Common use of No additional Tax Credits or Tax Exemptions Clause in Contracts

No additional Tax Credits or Tax Exemptions. To induce the City to enter into this Agreement, Company covenants and agrees that during the Term of this Agreement, no new or additional application for designation of any portion of the Property pursuant to N.C.G.S. § 160A-400.5 or any similar or successor statute, shall be submitted to the City or County which would have the effect of reducing the tax revenue of the City for all or any portion of the real estate which comprises the Property. The Company further agrees that no application for exemption from ad valorem property taxes shall be submitted to the City or County for any portion of the Property. Notwithstanding the foregoing, the Company shall not be prohibited from seeking or obtaining the continuation of the existing landmark status of the Property or from pursuing or participating in programs for credits or deductions related to state or federal income tax. Unless the City waives this Section 3.4 requirement in writing, failure of the Company to comply with this Section 3.4 shall release the City of its obligation to make any further City Payment otherwise required and shall allow the City to seek reimbursement for all City Payment made as of the date of non-compliance by the Company of this Section 3.4 in an amount equal to the City Payment(s) made to the Company for the year(s) during which such ad valorem property tax exemption applied.

No additional Tax Credits or Tax Exemptions. To induce the City to enter into this Agreement, Company covenants and agrees that during the Term of this Agreement, no new or additional application for designation of any portion of the Property pursuant to N.C.G.S. § 160A-400.5 or any similar or successor statute, shall be submitted to the City or County which would have the effect of reducing the tax revenue of the City for all or any portion of the real estate which comprises the Property. The Company further agrees that no application for exemption from ad valorem property taxes shall be submitted to the City or County for any portion of the Property. Notwithstanding the foregoing, the Company shall not be prohibited from seeking or obtaining the continuation of the existing landmark status of the Property or from pursuing or participating in programs for credits or deductions related to state or federal income tax. Unless the City waives this such Section 3.4 3.3 requirement in writing, failure of the Company to comply with this Section 3.4 3.3 shall release the City of its obligation to make any further City Payment otherwise required and shall allow the City to seek reimbursement for all City Payment made as of the date of non-compliance by the Company of this Section 3.4 3.3 in an amount equal to the City Payment(s) made to the Company for the year(s) during which such ad valorem property tax exemption applied.

No additional Tax Credits or Tax Exemptions. To induce the City to enter into this Agreement, Company covenants and agrees that during the Term of this AgreementCity Payment Period, no new or additional application for designation of any portion of the Property pursuant to N.C.G.S. § 160A-400.5 or any similar or successor statute, shall be submitted to the City or County which would have the effect of reducing the tax revenue of the City for all or any portion of the real estate which comprises the Property. The Company further agrees that no application for exemption from ad valorem property taxes shall be submitted to the City or County for any portion of the Property. Notwithstanding the foregoing, the Company shall not be prohibited from seeking or obtaining the continuation of the existing landmark status of the Property or from pursuing or participating in programs for credits or deductions related to state or federal income tax. Further, the company shall not be prohibited from contesting the valuation of the Property for tax purposes by the County Tax Assessor in accordance with applicable law. Unless the City waives this such Section 3.4 3.3 requirement in writing, failure of the Company to comply with this Section 3.4 3.3 shall release the City of its obligation to make any further City Payment otherwise required and shall allow the City to seek reimbursement for all City Payment made as of the date of non-compliance by the Company of this Section 3.4 3.3 in an amount equal to the City Payment(s) made to the Company for the year(s) during which such ad valorem property tax exemption applied.

No additional Tax Credits or Tax Exemptions. To induce the City to enter into this Agreement, Company covenants and agrees that during the Term of this Agreement, no new or additional application for designation of any portion of the Property pursuant to N.C.G.S. § 160A-400.5 or any similar or successor statute, shall be submitted to the City or County which would have the effect of reducing the tax revenue of the City for all or any portion of the real estate which comprises the Property. The Company further agrees that no application for exemption from ad valorem property taxes shall be submitted to the City or County for any portion of the Property. Notwithstanding the foregoing, the Company shall not be prohibited from seeking or obtaining the continuation of the existing landmark status of the Property or from pursuing or participating in programs for credits or deductions related to state or federal income tax. Further, the company shall not be prohibited from contesting the valuation of the Property for tax purposes by the County Tax Assessor in accordance with applicable law. Unless the City waives this such Section 3.4 3.3 requirement in writing, failure of the Company to comply with this Section 3.4 3.3 shall release the City of its obligation to make any further City Payment otherwise required and shall allow the City to seek reimbursement for all City Payment made as of the date of non-compliance by the Company of this Section 3.4 3.3 in an amount equal to the City Payment(s) made to the Company for the year(s) during which such ad valorem property tax exemption applied.

No additional Tax Credits or Tax Exemptions. To induce the City County to enter into this Agreement, Company covenants and agrees that during the Term of this Agreement, no new or additional application for designation of any portion of the Property pursuant to N.C.G.S. § 160A-400.5 or any similar or successor statute, shall be submitted to the City or County which would have the effect of reducing the tax revenue of the City County for all or any portion of the real estate which comprises the Property. The Company further agrees that no application for exemption from ad valorem property taxes shall be submitted to the City or County for any portion of the Property. Notwithstanding the foregoing, the Company shall not be prohibited from seeking or obtaining the continuation of the existing landmark status of the Property or from pursuing or participating in programs for credits or deductions related to state or federal income tax. Unless the City County waives this Section 3.4 3.3 requirement in writing, failure of the Company to comply with this Section 3.4 3.3 shall release the City County of its obligation to make any further City County Payment otherwise required and shall allow the City County to seek reimbursement for all City County Payment made as of the date of non-compliance by the Company of this Section 3.4 3.3 in an amount equal to the City County Payment(s) made to the Company for the year(s) during which such ad valorem property tax exemption applied.

No additional Tax Credits or Tax Exemptions. To induce the City to enter into this Agreement, Company covenants and agrees that during the Term of this Agreement, no new or additional application for designation of any portion of the Property pursuant to N.C.G.S. § 160A-400.5 or any similar or successor statute, shall be submitted to the City or County which would have the effect of reducing the tax revenue of the City for all or any portion of the real estate which comprises the Property. The Company further agrees that no application for exemption from ad valorem property taxes shall be submitted to the City or County for any portion of the Property. Notwithstanding the foregoing, the Company shall not be prohibited from seeking or obtaining the continuation of the existing landmark status of the Property or from pursuing or participating in programs for credits or deductions related to state or federal income tax. Unless the City waives this such Section 3.4 requirement in writing, failure of the Company to comply with this Section 3.4 shall release the City of its obligation to make any further City Payment otherwise required and shall allow the City to seek reimbursement for all City Payment made as of the date of non-compliance by the Company of this Section 3.4 in an amount equal to the City Payment(s) made to the Company for the year(s) during which such ad valorem property tax exemption applied.

No additional Tax Credits or Tax Exemptions. To induce the City to enter into this Agreement, Company covenants and agrees that during the Term of this Agreement, no new or additional application for designation of any portion of the Property pursuant to N.C.G.S. § 160A-400.5 or any similar or successor statute, shall be submitted to the City or County which would have the effect of reducing the tax revenue of the City for all or any portion of the real estate which comprises the Property. The Company further agrees that no application for exemption from ad valorem property taxes shall be submitted to the City or County for any portion of the Property. Notwithstanding the foregoing, the Company shall not be prohibited from seeking or obtaining the continuation of the existing landmark status of the Property or from pursuing or participating in programs for credits or deductions related to state or federal income tax. Unless the City waives this such Section 3.4 requirement in writing, failure of the Company to comply with this Section 3.4 shall release the City of its obligation to make any further City Incentive Payment otherwise required and shall allow the City to seek reimbursement for all City Incentive Payment made as of the date of non-compliance by the Company of this Section 3.4 in an amount equal to the City Incentive Payment(s) made to the Company for the year(s) during which such ad valorem property tax exemption applied.