Reduction of Taxes Sample Clauses
The "Reduction of Taxes" clause establishes how parties will handle situations where tax obligations related to the agreement are reduced or eliminated. Typically, this clause requires that if a party benefits from a tax reduction, refund, or exemption that affects payments under the contract, the financial benefit is shared or passed on according to the agreement's terms. For example, if a service provider receives a tax refund on previously paid amounts, they may be required to reimburse the client for the corresponding portion. The core function of this clause is to ensure fairness by preventing one party from receiving an unintended financial windfall due to changes in tax liabilities, thereby maintaining the intended economic balance of the contract.
Reduction of Taxes. Prior to the termination of this Agreement, the Developer will not (a) cause a reduction in the real property taxes paid in respect of the Development Property through willful destruction of the Facility or any part thereof; or (b) fail to reconstruct the Facility if damaged or destroyed, as required under Section 5.1(c) hereof.
Reduction of Taxes. Any expense incurred by the Landlord in obtaining or attempting to obtain a reduction in the amount of tax shall be added to and included in the amount of such Taxes. If the Tenant has paid its Proportionate Share of Taxes and the Landlord has thereafter received a refund of any portion of such Taxes, the Landlord shall make an appropriate refund to the Tenant.
Reduction of Taxes. The Developer agrees that prior to the Termination Date,
(a) It will not cause a reduction in the real property taxes paid in respect of the Development Property by (i) willful destruction of the Development Property or any part thereof; or (ii) willful refusal to reconstruct damaged or destroyed property, except to the extent otherwise provided in Section 5.1; (iii) filing any petition to seek reduction in market value or property taxes on any portion of the Development Property under any State law.
(b) It will not seek any tax exemption, tax deferral or abatement, either presently or prospectively or any other State or federal law, of the taxation of real property contained in the Development Property between the date of execution of this Agreement and the Termination Date.
(c) It will not seek administrative review or judicial review of the applicability or constitutionality of any tax statute relating to the taxation of real property contained on the Development Property determined by any tax official to be applicable to the Minimum Improvements or the Developer or raise the inapplicability or constitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; provided, however, that “tax statute” does not include any local ordinance or resolution levying a tax.
Reduction of Taxes. (a) The Developer agrees that prior to completion of the Minimum Improvements, it will not cause a reduction in the real property taxes paid in respect of the Development Property through: (A) willful destruction of the Minimum Improvements or any part thereof; (B) willful refusal to reconstruct damaged or destroyed property, except to the extent otherwise provided in Section 5.1(e); (C) subject to Section 6.3, apply for a deferral or abatement of property tax on the Development Property pursuant to any law; or (D) convey or transfer or allow conveyance or transfer of the Development Property to any entity that is exempt from payment of real property taxes under State law (other than any portion thereof dedicated or conveyed to the City in accordance with this Agreement).
(b) The Developer (or any successor) may use any administrative or legal process provided under State law to seek reduction of market value of any Parcel of the Development Property and Minimum Improvements thereon for ad valorem tax purposes, provided that (i) promptly upon filing any petition or claim with any Tax Official, the Developer shall provide written notice of such action to the City; and (ii) if Developer (or any successor) files such a petition or claim, the City will withhold payment of any Available Tax Increment (without interest) that is attributable to the relevant Parcel in the tax-payable year that is the subject of the petition or claim, until the petition or claim is fully resolved such that the County has finally determined the amount of property taxes payable with respect to the relevant Parcel of the Development Property for that year.
Reduction of Taxes. BCBS and West Bend further agree, upon request, to use their best efforts to obtain any certificate or other document from any Government Entity or any other person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including, but not limited to, with respect to the transactions contemplated hereby).
Reduction of Taxes. The Master Developer agrees that prior to the Maturity Date it will not cause a reduction in the real property taxes paid in respect of the Redevelopment Property through: (A) willful destruction of the Redevelopment Property or any part thereof (except for the planned demolition of barns, stable dormitories and related improvements designed to promote the redevelopment of the Redevelopment Property); or (B) willful refusal to reconstruct damaged or destroyed property. The Master Developer also agrees that it will not, prior to the Maturity Date, seek exemption from property tax for the Redevelopment Property or any portion thereof or transfer or permit the transfer of the Redevelopment Property to any entity that is exempt from real property taxes and state law (other than any portion thereof dedicated or conveyed to the City or the County in accordance with platting of the Redevelopment Property or for public improvements, right-of-way, or storm water ponding), or apply for a deferral of property tax on the Redevelopment Property pursuant to any law.