Agmt19 YMCA of Sillicon Valley Master Project Agmt.

Browse Search

and fees, levies or other charges, general, special, ordinary, extraordinary and otherwise, of every kind and character which are or may during the Term be levied, charged, assessed or imposed upon or against the YMCA Site, or against any of Tenant's personal property located thereon. As of the Termination Date, any such taxes, assessments and other charges to be paid by Tenant shall be prorated on the basis of the fiscal year of the taxing authority in question so that, at the commencement and at the end of the Term, as to any such taxes, assessments and other charges levied or assessed for a fiscal year preceding the commencement or extending beyond the end of the Term, Tenant will pay only such proportion of such taxes, assessments and other charges as the portion of such fiscal year following the commencement and preceding the Termination Date, as it relates to the entire fiscal year. (b) Notwithstanding anything herein to the contrary, Tenant shall not be required to pay any net income tax measured by the income of Landlord from all sources, or any tax which may, at any time during the Term, be required to be paid on any gift, or demise, deed, mortgage, descent or other alienation of any part or all of the estate of Landlord in and to the YMCA Site or any buildings or improvements located thereon, except as hereinafter provided. Any documentary transfer tax assessed upon the creation of a leasehold interest in the YMCA Site under this Lease shall be paid by Tenant. (c) Revenue & Taxation Code Section 107.6 Possessory Interest Tax. Tenant recognizes and understands that this Lease may create a possessory interest subject to property taxes and that, in the event that a possessory interest is created, Tenant shall be responsible for payment of any taxes levied against such possessory interest. Tenant may apply for any applicable exemption or reduction in possessory interest property taxes and assessments. (d) Landlord shall have the right, but not the obligation, at all times during the Term to pay any taxes, assessments or other charges levied or assessed upon or against the YMCA Site or any buildings or improvements located thereon, and to pay, cancel and clear off all tax sales liens, charges and claims upon or against the YMCA Site or any buildings or improvements located thereon, and to redeem the YMCA Site from the same, or any of them, from time to time, without being obligated to inquire as to the validity of the same. Any sum so paid by Landlord related to the YMCA Site and/or the obligations set forth in Sections 6a, 6(b) and 6(c), above, shall become due and payable by Tenant within Thirty (30) days after any such payment by Landlord plus interest at 6% per annum. 7. Hours of Business/Covenant of Continuous Operation. Subject to the provisions of Paragraph 15 (Damage or Destruction), Tenant covenants that it shall continuously during the entire term hereof conduct and carry on Tenant's business in the YMCA Site and shall keep the New YMCA open for business and cause Tenant's business to be conducted therein not less than 5 days each week and not less than 30 hours per week; provided, however, that this provision shall not apply if the New YMCA should be closed and the business of Tenant temporarily discontinued therein on account of deep cleaning, repairs, renovations or other ATTY/AGR/2019.316/YMCA MASTER PROJECT AGREEMENT Page 32 of 108