Common use of Real Property Taxes Defined Clause in Contracts

Real Property Taxes Defined. For purposes of this Lease, “Real Property Taxes” mean (i) all real property taxes levied against the Premises, and (ii) all general and special assessments levied against the Premises. Real Property Taxes exclude municipal, county, state, or federal income, profits, gross receipts, renewal, or franchise tax or business license tax of Landlord or any municipal, county, state, or federal estate, succession, inheritance, or transfer taxes of Landlord or any fine, penalty, cost or interest related to Real Property Taxes levied as the result of the failure of Landlord to timely pay the Real Property Taxes. If at any time during the Term, the Laws concerning the methods of real property taxation prevailing at the Effective Date are changed so that a tax or excise on rents or any other such tax, however described, is levied or assessed against Landlord as a direct substitution in whole or in part for any Real Property Taxes, Tenant shall pay before delinquency (but only to the extent that it can be ascertained that there has been a substitution and that as a result Tenant has been relieved from the payment of Real Property Taxes it would otherwise been obligated to pay) the applicable portion of the substitute tax or excise on rents.