Mortgage Recording Tax Exemption. Section 874 of the Act exempts the Agency from paying certain mortgage recording taxes except for the portion of the mortgage recording tax allocated to transportation districts referenced in Section 253(2)(a) of the New York State Real Property Tax Law. The Agency hereby grants to the Company exemption from mortgage recording taxes for one or more mortgages (collectively, the "Mortgage") securing an aggregate principal amount not to exceed Maximum Mortgage Principal Amount, or such greater amount as approved by the Agency in its sole and absolute discretion, in connection with the financing of the Project and any future financing, refinancing or permanent financing of the costs of the Project (the "Mortgage Recording Tax Exemption"). The Company represents and warrants (1) that the real property secured by the Mortgage is located within a transportation district referenced in Section 253(2)(a) of the Tax Law, and (2) that upon recording the Mortgage, the Company shall pay the mortgage recording tax allocated to transportation districts referenced in Section 253(a)(2) of the Tax Law.
Mortgage Recording Tax Exemption. Section 874 of the Act exempts the Agency from paying certain mortgage recording taxes except for the portion of the mortgage recording tax allocated to transportation districts referenced in Section 253(2)(a) of the Tax Law. The Agency hereby grants to the Company exemption from mortgage recording taxes for one or more Mortgages securing an aggregate principal amount not to exceed $75,000,000, or such greater amount as approved by the Agency in its sole and absolute discretion, in connection with the financing of the Project Work and any future financing, refinancing or permanent financing of the costs of the Project Work for the Facility (the “Mortgage Recording Tax Exemption”). The Company represents and warrants (1) that the real property secured by the Mortgage is located within a transportation district referenced in Section 253(2)(a) of the Tax Law, and (2) that upon recording the Mortgage, the Company shall pay the mortgage recording tax allocated to transportation districts referenced in Section 253(a)(2) of the Tax Law.
Mortgage Recording Tax Exemption. The Agency hereby grants to the Company an exemption from mortgage recording taxes (except to the extent limited by Section 874 of the Act) for one or more Mortgages securing an aggregate principal amount not to exceed $25,000,000, with the amount of the mortgage recording tax exemption benefit not to exceed $187,500, or such greater amount as approved by the Agency in its sole and absolute discretion, in connection with the financing or refinancing of the Project Facility (the “Mortgage Recording Tax Exemption”).
Mortgage Recording Tax Exemption. Please report amount of mortgage recording tax exemption accrued by project during period Jan. 1, and ending Dec. 31, . $
Mortgage Recording Tax Exemption. (a) The Lessee acknowledges that the Agency has exempted in whole or in part the payment of Mortgage Recording Taxes on the Exempt Mortgage in the amount of the Mortgage Recording Tax Exemption Amount.
(b) The Lessee acknowledges and agrees that the Agency is not obligated to exempt in whole or in part the payment of Mortgage Recording Taxes for the recording of any mortgage other than the Exempt Mortgage; nor is the Agency obligated to exempt in whole or in part the payment of Mortgage Recording Taxes on any extension, modification or other amendment to, or any assignment, consolidation or restatement of, the Exempt Mortgage.
(c) The Agency agrees that if, in connection with the refinancing of the Exempt Mortgage, the Lessee (i) causes the mortgagee of the Exempt Mortgage to assign the Exempt Mortgage to a new mortgagee, and/or (ii) causes the Exempt Mortgage to be modified, extended, consolidated or otherwise amended, the Agency will not object to any resulting continuation of the exemption of the Mortgage Recording Taxes originally applicable to the Exempt Mortgage, provided that the Agency shall be fully released from the Exempt Mortgage upon any such assignment.
Mortgage Recording Tax Exemption. Section 874 of the Act exempts the Agency from paying certain mortgage recording taxes except for the portion of the mortgage recording tax allocated to transportation districts referenced in Section 253(2)(a) of the Tax Law. The Agency hereby grants to the Company exemption from mortgage recording taxes for one or more Mortgages securing an aggregate principal amount not to exceed Maximum Mortgage Principal Amount, or such greater amount as approved by the Agency in its sole and absolute discretion, in connection with the financing of the Project and any future financing, refinancing or permanent financing of the costs of the Project (the “Mortgage Recording Tax Exemption”); it being understood and agreed that nothing herein shall prohibit the Company from obtaining a mortgage or mortgages in a greater amount if it pays the excess Mortgage Recording Tax applicable over the Maximum Mortgage Recording Tax Exemption. The Company represents and warrants (1) that the real property secured by the Mortgage is located within a transportation district referenced in Section 253(2)(a) of the Tax Law, and (2) that upon recording the Mortgage, the Company shall pay the mortgage recording tax allocated to transportation districts referenced in Section 253(a)(2) of the Tax Law.
Mortgage Recording Tax Exemption. Reserved.
Mortgage Recording Tax Exemption. Section 874 of the Act and Section 1411 of the New York State Not-For-Profit Corporation Law, as the circumstances may require, exempts the Agency from paying certain mortgage recording taxes except for the portion of the mortgage recording tax allocated to transportation districts referenced in Section 253(2)(a) of the New York State Real Property Tax Law. The Agency hereby grants to the Company exemption from mortgage recording taxes for one or more mortgages (collectively, the “Mortgage”) securing an aggregate principal amount not to exceed Maximum Mortgage Principal Amount, or such greater amount as approved by the Agency in its sole and absolute discretion, in connection with the financing of the Project and any future financing, refinancing or permanent financing of the costs of the Project (the “Mortgage Recording Tax Exemption”). The Company represents and warrants (1) that the real property secured by the Mortgage is located within a transportation district referenced in Section 253(2)(a) of the Tax Law, and (2) that upon recording the Mortgage, the Company shall pay the mortgage recording tax allocated to transportation districts referenced in Section 253(a)(2) of the Tax Law.
Mortgage Recording Tax Exemption. Section 874 of the Act exempts the Agency from paying certain mortgage recording taxes except for the portion of the mortgage recording tax allocated to transportation districts referenced in Section 253(2)(a) of the Tax Law. The Agency hereby grants to the Company exemption from mortgage recording taxes for one or more Mortgages securing an aggregate principal amount not to exceed the PILOT Mortgage Principal Amount (the “Mortgage Recording Tax Exemption”). The Company represents and warrants (1) that the real property secured by the PILOT Mortgage is located within a transportation district referenced in Section 253(2)(a) of the Tax Law, and (2) that upon recording the PILOT Mortgage, the Company shall pay the mortgage recording tax allocated to transportation districts referenced in Section 253(a)(2) of the Tax Law.
Mortgage Recording Tax Exemption. (a) The following capitalized terms shall have the respective meanings specified below: The Lessee acknowledges that the Agency has exempted the payment of Mortgage Recording Taxes on the Initial Mortgage and, if (y) the Affiliate Guarantor shall not have been released from under the Guaranty Agreement pursuant to Section 5.7 thereof, and (z) the Agency Lease Leasehold Estate and the Company Lease shall not have been terminated in accordance with Article X, the Initial Refinancing Mortgages. Furthermore, other than in connection with the initial recordation of the Initial Mortgage and the Initial Refinancing Mortgages, the Lessee covenants and agrees that it will not claim, or allow any mortgagee to claim, any mortgage recording tax exemption, based on the status or involvement of the Agency in the Project or the Facility, in connection with the recordation of any mortgage or assignment of leases and rents. In the event the principal amount of the indebtedness secured by the Initial Refinancing Mortgages is in excess of $275,000,000, the Lessee shall, on or prior to the execution of the Initial Refinancing Mortgages, pay a fee to the Agency calculated as follows:
(i) the principal amount of the indebtedness secured by the Initial Refinancing Mortgages, less
(ii) $275,000,000,
(iii) the result of which is then multiplied by two and eight-tenths percent (2.8%), and
(iv) the result of which is then multiplied by six percent (6%). By way of example, if the principal amount of the indebtedness secured by the Initial Refinancing Mortgages is $300,000,000, then the additional fee payable to the Agency would be $25,000,000 multiplied by 2.8% or $700,000, and $700,000 would then be multiplied by 6%, with a resultant fee of $42,000.
(b) The Lessee further acknowledges and agrees that the Agency is not obligated to exempt the payment of Mortgage Recording Taxes for the recording of any mortgage other than an Exempt Mortgage and only as provided in Section 5.3(a); nor, except as otherwise set forth herein and to the extent permitted by applicable law, is the Agency obligated to exempt the payment of Mortgage Recording Taxes on any extension, modification or other amendment to, or any assignment, consolidation or restatement of, an Exempt Mortgage.
(c) The Agency agrees that if, in connection with the refinancing of an Exempt Mortgage, the Lessee (i) causes the mortgagee of the Exempt Mortgage to assign the Exempt Mortgage to a new mortgagee, and/or (ii) causes the Exe...
