Common use of Payment of Non-Exempt Taxes Clause in Contracts

Payment of Non-Exempt Taxes. Each Owner shall pay such real property taxes as are not exempted under this Agreement or otherwise exempted and are charged against such Owner’s property and shall file all tax reports and returns as required by law in connection therewith. If an Owner fails to pay such taxes or file such returns and reports, and such failure is not corrected within thirty days of written notice thereof to such Owner, all exemptions from taxation granted under this Agreement with respect to property of such Owner are rescinded beginning with the year for which such unpaid taxes are charged or such unfiled reports or returns are required to be filed and thereafter; provided, however, to the extent permitted by law, the City may elect to reinstate such exemptions under terms acceptable to the City. Any such rescission, as provided in this Section, shall have no effect on exemptions from taxation granted under this Agreement with respect to property of Owners other than such defaulting Owner(s).

Payment of Non-Exempt Taxes. Each Owner OwnerCompany shall pay such real property taxes as are not exempted under this Agreement or otherwise exempted and are charged against such OwnerOwnerCompany’s property and shall file all tax reports and returns as required by law in connection therewith. If an Owner OwnerCompany fails to pay such taxes or file such returns and reports, and such failure is not corrected within thirty days of written notice thereof to such OwnerOwnerCompany, all exemptions from taxation granted under this Agreement with respect to property of such Owner OwnerCompany are rescinded beginning with the year for which such unpaid taxes are charged or such unfiled reports or returns are required to be filed and thereafter; provided, however, to the extent permitted by law, the City may elect to reinstate such exemptions under terms acceptable to the City. Any such rescission, as provided in this Section, shall have no effect on exemptions from taxation granted under this Agreement with respect to property of Owners OwnerCompanys other than such defaulting Owner(sOwnerCompany(s).