Common use of Separate Assessment Clause in Contracts

Separate Assessment. The Lessee acknowledges and agrees that the Lessor, at the Lessor’s option, shall have the right to cause any or all Property Taxes respecting the Leased Premises and the Lessee’s Improvements to be assessed separately from the Property Taxes upon the lands and improvements of the Lessor’s Premises and, in such event, the Lessee agrees to cooperate with the Lessor in obtaining an assessment of the value of the Leased Premises and the Lessee’s Improvements and to use commercially reasonable efforts in obtaining from the relevant Governmental Authority a separate assessment or tax parcel number(s), if applicable, for the Leased Premises and the Lessee’s Improvements. However, until the applicable separate assessments are obtained, the Lessor shall reasonably allocate the Property Taxes as if the Leased Premises and Lessee’s Improvements were separately assessed and issue an invoice to the Lessee for the Lessee’s portion of such Property Taxes. Until such time as the Leased Premises and the Lessee’s Improvements are separately assessed, the Lessee shall pay its share of the Property Taxes, determined as provided above, to the Lessor in accordance with the payment provisions of Section 8.4, and the Lessor, in turn, shall pay such Property Taxes when due. The Parties acknowledge and agree that such separation may not occur prior to the Commencement Date.