Developer’s Payment of Ad Valorem Taxes; First Tax Increment Year Clause Samples

Developer’s Payment of Ad Valorem Taxes; First Tax Increment Year. (A) The Developer shall timely pay, or cause to be paid, all ad valorem taxes for the portions of the Site still owned by Developer, based on the Assessed Taxable Value and in accordance with current laws and ordinances. (B) The following examples assume that the Agency has triggered the taking of tax increment under the Project Area Budget such that Tax Increment Year 2011 is the first Tax Increment Year of the Project Area Budget. Pursuant to the Project Area Budget, the Agency may set the first Tax Increment Year as 2011, 2012 or 2013. The Developer understands that in order for Improvements constructed and installed on the Site during calendar year 2010 to be included on the final tax assessment rolls of Salt Lake County for Tax Increment Year 2011, and to generate a tax increment for Tax Increment Year 2011, the Improvements on the Site must be constructed, installed and completed on or before December 31, 2010. Improvements constructed, installed and completed during calendar year 2011 will appear on the 2012 tax assessment roll having a tax lien date of January 1, 2012. Tax increment resulting from property taxes paid on November 30, 2011, will be received by the Agency from the County in the spring. of 2012; when the County Treasurer pays to the Agency the tax increment monies which are available for distribution. (C) Notwithstanding the Agency’s right as set forth in the Project Area Budget to set the first Tax Increment Year as any year between 2011 and 2013, Developer and Agency agree that, unless otherwise agreed by them in writing, the Agency will set as the first Tax Increment Year of the Project Area Budget the first full calendar year after the completion of the Improvements at least equal to the Minimum Investment Amount, or the calendar year 2013, whichever is earlier. (D) According to the TEC Resolution, the first Tax Increment Year is 2017.
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Developer’s Payment of Ad Valorem Taxes; First Tax Increment Year. (A) The Developer shall timely pay, or cause to be paid, all ad valorem taxes for the portions of the Site still owned by Developer, based on the Assessed Taxable Value and in accordance with current laws and ordinances. (B) According to the TEC Resolution, the first Tax Increment Year is 2017.
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Related to Developer’s Payment of Ad Valorem Taxes; First Tax Increment Year

  • Straddle Period Taxes Seller shall, at its own expense, prepare and timely file all Tax Returns relating to all real property Taxes, personal property Taxes or similar ad valorem obligations levied (i) on the owner of the Transferred Loans for any taxable period that begins before the Cut-Off Time and ends after the Cut-Off Time and (ii) on the owner of all other CIT Bank Purchased Assets for any taxable period that begins before the Closing Date and ends after the Closing Date (each such taxable period, a “Straddle Period”, and such Taxes, “Straddle Period Taxes”), whether imposed or assessed before or after the Cut-Off Time or the Closing Date, as appropriate. Buyers shall be liable for and shall indemnify Seller, its Affiliates and each of their respective officers, directors, employees, stockholders, agents, and representatives against all liability for the amount of such Straddle Period Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending after the Cut-Off Time for the Transferred Loans and after the Closing Date for all other CIT Bank Purchased Assets and the denominator of which is the number of days in the entire relevant Straddle Period. Seller shall be liable for and shall indemnify Buyers, their Affiliates and each of their respective officers, directors, employees, stockholders, agents, and representatives against all liability for the amount of such Straddle Period Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending before the Cut-Off Time for the Transferred Loans and ending on or before the Closing Date for all other CIT Bank Purchased Assets and the denominator of which is the number of days in the entire relevant Straddle Period. Any credits relating to a Straddle Period shall be taken into account as though the relevant Straddle Period ended at the Cut-Off Time or on the Closing Date, as appropriate. Any material Tax Return for a Straddle Period shall be submitted to Buyers by Seller at least ten (10) Business Days prior to the due date of such Tax Return (taking valid extensions into account). Buyers will pay to Seller, within two (2) Business Days after the filing of any such Tax Return by Seller, an amount equal to the portion of the Straddle Period Taxes reflected on such Tax Return for which Buyers are liable under this Section 6.11. For the avoidance of doubt, Straddle Period Taxes do not include any Taxes owed by an Obligor with respect to real property securing any Transferred Loan.

  • Payment of Sales, Use or Similar Taxes All sales, use, transfer, intangible, recordation, documentary stamp or similar Taxes or charges, of any nature whatsoever, applicable to, or resulting from, the transactions contemplated by this Agreement shall be borne by the Sellers.

  • Payment and Year-End Adjustment Amounts accrued pursuant to this Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

  • Tax Payments Each Company shall be liable for and shall pay the Taxes allocated to it by this Section 2 either to the applicable Tax Authority or to the other Company in accordance with Section 4 and the other applicable provisions of this Agreement.

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