Common use of Taxes and Assessments Clause in Contracts

Taxes and Assessments. The ad valorem real estate taxes and assessments (both governmental and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCY.

Appears in 3 contracts

Samples: 618realtor.com, www.618realtor.com, www.618realtor.com

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Taxes and Assessments. The ad valorem Tenant shall pay all real estate taxes and assessments (both governmental becoming due and private)shall payable with respect to the Premises during the lease term and any extension thereof, and all taxes or other charges imposed during the lease term or any extension thereof with respect to any business conducted on the Premises by Tenant or any personal property used by Tenant in connection therewith. Taxes, assessments or other charges which Tenant is obligated to pay or cause to be apportioned through the Closing Date paid hereunder and which relate to any fraction of a tax year at the Seller’s expense (Seller commencement or termination of this Lease shall be prorated based upon the ratio that the number of days in such fractional tax year bears to 365. Tenant shall have the last day)right to contest, object, or oppose the legality or validity of any tax, assessment, or charge, provided that prompt notice of such contest, objection, or opposition be given to Landlord, and provided further that Tenant promptly thereafter set aside in a separate escrow account funds equal to the amount of the taxes, assessments, or charges being contested, objected, or opposed by Tenant. The proration thereof Tenant agrees to hold Landlord harmless from and to fully pay and discharge the amounts finally determined to be due following the exercise of such right to contest, object or oppose, together with any penalties, fines, interests, costs, or expenses that may accrue, or have accrued, thereon and Tenant shall apply the funds so set aside under this Section 4 of fully discharge its obligations hereunder. If at any time during the lease term or any extension thereof, the method of taxation prevailing at the commencement of the lease term shall be calculated upon altered so as to cause the basis whole or any part of the most recent tax informationtaxes, including confirmed multipliers. Any special assessmentassessments, regardless of whether such special assessment is or charges now or hereafter levied, assessed or imposed on real estate and improvement thereon to be levied, assessed or imposed wholly or partially as a lien capital levy, or otherwise, on the Property or is required under the covenantsrents received there from, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, Tenant shall be paid in full at Seller’s expense at the time of Closing. All such taxes pay and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be discharge the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears respect to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYrents due hereunder.

Appears in 3 contracts

Samples: Commercial Lease Agreement, Lease Agreement, Lease Agreement

Taxes and Assessments. (a) The ad valorem Lessee shall pay and discharge all real estate taxes, betterment charges and levies, and charges and governmental impositions, duties and discharges of like kind and nature, which or may during the term of this Lease be charged, laid, levied or imposed upon or become a lien or liens upon the Leased Premises or any part thereof, or upon any buildings or appurtenances thereof, or any part thereof, or which may become due and payable with respect thereto, and any and all taxes and assessments (both governmental and private)shall be apportioned through charged, laid or levied in addition to the Closing Date at foregoing under or by virtue of any present or future laws, rules, requirements, orders, directions, ordinances or regulations of the Seller’s expense (Seller to have United States of America, or of the last day)state, county or city government, or of any other municipal government or lawful authority whatsoever. The proration thereof Lessee shall also be responsible for the payment of any assessments for improvements; provided, however, that if any such assessment shall be calculated upon payable in installments, the basis Lessee shall not be required to pay any installment becoming due subsequent to the termination of this Lease; and provided, further, that if any such assessment shall be payable in a lump sum, the Lessee may submit to arbitration in accordance with Section 24 hereof the question of the most recent tax informationproportion of the assessment which the Lessee should equitably be required to pay in the light of the nature of the improvement, including confirmed multipliersthe remaining term of this Lease and the existence of the option to renew set forth in Section 25 hereof. Any special assessmentUnless required by a mortgagee to make payments into an escrow account for taxes, regardless of whether such special assessment is a lien on the Property or is required under the covenantsLessee shall, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments if so requested by the SellerLessor, shall be paid in full at Seller’s expense at pay the time Lessor with each installment of Closing. All such taxes and assessments shall constitute a credit rent an amount equal to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that one twelfth of the real estate taxes and assessments (specified for the current year, if the amount thereof is known, or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)of such taxes for the prior year, if the party aggrieved by this discrepancy amount thereof for current year is not known. Such amounts shall be promptly reimbursed such discrepancy held in escrow by the party receiving the benefit Lessor and utilized in partial or complete discharge of the discrepancy Lessee's obligations to pay such taxes on or before the date upon receipt which interest upon such taxes would otherwise start to accrue. If payments into an escrow account for taxes shall not be required by a mortgagee or by the Lessor, (1) the Lessee shall make the required payments directly to the appropriate taxing or other governmental authorities, and (2) the Lessor shall forward all tax bills, statements and charges to the Lessee in time sufficient to enable the Lessee to pay the same without incurring interest or penalties and in time so that the Lessee may contest the same if it so desires. The Lessee shall also punctually pay and discharge all taxes which shall or may during the term of this Lease be charged, laid, levied or imposed upon or become a written request along with verification lien upon the stock in trade or other personal property of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills Lessee attached to or used in connection with the Lessee's business conducted on the property will be premises. Nothing herein contained shall require the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not Lessee to pay the $500 over Lessor's income or under business profits taxes or any taxes on the tax billrents reserved to the Lessor hereunder. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes taxes for the Property tax year in which the term hereof commences and for the tax year in which the term hereof terminates shall be further prorated as follows: (i) apportioned between the value Lessor and the Lessee in accordance with the number of all improvements on theProperty as reflected months or major fraction thereof during which each party shall be in the County records and (ii) proportion that the square footage land area possession of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYLeased Premises during such tax years.

Appears in 3 contracts

Samples: Lease (Skillsoft Corp), Lease (Skillsoft Public Limited Co), Lease (Skillsoft Public Limited Co)

Taxes and Assessments. The ad valorem Tenant shall pay all real estate taxes and assessments (both governmental becoming due and private)shall payable with respect to the Premises during the lease term and any extension thereof, and all taxes or other charges imposed during the lease term or any extension thereof with respect to any business conducted on the Premises by Tenant or any personal property used by Tenant in connection therewith. Taxes, assessments or other charges which Xxxxxx is obligated to pay or cause to be apportioned through the Closing Date paid hereunder and which relate to any fraction of a tax year at the Seller’s expense (Seller commencement or termination of this Lease shall be prorated based upon the ratio that the number of days in such fractional tax year bears to 365. Tenant shall have the last day)right to contest, object, or oppose the legality or validity of any tax, assessment, or charge, provided that prompt notice of such contest, objection, or opposition be given to Landlord, and provided further that Tenant promptly thereafter set aside in a separate escrow account funds equal to the amount of the taxes, assessments, or charges being contested, objected, or opposed by Xxxxxx. The proration thereof Xxxxxx agrees to hold Landlord harmless from and to fully pay and discharge the amounts finally determined to be due following the exercise of such right to contest, object or oppose, together with any penalties, fines, interests, costs, or expenses that may accrue, or have accrued, thereon and Tenant shall apply the funds so set aside under this Section 4 of fully discharge its obligations hereunder. If at any time during the lease term or any extension thereof, the method of taxation prevailing at the commencement of the lease term shall be calculated upon altered so as to cause the basis whole or any part of the most recent tax informationtaxes, including confirmed multipliers. Any special assessmentassessments, regardless of whether such special assessment is or charges now or hereafter levied, assessed or imposed on real estate and improvement thereon to be levied, assessed or imposed wholly or partially as a lien capital levy, or otherwise, on the Property or is required under the covenantsrents received there from, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, Tenant shall be paid in full at Seller’s expense at the time of Closing. All such taxes pay and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be discharge the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears respect to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYrents due hereunder.

Appears in 3 contracts

Samples: Commercial Lease Agreement, Connecticut Commercial Lease Agreement, Lease Agreement

Taxes and Assessments. The ad valorem Throughout the Lease Term, Tenant shall pay, as and when due, all real property taxes, assessments, special or otherwise, water and sewer rents and charges, and all other charges of every kind and description that may be levied against the Leased Premises, any building or improvement thereon or any use or enjoyment thereof, by any governmental authority. Tenant also shall pay, as and when due, all taxes, license fees and all other charges of every kind and description that may be imposed by any governmental authority on the Tenant's leasehold interest or on any fixtures, equipment, appliances, goods, inventory and any other personal property placed upon the Leased Premises by Tenant. Landlord shall cause all bills relating to the real property taxes to be forwarded to Tenant upon receipt. Tenant shall, upon Landlord's request, deliver to Landlord sufficient receipts or other evidence of payment. If any such taxes paid by Tenant shall cover any period of time prior to or after the expiration of the Term, Tenant's share of such taxes shall be equitably prorated to cover only the period of time within the tax fiscal year during which this Lease shall be in effect, and Landlord shall reimburse Tenant to the extent required. If Tenant shall fail to pay any such taxes, Landlord shall have the right to pay the same, in which case Tenant shall repay such amount to Landlord with Tenant's next rent installment together with interest as provided in Paragraph 35. It is expressly agreed, however, that Tenant shall not be required to pay or discharge any real estate taxes or assessments, either general or special, or other charges for which Tenant, pursuant to the above, may be liable, so long as Tenant shall in good faith contest the same, or the validity thereof, by appropriate legal proceedings that shall operate to prevent the collection of the tax or assessment and assessments (both governmental and private)shall be apportioned through the Closing Date at sale of the Seller’s expense (Seller Leased Premises or any part thereof to satisfy the same. Pending any such legal proceedings Landlord shall not have the last day). The proration thereof shall right to pay, discharge or remove the tax or assessments thereby contested, provided Tenant shall, prior to the date such tax or assessment is due and payable, have given such reasonable security as may be calculated upon the basis demanded in writing by Landlord to insure such payment and to prevent any sale or forfeiture of the most recent Leased Premises by reason of such nonpayment, not to exceed, however, one and one-half times the amount of any such tax informationor assessment, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments any penalties and/or interest charges thereon imposed by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYlaw.

Appears in 3 contracts

Samples: Industrial Building Lease (Motors & Gears Inc), Industrial Building Lease (Motors & Gears Inc), Industrial Building Lease (Motors & Gears Inc)

Taxes and Assessments. Tenant agrees to pay as additional rent for the demised premises its proportionate share which equals One Hundred percent (100%) of all taxes assessments general and special, and all other governmental impositions which may be levied upon said premises or any part thereof, or upon any building or improvements at any time situated thereon, until the termination of the original term and of any extended term of this lease. All of such taxes, assessments and other impositions shall be paid by Tenant forthwith, but no later than thirty (30) days after receipt of such tax xxxx from the Landlord, regardless of whether the Landlord shall have paid the same. The property taxes and assessments for the first and last year of the original term or any extended term, as the case may be, shall be prorated between Landlord and Tenant so that Tenant will be responsible for any such tax or assessments attributable to the period during which Tenant has possession of the premises in the year in which this lease commences and terminates. The so-called “due date” method or proration shall be used, it being presumed that taxes and assessments are payable in advance. In the event the Landlord shall contest the amount of real estate taxes that may become due and payable under this Lease Agreement, and Landlord shall be successful and receive a refund, Tenant shall receive a credit for such refund, less the cost of such appeal. As to assessments to be levied from the date hereof, Landlord, if provided the option, shall elect to pay same on an installment basis and Tenant shall be liable for payment in respect to such installments as are allocable to the lease term. As to any assessments which Landlord may be require to pay “in full”, Tenant shall be liable for the “reasonable portion thereof applicable to the lease term”. Tenant, at its expense, shall have the right to contest any tax or assessment levied, assessed or imposed upon the leased premises, and Landlord, at Tenant’s written request, shall issue any consents or approvals in order to permit such contest. In any event the State of Michigan or any political subdivision thereof, or any governmental authority having jurisdiction thereover, shall impose a tax and/or assessment of any kind or nature upon, against or with respect to rentals payable by Tenant to Landlord, or on the income of Landlord derived from the leased premises (other than the current income tax and impact of the Single Business Tax), or with respect to the ownership of the land and buildings comprising the leased premises, either by way of substitution for all or any part of the taxes and assessments levied or assessed against such land and buildings, or in addition thereto, such tax and/or assessment shall be deemed to constitute a tax and/or assessment against such land and such buildings for the purposes of this paragraph. To the extent that Tenant qualifies for ad valorem real estate taxes and assessments (both governmental and private)shall be apportioned through personal property tax abatement in accordance with the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis laws of the most recent State of Michigan, Landlord agrees to execute (without cost to Landlord) such documents as are reasonably necessary to allow Tenant to apply for and obtain such tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYabatement.

Appears in 3 contracts

Samples: Assignment and Assumption of Lease, Assignment and Assumption of Lease (Veri-Tek International, Corp.), Assignment and Assumption of Lease (Veri-Tek International, Corp.)

Taxes and Assessments. The ad valorem real Real estate taxes and assessments imposed by any governmental authority (both governmental “Taxes”) with respect to the Real Property for the relevant tax year in which the Real Property is being sold and private)shall that are not yet due and payable or that have not yet been paid and that are not (and will not be) reimbursable by tenants under the Leases (or under leases entered into after the Close of Escrow for vacant space existing at the Close of Escrow) as Operating Costs shall be apportioned through prorated as of the Close of Escrow based upon the most recent ascertainable assessed values and tax rates and based upon the number of days Buyer and Seller will have owned the Real Property during such relevant tax year. Seller shall receive a credit for any Taxes paid by Seller and applicable to (a) any period after the Close of Escrow, and (b) any period before the Close of Escrow to the extent reimbursable as Operating Costs by (i) existing tenants under the Leases and not yet received from such tenants, or (ii) future tenants that may execute leases covering space in the Real Property that is vacant as of the Close of Escrow. If, as of the Closing Date, Seller is protesting or has notified Buyer, in writing, that it has elected to protest any Taxes for the Real Property, then Buyer agrees that Seller shall have the right (but not the obligation), after the Closing Date, to continue such protest. In such case, any Taxes paid by Buyer after the Closing Date at with respect to the Seller’s expense (Seller to have the last day). The proration thereof Real Property shall be calculated upon paid under protest and Buyer shall promptly notify Seller of any payments of Taxes made by Buyer with respect to the basis of Real Property. Buyer further agrees to cooperate with Seller and execute any documents requested by Seller in connection with such protest. As to the most recent Real Property, any tax informationsavings received (“Tax Refunds”) for the relevant tax year under any protest, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property filed by Seller or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the SellerBuyer, shall be paid in full at prorated between the parties based upon the number of days, if any, Seller and Buyer respectively owned the Real Property during such relevant tax year; if such protest was filed by a Seller’s expense at the time , any payment of Closing. All such taxes and assessments shall constitute a credit Tax Refunds to Buyer against shall be net of any fees and expenses payable to any third party for processing such protest, including attorneys’ fees. Seller shall have the Purchase Price and obligation to refund to any tenants in good standing as of the date of such Tax Refund, any portion of such Tax Refund paid to Seller which may be owing to such tenants, which payment shall relieve the Seller from any liability be paid to Buyer within fifteen (15) business days of delivery to Seller by Buyer of written confirmation of such tenants’ entitlement to such Tax Refunds. Buyer shall have the obligation to refund to tenants in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit good standing as of the discrepancy upon date of such Tax Refund, any portion of such Tax Refund paid to it which may be owing to such tenants. Seller and Buyer agree to notify the other in writing of any receipt of a written request along with verification Tax Refund within fifteen (15) business days of receipt of such Tax Refund. To the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on extent either party obtains a Tax Refund, a portion of which is owed to the property will be other party, the same as receiving party shall deliver the Seller’s present tax bill. Be aware that Tax Refund to the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount other party within fifteen (15) business days of taxes. These Veterans will not pay the $500 over or under on the tax billits receipt. If Buyer or Seller fail to pay such amount(s) to the Property other as and when due, such amount(s) shall bear interest from the date any such amount is not separately assessed due to Seller or Buyer, as applicable, until paid at the lesser of (a) twelve percent (12%) per annum and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (ib) the value maximum amount permitted by law. The obligations set forth herein shall survive the Close of all improvements on theProperty Escrow and Buyer agrees that, as reflected in a condition to the County records and (ii) proportion that the square footage land area transfer of the Property bears by Buyer, Buyer will cause any transferee to assume the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYobligations set forth herein.

Appears in 2 contracts

Samples: Purchase and Sale Agreement and Escrow Instructions (KBS Strategic Opportunity REIT, Inc.), Purchase and Sale Agreement and Escrow Instructions (Republic Property Trust)

Taxes and Assessments. Commencing on the Effective Date and continuing thereafter throughout the term of this Lease, Tenant shall, in equal monthly installments with the Base Rent, pay to Landlord as Additional Rent one-twelfth (1/12) of the estimated "taxes and assessments" for the then current calendar year. The term "taxes and assessments" shall include every type of tax, charge, or imposition now or hereafter assessed against the Premises, including, but not limited to, ad valorem real estate taxes, special assessments, and governmental charges excepting only income taxes imposed upon Landlord; the term "taxes and assessments" shall include any tax levied or imposed upon or assessed against the rent reserved or payable hereunder or income arising herefrom to the extent the same is in lieu of or a substitute for any of the taxes and assessments (both governmental and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day)hereinabove described. The proration thereof initial monthly payment shall be calculated upon based on the basis "taxes and assessments" for the calendar year during which the term of this Lease commences (or, if bills for such year have not yet been issued, shall be estimated by Landlord based on the most recent tax informationmillage rate and assessment of the Property). On or about January 1 of each calendar year during the term of this Lease, including confirmed multipliersLandlord shall estimate the amount of "taxes and assessments" for the new calendar year and shall deliver to Tenant a statement of such amount. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in Subsequent installments by the Seller, shall be paid in full at Seller’s expense at the time new monthly amount until adjusted pursuant to this subparagraph; and Tenant shall deliver to Landlord with the next regular payment of ClosingBase Rent, along with the new monthly amount, the total amount of the monthly increase for each installment which had already come due for the new calendar year. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in In the event that Landlord does not deliver a new notice for any particular calendar year, Tenant shall continue to pay the real estate amount it paid for the previous calendar year until adjusted. Promptly following receipt of tax bills, Landlord shall notify Tenant of the actual amount of "taxes and assessments (specified or otherwise) prorated assessments" payable by Tenant hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy and any adjustment necessary shall be promptly reimbursed such discrepancy made to the Additional Rent payments next coming due under this subparagraph (or by cash payments if the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property reconciliation is not separately assessed and is part made until after the expiration or termination of a larger parcel assessed for tax purposes, the Taxes for the Property this Lease). All amounts payable hereunder shall be further prorated as follows: for any partial calendar year during the term of this Lease. Landlord shall provide Tenant with a copy of any bills for "taxes and assessments" for any calendar year during the term of this Lease within thirty (i30) days following written request. The provisions of this Paragraph shall survive the value expiration or termination of this Lease until all improvements on theProperty as reflected amounts due and payable hereunder have been paid in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYfull.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Crawford & Co), Purchase and Sale Agreement (Crawford & Co)

Taxes and Assessments. The ad valorem real estate taxes Tenant shall pay before delinquency any and all taxes, assessments, levies, possessory interest taxes, and other charges and governmental fees, general and special, ordinary and extraordinary, unforeseen, as well as foreseen, of any kind or nature whatsoever, including, but not limited to assessments (both governmental for public improvements or benefits, which prior to or during the Term of this Lease are laid, assessed, levied, or imposed upon or become due and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is payable and a lien on the Property upon or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime represent an escape assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all Premises and/or any improvements on theProperty as reflected situated thereon or any part thereof or any personal property, equipment or other facility used in the County records operation thereof; or (ii) the rent or income received from subtenants or licensees; or (iii) any use or occupancy of the Premises and of any rights, obligations, easements and franchises as may now or hereafter be appurtenant, or appertain to the use thereof. Notwithstanding the foregoing, in the case of any special assessment levied upon the Premises, or any part thereof, during the Term of this Lease, Tenant shall be obligated to pay in full at the inception (or provide Landlord sufficient funds which, together with the accrual of investment yield thereon, shall be sufficient to pay to maturity all installments) the amount of any such special assessment. Nothing in this Section shall limit Landlord's right to recover, as Additional Rent, Taxes and Assessments payable after termination of this Lease pursuant to Section 26 of this Lease. The provisions of this Section 7 shall survive the expiration or earlier termination of this Lease; provided, however, that nothing herein shall obligate Tenant to pay Taxes and Assessments which are both (i) imposed upon the Premises subsequent to the termination of this Lease and (ii) proportion that the square footage land area of the Property bears applicable to a period or periods subsequent to the square footage land area termination of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYthis Lease.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Taxes and Assessments. The All real property and personal property Taxes and similar ad valorem real estate taxes Taxes, and assessments (both governmental and private)shall be apportioned through any sales Taxes with respect to Rental Payments, payable by the Company with respect to the Property for the Closing Date at the Seller’s expense Tax Year (Seller to have the last day). The proration thereof regardless of when such Taxes are payable) (collectively, “Prorated Taxes”) shall be calculated prorated as of the Closing Proration Time. Existing Members shall cause Company to pay all installments of special assessments due and payable on or prior to the Closing Date; provided, however, that the foregoing shall not be deemed to make Existing Members responsible for the payment of any installments of special assessments which have not been confirmed or which relate to projects that have not been completed on the Closing Date. If Tax bills for the Closing Tax Year are not available on the Closing Date, the Prorated Taxes shall be prorated at Closing based upon the basis Tax bills for the previous Tax Year, or, if available, based upon the current assessed valuation and current millage rates, and in such event Existing Members and Investor shall reprorate the Prorated Taxes as actual or final tax bills for the Closing Tax Year are available. For purposes of the most recent tax informationthis Agreement, including confirmed multipliers. Any special assessment, regardless the definition of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; howeverPre-Closing Tax Liabilities, in the event case of any Taxes that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)payable with respect to a Straddle Tax Year, the party aggrieved by this discrepancy portion of such Taxes that relate to the Pre-Closing Tax Year shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records case of Prorated Taxes, be deemed to be the amount of such Tax for the entire Straddle Tax Year multiplied by a fraction the numerator of which is the number of days in the Straddle Tax Year ending as of the Closing Proration Time and the denominator of which is the number of days in the entire Straddle Tax Year and (ii) proportion that in the square footage land area case of any other Tax, be deemed equal to the amount which would be payable (computed on an interim closing of the Property bears to books basis) as if the square footage land area relevant Tax Year ended as of the larger parcelclose of business on the Closing Date. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYThe Amended and Restated Operating Agreement shall govern the parties’ respective Liabilities for Taxes payable with respect to periods after the Closing Tax Year.

Appears in 2 contracts

Samples: Contribution Agreement, Contribution Agreement (Intercontinental Hotels Group PLC /New/)

Taxes and Assessments. The ad valorem As additional rental, the LESSEE agrees to pay the amount of all taxes and assessments levied and assessed against the premises and LESSEE'S proportionate share (as hereinafter set forth) of all taxes and assessments levied and assessed against the parking and common areas of the Shopping Center which shall become due and payable during the original or any exercised renewed term hereof. LESSEE shall have the right to pay such items directly to the taxing authority prior to delinquency or to pay the same directly to LESSOR, not later than fifteen (15) days prior to the delinquency date. In the latter event, LESSOR shall, as soon as practicable after LESSOR'S payment of said items, provide LESSEE with evidence of such payment. If the Shopping Center is taxed as a unit, the LESSEE shall be liable for only such proportion of such taxes and assessments as the number of square feet of floor space in the premises bears to the proposed total number of square feet of floor space in the Shopping Center as depicted on Exhibit "A". Notwithstanding the foregoing, either LESSOR or LESSEE, by notice to the other, may request, in lieu of an apportionment of real estate taxes based upon floor space, that real estate taxes are allocated in an alternative manner to the various components of the Shopping Center in a manner which is fair and reasonable and is based upon information as used by the tax assessor (including assessor's worksheets or such other information as may reasonably be available to LESSOR establishing the amount of such real estate taxes). If this alternative calculation is used, LESSEE shall pay one hundred percent (100%) of all real estate taxes fairly allocable to the land immediately beneath the building and all areas LESSEE has the exclusive right to use, and LESSEE'S proportionate share of real estate taxes fairly allocable to land and improvements that are within the common area, that are not devoted to the exclusive use of any other tenant of the Shopping Center. In the event that LESSOR and LESSEE are unable to agree as to the appropriate allocation, either party may request that such be submitted to arbitration to be conducted in like manner as arbitration is provided for within paragraph 18. Such taxes and assessments must be billed by LESSOR and LESSEE no later than ninety (both governmental and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis 90) days after receipt of the most recent final tax informationbilling from the local taxing authority to LESSOR. If such notice is not received by LESSEE within ninety (90) days, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All LESSEE'S obligation to pay such taxes and assessments shall constitute a credit be unaffected, unless LESSEE has, after the expiration of such ninety (90) day period, assigned this lease or sublet the premises and is no longer in possession of the premises except through an assignee or sublessee. In that event, NETCO FOODS, INC. shall have no liability with respect to Buyer the payment of such taxes and assessments, but the payment thereof shall be enforceable against such assignee or sublessee only. In such event, and for such purpose, LESSEE hereby assigns to LESSOR, the Purchase Price right of LESSEE (as SUBLESSOR) to demand, receiver, and shall relieve the Seller collect from any liability to Buyer in connection herewith; howeversublessee of LESSEE, in the event that the real estate such taxes and assessments to the extent provided for in any sublease of the premises entered into by LESSEE (specified as SUBLESSOR). Provided, however, that for any partial tax year occurring during the original or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)any renewed term hereof, the party aggrieved by this discrepancy LESSEE shall be promptly reimbursed liable for only that portion of such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same taxes and assessments as the Seller’s present number of days in such partial tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property year bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYthree hundred sixty-five (365).

Appears in 2 contracts

Samples: Build and Lease Agreement (Basic Us Reit Inc), Build and Lease Agreement (Basic Us Reit Inc)

Taxes and Assessments. The ad Ad valorem real estate property taxes that are or will be assessed against and assessments attributable to the existing tax parcel(s) that include any part of the Property (both governmental “Taxes”) and private)shall special assessments, including drainage assessments, if any, that are or will be apportioned through assessed against and attributable to the Closing Date at existing tax parcel(s) that include any part of the Seller’s expense Property (Seller to have the last day). The proration thereof “Assessments”) shall be calculated upon allocated and paid in accordance with this Section unless otherwise mutually agreed by the basis parties in writing. At the time of Closing, Seller shall pay any unpaid balance of the most recent tax information2020 Taxes due in 2021 (“2020 Taxes”), including confirmed multipliers. Any special assessmentany unpaid Taxes for any earlier period, regardless and any unpaid Assessments last payable without a penalty on or before the day of whether such special assessment is a lien on the Property or is required under the covenantsClosing, restrictions, or declarations all of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at directly to the appropriate tax collection office out of Seller’s expense proceeds at Closing. If not ascertainable and payable at the time of Closing, the 2020 Taxes shall be estimated by Seller based on 100% of the 2019 Taxes due in 2020 (“Estimated 2020 Taxes”). All The Estimated 2020 Taxes (as may be adjusted by Seller, in its sole discretion, for any tax parcel split which may be applicable to the Purchased Tract(s) following Closing) shall be paid by Seller via credit against the sums due from Buyer at Closing, and Buyer shall then pay (and indemnify Seller for) all Taxes and Assessments due after Closing to the extent attributable to the Property. Buyer shall be responsible for the 2021 Taxes due in 2022 (“2021 Taxes”) to the extent attributable to the Property. For the avoidance of doubt, there will be no proration of 2021 Taxes regardless of the date of Closing. If the conveyance of the Property involves a tax parcel split and any Taxes and/or Assessments are billed after Closing in a manner which does not reflect the split, Buyer shall cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such taxes Taxes and/or Assessments, and assessments Buyer shall constitute pay (and indemnify Seller for) the portion attributable to the Property. SELLER’S ESTIMATE OF THE 2020 TAXES AND ANY ADJUSTMENT MADE BY SELLER FOR ANY APPLICABLE TAX PARCEL SPLIT SHALL BE CONCLUSIVE. AS BETWEEN BUYER AND SELLER, THE ESTIMATED CREDIT FOR 2020 TAXES AT CLOSING SHALL NOT BE SUBJECT TO ANY FURTHER SETTLEMENT OR ADJUSTMENT AFTER CLOSING EVEN THOUGH THE AMOUNT ESTIMATED AT CLOSING MAY VARY FROM THE ACTUAL AMOUNT DUE ONCE THE TAX RATES, ASSESSMENTS AND/OR PARCEL SPLITS ARE FINALIZED. AFTER CLOSING, NEITHER SELLER, AUCTION COMPANY NOR CLOSING AGENT SHALL HAVE ANY LIABILITY, RESPONSIBILITY OR OBLIGATION WHATSOEVER FOR ANY TAXES OR ASSESSMENTS THAT ARE OR WILL BE ASSESSED AGAINST AND ATTRIBUTABLE TO THE PROPERTY. Notwithstanding the foregoing provisions, in lieu of a credit to Buyer against Buyer, Seller may elect to deliver to the Purchase Price and shall relieve Closing Agent, at the Seller from any liability time of or prior to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)Closing, the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by entire amount of the party receiving Estimated 2020 Taxes to be: (a) held in escrow and applied towards the payment of the 2020 Taxes when billed after Closing; or (b) paid directly to the county as an estimated prepayment of the 2020 Taxes. In any event, having received the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that estimated payment via credit, escrow or direct prepayment as provided above, Buyer shall then pay all Taxes and Assessments which become due after Closing to the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If extent attributed to the Property is (and to the extent not separately assessed and is part of a larger parcel assessed for tax purposespaid via escrow or direct prepayment as provided above). When the 2020 Taxes are billed after Closing, any shortage or surplus with respect to the Taxes for the Property estimated amount paid by Seller (whether via credit, escrow or direct prepayment) shall be further prorated as follows: paid or retained by or refunded to Buyer (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of extent attributed to the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYProperty).

Appears in 2 contracts

Samples: Agreement to Purchase—purchase Contract, Form of Agreement

Taxes and Assessments. The All ad valorem real estate taxes and assessments (both governmental and private)shall be apportioned through for the year in which the Closing occurs, which on the Closing Date are or may become liens on the Property, will be prorated as of the Closing Date. Likewise, if on the Closing Date the Property, or any part thereof, will be or will have been the subject of an assessment or assessments which are or may become payable in installments, of which the first installment is then a charge or lien, or has been paid, then for purposes of this Agreement all the unpaid installments of any such assessment, including those which are to become due and payable after the delivery of Seller's general warranty deed to Purchaser, will be deemed to be due and payable and to be liens on the Property affected thereby and will be prorated. If the amount of the ad valorem taxes or assessments payable for the year in which the Closing occurs is not ascertainable at the Seller’s expense (Seller to have time of the last day). The proration thereof shall be calculated upon Closing, then the parties will prorate the said taxes and assessments on the basis of the most recent amount of the tax informationbill or assessment for the previous year. Seller's prorated share of the said ad valorem taxes and assessments will be deducted from the Purchase Price and retained by Purchaser, including confirmed multipliersand Purchaser will assume the obligation for the payment thereof for the year in which the Closing is held. Any special assessment, regardless If the actual ad valorem tax bill or other actual charges and assessments for the year of whether such special assessment is a lien on the Property or is required under Closing are more than the covenants, restrictions, or declarations of a subdivision, development, or condominium, sums which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense were prorated at the time Closing, Purchaser will be solely responsible for payment of the difference. If the actual ad valorem tax bill or other actual charges and assessments are less than the sums which were prorated at the Closing, the benefit will inure to Purchaser without obligation to reimburse Seller for any portion of the overage. All If Seller has already paid such taxes and assessments shall constitute a credit for the year in which the Closing is held, Purchaser's prorated share of such taxes and assessments will be added to Buyer against the Purchase Price and shall relieve paid to Seller at the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYClosing.

Appears in 2 contracts

Samples: Georgia Agreement, Georgia Agreement

Taxes and Assessments. The ad valorem real estate Lessee agrees to pay all water, rents, taxes and assessments general and special, sanitary and storm sewer assessments and user fees, and all other impositions ordinary and extraordinary, of every kind and nature whatsoever (both governmental “Impositions”) levied or assessed upon the Demised Premises or any part thereof or upon any of the buildings or improvements at any time situated thereon or levied or assessed upon the interest of the Lessee or the Lessor in or under this Lease during the term of this Lease. The Impositions shall be paid by the Lessee prior to delinquency. Lessee covenants and private)shall be apportioned through agrees to deliver to the Closing Date Lessor, at the Seller’s expense place where rent is payable, documentation showing the payments of the Impositions within thirty (Seller to 30) days after the respective payments evidenced thereby. It is further agreed that the Lessor shall have the last day). The proration thereof shall be calculated right at all times during the term of this Lease to pay any Impositions upon the basis Demised Premises, the buildings at any time situated thereon or any interest therein remaining unpaid after the same shall have become delinquent and to pay, cancel, and clear all liens, charges and claims upon or against the Demised Premises which the Lessee is obligated by this Lease to pay and redeem any of them from time to time, and the most recent tax informationamount so paid, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Sellerreasonable expenses, shall be paid additional rent due from the Lessee to the Lessor the day rent is next payable with interest at an annual rate equal to the Prime Rate as published in full the Wall Street Journal, plus two percent (2%) from the date of the payment thereof by the Lessor until the repayment thereof to the Lessor by the Lessee; it being expressly agreed, however (all other provisions of this Lease to the contrary notwithstanding) that the Lessee shall not be required to pay, discharge or remove any Impositions or charge upon or against the Demised Premises or any part thereof or the improvements at Sellerany time situated thereon so long as the Lessee shall in good faith contest the same or the validity thereof by appropriate proceedings, which shall operate to prevent the collection of the Impositions so contested or the sale of the Demised Premises or any part thereof to satisfy the same and that pending the outcome of any such proceedings the Lessor shall not have the right to pay, remove, or discharge the Impositions thereby contested. The Lessee shall at all times indemnify and hold the Lessor harmless from any and all legal claims arising out of Lessee’s expense at nonpayment of the time Impositions, unless and except where legitimately contested or disputed pursuant to the terms of Closingthis Lease or to the extent caused by the Lessor’s actions or omissions. All such Notwithstanding the exceptions to Lessee’s indemnification obligation contained in this Paragraph 14, the parties do not intend, and this Paragraph 14 does not, negate or nullify any right on the part of the Pinal County to levy taxes and other assessments shall constitute a credit to Buyer against the Purchase Price as provided by and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along accordance with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYArizona law.

Appears in 2 contracts

Samples: Sample Lease Agreement, Sample Lease Agreement

Taxes and Assessments. The ad valorem Any delinquent real estate taxes and any delinquent installments of assessments (both governmental including penalties and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien charges) on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time Close of ClosingEscrow from funds accruing to Seller. All real estate taxes on the Property for the fiscal tax year in which the Proration Date occurs shall be estimated based upon the most recently available real estate tax xxxx and prorated as hereinafter described at the Close of Escrow based upon such taxes estimate. Buyer and assessments Seller shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that re-prorate the real estate taxes following the Close of Escrow upon receipt of the actual real estate tax xxxx for the fiscal year in which the Proration Date occurs. Buyer shall be credited with an amount equal to all real estate taxes which have accrued prior to the Proration Date but only to the extent such real estate taxes are not paid or payable by Tenants. Buyer shall also be credited with an amount equal to all real estate taxes already collected or received by Seller from Tenants and assessments (specified attributable to periods prior to the Proration Date, so long as such amounts have not previously been used to pay real estate taxes already due, If, after the Proration Date, any additional real estate taxes are assessed against the Property by reason of back assessments, corrections to previous tax bills and similar reasons relating to the period prior to the Proration Date, Seller shall pay all such additional real estate taxes, except to the extent the same are collected from Tenants or otherwise) prorated hereunder which would then be currently due from Tenants pursuant to the terms of their respective Tenants Leases, to the extent such Tenant Leases are overpaid/underpaid then currently in effect. If, after the Close of Escrow, any real estate tax or assessment savings or refunds are made with respect to the Property by more than five hundred dollars ($500.00)reason of successful tax contest proceedings or appeals, corrections to tax bills or similar reasons relating to the party aggrieved by this discrepancy period prior to the Proration Date, if funds remain after required payments to Tenants, then Seller shall be promptly reimbursed for all amounts of such discrepancy by refund(s) or saving(s) attributable to the party receiving period prior to the benefit Proration Date, less Seller's reasonable out-of-pocket costs of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed collection, and is part of a larger parcel assessed for tax purposes, the Taxes for the Property Buyer shall be further prorated as follows: (ientitled to all amounts of such refund(s) the value of all improvements on theProperty as reflected in the County records and (iior saving(s) proportion that the square footage land area of the Property bears attributed to the square footage land area of periods after the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYProration Date.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Basic Us Reit Inc), Purchase and Sale Agreement (Basic Us Reit Inc)

Taxes and Assessments. The ad Ad valorem real estate property taxes that are or will be assessed against and assessments attributable to the existing tax parcel(s) that include any part of the Property (both governmental “Taxes”) and private)shall special assessments, including drainage assessments, if any, that are or will be apportioned through assessed against and attributable to the Closing Date at existing tax parcel(s) that include any part of the Property (“Assessments”) shall be allocated and paid in accordance with this Section unless otherwise mutually agreed by the parties in writing. At the time of Closing, Seller shall pay any unpaid balance of the Taxes due in 2018 for the entire 2017 tax year, any unpaid Taxes for any earlier period, and any unpaid Assessments last payable without a penalty on or before the day of Closing, all of which shall be paid directly to the appropriate tax collection office out of Seller’s expense proceeds at Closing. The 2018 Taxes due in 2019 shall be estimated by Seller based on 100% of the amount last billed for a calendar year (Seller to have the last day“Estimated 2018 Taxes”). The proration thereof shall Estimated 2018 Taxes (as may be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments adjusted by the Seller, in its sole discretion, for any tax parcel split which may be applicable to the Purchased Tract(s) following Closing) shall be paid via credit against the sums due from Buyer at Closing, and Buyer shall then pay (and indemnify Seller for) the 2018 Taxes when billed after Closing to the extent attributable to the Property. Buyer shall assume and pay all Assessments that are last payable without a penalty after the date of Closing, to the extent attributable to the Property. If the conveyance of the Property involves a tax parcel split and any Taxes and/or Assessments are billed after Closing in full at Seller’s expense a manner which does not reflect the split, Buyer shall cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such Taxes and/or Assessments, and Buyer shall pay (and indemnify Seller for) the portion attributable to the Property. SELLER’S ESTIMATE OF THE 2018 TAXES AND ANY ADJUSTMENT MADE BY SELLER FOR ANY APPLICABLE TAX PARCEL SPLIT SHALL BE CONCLUSIVE. AS BETWEEN BUYER AND SELLER, THE ESTIMATED CREDIT FOR 2018 TAXES AT CLOSING SHALL NOT BE SUBJECT TO ANY FURTHER SETTLEMENT OR ADJUSTMENT AFTER CLOSING EVEN THOUGH THE AMOUNT ESTIMATED AT CLOSING MAY VARY FROM THE ACTUAL AMOUNT DUE ONCE THE TAX RATES, ASSESSMENTS AND/OR PARCEL SPLITS ARE FINALIZED. AFTER CLOSING, NEITHER SELLER, AUCTION COMPANY NOR CLOSING AGENT SHALL HAVE ANY LIABILITY, RESPONSIBILITY OR OBLIGATION WHATSOEVER FOR ANY TAXES OR ASSESSMENTS THAT ARE OR WILL BE ASSESSED AGAINST AND ATTRIBUTABLE TO THE PROPERTY. Notwithstanding the foregoing provisions, in lieu of a credit to Buyer, Seller may elect to deliver to the Closing Agent, at the time of or prior to Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by entire amount of the party receiving Estimated 2018 Taxes to be: (a) held in escrow and applied towards the payment of the 2018 Taxes when billed after Closing; or (b) paid directly to the county as an estimated prepayment of the 2018 Taxes. In any event, having received the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that estimated payment via credit, escrow or direct prepayment as provided above, Buyer shall then pay all Taxes and Assessments which become due after Closing to the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If extent attributed to the Property is (and to the extent not separately assessed and is part of a larger parcel assessed for tax purposespaid via escrow or direct prepayment as provided above). When the 2018 Taxes are billed after Closing, any shortage or surplus with respect to the Taxes for the Property estimated amount paid by Seller (whether via credit, escrow or direct prepayment) shall be further prorated as follows: paid or retained by or refunded to Buyer (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of extent attributed to the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYProperty).

Appears in 2 contracts

Samples: Form of Agreement, Form of Agreement

Taxes and Assessments. The ad valorem Tenant shall pay all taxes, assessments, and levies charged or assessed by any governmental authority (hereinafter collectively referred to as “Taxes”) upon Tenant's property in or upon the Leased Premises. In addition. Tenant shall pay one-twelfth (1/12) of the annual taxes on the real estate. Even though real estate taxes and assessments (both governmental and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being are paid in installments by arrears, the Seller, Tenant shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that pay based upon the real estate taxes for the year in which the payments are due and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy payable. The real estate taxes shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated paid as follows: Tax statements showing the taxes payable for the current year shall be forwarded by Landlord to the Tenant. Tenant shall then pay to Landlord one twelfth (i1/12) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears annual taxes due for that calendar year, which Tenant shall pay monthly beginning October 1, 2022 and each month thereafter. For October through December of 2022, the taxes due and payable in 2022 shall be the basis for Xxxxxx's obligation hereunder. Because the annual tax statements for the year are not received until approximately April of each calendar year, Tenant shall continue to pay the prior monthly amount of taxes until the new tax statements are received. When new tax statements are received by Landlord, the Landlord shall send the new statement to the square footage land area Tenant and the Tenant shall begin paying one twelfth (1/12) of the larger parcelnew annual tax amount beginning as of January of that calendar year. IN ANY EVENTFor example, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYin 2023, Xxxxxx's obligation shall be based upon the taxes due and payable in 2023, and as the statements will not be delivered to Landlord by the county until March or April of 2023, nonetheless, Xxxxxx's obligation hereunder shall be to pay for each month, beginning with January of 2023, one-twelfth of the annual taxes shown on the annual tax statement for 2023. If taxes increase or decrease, Tenant will makeup any increase for the months in 2023 prior to the statement being received or will receive credit for any decrease for the months prior to the statements being received.

Appears in 1 contract

Samples: Commercial Lease (Aqua Power Systems Inc.)

Taxes and Assessments. The ad valorem Tenant agrees to pay Landlord as additional rent for the Premises, during each calendar year of Term, all real estate taxes, charges and assessments, special or otherwise, levied upon or with respect to the Premises, the building of which the Premises are a part or the tax parcel upon which the Premises are located, imposed by federal, state or local governments (excluding income, franchise, capital stock, estate or inheritance taxes or taxes based on receipt of rentals, unless the same shall be in substitution for or in lieu of a real estate tax or assessment) and any personal property taxes imposed on the fixtures, machinery, equipment, apparatus, systems and appurtenances in, upon or used in connection with the operation of the building of which the Premises are a part (“Taxes”). If because of any change in the method of taxation of real estate any other or additional tax or assessment is imposed upon Landlord, the Premises, or the rents or income from the same, or in substitution for or in lieu of any tax or assessment that would otherwise be a real estate tax or personal property tax of the type described above, then the other or additional tax or assessment shall also be deemed a real estate tax and included within Taxes.” In the event the tax assessment on the tax parcel of which the Premises are a part is increased at any time as a result of any alterations, additions or improvements made by Tenant, or by Landlord at Tenant’s request, to the Premises, Tenant shall be responsible for the payment of all such increases (the “Improvement Tax”) as additional rent. Tenant shall promptly pay when due all taxes and assessments levied by any public authority on Tenant’s trade fixtures, equipment and other property of Tenant located on or about the Premises and all other taxes occasioned by its business or use of the Premises. Tenant shall pay before delinquency any and all taxes, assessments, license fees and public charges levied, assessed or imposed and which become payable during the Term upon Tenant’s fixtures, furniture, appliances and personal property installed or located in or on the Premises. Tenant shall also pay all franchise taxes, business taxes or other similar taxes which may be levied or imposed upon the Premises or the business carried on therein and also all other taxes and rates which are or may be payable by Tenant. Should any governmental taxing authority levy, assess or impose a tax and/or assessment (both governmental and private)shall be apportioned through other than a net income tax) upon or against the Closing Date at rentals payable by Tenant to Landlord and/or against the Seller’s expense (Seller gross receipts received by Landlord from Tenant, either by way of substitution for or in addition to have the last day)any existing tax on land or buildings or otherwise. The proration thereof Tenant shall be calculated upon the basis of the most recent responsible for and pay such tax information, including confirmed multipliers. Any special or assessment, regardless or shall reimburse Landlord for the amount thereof, as the case may be, as additional rent, within thirty (30) days of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCY.xxxx therefore from Landlord

Appears in 1 contract

Samples: Lease (Southern Graphic Systems, Inc.)

Taxes and Assessments. The ad valorem Fixed Minimum Rent payable hereunder includes Tenant’s Proportionate Share of all real estate taxes or assessments, both general and assessments special (both governmental and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last daycollectively, “Taxes”). The proration thereof shall be calculated , levied upon the basis Property during the calendar year 2004 (“Base Year”) based upon an amount of the most recent tax information, including confirmed multipliersOne and 45/100ths Dollars ($1.45) per square foot per annum. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in In the event that the real estate taxes amount of Taxes payable during the term of this Lease exceed the amount of Taxes payable during the Base Year, then in such event Tenant shall pay to Landlord in equal monthly installments, in advance with payments of fixed minimum rent, an amount equal to one-twelfth (1/12) of the estimated amount of Tenant’s Proportionate Share of Taxes. Within thirty (30) days after the actual amount of Tenant’s Proportionate Share of Taxes has been determined by Landlord, based on the actual Taxes, Landlord shall notify Tenant and assessments (specified Tenant shall pay to Landlord or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)Landlord shall credit to Tenant’s account for future payments of Taxes, as the case may be, the party aggrieved difference between the estimated amount of Tenant’s Proportionate Share of Taxes theretofore paid to Landlord for such year and the actual amount of Tenant’s Proportionate Share of Taxes for such year. In addition to Tenant’s Proportionate Share of Taxes, Tenant shall also reimburse Landlord, immediately upon demand, for the full amount of any increases in Taxes resulting from alterations or improvements to the Premises made by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving or for the benefit of Tenant. If any governmental taxing authority acting under any present or future law, ordinance or regulation shall levy, assess or impose a tax, excise and/or assessment (other than an income or franchise tax) upon Tenant for the discrepancy rental payable by Tenant to Landlord pursuant to this Lease, either by way of substitution for or in addition to any existing tax on land, buildings or otherwise, then Tenant shall be responsible for and shall pay such tax, excise and/or assessment, or shall reimburse Landlord for the cost thereof, as the case may be, immediately upon receipt demand. The amount payable by Tenant pursuant to this Section 2.4 for the year in which this Lease commences or terminates shall be prorated based on the ratio of a written request along with verification that portion of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on term of this Lease to the property will be the same as the Seller’s present applicable tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax billyear. If the amount of Taxes payable by Landlord with respect to Landlord’s Property for the Base Year includes any special assessments (in any case, “Assessment”) that expire at any time during the term of this Lease, then, at such time as the applicable portion of the Assessment is not separately assessed and is part of a larger parcel assessed for tax purposespaid in full, the amount of Taxes for the Property Base Year shall be further prorated recalculated to exclude the amount of the applicable portion of the Assessment that was paid in full. Commencing as follows: (i) of the value year of all improvements on theProperty such recalculation of Taxes for the Base Year and continuing for each and every year or fraction thereof during the term of this Lease following the new calculation, or until such time as reflected Taxes for the Base Year are again recalculated, Tenant shall pay to Landlord Tenant’s Proportionate Share of any increase in Taxes based upon the adjusted Base Year amount. For purposes of this Section 2.4 and Sections 2.2 and 2.5 of this Lease, “Tenant’s Proportionate Share” means the percentage determined by dividing the number of square feet of floor area in the County records and (ii) proportion that Premises by the total square footage land feet of net leasable floor area from time to time contained in the buildings on Landlord’s Property. As of the Property bears to the square footage land area of the larger parcel. IN ANY EVENTdate hereof, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCY.Tenant’s Proportionate Share is 3.37

Appears in 1 contract

Samples: Lease (U-Store-It Trust)

Taxes and Assessments. The ad valorem Tenant shall pay before delinquency all taxes, assessments, license fees and other charges ("taxes") that are levied and assessed against Tenant's personal property installed or located in or on the premises, and that become payable during the term. On demand by Landlord, Tenant shall furnish Landlord with satisfactory evidence of these payments. If any taxes on Tenant's personal property are levied against Landlord or Landlord's property, or if the assessed value of the building and other improvements in which the premises are located is increased by the inclusion of a value placed on Tenants' personal property, and if Landlord pays the taxes on any of these items or the taxes based on the increased assessment of these items, Tenant, on demand, shall immediately reimburse Landlord for the sum of the taxes levied against Landlord, or the proportion of the taxes resulting from the increase in Landlord's assessment. Landlord shall have the right to pay these taxes, and shall be reimbursed therefor by Tenant, regardless of the validity of the levy. As additional rental, Tenant shall pay its proportionate share determined as provided below of all increases in real estate property taxes and general and special assessments (both governmental "real property taxes"), whether the increases result from increased rate and/or valuation, levied and private)shall be apportioned through assessed against the Closing Date at building, other improvements, and land of which the Seller’s expense (Seller to have premises are a part, for the last day)base year, which is tax year 1995. The proration thereof Tenant's proportionate share of such real property tax increases shall be calculated upon the ratio of the increase that total number of square feet in the premises bears to the total number of leasable square feet in the building and other improvements in which the premises are located. Each year Landlord shall notify Tenant of Landlord's calculation of Tenant's proportionate share of the real property taxes and together with such notice shall furnish Tenant with a copy of the tax bill, including the tax bill xxx the base year. Tenant shall reimburse Landlord for Tenant's proportionate share of the increase in the real property taxes semiannually not later than thirty (30) days before the taxing authority's delinquency date or ten (10) days after receipt of the tax bill xxxm Landlord, whichever is later. Tenant's liability to pay real property taxes shall be prorated on the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations 365-day year to account for any fractional portion of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, fiscal tax year included in the event that the real estate taxes term or extended term at its commencement and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYexpiration.

Appears in 1 contract

Samples: Lease Agreement (Commtouch Software LTD)

Taxes and Assessments. Section 1 Taxes and Assessments of Building and Subject Property. Tenant agrees to pay, at lease twenty one (21) days prior to delinquency, a proportionate share based on square footage of any increase in real property taxes (as such increase in hereinafter defined) and a proportionate share of any general or special assessments levied upon the completed building and underlying and surrounding land as shown on Exhibit A. The ad valorem real estate taxes and assessments (both governmental and private)shall proportion applicable to Tenant shall be apportioned through in the Closing Date at proportion that the Seller’s expense (Seller sum of gross square footage of the premises bears to have the last day)total gross square feet of the entire building. The proration thereof base period for the determination of real property tax Increases shall be calculated deemed to be the first tax assessment year in which the completed building and improvements are first assessed after the commencement date as provided in Article 11. The proportionate amount for which Tenant shall become liable shall be in the increase, if any, which takes place the following assessment year and all subsequent assessment years thereafter over the base year. With respect to any assessment which may be levied against or upon the basis premises after the commencement date of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property this lease and which may be evidenced by improvement or is required under the covenants, restrictions, other bonds or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall may be paid in full at Seller’s expense at annual installments, Tenant shall pay each year only its proportion of such annual installment or portion thereof, with appropriate proration for any partial year. Tenant shall have no obligation to continue such payments after the time termination of Closingthe lease. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in In the event that the real estate taxes and/or special assessments levied upon the premises exceed there average taxes and/or general or special assessments on the entire building during the first tax assessment year in which the completed building and improvements are first assessed, Tenant shall pay such excess to Landlord within twenty (20) days prior to the tax delinquency date. Landlord and Tenant agree to retain the firm of Mxxxxx and Sxxxxx or a comparable tax appraisal firm to allocate the taxes and/or general or special assessments on the building to the premises. Landlord and Tenant each agree to pay one-half (specified or otherwise1/2) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), of the party aggrieved by this discrepancy costs and expenses incurred in the employment of such tax appraisal firm. Taxes and special assessments shall be promptly reimbursed such discrepancy by prorated for any fractional year at the party receiving the benefit end of the discrepancy upon receipt term of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYthis lease.

Appears in 1 contract

Samples: Fee Agreement (Orange National Bancorp)

Taxes and Assessments. The ad valorem real estate As additional rent the Lessee agrees to pay to proper authority or to reimburse Lessor for any such payments made by Lessor, as the Lessor may designate, promptly as the same become due and payable, all taxes and general and special assessments (both governmental levied upon or assessed against the leased property or any part thereof which are assessed and private)shall be apportioned through are, or become, a lien during the Closing Date at term of this Lease. Unless and until the Seller’s expense (Seller Lessor gives the Lessee written notice that it elects to have the last day). The proration thereof shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments payments made by the Seller, Lessee direct the Lessor shall be paid in full at Seller’s expense at the time of Closing. All itself first pay all such taxes and assessments and the Lessee shall, on written notice of the amount of any such payment, reimburse the Lessor therefor in full within ten (10) days after such notice. If and in the event the Lessor gives the Lessee written notice that it elects to have such payments made by the Lessee direct the Lessee shall constitute make all such payments directly to the proper tax collecting authority prior to delinquency and forthwith thereafter shall deliver to the Lessee original or duplicate receipts evidencing such payments. If the Lessee fails to make any such payment within such time, the Lessor may, at its option, make the same and in such event the Lessee shall, on demand, repay to the Lessor within ten days the amount so paid by Lessor. The Lessee shall be entitled to protest or challenge any such tax or assessment or the validity thereof in the name of the Lessor or otherwise, but any such action shall be at its own cost and expense and without cost or expense to the Lessor or the demised premises, and no such action shall be taken or maintained without first delivering an indemnity agreement from a credit solvent licensed surety company in an appropriate sum guaranteeing to Buyer hold the Lessor and the demised premises free and harmless from loss, cost, expense or liability in connection with or arising out of any such action. If any special assessment made against the Purchase Price property covered by this Lease may, at option of the owner of the property, be paid in installments or covered by bond which is payable in installments, then the Lessee shall be entitled to require that the assessment be paid in installments or that the bond be issued, and in such case the Lessee shall relieve be liable only for the Seller payment of such installments, or the prorate thereof, as become payable during the term of this Lease. The first of such taxes and assessments to be paid by the Lessee, either directly or by reimbursement to Lessor shall be those payable for the fiscal tax year in which the term of this Lease begins and the last of such tax and assessments shall be those for the fiscal year in which the term of this Lease ends; provided however the amount of such payments for the first and last fiscal years shall be pro-rated to coincide with the beginning and the end of the term hereof. The Lessee shall pay and discharge before delinquency any and all taxes and assessments against property of any kind or nature belonging to Lessee or placed or kept upon or about the demised premises and agrees to save and hold the Lessor and the demised premises free and harmless from any liability to Buyer therefor or in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYlien thereof.

Appears in 1 contract

Samples: Staar Surgical Company

Taxes and Assessments. The ad valorem Subject to the provisions of 11.01 --------------------- hereof (concerning "Permitted Contests"), LESSEE covenants and agrees to pay to LESSOR after receipt of a copy of the tax xxxx and a calculation of LESSEE'S prorata share of taxes from Lessor, but before the same become delinquent and before any fine, penalty, or interest may be added for nonpayment, LESSEE'S prorata share of any and all taxes, assessments, license or permit fees, excises, imposts and charges of every nature and classification (all or any one of which are hereinafter referred to as "Tax") that at any time during the Term are levied, assessed, charged or imposed upon LESSOR'S fee simple and/or reversionary interest in land and buildings on and in which the Premises is situated, LESSEE shall pay to LESSOR any tax on Rent or Additional Rental reserved or payable hereunder (including any gross receipts or other taxes levied upon, assessed against or measured by the Rent or Additional Rental); provided, however, that LESSEE shall not be obligated to pay any municipal, state or federal income, inheritance or estate tax or any tax imposed, levied or assessed with respect to or because of the income, appreciation or other benefit derived by LESSOR from or by virtue of this Lease or the estate of LESSOR under this Lease under currently existing applicable laws and regulations; provided, however, that if at any time during the Term the methods of taxation prevailing at the commencement of the Term shall be altered so that any imposition which at the commencement of or during the Term is or shall be levied, assessed or imposed on real estate taxes and assessments the improvements thereon is thereafter levied, assessed or imposed wholly or partially (both governmental a) on the rents received from real estate or the improvements thereon, or (b) as a tax assessment, levy or license fee (regardless of the form and private)shall regardless of the taxing authority) upon LESSOR, measured by Rent and Additional Rental payable under this Lease, then all such substitute taxes, assessments, levies or license fees shall be apportioned through deemed to be included within the Closing Date meaning of the term "Tax" for purposes hereof, and LESSEE shall pay and discharge the same as herein provided in respect to the payment of Tax. LESSEE'S prorata share shall be determined by multiplying the Tax by a fraction, the numerator of which is the total number of square feet in the Premises and the denominator of which is the total number of square feet in the office buildings located on the Land, but not the parking garage which are the subject of the Tax. The quotient so obtained shall be LESSEE'S prorata share of such Tax. As of the date hereof, LESSEE'S prorata share of such Tax is 27.82% (92,500 / 332,500). Tax due during the initial and final year of the Term, will be prorated. Lessee shall not be responsible for any part of any tax increases that are assessed because of new construction on the Land unless such new construction is performed at the Seller’s expense (Seller request of Lessee. In the event of any assessment for improvements serving or relating to have the last day). The proration use of the Premises which is payable in installments, LESSEE'S prorata share thereof shall be calculated upon further limited to those installments becoming due during the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYTerm.

Appears in 1 contract

Samples: Space Lease (Equifax Inc)

Taxes and Assessments. The ad valorem “Taxes” refers to general real estate taxes and any drainage and/or other special assessments (both governmental and private)shall that are or will be apportioned through assessed against any tax parcel that include(s) any part of the Closing Date at the Property. “Seller’s expense Taxes” refers to general real estate taxes assessed against any such tax parcel for the calendar year 2020 (due in 2021), and all prior years, and any drainage and/or other special assessments attributed to any such tax parcel and last payable without a penalty on or before the closing date. Any unpaid Seller’s Taxes shall be withheld from Seller’s proceeds at closing and paid directly to the county. Buyer shall pay all subsequent Taxes to the extent attributed to the Property. If the billing of any Taxes after closing includes portions attributed to the Property and other real estate: (a) Buyer (and Seller, if Seller owns any of such real estate at that time) shall fully cooperate with any other owner(s) of such real estate (and with each other, if Seller owns any of such real estate at that time) with respect to obtaining and/or estimating the split calculation in order to facilitate timely payment of the total amount billed; (b) Buyer shall pay the portion attributed to the Property; and (c) if Seller owns any of the real estate affected by such Taxes at that time, Seller shall pay the portion attributed to the real estate owned by Seller. For purposes of this Agreement, the extent to which any Taxes are attributed to the Property (or to any other new tax parcel) shall be based on a split calculation provided by the appropriate property tax official or, if an official split calculation is not available, based on an estimated split calculation using available assessment data. Notwithstanding any other provision, Seller may elect to have the last day)closing agent collect from each party at closing their respective shares of the estimated 2021 Taxes due in 2022, to be paid directly to the county treasurer as an estimated prepayment. The proration thereof If Seller so elects, the 2021 Taxes due in 2022 shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien estimated based on the Property or is required under amount billed for the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid 2020 Taxes due in installments by 2021 and the Seller, amount thus estimated shall be paid in full at Seller’s expense at allocated between the time of Closing. All such taxes and assessments shall constitute new tax parcels based on a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified split calculation or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same estimated split calculation as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYdescribed above.

Appears in 1 contract

Samples: Schrader Real Estate And

Taxes and Assessments. The As set forth. in Paragraph 3 above and not in addition thereto, Lessee shall pay as part of Expenses Lessee's Proportionate Share of ad valorem,personal property,and other taxes levied against the Premises during the Initial Term,any Option Term and any tenancy after either, including but not limited to Xxxx County and City of Marietta real and personal property taxes (herein collectively referred to as "Taxes and Assessments"). All ad valorem real estate taxes due for the calendar year in which this Lease commences and assessments for the calendar year in which this Lease terminates (both governmental and private)shall be apportioned through the Closing Date either at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis end of the most recent tax informationInitial Term, including confirmed multipliersany Option Term and any tenancy after either)shall be prorated so that Lessee is only obligated to pay for that portion of the year in which this Lease was effective and for only that portion of the Office Complex which Lessee is renting. Any special assessment, regardless of whether such special assessment is a lien on the Property Only Lessor may,at its option,at its own expense or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes Taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving Assessments increase and for the benefit of both Lessor and Lessee,in the discrepancy upon receipt of a written request along with verification name of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same Lessor as the Seller’s present tax bill. Be aware that circumstances may require,protest anal/or contest the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser validity or amount of taxestaxes or special assessments levied upon the Premises. These Veterans will Lessee shall not be obligated to pay any transfer,succession, profits,capital,franchise, income,estate, inheritance,mortgage, intangible, corporate,taxes on personal property of Lessee or other similar taxes which may be levied or assessed against the $500 over Lessor or under on the successors or assigns of Lessor with respect to the Premises. Lessor shall provide Lessee a copy of the tax billbills, Lessee's Proportionate Share calculation and all applicable back-up documentation. Lessor further agrees and shall arrange with the applicable taxing authorities to have all tax statements and notices of assessment mailed directly to Lessor. If the Property is not separately Premises are assessed and is as a part of a larger parcel assessed for tax purposes, tract,the Taxes for tax.on the Property Premises shall be further prorated as follows: (i) a proportionate amount.of the value of all improvements tax on theProperty as reflected in the County records and (ii) proportion that larger tract,based on the total square footage land area of the Property bears to Premises as the numerator and the total square footage land area of the larger parceltract as the denominator. IN ANY EVENTIf the improvements located on the Premises are assessed as a part of a larger improvement value, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYLessee shall pay the tax on the leased improvements based on the actual assessed value as shown on the tax office appraisal records covering only the improvements located on the Premises. All ad valorem, personal property, special taxes and/or assessments attributable to time periods prior to the Commencement Date shall be paid by Lessor, including, without limitation, all taxes resulting from. subsequent assessments for years or portions thereof prior to the Commencement Date due to changes in land usage or ownership. 9.

Appears in 1 contract

Samples: Attornment Agreement

Taxes and Assessments. The ad valorem real estate taxes Lessee shall pay all taxes, assessments and assessments charges, general and specific, that may be levied or assessed by reason of Xxxxxx's use of the Premises and improvements and equipment situated thereon, including, without limitation, any and all taxes, assessments, and charges of any nature levied or assessed against Xxxxxx's leasehold interest hereunder or any improvements on the Premises constructed by or belonging to Lessee (both governmental and private)shall be apportioned through the Closing Date at the Seller“Lessee’s expense (Seller to have the last dayTaxes”). The proration thereof Lessee shall be calculated upon provide Owner with evidence from the basis assessing authority of the most recent tax information, including confirmed multiplierssuch payments within thirty (30) days after Lessee makes any such payment. Any special assessment, regardless of whether such special assessment is a lien Commencing on the Property or is required under the covenants, restrictions, or declarations earlier to occur of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records Effective Date and (ii) proportion the date that the square footage land area property tax classification of the Property bears Premises is changed from its current classification to the square footage land area property tax classification applicable to a solar facility (the "Property Tax Reclassification Date"), Lessee shall pay, prior to delinquency, all increases in taxes and assessments which accrue from and after the Property Tax Reclassification Date (including "roll back taxes" from agricultural exceptions) and are attributable to the construction of the larger parcelGenerating Facility on the Premises (also, “Lessee’s Taxes”). IN ANY EVENTOwner shall be responsible for, THE REAL ESTATE AGENT(Sand shall timely pay, all other real property taxes levied against the Premises. Promptly after the Effective Date, Lessee shall cause the Premises to be assigned a separate assessor’s tax parcel number, separate and apart from any other property, including, without limitation, property owned by Owner. Lessee shall instruct the taxing authority to send all tax bills concurrently to Owner and Lessee. Lessee shall deliver to Owner evidence that it has paid its share of taxes and assessments prior to delinquency. Should either Owner or Lessee (such Party, the "failing Party"), fail to pay its portion of taxes and assessments prior to delinquency and provide evidence of such payment to the other party, the other party shall have the right, but not the obligation, to pay the same on behalf of the failing Party, in which event, the failing Party shall reimburse the other party for all amounts paid on the failing Party's behalf within ten (10) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYbusiness days of demand. In the event Xxxxxx is unable to obtain such separate assessment and Xxxxxx’s Taxes are levied in the name of Owner, Xxxxxx agrees to pay and Owner shall promptly reimburse Lessee for Owner’s taxes following receipt of written notification and evidence of payment from Xxxxxx. Owner agrees to provide Xxxxxx prompt written notice of the amount of Xxxxxx’s Taxes, along with copies of the tax bill and any other relevant documentation received from the taxing authority.

Appears in 1 contract

Samples: utlands.utsystem.edu

Taxes and Assessments. The ad valorem real estate taxes and assessments (both governmental and private)shall Taxes shall be apportioned through on the Closing Date: (A) Seller shall be allocated and bear all liability for Taxes relating to the period ending prior to the Closing Date at and (B) Buyer shall be allocated and bear all liability for Taxes relating to the periods on and after the Closing Date. For purposes of the foregoing, Taxes based on income, sales, gross receipts or similar items shall be allocated on a “closing of the books” method, with Seller’s expense (Seller portion ending on the date immediately prior to have the last day)Closing Date, and real estate, property and similar Taxes that are imposed on a periodic basis prorated over such period based on the number of days prior to the Closing Date. The proration thereof If the real property Tax xxxx for the Tax year in which the Closing occurs has not been issued on or before the Closing Date, the apportionment of real property Taxes shall be calculated computed based upon the basis of the most recent tax informationTax xxxx available. If, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Closing Date, bills for the real property Taxes imposed upon the Real Property or is required under for the covenantsTax year in which Closing occurs have been issued and are due but shall not have been paid, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, such real property Taxes shall be paid in full at Seller’s expense at the time of ClosingClosing pursuant to the apportionment provided by this Section 7(a)(v). All For the avoidance of doubt, any refunds of real property Taxes (including in the form of a direct credit or estimated Tax payments) with respect to the period up to the Closing Date (any such taxes refund, a “Pre-Closing Tax Refund”), shall be for the account of Seller, and assessments Buyer shall constitute pay over to Seller any such Pre-Closing Tax Refund (including any interest received with respect thereto) within ten (10) Business Days after receipt, or if the Pre-Closing Tax Refund is in the form of a direct credit, within ten (10) Business Days after the date on which the Tax Return claiming such credit to is filed. Buyer against shall cooperate with Seller in obtaining such Pre-Closing Tax Refunds, including through the Purchase Price filing of amended Tax Returns or refund claims, provided Seller shall reimburse Buyer for all reasonable and shall relieve the Seller from any liability to Buyer actual third party associated costs and expenses incurred in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYtherewith.

Appears in 1 contract

Samples: Agreement for Purchase and Sale (Vinebrook Homes Trust, Inc.)

Taxes and Assessments. The ad valorem real estate taxes Tenant shall pay prior to delinquency and assessments show evidence of said payment, in accordance with Paragraph 4C above, and this Paragraph 7, any "Taxes and Assessments" (both governmental as hereinafter defined) accruing during the Term hereof with respect to the Premises (which for purposes of this Paragraph 7 shall be deemed to include the land of the Premises and private)shall the improvements located upon such land, including, without limitation, the Building). Any Taxes and Assessments payable for the partial tax years of the first and last Lease Years of the Term shall be apportioned through prorated based on the Closing ratio that the total number of days in such Lease Year bears to the total number of days in the tax year. As used herein, the term "Lease Year" shall be defined as each twelve (12) month period commencing on the Commencement Date at and each anniversary of the Seller’s expense (Seller to have Commencement Date, except that the last day). The proration thereof Lease Year shall be calculated upon end on the basis last day of the most recent tax informationcalendar month which includes the twentieth (20th) anniversary of the Commencement Date or the last day of the calendar month of any option period which is exercised by the Tenant in accordance with the terms of this Lease. As used herein, including confirmed multipliers. Any the term "Taxes and Assessments" shall include all general and/or special real property and improvement taxes, any for-in of assessment, reassessment, special assessment, regardless of whether such license fee, license tax, business license tax, commercial-rental tax, in-lieu tax, possessory interest tax, levy , charge, penalty or similar imposition whatever or at all imposed by any authority having the power to tax, including any city , county, state or federal government, or any school, street, storm- drain, sidewalk, community-facility , park-and-ride, agricultural, lighting, drainage and other improvement or special assessment is district thereof, or any agency or public body, upon or against the Premises and/or any legal or equitable interest of Landlord in the Premises, including but not limited to the following: (a) any assessment, reassessment, tax, fee, levy or charge in addition to, or in substitution, partially or totally of, any assessment, tax, fee, levy or charge previously included within the definition of real property tax, it being acknowledged by Tenant and Landlord that assessments, taxes, fees, levies and charges may be imposed by governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal and for other governmental services formerly provided without charge to property owners or occupants (it being the intention of Tenant and Landlord that all such new and increased assessments, reassessments, taxes, fees, levies and charges and all similar assessments, reassessments, taxes, fees, levies and charges imposed now or hereafter be included within the definition of real property taxes for the purposes of this Lease); (b) any assessment, tax, fee, levy or charge allocable to or measured by the area of all or any part of the Premises or the rent payable with respect thereto; (c) any assessment, tax, fee, levy or charge upon leasing transactions involving Tenant with respect to all or any part of the Premises; (d) any assessment or reassessment related to any change of ownership, limited, however, to one (I) time per each ten (10) years of the herein Lease term, of any interest in the Premises or portion thereof held by Landlord or any addition or improvement to the Premises or a lien portion thereof, or any other assessment levied on the Property Premises and attributed to the Premises. Taxes and Assessments shall not include Landlord's federal, state or is required under local income, franchise, inheritance or estate taxes. In addition to the covenantsforegoing, restrictionsTenant shall pay, prior to delinquency, all taxes, assessments, license fees and public charges levied, assessed or imposed upon its business operation, trade fixtures, merchandise and other personal property in, on or upon the Premises. Any tax bills, statements, or declarations of a subdivision, developmentassessments for such taxes shall be forwarded by Landlord to Tenant, or condominiumLandlord shall cause the taxing agency or entity to send such tax bills,. statements, which is or assessments directly to Tenant and Tenant shall make payment of all amounts directly to the taxing agency or entity on or before the due date therefore. Notwithstanding the foregoing, if Tenant fails to make such payment on a onetime assessment being timely basis, Landlord may make such payment and any interest or penalties due thereon. In such event, Tenant shall after written notice to Tenant of the amount paid in installments by Landlord, reimburse Landlord for such amount on or before the Seller, due date for the next payment of Base Rent. The reimbursement amount shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid deemed additional rent payable by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYTenant.

Appears in 1 contract

Samples: Assignment and Assumption of Lease (Aei Income & Growth Fund Xxi LTD Partnership)

Taxes and Assessments. The ad valorem real estate taxes and assessments (both governmental and private)shall To be apportioned through prorated as of the Closing Date at date of filing the Seller’s expense (Seller to have deed based on the last day)available tax duplicate. The proration thereof shall be calculated upon the basis If no tax 65 duplicate exists, escrow officer will use applicable tax rate based on 35 percent of the most recent sales price. When a building is involved and land 66 tax informationonly is assessed, including confirmed multipliersthe Buyer and Seller will agree to the tax proration within ten (10) calendar days of acceptance based on 35 67 percent of the sales price. Any special assessmentAgricultural Tax Recoupment (CAUV), regardless of whether such if applicable, to be paid by the Seller at closing. County transfer tax 68 will be paid by Seller. If a special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments, those installments by the Seller, shall be paid in full at Seller’s expense due and unpaid at the time of Closingthe closing 69 shall be paid by the Seller. All such taxes Buyer agrees to assume and assessments pay all remaining installments. Seller has not received notice of future 70 assessable improvements unless noted 71 72 9. RENTALS, INTEREST, CONDOMINIUM CHARGES, INSURANCE, UTILITIES AND SECURITY DEPOSITS: 73 Adjustments/proration shall constitute a credit to be made through date of closing for (a) rentals; (b) interest on any mortgage assumed by buyer; (c) 74 condominium or other association periodic charges; and (d) transferable policies of insurance if Buyer against the Purchase Price and so elects. Security deposits shall relieve the Seller from any liability to Buyer 76 BECOME A LIEN, INCLUDING WATER BILLS OR ASSESSMENTS AND MONTHLY CONDOMINIUM CHARGES OF ASSESSMENTS, IF THE 77 SELLER SHOULD OCCUPY THE PREMISES PAST THE RECORDING DATE OF THE DEED. 78 79 10. DAMAGE OR DESTRUCTION OF PROPERTY: Risk of loss in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid appurtenances shall be borne by more than five hundred dollars ($500.00), the party aggrieved Seller until closing 80 provided any property covered by this discrepancy contract shall be promptly reimbursed such discrepancy substantially damaged or destroyed before this transaction is closed, Buyer 81 may (a) proceed with the transaction and be entitled to all insurance money, if any, payable to Seller under all policies covering the 82 property, or (b) rescind the contract, and thereby release all parties from liability hereunder, by the party receiving the benefit of the discrepancy upon receipt of a giving written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears notice to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCY.Seller and

Appears in 1 contract

Samples: Real Estate Purchase Contract

Taxes and Assessments. The As set forth in Paragraph 3 above and not in addition thereto, Lessee shall pay as part of Expenses Lessee's Proportionate Share of ad valorem and other taxes levied against the Premises during the Initial Tenn, any Option Term and any tenancy after either, including but not limited to Xxxx County and City of Marietta real estate and personal property taxes (herein collectively referred to as "Taxes and assessments Assessments"). All ad valorem taxes due for the calendar year in which this Lease commences and for the calendar year in which this Lease terminates (both governmental and private)shall be apportioned through the Closing Date either at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis end of the most recent tax informationInitial Tenn, including confirmed multipliersany Option Term and any tenancy after either)shall be prorated so that Lessee is only obligated to pay for that portion of the year in which this Lease was effective and for only that portion of the Office Complex which Lessee is renting. Any special assessmentOnly Lessor may, regardless of whether such special assessment is a lien on the Property at its option, at its own expense or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes Taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving Assessments increase and for the benefit of both Lessor and Lessee,in the discrepancy upon receipt of a written request along with verification name of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same Lessor as the Seller’s present tax bill. Be aware that circumstances may require, protest and/or contest the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser validity or amount of taxestaxes or special assessments levied upon the Premises. These Veterans will Lessee shall not be obligated to pay any transfer, succession, profits, capital, franchise, income, estate, inheritance, mortgage, intangible, corporate, taxes on personal property of Lessee or other similar taxes which may be levied or assessed against the $500 over Lessor or under on the successors or assigns of Lessor with respect to the Premises. Lessor shall provide Lessee a copy of the tax billbills, Lessee's Proportionate Share calculation and all applicable back-up documentation. Lessor further agrees and shall arrange with the applicable taxing authorities to have all tax statements and notices of assessment mailed directly to Lessor. If the Property is not separately Premises are assessed and is as a part of a larger parcel assessed for tax purposestract, the Taxes for tax on the Property Premises shall be further prorated as follows: (i) a proportionate amount of the value of all improvements tax on theProperty as reflected in the County records and (ii) proportion that larger tract, based on the total square footage land area of the Property bears to Premises as the numerator and the total square footage land area of the larger parceltract as the denominator. IN ANY EVENTIf the improvements located on the Premises are assessed as a part of a larger improvement value, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYLessee shall pay the tax on the leased improvements based on the actual assessed value as shown on the tax office appraisal records covering only the improvements located on the Premises. All ad valorem, special taxes and/or assessments attributable to time periods prior to the Commencement Date shall be paid by Lessor, including, without limitation, all taxes resulting from subsequent assessments for years or portions thereof prior to the Commencement Date due to changes in land usage or ownership. Lessee shall promptly pay and shall be solely responsible for all personal property taxes and other assessments which may be levied against Lessee's furniture, fixtures,furnishings,personal property, equipment and inventory. 9.

Appears in 1 contract

Samples: Attornment Agreement

Taxes and Assessments. The ad valorem real estate taxes and assessments (both governmental and private)shall be apportioned through a) Tenant shall pay to Landlord, as Additional Rent for each calendar year during the Closing Date at Term, its proportionate share of all Real Estate Taxes (as herein defined) imposed or assessed upon, or with respect to the SellerShopping Center and/or Landlord’s expense (Seller to have interest therein for such calendar year. For the last day). The proration thereof purposes hereof, the Tenant’s proportionate share of the Real Estate Taxes shall be calculated equal to the sum of Real Estate Taxes for such year imposed on or levied against the Premises and the buildings and improvements thereon, including, without limitation, the Building and the parking areas within the Premises, provided, that if the Premises and/or the buildings or other improvements thereon shall not be separately assessed, and if the Real Estate Taxes upon the basis of Premises and the most recent tax informationbuildings and other improvements thereon cannot otherwise be separ3tely determined, including confirmed multipliers. Any special assessment, regardless of whether then the Real Estate Taxes imposed on or levied against the Premises and the buildings and other improvements thereon for such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, year shall be paid in full at Seller’s expense at deemed to be equal to the time sum of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value Real Estate Taxes for such year imposed on or levied with respect to the land (and any improvements thereon assessed as part of all improvements on theProperty the land) within the Shopping Center multiplied by a fraction having as reflected in its numerator the County records total area of the Premises and having as its denominator the total square land foot area of the Shopping Center and (ii) proportion that the square footage land area Real Estate Taxes for such year imposed on or levied against all of the Property bears to buildings and improvements within the square footage land area Shopping Center (including the Premises) multiplied by a fraction having as its numerator twice the Gross Leasable Area of the larger parcelBuilding and having as its denominator the total Gross Leasable Area within the Shopping Center, in other words a fraction that is twice the usual “Tenant’s Fraction” defined in Section 1(k). IN ANY EVENTPayment on account of Tenant’s proportionate share of said Real Estate Taxes shall be made monthly, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYas part of Tenant’s total rent, at the times and in the manner provided in Section 5 of this Lease. Real Estate Taxes for each calendar year shall be calculated based upon the portions of the tax years that are included within each calendar year or portion thereof during the Term. Payment on account of Tenant’s proportionate share of said Real Estate Taxes shall be made monthly, as part of Tenant’s total Rent, at the times and in the manner provided in Section 5 of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Camden National Corp)

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Taxes and Assessments. The During the Term, Tenant shall pay any and all ad valorem taxes and assessments for Tenant's personalty and business equipment on the Premises. Tenant shall also pay as additional rent all ad valorem real estate property taxes and general and special assessments (both governmental levied or assessed against the Premises. Upon receipt of each bill xxx any tax or assessment against the Premises, Landlord shall advise Tenant in writing of the amount of such tax or assessment, and private)shall be apportioned through Tenant shall pay such tax or assessment to Landlord together with an in addition to and as a part of the Closing Date at monthly installment of Base Rent next becoming due. Tenant's share of any tax or assessment for the Seller’s expense (Seller to have year in which the last day). The proration thereof Lease Term commences shall be calculated upon prorated from the basis Commencement Date, and Tenant's share of any such tax or assessment for the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on year in which the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, Lease Term ends shall be paid prorated from the Commencement Date, and Tenant's share of any such tax or assessment for the year in full at Seller’s expense at which the time Lease Term ends shall be prorated to the date upon which the Lease term ends. Landlord represents and warrants that Landlord has no knowledge of Closing. All such taxes and any present or future general or special assessments shall constitute a credit to Buyer which are or will be levied against the Purchase Price and shall relieve Premises, provided that Tenant acknowledges that general or special assessments may be levied against the Seller from any liability to Buyer in connection herewith; however, Premises in the event that the future. Tenant shall not be liable for increases in real estate taxes and assessments (specified attributable to additional improvements to the Premises that are constructed by or otherwise) prorated hereunder at the request of Landlord after the first tax year included within the terms of this Lease, unless the additional improvements are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy constructed for Tenant's sole benefit. There shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on excluded from the tax bill. If bill xx which Tenant contributes income, excess profits, estate, single business, inheritance, succession, transfer, franchise, capital or other tax assessments upon Landlord or the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYBase Rent payable under this Lease.

Appears in 1 contract

Samples: 62 Lease Agreement (MST Enterprises Inc)

Taxes and Assessments. The ad valorem Mortgagor shall pay or cause to be paid, not later than the last day upon which payment may be made without penalty or interest, all Impositions, whether or not assessed against the Mortgagor or the Mortgagee whether or not assessed pursuant to the authority adopted before or after the date of this Mortgage, if applicable or related in any way to the Mortgaged Property, any interest in the Mortgaged Property of the Mortgagor or the Mortgagee or the debt, obligations or performance secured hereby, or the disbursement or application of the proceeds therefrom excluding, however, any income or corporation excise tax of the Mortgagee. If, at any time, the Mortgagee does not require the escrow of payments for the Impositions, the Mortgagor shall furnish to the Mortgagee receipted real estate taxes and assessments tax bills for the Mortgaged Property not later than ten (both governmental and private)shall be apportioned through 10) days after the Closing Date at the Seller’s expense (Seller to have the last day)date from which any interest or penalty would accrue for non-payment thereof unless such Imposition is being challenged, in good faith by Mortgagor. The proration thereof Mortgagor shall be calculated upon also furnish to the basis Mortgagee evidence and payment of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments all other Impositions within fifteen (15) days after written request therefor by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax billMortgagee. If the Property Mortgagor is not separately assessed permitted by applicable law to pay any Imposition or the payment of such Imposition would violate any usury law applicable to the transaction contemplated hereby and is part by the other Loan Documents, then, at the option of a larger parcel assessed for tax purposesthe Mortgagee, the Taxes for Indebtedness and other charges outstanding under the Property Loan Documents shall become due and payable on the date specified by written notice given by the Mortgagee to the Mortgagor, which date shall be further prorated as follows: at least thirty (i30) days after the value date of all improvements such notice. If requested by the Mortgagee, the Mortgagor shall pay to the Mortgagee monthly, on theProperty as reflected the first day of each month, a sum reasonably determined by the Mortgagee to be sufficient to provide in the County records aggregate a fund adequate to pay each Imposition at least thirty (30) days before it becomes delinquent, and, in addition, shall pay to the Mortgagee, on demand, any balance necessary to pay in full each Imposition at least ten (10) days before the date on which it becomes due and (ii) proportion that payable. If such request is made by Mortgagee, such sums must be applied by the square footage land area Mortgagee to the payment of the Property bears Impositions. The Mortgagor shall furnish to the square footage land area Mortgagee all original bills relating to any Impositions promptly uponrequest by Mortgagee. The Mortgagor shall have the right, after giving written notice to the Mortgagee and subject to the conditions stated below, to contest by appropriate legal proceedings the amount or validity of any Imposition. In no event shall the Mortgagor be entitled to delay payment of any Imposition if the delay in payment would subject any portion of the larger parcel. IN ANY EVENTMortgaged Property to possible foreclosure or, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYin any event, unless the Mortgagor deposits with the Mortgagee a sum of money or such other security as the Mortgagee deems reasonable to cover the amount of any such Imposition plus any interest or penalty that may become due as a result of such contest.

Appears in 1 contract

Samples: Mortgage and Security Agreement (United Shields Corp/Oh/)

Taxes and Assessments. The ad valorem All non-delinquent real estate property taxes, assessments and other governmental impositions of any kind or nature, including, without limitation, any special assessments or similar charges (collectively, "Taxes") shall be prorated as of the Closing Date. With respect to any portion of the Taxes which are payable by any Tenant directly to the authorities, no proration or adjustment shall be made. If the Closing Date occurs before the tax rate or assessment is fixed, the proration of such taxes and assessments (both governmental and private)shall by Escrow Holder shall be apportioned through made at the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated based upon the basis of the most recent tax informationbills available. With respect to all periods for which Seller has paid Taxes, including confirmed multipliersSeller hereby reserves the right to institute or continue any proceeding or proceedings for the reduction of the assessed valuation of the Property, and, in its sole discretion, to settle the same. Any special assessmentSeller shall have sole authority to control the progress of, regardless and to make all decisions with respect to, such proceedings but shall provide Buyer with copies of whether such special assessment is a lien on all communications with the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closingtaxing authorities. All such taxes net tax refunds and assessments shall constitute credits attributable to any period prior to the Closing which Seller has paid or for which Seller has given a credit to Buyer against shall belong to and be the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; property of Seller, provided, however, in that any such refunds and credits that are the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy property of Tenants under Leases shall be promptly reimbursed remitted by Seller directly to such discrepancy by Tenants or to Buyer for the party receiving credit of such Tenants. All net tax refunds and credits attributable to any period subsequent to the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on Closing shall belong to and be the property will of Buyer. Buyer agrees to cooperate with Seller, without cost or liability to Buyer, in connection with the prosecution of any such proceedings and to take all steps, whether before or after the Closing, as may be necessary to carry out the same as intention of this subsection, including the delivery to Seller’s present , upon demand, of any relevant books and records, including receipted tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount bills and cancelled checks used in payment of such taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes execution of any and all consent or other documents, and the undertaking of any acts necessary for the Property shall be further prorated collection of such refund by Seller. Buyer agrees that, as follows: (i) a condition to the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area transfer of the Property bears by Buyer, Buyer will use commercially reasonably efforts to cause any transferee to assume the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYobligations set forth herein.

Appears in 1 contract

Samples: Agreement for Purchase and Sale (G Reit Inc)

Taxes and Assessments. The ad valorem Lessee covenants and agrees to pay and discharge before delinquency thereof and before penalties shall accrue thereon, all taxes and assessments on the premises, including improvements thereof, due and payable during the term of 4 this lease and any renewals thereof, unless the same are being contested in good faith by Lessee, in which event Lessee must deposit the amount of taxes or bond same with the appropriate governmental taxing authority. In such event payment shall be made by Lessee promptly after all contested proceedings are completed; provided, however, that all taxes and assessments during the first and last years of the lease, as defined, shall be apportioned equitably between Lessor and Lessee commencing upon the date that the Certificate of Occupancy is issued. Then Lessor shall, upon that date, make all appropriate arrangements with the local taxing authorities to have all real estate tax and assessments bills payable by Lessee under this section sent directly to the Lessee at its address specified in accordance with the section relating to notices set forth herein. At the option of Lessor, Lessee shall pay to Lessor the known or estimated yearly real estate taxes and assessments levied or to be levied against the demised premises in monthly payments equal to one-twelfth (both governmental and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis 1/12) of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property known or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the estimated yearly real estate taxes and assessments (specified levied or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), to be levied against the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax billdemised premises. If the Property total monthly payments, as made under this paragraph, shall exceed the amounts of payments necessary for said taxes and assessments, such excess shall be credited on subsequent monthly payments of the same nature, but if the total of such monthly payments so made under this paragraph shall be insufficient to pay such taxes and assessments when due, then the Lessee shall pay to the Lessor such amount as may be necessary to make up the deficiency. If at any time during the term of this lease, under the laws of the state or any political subdivision thereof in which the demised premises are situated, a tax or excise on rents or other tax, however described, is not separately levied or assessed and is part of a larger parcel assessed for tax purposesby said state or political subdivision against the Lessor or the annual or monthly rent expressly reserved under this lease, the Taxes for Lessee covenants to pay and discharge such tax or excise on rents or other tax but only to the Property extent of the amount thereof which is lawfully 5 assessed or imposed upon the Lessor and which was so assessed or imposed as a direct result of the Lessor's ownership of the demised premises, or of this lease, or of the rentals accruing under this lease, it being the intention of the parties hereto that the rent to be paid hereunder shall be further prorated paid to the Lessor absolutely net without deduction of any nature whatsoever, foreseeable or unforeseeable, except as follows: (i) in this lease otherwise expressly provided. Nothing herein contained shall require the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area Lessee to pay any estate, inheritance, succession, capital, levy or transfer tax of the Property bears Lessor, or any income, excess profits tax of Lessor. Lessee covenants to furnish Lessor within thirty (30) days after the square footage land area date upon which any such imposition is payable by the Lessee, as in this paragraph provided, official receipts of the larger parcel. IN ANY EVENTappropriate taxing authority or other proof satisfactory to Lessor, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYevidencing the payment thereof.

Appears in 1 contract

Samples: Lease Agreement (Universal Medical Systems Inc)

Taxes and Assessments. The ad valorem real estate Property taxes and special assessments that have been or will be assessed against any tax parcel that includes any part of the Property (both governmental “Taxes” and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof “Assessments”) shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being allocated and paid in installments by accordance with this Section. Seller shall pay all 2020 Taxes due in 2021 (“2020 Taxes”), all prior unpaid Taxes and all Assessments that are last payable without a penalty on or before the Seller, day of closing. Subsequent Taxes and Assessments shall be paid in full at Seller’s expense by: (a) Buyer to the extent attributed to the Property; and (b) Seller to the extent attributed to any real estate other than the Property. For purposes of this Section, any Taxes and/or Assessments that are not ascertainable and payable at the time of Closingclosing shall be estimated based on 100% of the amount last billed for a calendar year. All such taxes Seller’s share of the Taxes and assessments Assessments, to the extent ascertainable and payable at the time of closing, shall constitute be withheld from Seller’s proceeds at closing and paid directly to the county treasurer. If the 2020 Taxes are not ascertainable and payable at the time of closing, the estimated 2020 Taxes shall be paid via credit against the sums due from Buyer at closing, to the extent attributed to the Property; provided, however, if this sale involves a tax parcel split, Seller may elect to have all Taxes and Assessments payable during the calendar years 2020 and 2021 paid as follows. If Seller so elects then, in lieu of a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)at closing, the party aggrieved by this discrepancy closing agent shall collect from Seller and Buyer their respective shares of all Taxes and Assessments payable in 2020 (to be promptly reimbursed paid directly to the county treasurer) and their respective shares of all estimated Taxes and Assessments payable in 2021, to be held in escrow and applied towards payment of such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax billTaxes and Assessments when billed after closing. If the Property is not separately assessed and is part of this sale involves a larger tax parcel assessed for tax purposessplit, the extent to which any Taxes for and/or Assessments are attributed to the Property shall be further prorated as follows: (ibased on a split calculation provided by the appropriate property tax official or, if an official split calculation is not available, based on an estimated split calculation using available assessment data. If the billing of any Taxes and/or Assessments after closing includes portions attributed to the Property and other real estate, Xxxxx shall cooperate with the owner(s) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area such other real estate to facilitate timely payment of the Property bears balance due and Buyer shall pay the portion attributed to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYProperty.

Appears in 1 contract

Samples: Schrader Real Estate And

Taxes and Assessments. The ad valorem As between Seller and Buyer, real estate taxes and assessments paid or payable pursuant to real estate tax bills received in the calendar year in which the Closing occurs (both governmental and private)shall i.e., 2004 real estate taxes paid or to be paid pursuant to tax bills received in calendar year 2005) shall be prorated on a cash basis, except for any portion of such real estate taxes that is payable directly by a tenant to the taxing authority, which portion shall not be apportioned through between Seller and Buyer. At Closing, Seller shall receive a credit for the real estate taxes paid by Seller based on the number of days between the Closing Date at and June 30, 2005, divided by 181. Assuming the Closing occurs on March 15, 2005 and the real estate tax bxxx due on March 1, 2005 has been paid by Seller’s expense , Seller will receive a credit for 107/181sts (the number of days between March 15, 2005 and June 30, 2005, divided by 181) of such real estate tax bxxx paid by Seller. As between Seller and Buyer, reconciliation of real estate taxes shall be made when the second-half tax bxxx for tax year 2004 is received (estimated to have be in the last dayfall of 2005). The proration thereof Such reconciliation shall be calculated upon computed by multiplying the basis sum of the most recent real estate tax informationbills received in the calendar year in which the Closing occurs by a fraction, including confirmed multipliersthe numerator of which is the number of days in such calendar year which are the responsibility of Buyer or Seller, as applicable, and the denominator of which is 365. Any special assessment, regardless Either party owing the other party a sum of whether money based on such special assessment is a lien reconciliation of real estate taxes shall promptly pay such sum to the other party. If on the Property or is required under date of Closing, bills for the covenantsreal estate taxes imposed on the Premises have been issued but shall not have been paid, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, such taxes shall be paid in full at Seller’s expense at the time of Closing. All such taxes Seller expressly waives the right to commence and assessments shall constitute a credit conduct any tax certiorari or reduction proceedings relating to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer Premises in connection herewith; however, in the event that respect of the real estate taxes tax year in which the Closing occurs and assessments (specified all prior real estate tax years, whether or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)not such proceedings have already been commenced, the party aggrieved by this discrepancy and agrees to take such action, at no cost to Seller, as shall be promptly reimbursed reasonably required to assign to Buyer such discrepancy rights to commence and conduct the same. Buyer expressly agrees that refunds, if any, for any such years, to the extent such refunds are attributable to payments made by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should Seller and not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposesby any tenant, the Taxes for the Property shall be further prorated as follows: (i) immediately paid by Buyer to Seller and this provision shall survive the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYClosing.

Appears in 1 contract

Samples: Agreement of Sale (Hines Real Estate Investment Trust Inc)

Taxes and Assessments. The ad Ad valorem real estate property taxes that are or will be assessed against and assessments attributable to the existing tax parcel(s) that include any part of the Property (both governmental “Taxes”) and private)shall special assessments, including drainage assessments, if any, that are or will be apportioned through assessed against and attributable to the Closing Date at existing tax parcel(s) that include any part of the Seller’s expense Property (Seller to have the last day). The proration thereof “Assessments”) shall be calculated upon allocated and paid in accordance with this Section unless otherwise mutually agreed by the basis parties in writing. At the time of Closing, Seller shall pay any unpaid balance of the most recent tax information2020 Taxes due in 2021 (“2020 Taxes”), including confirmed multipliers. Any special assessmentany unpaid Taxes for any earlier period, regardless and any unpaid Assessments last payable without a penalty on or before the day of whether such special assessment is a lien on the Property or is required under the covenantsClosing, restrictions, or declarations all of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at directly to the appropriate tax collection office out of Seller’s expense proceeds at Closing. If not ascertainable and payable at the time of Closing, the 2020 Taxes shall be estimated by Seller based on 100% of the 2019 Taxes due in 2020 (“Estimated 2020 Taxes”). All The Estimated 2020 Taxes (as may be adjusted by Seller, in its sole discretion, for any tax parcel split which may be applicable to the Purchased Tract(s) following Closing) shall be paid by Seller via credit against the sums due from Buyer at Closing, and Buyer shall then pay (and indemnify Seller for) all Taxes and Assessments due after Closing to the extent attributable to the Property. Buyer shall be responsible for the 2021 Taxes due in 2022 (“2021 Taxes”) to the extent attributable to the Property. For the avoidance of doubt, there will be no proration of 2021 Taxes regardless of the date of Closing. If the conveyance of the Property involves a tax parcel split and any Taxes and/or Assessments are billed after Closing in a manner which does not reflect the split, Buyer shall cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such taxes Taxes and/or Assessments, and assessments Buyer shall constitute pay (and indemnify Seller for) the portion attributable to the Property. SELLER’S ESTIMATE OF THE 2020 TAXES AND ANY ADJUSTMENT MADE BY SELLER FOR ANY APPLICABLE TAX PARCEL SPLIT SHALL BE CONCLUSIVE. AS BETWEEN BUYER AND SELLER, THE ESTIMATED CREDIT FOR 2020 TAXES AT CLOSING SHALL NOT BE SUBJECT TO ANY FURTHER SETTLEMENT OR ADJUSTMENT AFTER CLOSING EVEN THOUGH THE AMOUNT ESTIMATED AT CLOSING MAY VARY FROM THE ACTUAL AMOUNT DUE ONCE THE TAX RATES, ASSESSMENTS AND/OR PARCEL SPLITS ARE FINALIZED. AFTER CLOSING, NEITHER SELLER, AUCTION COMPANY NOR CLOSING AGENT SHALL HAVE ANY LIABILITY, RESPONSIBILITY OR OBLIGATION WHATSOEVER FOR ANY TAXES OR ASSESSMENTS THAT ARE OR WILL BE ASSESSED AGAINST AND ATTRIBUTABLE TO THE PROPERTY. Notwithstanding the foregoing provisions, in lieu of a credit to Buyer against Buyer, Seller may elect to deliver to the Purchase Price and shall relieve Closing Agent, at the Seller from any liability time of or prior to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)Closing, the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by entire amount of the party receiving Estimated 2020 Taxes to be: (a) held in escrow and applied towards the payment of the 2020 Taxes when billed after Closing; or (b) paid directly to the county as an estimated prepayment of the 2020 Taxes. In any event, having received the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that estimated payment via credit, escrow or direct prepayment as provided above, Xxxxx shall then pay all Taxes and Assessments which become due after Closing to the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If extent attributed to the Property is (and to the extent not separately assessed and is part of a larger parcel assessed for tax purposespaid via escrow or direct prepayment as provided above). When the 2020 Taxes are billed after Closing, any shortage or surplus with respect to the Taxes for the Property estimated amount paid by Xxxxxx (whether via credit, escrow or direct prepayment) shall be further prorated as follows: paid or retained by or refunded to Buyer (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of extent attributed to the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYProperty).

Appears in 1 contract

Samples: Form of Agreement

Taxes and Assessments. The ad valorem real estate taxes (a) From and assessments (both governmental after the expiration or early termination of the Facility Lease and private)shall be until the earlier of the expiration or early termination of the Site Lease Term or surrender or transfer of the Ground Interest or any portion thereof to the Ground Lessor pursuant to Section 2.6 or Section 6, if the tax lot on which the Facility Site is located has not been apportioned through in accordance with Section 3.5, the Closing Date at Ground Lessee agrees to pay to the Seller’s expense (Seller to have Ground Lessor its pro rata share of all Taxes and assessments, general or special, taxed, charged, levied, assessed or imposed upon the last day)Facility Site. The proration thereof Such pro rata share payable by the Ground Lessee shall be calculated upon determined by allocating the basis of taxable value between the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on Ground Lessee and the Property or is required under Ground Lessor for both the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by land and the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under improvements located on the tax billlot of which the Facility Site forms a part. If Any Tax and/or assessment payable on the Property land comprising the tax lot shall be allocated on a per square foot basis, so that the Ground Lessee shall pay an amount each tax period equal to the tax assessment per square foot multiplied by the total square footage of the Facility Site. Any Tax and/or assessment on the improvements shall be apportioned so that the Ground Lessee shall pay any and all Taxes and/or assessments attributable to the Facility. Such payment shall be due 10 days after notice by the Ground Lessor to Ground Lessee, but in no event shall such amounts be due prior to the date such Taxes and assessments are due and payable to a taxing or assessing Governmental Entity. Prior to the expiration or early termination of the Facility Lease, the Ground Lessor shall pay all Taxes and assessments, general or special, taxed, charged, levied, assessed or imposed upon the Facility Site, and so long as the Facility Site is not separately at such time apportioned as a separate tax lot, the remainder of the tax lot of which the Facility Site is a part (including any Tax or annual charge payable in respect of the Retained Site and the Additional Property), and the Ground Lessor shall indemnify the Ground Lessee with respect thereto for such period, as provided in and subject to the terms, conditions and limitations in, Section 9.2 of the Participation Agreement. After the expiration of the Facility Lease, Ground Lessor shall pay all Taxes and assessments, general or special, taxed, charged, levied, assessed or imposed upon the Retained Site and is any other part of a larger parcel assessed for the tax purposes, lot other than the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYFacility Site.

Appears in 1 contract

Samples: Site Lease and Easement Agreement (Keyspan Corp)

Taxes and Assessments. The ad valorem At Close of Escrow, Escrow Holder shall prorate real estate taxes and assessments (both governmental “Taxes”) which are a lien but not yet due and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis of payable based on the most recent tax informationduplicate in accordance with the Xxxxxxxxxx County, including confirmed multipliers. Any special assessment, regardless Ohio “short” proration method (except that if there is or has been any reduction or abatement of whether such special assessment is a lien on taxes by virtue of the nature of the use of the Property or is required under the covenants, restrictions, by virtue of any exception or declarations reduction in favor of a subdivision, development, or condominiumSeller, which is a onetime assessment being paid reduction or abatement will no longer apply to the Property if Buyer acquires same or changes the use of the Property, then the proration shall be based on the full amount of such taxes without reduction or abatement and Seller shall also be charged with any “recaptured” taxes.) The Taxes to be prorated at Closing between Seller and Buyer shall be only those Taxes which, as of the Closing Date are allocated to vacant leaseable (rentable) space in installments the Real Property (without limitation, space occupied by the Seller, on-site property manager shall be paid in full at considered vacant space) (“Seller’s expense at Share”). When the time actual amount of Closingsuch Taxes becomes known, Escrow Holder shall adjust the actual tax proration. All Pending such taxes and assessments adjustment to the tax proration, Escrow Holder shall constitute a credit retain in escrow an amount equal to Buyer against Seller’s Share of the current effective tax rate times the difference between thirty-five percent (35%) of the Purchase Price and the assessed taxable value of the Property, as shown on the last available County Treasurer’s tax duplicate. The balance of any funds held in escrow on account of the tax proration made pursuant to this Section, after the payment of the tax installment for which the Taxes were escrowed, shall relieve be returned to Seller. Upon the Seller from any liability Close of Escrow and subject to the adjustment provided above, Buyer in connection herewith; however, in the event that the shall be responsible for real estate taxes and assessments (specified on the Property payable from and after the Close of Escrow. In no event shall Seller be charged with or otherwise) prorated hereunder be responsible for any increase in the taxes or assessments on the Property resulting from the sale of the Property or from any improvements made or leases entered into after the Close of Escrow. With respect to all periods for which Seller has paid Taxes, Seller hereby reserves the right to institute or continue any proceeding or proceedings for the reduction of the assessed valuation of the Property, and, in its sole discretion, to settle the same. Seller shall have sole authority to control the progress of, and to make all decisions with respect to, such proceedings but shall provide Buyer with copies of all communications with the taxing authorities. All net tax refunds and credits attributable to any period prior to the Close of Escrow which Seller has paid or for which Seller has given a credit to Buyer shall belong to and be the property of Seller; provided, however, that any such refunds and credits that are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy property of Tenants under Leases shall be promptly reimbursed remitted by Seller directly to such discrepancy by Tenants or to Buyer for the party receiving credit of such Tenants. All net tax refunds and credits attributable to any period subsequent to the benefit Close of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on Escrow shall belong to and be the property will of Buyer. Buyer agrees to cooperate with Seller in connection with the prosecution of any such proceedings and to take all steps, whether before or after the Close of Escrow, as may be necessary to carry out the same as intention of this subsection, including the delivery to Seller’s present , upon demand, of any relevant books and records, including receipted tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount bills and cancelled checks used in payment of such taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes execution of any and all consent or other documents, and the undertaking of any acts necessary for the Property shall be further prorated collection of such refund by Seller. Buyer agrees that, as follows: (i) a condition to the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area transfer of the Property bears by Buyer, Buyer will cause any transferee to assume in writing the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYobligations set forth herein.

Appears in 1 contract

Samples: Agreement for Purchase and Sale of Real Property and Escrow Instructions (Grubb & Ellis Healthcare REIT, Inc.)

Taxes and Assessments. The Commencing on the day Landlord delivers access to the Premises to Tenant for Tenant to install Tenant improvements, the Tenant shall pay, within ten (10) days after receipt by Tenant of Landlord's xxxx, as additional rent hereunder, in each year during the term Tenant's pro rata percentage as set forth in Section 1.1 of the real estate taxes (meaning all general and special taxes and assessments imposed by governmental authorities of the City of Waltham having jurisdiction over the land, buildings and improvements of which the Premises forms a part and assessed against the owners of the real property; provided, however, with regard to special assessments, Tenant shall only be responsible for a reasonable allocation thereof based on the term of the Lease). In addition, Tenant shall pay all ad valorem taxes, if any, allocable to Tenant's signs and business equipment in the Premises. If some method or type of taxation replaces the current method of assessment of real estate taxes, or the type thereof by the City of Waltham, Tenant agrees that Tenant shall pay its pro rata share of the same; and if a tax (other than a Federal or State net income tax) is assessed on account of the rents or other charges payable by Tenant to Landlord under the Lease, Tenant agrees to pay its pro rata share of the same unless applicable law prohibits the payment of such tax by Tenant. Tenant's liability under this paragraph for any tax year which does not fall entirely within the term of this Lease shall be apportionately prorated. Notwithstanding the foregoing, nothing herein contained shall otherwise require or be construed to require Tenant to reimburse Landlord for any inheritance, estate, succession, transfer, gift, franchise income or earnings, profit, excess profit, capital stock, capital levy or corporate or other similar tax which is or may be imposed upon Landlord or upon Landlord's business. Real estate taxes and assessments subject to reimbursement by Tenant shall not include (both governmental and private)shall be apportioned through i) any item to the Closing extent otherwise included in Landlord's Operating Expenses, (ii) any environmental assessments, charges or liens arising in connection with the remediation of Hazardous Materials from the Property which existed prior to the Commencement Date at or which was introduced onto the Seller’s expense property by Landlord or its representatives, (Seller to have the last day). The proration thereof shall be calculated upon the basis iii) any of the most recent tax informationLandlord's personal property taxes, including confirmed multipliers. Any special assessment, regardless or (iv) any excise transfer taxes caused by any change in ownership of whether such special assessment is a lien on the Property or any part thereof. If a reduction in property taxes and/or assessments is required under obtained for any year of the covenants, restrictions, or declarations Term during which Tenant paid tenant's percentage of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments assessments, then Landlord shall constitute provide Tenant with a credit against Tenant's next due obligations for Rent and Tenant's Percentage of Operating Expenses or, if none, refund such amounts to Buyer against Tenant within thirty (30) days based on such adjustment. If at least twenty (20) days prior to the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the last day for filing application for abatement of real estate taxes for any tax year, Tenant shall give notice to Landlord that Tenant desires to file an application or abatement of real estate taxes for said tax year and, if within ten (10) days after the receipt of said notice, Landlord shall not give notice to Tenant that it shall file such application, Tenant shall have the right either in its own name or in the name of Landlord, but at its own cost and assessments expense to file such application. If within ten (specified 10) days after receipt by Landlord of such notice by Tenant, Landlord shall give Tenant notice that Landlord shall file such application, Landlord shall file the same prior to the expiration of the time for filing of the same, at its own cost and expense. In the event, notwithstanding the foregoing, if any abatement by whomever prosecuted shall be obtained, the cost and expense of obtaining the same shall be a first charge upon the said abatement. If Tenant shall file an application for abatement pursuant to the provisions of this paragraph, Tenant will prosecute the same to final determination with due diligence and shall not, without Landlord's written consent (which consent will not be unreasonably withheld, conditioned or otherwisedelayed) prorated hereunder are overpaid/underpaid by more than five hundred dollars settle, compromise or discontinue the same, except, however, Tenant may discontinue the prosecution of the same at any time after giving Landlord notice thereof and an opportunity to take over the prosecution of the same. If Landlord shall file an application for abatement for any tax year after having received notice from Tenant that Tenant desires to file an application for abatement for said tax year, Landlord shall prosecute the same to final determination with due diligence and shall not, without Tenant's written consent ($500.00which consent will not be unreasonably withheld, conditioned or delayed), settle, compromise or discontinue the same, except, however, Landlord may discontinue the prosecution of the same at any time after giving Tenant notice thereof and an opportunity to take over the prosecution of the same. If either party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy prosecute an application for abatement, the other party will cooperate and furnish any pertinent information in its files reasonably required by the party receiving prosecuting party. Neither the benefit filing of the discrepancy upon receipt an application for abatement of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on taxes, nor the property will be prosecution of any other proceedings contesting the same amount or validity of any real estate taxes, shall relieve Tenant of its obligations to pay real estate taxes as and when provided herein. All abatements of real estate taxes previously paid by Tenant shall belong to Tenant less the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed costs and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected expenses reasonably incurred in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYobtaining such abatement.

Appears in 1 contract

Samples: Attornment and Subordination Agreement (Exodus Communications Inc)

Taxes and Assessments. (a) The ad valorem Lessee shall pay and discharge all real estate taxes, betterment charges and levies, and charges and governmental impositions, duties and discharges of like kind and nature, which or may during the term of this Lease be charged, laid, levied or imposed upon or become a lien or liens upon the Leased Premises or any part thereof, or upon any buildings or appurtenances thereof, or any part thereof, or which may become due and payable with respect thereto, and any and all taxes and assessments (both governmental and private)shall be apportioned through charged, laid or levied in addition to the Closing Date at foregoing under or by virtue of any present or future laws, rules, requirements, orders, directions, ordinances or regulations of the Seller’s expense (Seller to have United States of America, or of the last day)state, county or city government, or of any other municipal government or lawful authority whatsoever. The proration thereof Lessee shall also be responsible for the payment of any assessments for improvements; PROVIDED, HOWEVER, that if any such assessment shall be calculated upon payable in installments, the basis Lessee shall not be required to pay any installment becoming due subsequent to the termination of this Lease; and PROVIDED, FURTHER, that if any such assessment shall be payable in a lump sum, the Lessee may submit to arbitration in accordance with Section 24 hereof the question of the most recent tax informationproportion of the assessment which the Lessee should equitably be required to pay in the light of the nature of the improvement, including confirmed multipliersthe remaining term of this Lease and the existence of the option to renew set forth in Section 25 hereof. Any special assessmentUnless required by a mortgagee to make payments into an escrow account for taxes, regardless of whether such special assessment is a lien on the Property or is required under the covenantsLessee shall, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments if so requested by the SellerLessor, shall be paid in full at Seller’s expense at pay the time Lessor with each installment of Closing. All such taxes and assessments shall constitute a credit rent an amount equal to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that one twelfth of the real estate taxes and assessments (specified for the current year, if the amount thereof is known, or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00)of such taxes for the prior year, if the party aggrieved by this discrepancy amount thereof for current year is not known. Such amounts shall be promptly reimbursed such discrepancy held in escrow by the party receiving the benefit Lessor and utilized in partial or complete discharge of the discrepancy Lessee's obligations to pay such taxes on or before the date upon receipt which interest upon such taxes would otherwise start to accrue. If payments into an escrow account for taxes shall not be required by a mortgagee or by the Lessor, (1) the Lessee shall make the required payments directly to the appropriate taxing or other governmental authorities, and (2) the Lessor shall forward all tax bills, statements and charges to the Lessee in time sufficient to enable the Lessee to pay the same without incurring interest or penalties and in time so that the Lessee may contest the same if it so desires. The Lessee shall also punctually pay and discharge all taxes which shall or may during the term of this Lease be charged, laid, levied or imposed upon or become a written request along with verification lien upon the stock in trade or other personal property of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills Lessee attached to or used in connection with the Lessee's business conducted on the property will be premises. Nothing herein contained shall require the same as Lessee to pay the Seller’s present tax bill. Be aware that Lessor's income or business profits taxes or any taxes on the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of rents reserved to the Lessor hereunder or franchise taxes or estate taxes or transfer taxes. These Veterans will not pay the $500 over or under on Property taxes for the tax bill. If year in which the Property is not separately assessed term hereof commences and is part of a larger parcel assessed for tax purposes, the Taxes for the Property tax year in which the term hereof terminates shall be further prorated as follows: (i) apportioned between the value Lessor and the Lessee in accordance with the number of all improvements on theProperty as reflected months or major fraction thereof during which each party shall be in the County records and (ii) proportion that the square footage land area possession of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYLeased Premises during such tax years.

Appears in 1 contract

Samples: Lease (First Virtual Communications Inc)

Taxes and Assessments. The ad valorem BBI agrees to pay all real estate taxes and assessments (both governmental and private)shall be apportioned through all personal property taxes attributable to the Closing Date at demised premises during the Seller’s expense (Seller to have the last day)term. The proration thereof term real estate taxes shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the mean all real estate taxes and assessments assessments, extraordinary as well as ordinary, levied or assessed by the lawful taxing authorities upon the premises. Lessor shall arrange for the bills for the Indiana real estate taxes to be sent directly to BBI, if possible (specified or otherwise) prorated hereunder are overpaid/underpaid and, if not, Lessor shall forward them to BBI promptly after receipt thereof by more than five hundred dollars ($500.00Lessor), and BBI shall pay the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future Indiana real estate taxbills taxes directly to the taxing authority. BBI shall pay said installment of Indiana real estate taxes on or before the property will be date which is the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as followslatter of: (iI) the value of all improvements on theProperty as reflected in the County records date such taxes are due and payable; and (ii) proportion ten (10) days after receipt of a xxxx therefore from Lessor or the appropriate taxing authority. In the event that any fine, penalty or interest is imposed as a result of BBI late payment of taxes, BBI shall pay such fine, penalty or interest unless Lessor has failed to furnish BBI the relevant tax xxxx on or before the date which is ten (10) days prior to the date the same as due, in which event Lessor shall be responsible for any fine, interest or penalty imposed as a result of the late payment of taxes. BBI shall pay the tax assessments thus imposed commencing with the spring installment of calendar year 2002. Said payment shall continue for so long as this Lease is in effect. BBI shall contest, in good faith or by appropriate proceedings, in its own name, or, when necessary in Lessor’s name, but at BBI’s own expense (in which case Lessor agrees to execute all necessary appropriate documents), the amount of validity of any such tax assessment. Nothing in this Lease contained shall require the BBI to pay any tax, charge or levy imposed or assessed upon or against Lessor under any federal, state or local law, on account of the receipt by the Lessor of the rents herein reserved or upon the transfer of Lessor’s interest under this Lease or of Lessor’s interest in, or to, the premises. Lessor agrees that any refunds of real estate taxes or personal property tax, abatements or Tax Incremental Fund (TIF) credits attributable to the demised premises shall be to the benefit of BBI and promptly paid over to BBI upon receipt. Lessor represents that the square footage land area of the Property bears to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYdemised premises constitute a separately assessable taxed lot.

Appears in 1 contract

Samples: Entire Agreement (RBC Bearings INC)

Taxes and Assessments. The ad valorem real Real estate taxes and assessments (both governmental “Real Estate Taxes”) and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate personal property taxes and assessments (specified “Personal Property Taxes” and, together with Real Estate Property Taxes, “Taxes”) imposed by any governmental authority with respect to the Real Property and Personal Property for the relevant tax year in which the Real Property is being sold and that are not yet due and payable or otherwisethat have not yet been paid shall be prorated as of the Close of Escrow based upon (a) prorated hereunder are overpaid/underpaid by more than five hundred dollars the most recent ascertainable assessed values and mill levies for Xxxxx 0X, 0X, 0X xxx 0, Xxxxx 00 Xxxxxxxxxxxx, xxx (x) an estimated appraised value of One Hundred Eighty-One Million, Five Hundred Forty-One Thousand and One Hundred Dollars ($500.00181,541,100) (or such lower amount if the County Assessor has agreed to a lower appraised value prior to Closing) for Xxxx 0, Xxxxx 00 Condominiums, and based upon the number of days Buyer and Seller will have owned the Real Property during such relevant tax year. Buyer shall receive a credit for any Taxes payable by Buyer which are unpaid as of the Close of Escrow and applicable to any period on or before the Closing Date. Seller shall receive a credit for any Taxes paid by Seller and applicable to any period after the Close of Escrow. Seller is protesting the assessment of the Property for 2021 (the “Tax Appeal”) under an agreement with Duff & Xxxxxx (the “Tax Appeal Contract”). At Closing, Seller shall assign, and Buyer shall assume, the Tax Appeal Contract and shall have the right (but not the obligation), after the party aggrieved by this discrepancy Closing Date, to continue the Tax Appeal to final disposition. The proration of Real Estate Taxes shall be promptly reimbursed such discrepancy by the party receiving the benefit final as of the discrepancy upon receipt Close of a written request along with verification Escrow and shall not be subject to further adjustment (whether due to an error or for any other reason) after the Close of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property Escrow and there will be no re-proration of Real Estate Taxes under Section 10.9. Notwithstanding anything stated to the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposescontrary, the Taxes for the Property shall be further prorated as follows: (i) the in no event shall Seller be responsible (and Buyer hereby expressly agrees to be responsible) for any assessments for Xxxx 0, Xxxxx 00 Condominiums attributable to an appraised value of all improvements on theProperty as reflected the Property in the County records excess of One Hundred Eighty-One Million, Five Hundred Forty-One Thousand and One Hundred Dollars ($181,541,100); and (ii) proportion that in no event shall Seller be entitled to (and Buyer will receive 100% of the square footage land area benefit [subject to the obligation in the next paragraph to make refunds to tenants] of) any reduction in Real Estate Taxes from the amounts used for prorations at Close of Escrow resulting from the Tax Appeal. Buyer shall have the obligation to refund to each tenant any amount paid by such tenant on account of Real Estate Property Taxes for 2021 to the extent exceeding the amount of Real Estate Taxes for 2021 actually payable by Buyer following final disposition of the Tax Appeal as reduced by the total amounts paid by Seller and Buyer under the Tax Appeal Contract or otherwise in the prosecution of the Tax Appeal, including, without limitation, attorney’s fees. The obligations set forth herein shall survive the Close of Escrow and Buyer agrees that, as a condition to the transfer of the Property bears by Buyer, Buyer will cause any transferee to assume the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYobligations set forth herein.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Escrow Instructions (KBS Real Estate Investment Trust II, Inc.)

Taxes and Assessments. The 10.01 As additional rent, Lessee will pay to Lessor it proportionate share of all ad valorem real estate property taxes on the leased premises and assessments (both governmental and private)shall be apportioned through improvements on the Closing Date at leased premises during the Seller’s expense (Seller to have term of this Lease, based upon that percentage which the last day). The proration thereof shall be calculated upon the basis area of the most recent tax informationleased premises bears to the total leasable area contained in the Shopping Center Building. Lessee shall pay to Lessor monthly, including confirmed multipliers. Any special assessmentin advance, regardless of whether such special assessment is a lien on the Property or is required under first day of each month, one-twelfth of the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; howeverTax Charge, in an amount estimated by Lessor. Upon the event that written request by Lessee, Lessor shall furnish a letter setting forth the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit computation of the discrepancy upon Tax Charge. Upon receipt of all tax bills and assessment bills attributable to any calendar year during the Lease Term, Lessor shall furnish Lessee with a written request statement of the actual amount of the Tax Charge for such year along with verification copies of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax billstatements. If the Property total amount paid by Lessee under this Section for any calendar year shall be less than the actual amount due from Lessee for such year, as shown on such statement, Lessee shall pay to Lessor on demand the difference between the amount paid by Lessee and the actual amount due; and if the total amount paid by Lessee hereunder for any such calendar year shall exceed such actual amount due from Lessee for such calendar year, such excess shall be credited by Lessor against the Tax Charge due in the subsequent year (or if there is not separately assessed no subsequent year remaining in the Lease Term, such excess shall be offset against any amounts then owing by Lessee to Lessor and is part of a larger parcel assessed for tax purposesany remaining net surplus shall then be refunded by Lessor to Lessee). This Section shall apply to the calendar years in which this Lease commences and terminates, the Taxes but Lessee’s liability for the Property Tax Charge for such years shall be further prorated as follows: (i) subject to a pro rata adjustment based on the value number of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area days of the Property bears to the square footage land area of the larger parcel. IN ANY EVENTsuch calendar Lessor’s initials FK, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCY.AK Lessee’s initials RW

Appears in 1 contract

Samples: Lease Agreement (Vroom, Inc.)

Taxes and Assessments. The ad valorem Tenant agrees to pay its prorated share of, before delinquency, any and all real and personal property taxes levied or assessed and which become payable during the term hereof (commencing with the Commencement Date) upon the Premises, Building and Related Improvements, whether said taxes are assessed against Landlord or Tenant. Tenant agrees to include all Alterations, additions or leasehold improvements made by or for Tenant on Tenant's personal property tax return, and if any such Alteration, addition or leasehold improvement is nevertheless included in Landlord's real estate taxes or personal property tax assessment and bill, Xxnant shall reimburse Landlord with respect thereto. Tenant shall only be responsible for that portion of any assessments (both governmental and private)shall be apportioned through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof that shall be calculated due and payable during the lease term (including extensions), assuming the maximum deferment of such assessments under applicable law. In addition to rental and other charges to be paid by Tenant hereunder, Tenant shall reimburse Landlord, upon demand, for any and all taxes assessed against Landlord (other than income taxes) whether or not now customary or within the basis contemplation of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as followsparties hereto: (i) upon, allocable to, or measured by or on the rental or other charges payable hereunder, including, without limitation, any sales or use tax on such rental, or excise tax levied by the State of Wisconsin, any political subdivision thereof, or the federal government with respect to the receipt of such rental or other charges or any other similar tax; (ii) upon or with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises or any portion thereof; (iii) upon or measured by the value of all the Premises; (iv) upon or measured by the value of Tenant's personal property or leasehold improvements on theProperty as reflected located in the County records and Premises; (iiv) proportion that upon this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the square footage land area Premises; or (vi) upon Tenant's energy consumption (collectively "Taxes"). Tenant shall not have to reimburse Landlord for any late penalties or default interest arising from the delinquent payment by Landlord of any of the Property bears Taxes described in the previous sentence. All Taxes (with the exception of personal property taxes on Tenant's personal property) shall be prorated at the commencement and expiration of the term of this Lease. Tenant shall pay to Landlord in advance on the same dates that monthly installments of rent are due, an amount equal to one-twelfth (1/12th) of the estimated Taxes for the Premises, and to the square footage land area extent received by Landlord, Landlord shall apply the same to the Taxes when or before they come due. Tenant shall have the right, at its own cost and expense, to initiate and prosecute any proceedings permitted by law for the purpose of obtaining an abatement of or otherwise contesting the larger parcel. IN ANY EVENTvalidity or amount of Taxes assessed to or levied upon the Premises and required to be paid against Landlord's estate and, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYif required by law, Tenant may take such action in the name of Landlord who shall cooperate with Tenant to such extent as Tenant may reasonably require; provided, however, that Tenant shall fully indemnify and save Landlord harmless from all loss, cost, damage and expense incurred by or to be incurred by Landlord or Tenant as a result thereof.

Appears in 1 contract

Samples: New Focus Inc

Taxes and Assessments. The ad Ad valorem real estate property taxes that are or will be assessed against and assessments attributable to the existing tax parcel(s) that include any part of the Property (both governmental “Taxes”) and private)shall special assessments, including drainage assessments, if any, that are or will be apportioned through assessed against and attributable to the Closing Date at existing tax parcel(s) that include any part of the Property (“Assessments”) shall be allocated and paid in accordance with this Section unless otherwise mutually agreed by the parties in writing. At the time of Closing, Seller shall pay any unpaid balance of the Taxes due in 2018 for the entire 2017 tax year, any unpaid Taxes for any earlier period, and any unpaid Assessments last payable without a penalty on or before the day of Closing, all of which shall be paid directly to the appropriate tax collection office out of Seller’s expense proceeds at Closing. The 2018 Taxes due in 2019 shall be estimated by Seller based on 100% of the amount last billed for a calendar year (Seller to have the last day“Estimated 2018 Taxes”). The proration thereof shall Estimated 2018 Taxes (as may be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments adjusted by the Seller, in its sole discretion, for any tax parcel split which may be applicable to the Purchased Tract(s) following Closing) shall be paid via credit against the sums due from Buyer at Closing, and Buyer shall then pay (and indemnify Seller for) the 2018 Taxes when billed after Closing to the extent attributable to the Property. Buyer shall assume and pay all Assessments that are last payable without a penalty after the date of Closing, to the extent attributable to the Property. If the conveyance of the Property involves a tax parcel split and any Taxes and/or Assessments are billed after Closing in full at Seller’s expense a manner which does not reflect the split, Buyer shall cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such Taxes and/or Assessments, and Buyer shall pay (and indemnify Seller for) the portion attributable to the Property. SELLER’S ESTIMATE OF THE 2018 TAXES AND ANY ADJUSTMENT MADE BY SELLER FOR ANY APPLICABLE TAX PARCEL SPLIT SHALL BE CONCLUSIVE. AS BETWEEN BUYER AND SELLER, THE ESTIMATED CREDIT FOR 2018 TAXES AT CLOSING SHALL NOT BE SUBJECT TO ANY FURTHER SETTLEMENT OR ADJUSTMENT AFTER CLOSING EVEN THOUGH THE AMOUNT ESTIMATED AT CLOSING MAY VARY FROM THE ACTUAL AMOUNT DUE ONCE THE TAX RATES, ASSESSMENTS AND/OR PARCEL SPLITS ARE FINALIZED. AFTER CLOSING, NEITHER SELLER, AUCTION COMPANY NOR CLOSING AGENT SHALL HAVE ANY LIABILITY, RESPONSIBILITY OR OBLIGATION WHATSOEVER FOR ANY TAXES OR ASSESSMENTS THAT ARE OR WILL BE ASSESSED AGAINST AND ATTRIBUTABLE TO THE PROPERTY. Notwithstanding the foregoing provisions, in lieu of a credit to Buyer, Seller may elect to deliver to the Closing Agent, at the time of or prior to Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by entire amount of the party receiving Estimated 2018 Taxes to be: (a) held in escrow and applied towards the payment of the 2018 Taxes when billed after Closing; or (b) paid directly to the county as an estimated prepayment of the 2018 Taxes. In any event, having received the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that estimated payment via credit, escrow or direct prepayment as provided above, Xxxxx shall then pay all Taxes and Assessments which become due after Closing to the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If extent attributed to the Property is (and to the extent not separately assessed and is part of a larger parcel assessed for tax purposespaid via escrow or direct prepayment as provided above). When the 2018 Taxes are billed after Closing, any shortage or surplus with respect to the Taxes for the Property estimated amount paid by Xxxxxx (whether via credit, escrow or direct prepayment) shall be further prorated as follows: paid or retained by or refunded to Buyer (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears to the square footage land area of extent attributed to the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYProperty).

Appears in 1 contract

Samples: Form of Agreement

Taxes and Assessments. The ad valorem Mortgagor shall pay all real estate taxes and installments of special assessments (both governmental and private)shall be apportioned through relating to the Closing Date at Mortgaged Property when due, prior to the Seller’s expense (Seller to have the last day)attachment of any penalty for nonpayment thereof. The proration thereof shall be calculated upon the basis of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such If any special assessment is a lien imposed against the Mortgaged Property, Mortgagee may, at any time, require Mortgagor to pay off the entire balance of such assessments. In addition, Mortgagee may, at any time, require Mortgagor to pay to Mortgagee on the Property day monthly installments of interest or is required principal and interest are payable under the covenantsDiscretionary Credit Note, restrictions, or declarations of a subdivision, development, or condominium, which until the Discretionary Credit Note is a onetime assessment being paid in installments by the Seller, shall be paid in full and all other obligations under this Second Mortgage are satisfied, a sum equal to one-twelfth (1/12) of the yearly taxes and assessments levied against the Mortgaged Property as estimated initially and from time to time by Mortgagee, to be applied by Mortgagee to pay said taxes and assessments (such amounts being hereafter referred to as the “Tax Funds”). Mortgagee shall apply the Tax Funds to pay said taxes and assessments prior to the date that penalty attaches for nonpayment so long as the amount of Funds held by Mortgagee is sufficient at Seller’s expense that time to make such payments. No earnings or interest shall be payable to Mortgagor on the Tax Funds. Such Funds shall not be, nor be deemed to be, trust funds, and Mortgagee shall have the right to hold the Tax Funds in any manner Mortgagee elects and may commingle the Tax Funds with other moneys held by Mortgagee. If the amount of the Tax Funds held by Mortgagee shall exceed at any time the amount deemed necessary by Mortgagee to provide for the payment of taxes and assessments, such excess shall, at the option of Mortgagee, either be promptly repaid to Mortgagor or be credited to Mortgagor on the next monthly installment of Funds due. If at any time the amount of the Tax Funds held by Mortgagee shall be less than the amount deemed necessary by Mortgagee to pay taxes and assessments as they fall due, Mortgagor shall promptly pay to Mortgagee any amount necessary to make up the deficiency upon notice from Mortgagee to Mortgagor requesting payment thereof. The Tax Funds are pledged as additional security for the Indebtedness. If any Event of Default (as defined in Section 18 hereof) occurs, Mortgagee may apply, at its election, and in any order Mortgagee may, in its sole and absolute discretion, determine, any Tax Funds held by Mortgagee at the time of Closing. All such application to pay taxes and assessments shall constitute which are then or will thereafter become due, or as a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer Indebtedness. Upon payment in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value full of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area of the Property bears Indebtedness, Mortgagee shall promptly refund to the square footage land area of the larger parcel. IN ANY EVENT, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYMortgagors any Tax Funds held by Mortgagee.

Appears in 1 contract

Samples: Medicalcv Inc

Taxes and Assessments. The ad valorem Lessee shall be responsible for paying through additional rent in accordance with the procedure set forth in Section 4 hereof all real estate taxes and installments of assessments related to the Premises relating to real estate tax bills relating to periods during the term of this Lease, without regard to the date the real estate tax bills are due and payable. Lessor shall provide Lessee with a copy of each real estate tax xxxx no later than fifteen (both governmental and private)shall 15) days after receipt of the tax xxxx. Lessee shall not be apportioned through responsible for the Closing Date at payment of any penalty or interest on taxes or assessments as long as Lessee makes the Seller’s expense (Seller additional rent payments set forth in Section 4 herein. If the Premises are not a separate tax parcel, Lessor shall take such steps as are necessary to have the last day)same created as a separate tax parcel. The proration thereof With the consent of Lessor, which consent shall not be calculated unreasonably withheld, Lessee shall have the right in its own name, or in Lessor's name where appropriate, but at its own cost and expense, to contest the amount or legality of any real property taxes, personal property taxes, assessments, impositions or all other claims and charges which it is obligated to pay hereunder and make application for the reduction thereof, or any assessment upon which the basis same may be based, and the Lessor agrees at the request of the most recent tax information, including confirmed multipliers. Any special assessment, regardless Lessee to execute or join in the execution of whether such special assessment is a lien on the Property any instruments or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer documents necessary in connection herewith; however, in the event that the real estate taxes and assessments (specified with such contest or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax billapplication. If the Property Lessee shall contest such tax assessment, or other imposition and if as a result of such contest the time for paying such tax or assessment is not separately assessed and is part of a larger parcel assessed for tax purposesdelayed, the Taxes for time within which the Property Lessee shall be further prorated as follows: (i) required to pay the value same to Lessor shall be similarly extended. In no event shall Lessee be liable for payment of all improvements on theProperty as reflected in any income, estate or inheritance taxes imposed upon Lessor or the County records and (ii) proportion that the square footage land area estate of the Property bears Lessor with respect to the square footage land area of the larger parcelPremises. IN ANY EVENTLessee shall not pay any income, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYfranchise or excise or excess profits tax levied upon or assessed against Lessor.

Appears in 1 contract

Samples: Lease Agreement (Alliance Data Systems Corp)

Taxes and Assessments. The ad valorem (i) All real estate taxes and assessments on the Property payable during the tax fiscal year in which the Closing occurs (both governmental and private)shall such period of time commencing July 1, 2015 through June 30, 2016, the “Current Tax Year”) shall be apportioned initially prorated at Closing through the Closing Date at the Seller’s expense (Seller to have the last day). The proration thereof shall be calculated based upon the basis latest available tax information for the Current Tax Year (with Seller and Buyer each being responsible for a pro rata share of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against based upon the Purchase Price and shall relieve number of days in the Seller from any liability to Buyer in connection herewith; howeverCurrent Tax Year occurring before the Closing Date, in the event that case of Seller, and on and after the Closing Date, in the case of Buyer). If any assessments on the Property are payable in installments, then the installment for the current period shall be prorated (with Buyer being allocated the obligation to pay any installments due on and after the Closing Date). Upon the Closing Date, Buyer shall be responsible for real estate taxes and assessments on the Property payable on and following the Closing Date, including, without limitation, any unpaid taxes for the Current Tax Year and any other taxes and assessments payable to the governmental authorities in arrears on and after the Closing Date and Seller shall remain liable and shall pay not later than ten (specified or otherwise10) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit days after receipt of the discrepancy upon receipt applicable taxing authority’s xxxx therefor (whether from Buyer or directly from the applicable taxing authority) any increase in taxes or assessments on the Property attributable to its period of a written request along with verification ownership resulting from Seller’s acquisition of the overpayment/underpaymentProperty. Xxxxx should not assume that Xxxxx’s future real estate taxbills (ii)In no event shall Seller be charged with or be responsible for any increase in the taxes or assessments on the property will be Property resulting from the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax bill. If the Property is not separately assessed and is part of a larger parcel assessed for tax purposes, the Taxes for the Property shall be further prorated as follows: (i) the value of all improvements on theProperty as reflected in the County records and (ii) proportion that the square footage land area sale of the Property bears pursuant to this Agreement (and not from Seller’s acquisition) or from any improvements made or leases entered into at any time or for any reason. With respect to all periods for which Seller has paid taxes and assessments, Seller hereby reserves the right to institute or continue any proceeding or proceedings for the reduction of the assessed valuation of the Property, and, in its sole discretion, to settle the same, and with respect to any period of time that overlaps with Buyer’s period of ownership and impacts Buyer’s liability for taxes and assessments for Buyer’s period of ownership, Buyer’s reasonable consent shall be required. Subject to any consent that may be required by Buyer in accordance with the terms hereof, Seller shall have sole authority to control the progress of, and to make all decisions with respect to, such proceedings. All tax refunds and credits attributable to any period prior to the square footage land area Closing Date which Seller has paid or for which Seller has given a credit to Buyer shall belong to and be the property of Seller regardless of when received by Seller or Buyer, and Buyer shall promptly pay the larger parcelsame to Seller upon receipt thereof, provided, however, that any such refunds and credits that are the property of tenants under Tenant Leases shall, be paid to Buyer to for the credit of such tenants. IN ANY EVENTSeller shall have no liability to such tenants or otherwise upon such payment to Buyer. Buyer agrees to reasonably cooperate with Seller in 12 connection with the prosecution of any such proceedings and to take all reasonable steps, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCY.whether before or after the Closing Date, as may be necessary to carry out the intention of this subsection, including the delivery to Seller, upon demand, of any relevant books and records, including receipted tax bills and cancelled checks used in payment of such taxes, the execution of any and all consent or other documents, and the undertaking of any acts reasonably necessary for the collection of such refund by Seller. All tax refunds and credits attributable to any period from and after the Closing Date shall belong to and be the property of Buyer. (b)

Appears in 1 contract

Samples: Purchase Agreement

Taxes and Assessments. The ad valorem Mortgagor shall pay or cause to be paid, not later than the last day upon which payment may be made without penalty or interest, all Impositions, whether or not assessed against the Mortgagor or the Mortgagee whether or not assessed pursuant to the authority adopted before or after the date of this Mortgage, if applicable or related in any way to the Mortgaged Property, any interest in the Mortgaged Property of the Mortgagor or the Mortgagee or the debt, obligations or performance secured hereby, or the disbursement or application of the proceeds therefrom excluding, however, any income or corporation excise tax of the Mortgagee. If, at any time, the Mortgagee does not require the escrow of payments for the Impositions, the Mortgagor shall furnish to the Mortgagee receipted real estate taxes and assessments tax bills for the Mortgaged Property not later than ten (both governmental and private)shall be apportioned through 10) days after the Closing Date at the Seller’s expense (Seller to have the last day)date from which any interest or penalty would accrue for non-payment thereof unless such Imposition is being challenged, in good faith by Mortgagor. The proration thereof Mortgagor shall be calculated upon also furnish to the basis Mortgagee evidence and payment of the most recent tax information, including confirmed multipliers. Any special assessment, regardless of whether such special assessment is a lien on the Property or is required under the covenants, restrictions, or declarations of a subdivision, development, or condominium, which is a onetime assessment being paid in installments all other Impositions within fifteen (15) days after written request therefor by the Seller, shall be paid in full at Seller’s expense at the time of Closing. All such taxes and assessments shall constitute a credit to Buyer against the Purchase Price and shall relieve the Seller from any liability to Buyer in connection herewith; however, in the event that the real estate taxes and assessments (specified or otherwise) prorated hereunder are overpaid/underpaid by more than five hundred dollars ($500.00), the party aggrieved by this discrepancy shall be promptly reimbursed such discrepancy by the party receiving the benefit of the discrepancy upon receipt of a written request along with verification of the overpayment/underpayment. Xxxxx should not assume that Xxxxx’s future real estate taxbills on the property will be the same as the Seller’s present tax bill. Be aware that the Illinois Disabled Veterans standard homestead exemption gives Veterans with service-connect disabilities a lesser amount of taxes. These Veterans will not pay the $500 over or under on the tax billMortgagee. If the Property Mortgagor is not separately assessed permitted by applicable law to pay any Imposition or the payment of such Imposition would violate any usury law applicable to the transaction contemplated hereby and is part by the other Loan Documents, then, at the option of a larger parcel assessed for tax purposesthe Mortgagee, the Taxes for Indebtedness and other charges outstanding under the Property Loan Documents shall become due and payable on the date specified by written notice given by the Mortgagee to the Mortgagor, which date shall be further prorated as follows: at least thirty (i30) days after the value date of all improvements such notice. If requested by the Mortgagee, the Mortgagor shall pay to the Mortgagee monthly, on theProperty as reflected the first day of each month, a sum reasonably determined by the Mortgagee to be sufficient to provide in the County records aggregate a fund adequate to pay each Imposition at least thirty (30) days before it becomes delinquent, and, in addition, shall pay to the Mortgagee, on demand, any balance necessary to pay in full each Imposition at least ten (10) days before the date on which it becomes due and (ii) proportion that payable. If such request is made by Mortgagee, such sums must be applied by the square footage land area Mortgagee to the payment of the Property bears Impositions. The Mortgagor shall furnish to the square footage land area Mortgagee all original bills relating to any Impositions promptly upon request by Mortgagee. The Mortgagor shall have the right, after giving written notice to the Mortgagee and subject to the conditions stated below, to contest by appropriate legal proceedings the amount or validity of any Imposition. In no event shall the Mortgagor be entitled to delay payment of any Imposition if the delay in payment would subject any portion of the larger parcel. IN ANY EVENTMortgaged Property to possible foreclosure or, THE REAL ESTATE AGENT(S) AND THE CLOSING AGENT SHALL NOT BE 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 RESPONSIBLE TO EITHER PARTY FOR COLLECTION OF SUCH DISCREPANCYin any event, unless the Mortgagor deposits with the Mortgagee a sum of money or such other security as the Mortgagee deems reasonable to cover the amount of any such Imposition plus any interest or penalty that may become due as a result of such contest.

Appears in 1 contract

Samples: Mortgage and Security Agreement (United Shields Corp/Oh/)

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