Common use of Real Property Taxes Defined Clause in Contracts

Real Property Taxes Defined. The term "Real Property Taxes" shall mean all taxes, assessments, levies, and other charges of any kind or nature whatsoever, general and special, foreseen and unforeseen, now or hereafter imposed by any governmental or quasi-governmental authority or special district having the direct or indirect power to tax or levy assessments, which are levied or assessed against, or with respect to the value, occupancy or use of, all or any portion of the Project or the rents derived therefrom (except federal and state and income taxes). Notwithstanding anything contained in the Lease to the contrary, during the first five (5) years of the Lease Term only (after such time this exclusion shall no longer apply) there shall be excluded from the tax bill ▇▇▇ the purposes of computing Real Property Taxes, any increase in real estate taxes caused solely by a "change in ownership," as defined in the law under which reassessment or tax increase results from a transfer of all or a portion of Landlord's interest in the Project. Real Property Taxes shall also not include interest and penalties for late payment. If assessments or other special taxes that are payable in installments are levied against all or any portion of the Project, Landlord shall pay such assessments or taxes in installments over the maximum period of time permitted by law, and all interest payments thereon shall be considered part of the assessment for purposes of this provision. Landlord represents that the Project is assessed as a single tax parcel for Real Property Tax purposes separate and apart from any other land.

Real Property Taxes Defined. The term "Real Property Taxes" shall mean all taxes, assessments, levies, and other charges of any kind or nature whatsoever, general and special, foreseen and unforeseen, now or hereafter imposed by any governmental or quasi-governmental authority or special district having the direct or indirect power to tax or levy assessments, which are levied or assessed against, or with respect to the value, occupancy or use of, all or any portion of the Project or the rents derived therefrom (except federal and state and net income taxes). Notwithstanding anything contained in the Lease to the contrary, during the first five (5) years of the Lease Term only (after such time this exclusion shall no longer apply) there shall be excluded from the tax bill ▇▇▇ the purposes of computing Real Property Taxes, any increase in real estate taxes caused solely by a "change in ownership," as defined in the law under which reassessment or tax increase results from a transfer of all or a portion of Landlord's interest in the Project. Real Property Taxes shall also not include interest and penalties for late the payment. If assessments assessment or other special taxes that are payable in installments are levied against all or any portion of the Project, Landlord shall pay such assessments or taxes in installments over the maximum period of time permitted by law, and all interest payments thereon shall be considered part of the assessment for purposes of this provision. Landlord represents that the Project is assessed as a single tax parcel for Real Property Tax purposes separate and apart from any other land.