate documentation to establish the amount(s) due and the due date(s) as and when provided above.
TAX AND INSURANCE. If the holder of a senior mortgage does not establish a fund for the payment of insurance, property taxes, and any other such charges which may or may not become a lien against the Property, when they become due, the Borrower will be required to pay, in addition to and included with each periodic payment due under the Note secured by this Mortgage, a payment sufficient to provide a fund from which the same can be paid by the Lender when due.
TAX AND INSURANCE. If a fund for the payment of insurance, property tax, among others is not established by the holder of the mortgage, it may or may not be a lien to the Property. When it dues, the Borrower is required to pay, on top of each periodic payment due under the Note and Mortgage.
TAX AND INSURANCE. Tenant shall pay Tenant's Pro Rata Share of all charges for taxes (including, but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises. Tenant shall also pay Tenant's Pro Rata Share of the cost for insurance premiums for fire and extended insurance coverage on the Premises in amounts equal to the full replacement value of the Premises. Such insurance shall be obtained by Landlord, or Landlord's agent, on policies issued by underwriters acceptable to Landlord. All policies shall insure Landlord and Tenant as their respective interests shall appear. Landlord, or Landlord's agent, shall also obtain general liability insurance covering the Premises naming Tenant as an additional insured. Tenant shall be responsible for Tenant's Pro Rata Share of the cost for such insurance, which shall be paid monthly by Tenant as additional rent. The dollar amount of such insurance coverage shall be reviewed annually, and adjusted if necessary, in order to provide for adequate protection to Landlord, Tenant, Porsche, Audi and any other party to whom use rights in the Premises have been granted. Tenant shall promptly pay as additional rent during the Term, the Percentage Estimated Cost for such taxes and insurance. Provided Landlord has received Tenant's financial statement showing gross revenues as provided herein, Landlord shall compute Tenant's Pro Rata Share of the actual annual cost for such taxes and insurance and compare it to the collected Percentage Estimated Cost for the year, whereupon Tenant shall either receive a credit towards the next month's installment of Percentage Estimated Cost or a written statement from Landlord for any additional amount owed by Tenant as Tenant's Pro Rata Share, in which case Tenant shall pay such amount as additional rent the first day of the following month.
TAX AND INSURANCE. Current copies of Xxxxxxxx’x W-9 tax statement and Certificate of Liability Insurance may be downloaded by visiting xxxxx://xxxxxxxx.xxx/disclosures.
TAX AND INSURANCE. All indemnification or reimbursement payments required pursuant to this Agreement shall be made net of all tax and insurance benefits actually received by the Indemnified Party. In the event that any claim for indemnification asserted hereunder is, or may be, the subject of any insurance coverage or other right to indemnification or contribution from any third person, the Indemnified Party(ies) expressly agree that he (they) shall promptly notify the applicable insurance carrier of any such claim or loss and tender defense thereof to such carrier, and shall also promptly notify any potential third party indemnitor or contributor which may be liable for any portion of such losses or claims. The Indemnified Party(ies) agree to pursue, at the cost and expense of the Indemnified Party, such claims diligently and to reasonably cooperate, at the cost and expense of the Indemnified Party, with each applicable insurance carrier and third party indemnitor or contributor.
TAX AND INSURANCE. The amount of any Damages suffered by an Indemnified Party is to be reduced by any net federal Tax, insurance or other benefits that such party receives in respect of or as a result of such Damages or the facts or circumstances relating thereto. A 34% tax rate is to be used in computing any such reduction for net federal Tax benefits. If any Damages for which indemnification is provided hereunder are subsequently reduced by any net tax benefit, insurance payment or other recovery from a third party, the Indemnified Party shall promptly remit the amount of such reduction to the Indemnifying Party.
TAX AND INSURANCE. Tenant shall promptly and on a timely basis pay as additional rent during the Term all charges for taxes (including, but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises, which amounts shall be prorated between Tenant and Landlord for all periods partially but not entirely within the Term. Tenant shall also maintain, at all times during the Term of this Lease, fire and extended insurance coverage on the Premises in amounts equal to the full replacement value of the Premises, and written on policies issued by underwriters reasonably acceptable to Landlord. Landlord agrees that such coverages may be provided by blanket policies of insurance covering other locations in addition to the Premises. All policies shall insure Landlord and Tenant as their respective interests shall appear and shall contain a replacement cost endorsement. Should Tenant fail to pay such tax expenses or fail to provide certificates evidencing the required insurance coverage, Landlord may, following at least thirty (30) days prior written notice to Tenant, pay any such charges or secure such coverage, and Tenant shall pay to Landlord within thirty (30) days after demand as additional rent all amounts so expended by Landlord together with interest on said amount from the date of payment by Landlord at a rate equal to the Interest Rate.
TAX AND INSURANCE. Consultant acknowledges that, as an independent contractor, Consultant is not covered by Company’s workers’ or unemployment compensation insurance. Additionally, Consultant agrees that no withholding will be made by Company for any federal, state, local, social security, Medicare or other taxes (for any governmental or other agency) from any amounts paid to Consultant by Company under this Agreement. Consultant further agrees to be solely and personally responsible for the payment of all such taxes from the compensation or other remuneration paid Consultant under this Agreement.
