Common use of Property Tax Exemption Clause in Contracts

Property Tax Exemption. To the extent the property tax exemption provisions of section 214 of the Revenue and Taxation Code are applicable to the Borrower and the Development, Borrower shall take all actions necessary to qualify the Development for the maximum exemption from property taxes available pursuant to said section 214 of the Revenue and Taxation Code. Such actions may include, but are not limited to the following: a. Modify, add to or delete from the articles of incorporation, bylaws or other organizational documents of Borrower or of the managing general partner of Xxxxxxxx; b. Apply for nonprofit, tax-exempt status to the appropriate state or federal agency; c. Provide the certifications and assurances required by section 214 of the Revenue and Taxation Code; and d. Comply with the procedures and requirements imposed by local government agencies as a condition of receiving the property tax exemption.

Property Tax Exemption. To the extent the property tax exemption provisions of section 214 of the Revenue and Taxation Code are applicable to the Borrower and the Development, Borrower shall take all actions necessary to qualify the Development for the maximum exemption from property taxes available pursuant to said section 214 of the Revenue and Taxation Code. Such actions may include, but are not limited to the following: a. Modify, add to or delete from the partnership agreement, operating agreement, articles of incorporation, bylaws or other organizational documents of Borrower or of the managing general partner of XxxxxxxxBorrower’s Control Person; b. Apply for nonprofit, tax-exempt status to the appropriate state or federal agency; c. Provide the certifications and assurances required by section 214 of the Revenue and Taxation Code; and d. Comply with the procedures and requirements imposed by local government agencies as a condition of receiving the property tax exemption.

Property Tax Exemption. To the extent the property tax exemption provisions of section 214 of the Revenue and Taxation Code are applicable to the Borrower and the Development, Borrower shall take all actions necessary to qualify the Development for the maximum exemption from property taxes available pursuant to said section 214 of the Revenue and Taxation Code. Such actions may include, but are not limited to the following: a. Modify, add to or delete from the articles of incorporation, bylaws or other organizational documents of Borrower or of the managing general partner of XxxxxxxxBorrower; b. Apply for nonprofit, tax-exempt status to the appropriate state or federal agency; c. Provide the certifications and assurances required by section 214 of the Revenue and Taxation Code; and d. Comply with the procedures and requirements imposed by local government agencies as a condition of receiving the property tax exemption.