Common use of Municipal Tax Appeals, Refunds, Reductions or Reassessments Clause in Contracts

Municipal Tax Appeals, Refunds, Reductions or Reassessments. At Seller’s request in its sole discretion, and at Seller’s sole expense, Buyer shall assist Seller in taking any steps Seller directs with respect to any appeal or re-assessment with respect to any Municipal Taxes owing for the period prior to the Effective Date. Seller shall retain all right, title and benefit in and to any municipal tax refunds, reductions or re-assessments with respect to Municipal Taxes owing for the period prior to the Effective Date (such amount, a “Municipal Tax Refund”). Seller and Buyer shall jointly direct the municipality to pay any Municipal Tax Refund to Seller. All right, title and benefit in and to any municipal tax refunds, reductions or re-assessments with respect to Municipal Taxes for the period on or after the Effective Date shall be transferred and assigned by Seller to Buyer on Closing. Buyer and Seller shall readjust the amount of any such refund, reduction or re-assessment payment between them, as applicable, after the conclusion of any assessment appeal based upon the respective pro rata entitlements thereto, as described above provided, however, that each party shall be responsible for collecting any such refund, reduction or re-assessment payment which, through inadvertence, is made by a Municipality directly to a landowner.

Municipal Tax Appeals, Refunds, Reductions or Reassessments. At Seller’s request in its sole discretion, and at Seller’s sole expense, Buyer Xxxxx shall assist Seller in taking any steps Seller directs with respect to any appeal or re-assessment with respect to any Municipal Taxes owing for the period prior to the Effective Date. Seller shall retain all right, title and benefit in and to any municipal tax refunds, reductions or re-assessments with respect to Municipal Taxes owing for the period prior to the Effective Date (such amount, a “Municipal Tax Refund”). Seller and Buyer shall jointly direct the municipality to pay any Municipal Tax Refund to Seller. All right, title and benefit in and to any municipal tax refunds, reductions or re-assessments with respect to Municipal Taxes for the period on or after the Effective Date shall be transferred and assigned by Seller to Buyer on Closing. Buyer and Seller shall readjust the amount of any such refund, reduction or re-assessment payment between them, as applicable, after the conclusion of any assessment appeal based upon the respective pro rata entitlements thereto, as described above provided, however, that each party shall be responsible for collecting any such refund, reduction or re-assessment payment which, through inadvertence, is made by a Municipality directly to a landowner.