Common use of Delinquent Taxes Clause in Contracts

Delinquent Taxes. In the event that the Owner allows its ad valorem taxes to become delinquent and fails to timely and properly follow the legal procedures for their protest and/or contest, this Agreement shall be subject to termination and so shall the abatement of the taxes for the tax year of the delinquency. The total taxes assessed without abatement for that tax year shall be paid within sixty (60) days from the date of termination. Penalty and interest shall not begin to accrue on the additional amount of taxes due as the result of recapture under this provision until the first day of the month following such sixty (60) day notice, at which time penalty and interest shall accrue in accord with the laws of the State of Texas. Penalty and interest on the amount of taxes originally levied based upon the Abatement shall, of course, begin to accrue as of the date such taxes were due in accord with the laws of the State of Texas.

Delinquent Taxes. In the event that the Owner allows its ad valorem taxes to become delinquent and fails to timely and properly follow the legal procedures for their protest and/or contest, this Agreement shall be subject to termination and so shall the abatement of the taxes for the tax year of the delinquency. The total taxes assessed without abatement for that tax year shall be paid within sixty (60) 60 days from the date of termination. Penalty and interest shall not begin to accrue on the additional amount of taxes due as the result of recapture under this provision until the first day of the month following such sixty (60) day notice, at which time penalty and interest shall accrue in accord with the laws of the State of Texas. Penalty and interest on the amount of taxes originally levied based upon the Abatement shall, of course, begin to accrue as of the date such taxes were due in accord with the laws of the State of Texas.

Delinquent Taxes. In the event that the Owner allows its ad valorem taxes to become delinquent and fails to timely and properly follow the legal procedures for their protest and/or contest, this Agreement shall be subject to termination terminate and so shall the abatement of the taxes for the tax year of the delinquency. The total taxes assessed without abatement for that tax year shall be paid within sixty (60) 60 days from the date of termination. Penalty and interest shall not begin to accrue on the additional amount of taxes due as the result of recapture under this provision until the first day of the month following such sixty (60) day notice, at which time penalty and interest shall accrue in accord with the laws of the State of Texas. Penalty and interest on the amount of taxes originally levied based upon the Abatement shall, of course, begin to accrue as of the date such taxes were due in accord with the laws of the State of Texas.