Common use of Apportionment of Property Taxes Clause in Contracts

Apportionment of Property Taxes. In the event that the Premises are included in the same tax parcel as other real or personal property owned by Ranchcorp, Ranchcorp and PEF agree to cooperate in requesting that the Premises be separately assessed from other property owned by Ranchcorp. In the event that the Premises are included in a tax ▇▇▇▇ with other property owned by Ranchcorp, Ranchcorp shall pay the property tax ▇▇▇▇ before delinquency and PEF shall reimburse Ranchcorp for the portion of the tax ▇▇▇▇ attributable to the land and Improvements comprising the Premises, based on the actual assessed value of the land and Improvements comprising the Project. Any dispute between the parties regarding the amount of PEF's property tax obligation under this section shall be resolved by arbitration as provided by Section 12 of the Transaction Agreement.