Common use of PROPERTY TAX RESOLUTION Clause in Contracts

PROPERTY TAX RESOLUTION. To resolve an outstanding matter regarding amounts owed by Berlin Station (“Seller”) to PSNH (“Buyer “) for real property in the City of Berlin subject to that city’s assessment of property taxes, a new Section 9.10 shall be included in the Agreement as follows: Pursuant to Section 12.4 of the “Standard Large Generator Interconnection Agreement” (“LGIA”) pertaining to Berlin Station, the parties agree to resolve a billing dispute in the following manner. Per the LGIA, Seller is responsible for reimbursing Buyer for property taxes allocable to the Generator Interconnection Related Upgrade (“GIRU”). For purposes of allocating property taxes assessed upon Buyer by the City of Berlin, this allocation shall be made by multiplying the total taxes assessed by the City by the percentage that the net book value of the GIRU facilities represents to the Buyer’s total net book value of assets subject to property taxation by the City. Notwithstanding the provisions of the LGIA, any determination whether the assessment of taxes by the City should be challenged or abated shall be made solely by Buyer and the costs of any such challenge or abatement request will be borne solely by Buyer. In the event that any such challenge or abatement results in a reduction to the taxes assessed on the Buyer’s property by the City, the Seller shall receive its proportionate share of such tax reduction in the same manner as taxes were originally allocated. Buyer shall provide Seller with an invoice statement annually stating the amount of the tax and any applicable abatement reductions. Property taxes or credits due and owing to Buyer under this provision shall be collected by Buyer by deductions or credits by Buyer from or to the Seller’s invoices for Energy purchased under the Agreement. Property taxes or credits due will be divided into appropriate monthly payments, with each such monthly payment deducted from or credited to Seller’s respective monthly invoices for Energy. In the event that Energy charges are not sufficient to offset the full amount of tax payments due to Buyer, Seller shall promptly pay the amount due upon receipt of an invoice from Buyer.

PROPERTY TAX RESOLUTION. To resolve an outstanding matter regarding amounts owed by Berlin Station (“Seller”) to PSNH (“Buyer “) for real property in the City of Berlin subject to that city’s assessment of property taxes, a new Section 9.10 shall be included in the Agreement as follows: Pursuant to Section 12.4 of the “Standard Large Generator Interconnection Agreement” (“LGIA”) pertaining to Berlin Station, the parties agree to resolve a billing dispute in the following manner. Per the LGIA, Seller Xxxxxx is responsible for reimbursing Buyer for property taxes allocable to the Generator Interconnection Related Upgrade (“GIRU”). For purposes of allocating property taxes assessed upon Buyer by the City of Berlin, this allocation shall be made by multiplying the total taxes assessed by the City by the percentage that the net book value of the GIRU facilities represents to the Buyer’s total net book value of assets subject to property taxation by the City. Notwithstanding the provisions of the LGIA, any determination whether the assessment of taxes by the City should be challenged or abated shall be made solely by Buyer Xxxxx and the costs of any such challenge or abatement request will be borne solely by BuyerXxxxx. In the event that any such challenge or abatement results in a reduction to the taxes assessed on the Buyer’s property by the City, the Seller shall receive its proportionate share of such tax reduction in the same manner as taxes were originally allocated. Buyer shall provide Seller with an invoice statement annually stating the amount of the tax and any applicable abatement reductions. Property taxes or credits due and owing to Buyer under this provision shall be collected by Buyer by deductions or credits by Buyer Xxxxx from or to the Seller’s invoices for Energy purchased under the Agreement. Property taxes or credits due will be divided into appropriate monthly payments, with each such monthly payment deducted from or credited to SellerXxxxxx’s respective monthly invoices for Energy. In the event that Energy charges are not sufficient to offset the full amount of tax payments due to Buyer, Seller shall promptly pay the amount due upon receipt of an invoice from Buyer.