Common use of Land Tax Credit Clause in Contracts

Land Tax Credit. (a) The Entity, or its Transferee, shall pay the Annual Service Charge or the Minimum Annual Service Charge, as applicable, in accordance with the terms of this Financial Agreement. The Entity is required to pay both the Annual Service Charge and the Land Tax Payments. The Entity is obligated to make timely Land Tax Payments, including any tax on the pre-existing improvements, in order to be entitled to a Land Tax Payment credit against the Annual Service Charge for the subsequent year. The Entity, or its Transferee, shall be entitled to a credit against the Annual Service Charge for the amount, without interest, of the pro rata portion of the Land Tax Payments made in the last four (4) preceding quarterly installments.