Real Estate or Personal Property Taxes Sample Clauses

Real Estate or Personal Property Taxes. The Act provides that the Premises (but not any leasehold improvements made by StadCo or the Team or the StadCo Personal Property) are exempt from ad valorem property taxes in Nevada, subject to certain exceptions and qualifications as set forth in Section 35(1)(c) of the Act. StadCo shall file all applications and seek such determinations as are necessary to reflect such tax exemption in the records of the relevant taxing authorities. The Authority and StadCo agree to timely sign all necessary instruments in connection with such application or determinations. To the extent a particular use by StadCo or the Team results in real or personal property taxes, it is expressly agreed that StadCo or the Team shall be responsible for remitting such taxes, or contesting the remission of same. StadCo shall bear the responsibility for, and all expenses related to, filing and prosecuting any tax protests and litigating any disputes related to tax exemption. The Authority, at its cost, will cooperate with StadCo in filing tax protests and protesting taxes, including appearing as amicus curiae, to the extent ad valorem taxes are levied against that portion of the Premises that is exempt from such taxes pursuant to Section 35(1)(c) of the Act. StadCo shall be responsible for paying prior to‌ delinquency all real or personal property taxes on all leasehold improvements made by StadCo or the Team to the Premises and on all of the StadCo Personal Property.
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Real Estate or Personal Property Taxes. The Act provides that the
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Real Estate or Personal Property Taxes. 2 The Act provides that the Premises (but not any leasehold improvements that the Authority and StadCo or TeamCo agree are made solely by StadCo or TeamCo, or any personal property owned by TeamCo) are exempt from ad valorem property taxes in Nevada, subject to certain exceptions and qualifications as set forth in Section 33(1)(c) of the Act. StadCo shall file all applications and seek such determinations as are necessary to reflect such tax exemption in the records of the relevant taxing authorities. The Authority and StadCo agree to timely sign all necessary instruments in connection with such application or determinations. To the extent a particular use by StadCo or TeamCo results in real or personal property taxes, it is expressly agreed that StadCo shall be responsible for remitting (or causing TeamCo to remit) such taxes, or contesting (or causing TeamCo to contest) the remission of same. StadCo shall bear the responsibility for, and all expenses related to, filing and prosecuting any tax protests and litigating any disputes related to tax exemption. The Authority, at its cost, will cooperate with StadCo in filing tax protests and protesting taxes, including appearing as amicus curiae, to the extent ad valorem taxes are levied against that portion of the Premises that is exempt from such taxes pursuant to Section 33(1)(c) of the Act. StadCo shall be responsible for paying prior to delinquency all real or personal property taxes on all leasehold improvements made by StadCo or TeamCo to the Premises and on all of the StadCo Personal Property.
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Real Estate or Personal Property Taxes. To the extent that Bristol’s interest in the Premises (including any leasehold improvements made by Bristol) results in any ad valorem real property taxes, it is expressly agreed that Bristol shall be responsible for remitting such taxes, or contesting the remission of same, subject to the terms of this Section 5(l). Notwithstanding the foregoing, in the event this Lease results in ad valorem real property tax assessment on the Premises or on the leasehold interest of Bristol in and to the Premises (but solely to the extent such ad valorem property tax assessment is based on the Premises as they exist on the Commencement Date of this Lease) and such assessment requires a property tax payment from Bristol to the Metropolitan Government in a Lease Year, the payments of any installments of Rent coming due in the subsequent Lease Year shall be reduced on a quarterly basis by one-fourth (1/4th) of the amount of such property tax payment until such amount has been recouped in full (except that, with respect to ad valorem property taxes for the Premises or Bristol’s leasehold interest therein applicable to the final Lease Year of the Term (as the Term may be renewed or extended from time to time), Bristol shall be permitted to offset such amounts against any funds coming due from Bristol to the Fair Board thereafter. As an example and for avoidance of doubt, if the property tax payment from Bristol to the Metropolitan Government is $120,000 during the 2024 Lease Year, the quarterly Base Rent payments during the 2025 Lease Year shall be reduced by $30,000; provided that if the amount of such property tax payment exceeds the Minimum Rent for such Lease Year, such excess shall be offset against Additional Guaranteed Rent, Contingent Rent and Percentage Rent, as applicable, until Bristol has recouped such amounts in full. Bristol shall have the right, at its sole cost and expense, to file and prosecute any tax protests and litigating any disputes related to tax exemption. Bristol shall be responsible for paying prior to delinquency all personal property taxes on all of the Bristol Personal Property.
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Real Estate or Personal Property Taxes. The Act provides that the Stadium and the Stadium Site are exempt from ad valorem taxation by the State or any political subdivision thereof, subject to certain exceptions and qualifications as set forth in Section 35(1)(c) of the Act. The Authority shall file all applications and seek such determinations as are necessary to reflect such tax exemption in the records of the relevant taxing authorities; provided, that if the Authority does not timely file and pursue such applications for exemption, the Team shall provide written notice to the Authority of the deficiency, and the Authority shall have thirty (30) days to cure its failure to so act. If the Authority fails to so act, the Team, at the expense of the Authority, shall have the right (but not the obligation), in its own name or in the name of the Authority, to file such applications or seek such determinations with respect to real or personal property taxes. The Authority agrees to timely sign all necessary instruments in connection with such application or determinations. To the extent a particular use by the Team (other than playing Team Games) results in real or personal property taxes, the Team shall be responsible for remitting such taxes, or contesting the remission of same, and to the extent any such tax is ultimately paid by the Team, the Authority shall indemnify the Team and reimburse the Team for paying any such real or personal property taxes occasioned by the Team’s use of the Stadium. The Team shall bear the responsibility for, and all expenses related to, filing and prosecuting any tax protests and litigating any disputes related to tax exemption. Tthe Authority, at its cost, will cooperate with the Team in filing tax protests and protesting taxes, including appearing as amicus curiae.
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Real Estate or Personal Property Taxes. The Act provides that the Premises (but not any leasehold improvements that the Authority and StadCo or TeamCo agree are made solely by StadCo or TeamCo, or any personal property owned by TeamCo) are exempt from ad valorem property taxes in Nevada, subject to certain exceptions and qualifications as set forth in Section 33(1)(c) of the Act. StadCo shall file all applications and seek such determinations as are‌ necessary to reflect such tax exemption in the records of the relevant taxing authorities. The Authority and StadCo agree to timely sign all necessary instruments in connection with such application or determinations. To the extent a particular use by StadCo or TeamCo or any characterization of the ownership of the property for income tax purposes results in real or personal property taxes, it is expressly agreed that StadCo shall be responsible for remitting (or causing TeamCo to remit) such taxes, or contesting (or causing TeamCo to contest) the remission of same. StadCo shall bear the responsibility for, and all expenses related to, filing and prosecuting any tax protests and litigating any disputes related to tax exemption. The Authority, at its cost, will cooperate with StadCo in filing tax protests and protesting taxes, including appearing as amicus curiae, to the extent ad valorem taxes are levied against that portion of the Premises that is exempt from such taxes pursuant to Section 33(1)(c) of the Act. StadCo shall be responsible for paying prior to delinquency all real or personal property taxes on all leasehold improvements made by StadCo or TeamCo to the Premises and on all of the StadCo Personal Property arising during the Term.
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Related to Real Estate or Personal Property Taxes

  • Real Estate Taxes If with respect to any full Tax Year or fraction of a Tax Year falling within the Term, Landlord's Tax Expenses Allocable to the Premises as hereinafter defined for a full Tax Year exceed Base Taxes Allocable to the Premises then, on or before the thirtieth (30th) day following receipt by Tenant of the certified statement referred to below in this Section 2.7, then Tenant shall pay to Landlord, as Additional Rent, the amount of such excess. Not later than ninety (90) days after Landlord's Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Building and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in obtaining the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Said statement to be rendered to Tenant shall also show for the preceding year or fraction thereof as the case may be the amounts of real estate taxes already paid by Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (i) monthly installments of fixed rent next thereafter coming due or (ii) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In addition, payments by Tenant on account of increases in real estate taxes anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Tenant's share of such increases, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Notwithstanding the foregoing provisions, no decrease in Landlord's Tax Expenses with respect to any Tax Year shall result in a reduction of the amount otherwise payable by Tenant if and to the extent said decrease is attributable to vacancies in the Building or partial completion of the Building rather than to any other causes. Terms used herein are defined as follows:

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