Abatement Amount Sample Clauses

The Abatement Amount clause defines the specific reduction in payments or obligations that applies when certain conditions, such as damage or loss, affect the subject of an agreement. Typically, this clause outlines how much rent, fees, or other payments will be decreased if a property becomes partially unusable or if services are disrupted. By establishing clear terms for financial adjustments, the clause ensures fairness and predictability for both parties when unforeseen events impact the value or utility of what is being provided.
Abatement Amount. The tax abatement rate for each abatement year during the tax abatement period shall be based upon the applicable investment level, the location of the REAL PROPERTY in either the First Level or Second Level (identified in Exhibit B), and the abatement year schedule, as shown in Table 1 below. The tax abatement rate will apply to the portion of the value of REAL PROPERTY that is subject to abatement, as set forth in Section 3 and such qualifications as noted elsewhere in this Agreement. First Level (First Ring) Investment: Single family attainable rental housing Investment: Commercial (including multi- family attainable rental housing) Year 1 Year 2 Year 3 Year 4 Year 5 Second Level (Second Ring) $25,000 $50,000 100% 0% 0% 0% 0% $50,000 $100,000 100% 50% 0% 0% 0% $100,000 $200,000 100% 66% 33% 0% 0% $400,000 100% 75% 50% 25% 0% $800,000+ 100% 100% 75% 50% 25% Said tax abatement shall be based upon the increased value of the REAL PROPERTY over the value in the base year, which is hereby established as 2015, the year in which this Agreement is executed in accordance with the terms of this Agreement and all applicable federal, state, and local laws and regulations. APPLICANT acknowledges that based on Table 1 above, the minimum investment requirement for the REAL PROPERTY described herein is Eight Hundred Thousand Dollars and No/100 ($800,000.00). The REAL PROPERTY is located in the SECOND LEVEL (SECOND RING) and is eligible for the abatement of the designated percentage of the CITY’s portion of ad valorem property taxes based on the following schedule: YEAR 1: 100% YEAR 2: 100% YEAR 3: 75% YEAR 4: 50% YEAR 5: 25%
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Abatement Amount. In as much as PJY INVESTMENTS, LLC has renovated and occupied the improvements described herein, a portion of the ad valorem property taxes on the improvements to the real property, which PJY INVESTMENTS, LLC owes to CITY, shall be abated. The estimated value of property that will be eligible for abatement (“base year value”) is $614,880 (real property). After construction on items for which PJY INVESTMENTS, LLC is requesting tax abatement has been completed, PJY INVESTMENTS, LLC shall obtain a Bell County Appraisal District value for the property that will be eligible for abatement. This amount will establish the value for purposes of this Agreement. Abatement will be calculated in accordance with the following formula, with the first year commencing with the fiscal year upon which taxes are levied after the completion and issuance of a Certificate of Occupancy: a. Year One: 100% abatement of eligible property tax; b. Year Two: 100% abatement of eligible property tax; c. Year Three: 100% abatement of eligible property tax; d. Year Four: 100% abatement of eligible property tax; e. Year Five: 100% abatement of eligible property tax. f. Year Six and thereafter: No abatement of property tax. The value of ineligible property as provided in Section III of CITY’S Guidelines and Criteria for Granting Tax Abatement shall be fully taxable. The base year value of existing eligible property as determined each year shall be fully taxable.
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Abatement Amount. The tax abatement rate for each such year during the tax abatement period shall be the following percentage of the portion of the value of REAL PROPERTY including PERSONALTY added to and located on the REAL PROPERTY that is subject to abatement, as set forth in Section 3 and such qualifications as noted elsewhere in this Agreement: Said abatement of the taxes assessed on the REAL PROPERTY including PERSONALTY added to and located on the REAL PROPERTY shall be based upon the increased value of the REAL PROPERTY over the value in the year in which this Agreement is executed and in accordance with the terms of this Agreement and all applicable federal, state, and local laws and regulations.
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Abatement Amount. The tax abatement rate for each such year during the tax abatement period shall be the following percentage of the portion of the value of Real Property and Personalty added to and located on the Real Property that is subject to abatement, as set forth in Section 3, and such qualifications as noted elsewhere in this Agreement: Year of Tax Abatement Period Abatement Percentage Said abatement of the taxes assessed on the Real Property and Personalty added to and located on the Real Property shall be based upon the increased value of the Real Property and Personalty added to and located on the Real Property. The abatement of the taxes assessed on the Personalty excludes other tangible personal property that was located on the Real Property at any time before the period covered by this Agreement with the City in accordance with the terms of this Agreement and all applicable federal, state, and local laws and regulations. Further, said Personalty subject to this tax abatement agreement shall be new business personal property, inventory, and/or supplies added to the Real Property which is as of the effective date of this Agreement not on the tax rolls of the City due to other property owned or leased by RifleGear.
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Related to Abatement Amount

  • Agreement Amount The Grantee acknowledges and agrees that, notwithstanding any other provision of this Agreement, the maximum amount payable by the City under this Agreement for the initial ## month term shall not exceed the amount approved by City Council, which is $ (dollar amount), and $ (dollar amount) per ## month extension option, for a total Agreement amount of $ . Continuation of the Agreement beyond the initial ## months is specifically contingent upon the availability and allocation of funding, and authorization by City Council. Additional compensation terms are included in Exhibit B.3.

  • Purchase Price Floor The Company and the Buyer shall not effect any sales under this Agreement on any Purchase Date where the Closing Sale Price is less than the Floor Price. “Floor Price” means $0.25 per share of Common Stock, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

  • Purchase Price Payment The total Purchase Price for the Property is the amount of the successful bid for the parcel at public auction.

  • Over-Allowance Amount On the Cost Proposal Delivery Date and, in any event, prior to the commencement of the construction of the Tenant Improvements, Tenant shall deliver to Landlord cash in an amount (the “Over-Allowance Amount”) equal to the difference between (i) the amount of the Cost Proposal and (ii) the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the Cost Proposal Delivery Date). The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. If, after the Cost Proposal Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements as a result of requests made by Tenant or as otherwise specified in Section 5.01(h) below, any additional costs which arise in connection with such revisions, changes or substitutions shall be paid by Tenant to Landlord immediately upon Landlord’s request as an addition to the Over-Allowance Amount and, in any event, prior to the commencement of the construction of the revisions, changes or substitutions. Promptly following completion of construction of the Tenant Improvements and payment of all costs incurred in connection therewith, Landlord shall prepare and deliver to Tenant a reasonably detailed reconciliation of (i) the total cost of the Tenant Improvements, including all Tenant Improvement Allowance Items, and (ii) the total amount of the Tenant Improvement Allowance and the Over-Allowance Amount payments previously made by Tenant pursuant to the foregoing provisions of this Section. To the extent that such reconciliation discloses that the total costs of the Tenant Improvements exceeds the amount of the Tenant Improvement Allowance plus all Over-Allowance Amount previously paid by Tenant, Tenant shall pay the amount of such shortfall to Landlord within thirty (30) days after receipt of such reconciliation. To the extent that such reconciliation discloses that the total costs of the Tenant Improvements is less than the amount of the Tenant Improvement Allowance plus all Over-Allowance Amounts previously paid by Tenant, Landlord shall pay the amount of such overage to Tenant at the time that Landlord delivers such reconciliation to Tenant.

  • Adjustment Amount (a) Schedule 2.16 sets forth a sample calculation of the Adjustment Amount and the Target Adjustment Amount as of the Balance Sheet Date (the “Sample Closing Statement”), including the asset, liability and other line items and accounting principles used in such calculation, and assuming that all of such asset and liability line items that constitute Mallinckrodt Assets or Mallinckrodt Liabilities under this Agreement will be transferred to Mallinckrodt as of the Distribution. (b) Within sixty (60) days after the Distribution Date, Mallinckrodt shall cause to be prepared and delivered to Covidien a statement (the “Closing Statement”) setting forth (i) the Adjustment Amount and the calculation of the Adjustment Amount and (ii) the Target Adjustment Amount and the calculation of the Target Adjustment Amount. The Closing Statement shall be prepared in accordance with the Transaction Accounting Principles, including the use of the same line items and line item entries, set forth on and used in the preparation of the Sample Closing Statement; provided, however, that assets newly acquired and liabilities newly incurred following the date of the Sample Closing Statement which cannot be appropriately placed in line items previously used by Mallinckrodt, but that constitute Mallinckrodt Assets or Mallinckrodt Liabilities, will also be included to the extent consistent with the Transaction Accounting Principles. (c) Within thirty (30) days following receipt by Covidien of the Closing Statement, Covidien shall deliver written notice to Mallinckrodt of any dispute Covidien has with respect to the preparation or content of the Closing Statement (the “Dispute Notice”); provided, however, that if Covidien does not deliver any Dispute Notice to Mallinckrodt within such thirty (30)-day period, the Closing Statement will be final, conclusive and binding on the Parties. Any Dispute Notice shall (i) set forth in reasonable detail the basis for any dispute included therein, the amounts involved and Covidien’s determination of the Adjustment Amount and/or the Target Adjustment Amount (as applicable) and (ii) include only disagreements based on the Adjustment Amount and/or the Target Adjustment Amount (as applicable) not being calculated properly in accordance with this Agreement or containing mathematical errors. Upon receipt by Mallinckrodt of a Dispute Notice, Mallinckrodt and Covidien shall negotiate in good faith to resolve any dispute set forth therein. If Mallinckrodt and Covidien, such good faith effort notwithstanding, fail to resolve any such dispute within fifteen (15) Business Days following receipt by Mallinckrodt of the Dispute Notice (the “Dispute Resolution Period”), then Mallinckrodt and Covidien jointly shall engage, within ten (10) Business Days following the expiration of the Dispute Resolution Period, Ernst & Young LLP or, if Ernst & Young LLP is unavailable or conflicted, another nationally recognized major accounting firm selected jointly by Covidien and Mallinckrodt (the “Independent Accounting Firm”) to resolve any such dispute. If Ernst & Young LLP is unavailable or conflicted and Covidien and Mallinckrodt are unable to agree on the Independent Accounting Firm, then each of Covidien and Mallinckrodt shall select a nationally recognized major accounting firm, and the two (2) firms will mutually select a third nationally recognized major accounting firm to serve as the Independent Accounting Firm. As promptly as practicable, and in any event not more than fifteen (15) days following the engagement of the Independent Accounting Firm, Mallinckrodt and Covidien shall each prepare and submit a presentation detailing each Party’s complete statement of proposed resolution of each issue still in dispute to the Independent Accounting Firm. Mallinckrodt and Covidien shall cause the Independent Accounting Firm to, as soon as practicable after the submission of the presentations described in the immediately preceding sentence and in any event not more than thirty (30) days following such presentations, make a final determination, binding on the Parties, of the appropriate amount of each of the line items that remain in dispute as indicated in the Dispute Notice. With respect to each disputed line item, such determination, if not in accordance with the position of either Covidien or Mallinckrodt, shall not be in excess of the higher, nor less than the lower, of the amounts set forth by Mallinckrodt in the Closing Statement or by Covidien in the Dispute Notice, as applicable. Notwithstanding the foregoing, the scope of the disputes to be resolved by the Independent Accounting Firm shall be limited to whether any determination of the Adjustment Amount and/or the Target Adjustment Amount (as applicable) was properly calculated in accordance with the Transaction Accounting Principles, and the Independent Accounting Firm is not to make any other determination, including any determination as to whether GAAP was followed, to the extent GAAP is inconsistent with the Transaction Accounting Principles. All fees and expenses relating to the work, if any, to be performed by the Independent Accounting Firm shall be borne equally by Covidien and Mallinckrodt. All determinations made by the Independent Accounting Firm, and the Closing Statement, as modified by the Independent Accounting Firm, will be final, conclusive and binding on the Parties, absent fraud or manifest error. (d) For purposes of complying with the terms set forth in this Section 2.16, Mallinckrodt and Covidien shall cooperate with and make available to each other and their respective Representatives all information, records, data and working papers, in each case, to the extent related to the Mallinckrodt Assets, Mallinckrodt Liabilities or Mallinckrodt Business, and shall permit access to its facilities and personnel, as may be reasonably required in connection with the preparation and analysis of the Closing Statement and the resolution of any disputes thereunder. (e) If the Adjustment Amount, as finally determined pursuant to Section 2.16(c), is greater than the Target Adjustment Amount, as finally determined pursuant to Section 2.16(c), by at least $20 million, then Mallinckrodt shall pay or cause to be paid an amount in cash equal to the difference from the first dollar (i.e., without regard to the $20 million threshold) to Covidien by wire transfer of immediately available funds to an account or accounts designated in writing by Covidien to Mallinckrodt. If the Adjustment Amount, as finally determined pursuant to Section 2.16(c), is less than the Target Adjustment Amount, as finally determined pursuant to Section 2.16(c), by at least $20 million, then Covidien shall pay or cause to be paid an amount in cash equal to the difference from the first dollar (i.e., without regard to the $20 million threshold) to Mallinckrodt by wire transfer of immediately available funds to an account or accounts designated in writing by Mallinckrodt to Covidien. Any such payment pursuant to this Section 2.16(e) is to be made within five (5) Business Days of the date on which the Adjustment Amount and the Target Adjustment Amount have been finally determined pursuant to this Section 2.16.