Real Estate Tax Credit Sample Clauses

Real Estate Tax Credit. The City will estimate the annual Real Estate Tax (“Tax”) for the Demised Premises annually on June 1 and provide a rent reduction in the full amount of that estimated Tax subject to true-up as provided in this paragraph. This rent reduction shall be applied equally to each month’s rent. No later than November 30th and May 31st of each year, the City will true-up by comparing the estimated Tax and the actual Tax for the half of the tax year ending the following month. If the actual Tax for the half year is lower than the estimated Tax for the half year, Lessee shall pay the difference (calculated as the estimated Tax minus the actual Tax) to the City as additional rent. If the actual Tax is higher than the estimated Tax, the City shall give the Lessee a rent credit of the difference (calculated as the actual Tax minus the estimated Tax). Any credit given to the Lessee shall be in the form of a reduction in the next month’s rent. Any amount owed the City shall be paid within fifteen (15) days of receipt of an invoice from the City. In the event that this lease is extended beyond the original Term, the Lessee shall pay all Real Estate Taxes with no reduction in rent and the provisions of this section 4.4 will no longer apply.
Sample 1
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Real Estate Tax Credit. Provided the Closing occurs, if there is a positive (i.e., greater than zero) FY21 Increase or FY22 Increase (as applicable, a “FY Increase”), then, in either, or both, such event(s), Chase Seller shall be required to pay to Chase Buyer, as applicable, the FY21 Payment if there has been a positive FY21 Increase and/or the FY22 Payment (each of the FY21 Payments and the FY22 Payments are referred to herein as a “FY Payment” and collectively, the “FY Payments”) if there has been a positive FY22 Increase, in any such case in accordance with this Section 19. Within ninety (90) days after Chase Buyer receives the applicable final third quarter tax xxxx that provides Chase Buyer the appropriate tax information to calculate the applicable FY Increase, Chase Buyer shall have the right to deliver to Chase Seller a written notice (as applicable, a “Chase Buyer Credit Notice”), which shall require payment of the applicable FY Payment by Chase Seller to Chase Buyer within thirty (30) days after delivery of the applicable Chase Buyer Credit Notice to Chase Seller, and shall include an excel spreadsheet showing the computation of such FY Increase and FY Payment in the form of the model computation set forth on Exhibit Z hereto, together with a copy of the applicable municipal tax bills. If Chase Seller does not receive the Chase Buyer Credit Notice for the applicable FY Increase within said ninety (90) day period, then Chase Buyer shall be deemed to have waived its right to receive the FY Payment for such FY Increase and Chase Seller shall have no obligation to pay the FY Payment for such FY Increase to Chase Buyer (but, for the avoidance of doubt, if such FY Increase is the FY21 Increase, such waiver with respect to the FY21 Increase shall not apply to the FY22 Increase or waive Chase Buyer’s rights with respect thereto. For the avoidance of doubt, the FY Payments in the aggregate shall in no event exceed the Cap and no such FY Payment shall be reduced by any other amount payable to, paid to, or required to be paid to, Buyers hereunder or in connection with this Agreement. If there is a FY Increase, then Chase Buyer, at Chase Buyer’s sole cost and expense, shall file one (1) objection to such FY Increase by appropriate proceedings conducted in good faith and commenced within a commercially reasonable period of time after receipt of applicable municipal tax bills, but in all events before any applicable filing deadline (the “Appeal”). Promptly after receiving the writte...
Sample 1
Real Estate Tax Credit. In the event that the sum of (a) Tenant's Tax Share of Real Estate Taxes for the twelve (12) month period following the end of the Rent Free Period, plus (b) Philadelphia Use and Occupancy Taxes respecting the Premises for the twelve (12) month period following the end of the Rent Free Period, shall exceed $4.75 per Rentable Square Foot of the Premises, Tenant shall receive a one-time credit against Minimum Rent equal to the lesser of (i) the amount of such excess or (ii) $1.50 per Rentable Square Foot of the Premises. Solely by way of example, if Tenant's Tax Share and Philadelphia Use and Occupancy Taxes for the twelve (12) month period following the end of the Rent Free Period total $5.50 per Rentable Square Foot of the Premises, Tenant would receive a Minimum Rent credit equal to $.75
Sample 1

Related to Real Estate Tax Credit

  • Real Estate Taxes All taxes and installments for special assessments will be prorated for the calendar year based on taxes levied. If taxes have not been levied, then they will be prorated based upon taxes for the previous year, adjusted for the most recent mill levy, if known.

  • Leased Real Estate Section 3.12(b) of the Company Disclosure Letter contains a true and complete list of all Leases (including all amendments, extensions, renewals, guaranties, and other agreements with respect thereto) as of the date hereof for each such Leased Real Estate (including the date and name of the parties to such Lease document and the address of such Leased Real Estate). The Company has delivered to Parent a true and complete copy of each such Lease. With respect to each of the Leases and the Leased Real Estate: (i) the Company or its Subsidiary has a valid leasehold interest in such Leased Real Estate and such Lease is legal, valid, binding, enforceable, 38031572.13 and in full force and effect; (ii) neither the Company nor any of its Subsidiaries nor, to the Knowledge of the Company, any other party to the Lease, is in breach or default under such Lease, and no event has occurred or circumstance exists which, with or without notice, lapse of time, or both, would constitute a breach or default under such Lease; (iii) the Company’s or its Subsidiary’s possession and quiet enjoyment of the Leased Real Estate under such Lease has not been disturbed, and to the Knowledge of the Company, there are no disputes with respect to such Lease; (iv) there are no Liens on the estate created by such Lease other than Permitted Liens; (v) neither the Company, any Subsidiary, nor, to the Knowledge of the Company, any other party to the Lease, has any defenses, setoffs, claims or counterclaims under any Lease; (vi) there are no brokerage commissions due, or which are scheduled to become due, with respect to any Lease; (vii) the applicable lessor, sublessor, or licensor (as the case may be) under each Lease has completed all tenant improvement work and other alterations required to be performed by such party pursuant to such Lease; (viii) there is currently no ongoing construction work being performed at the Leased Real Estate by the Company, any Subsidiary, or the counterparty to any Lease other than normal maintenance and repairs being performed in the ordinary course of business; and (ix) to the Knowledge of the Company, there do not exist any actual, threatened, or contemplated condemnation or eminent domain proceedings that affect or in any way relate to any Leased Real Estate or any part thereof, and neither the Company nor any Subsidiary has received any written notice of the intention of any Governmental Entity or other Person to take or use all or any part thereof. Neither the Company nor any of its Subsidiaries has assigned, pledged, mortgaged, hypothecated, or otherwise transferred any Lease or any interest therein nor has the Company or any of its Subsidiaries subleased, licensed, or otherwise granted any Person (other than another wholly-owned Subsidiary of the Company) a right to use or occupy such Leased Real Estate or any portion thereof, and there are no outstanding options or rights of refusal to purchase all or any part of the Leased Real Estate. Neither the execution or delivery of this Agreement, nor the consummation of the transactions contemplated herein, nor the fulfillment of or compliance with the terms and conditions hereof, require the consent of any landlords or sublandlords pursuant to any Lease.

  • Real Estate Taxes and Assessments Xxxxx is aware that all property is subject to the possibility of reassessment which may result in increased real estate taxes.

  • IRS Real Estate Sales Reporting Buyer and Seller agree that Escrow Agent shall act as “the person responsible for closing” the transaction which is the subject of this Agreement pursuant to Section 6045(e) of the Code and shall prepare and file all informational returns, including without limitation, IRS Form 1099-S, and shall otherwise comply with the provisions of Section 6045(e) of the Code.

  • Real Estate Assets In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in certain Real Estate Assets, Collateral Agent shall have received from Borrower and each applicable Guarantor:

  • Real Estate All real property at any time owned or leased (as lessee or sublessee) by the Borrower or any of its Subsidiaries.

  • Real Estate Appraisals Company shall, and shall cause each of its Subsidiaries to, permit an independent real estate appraiser reasonably satisfactory to Administrative Agent, upon reasonable notice, to visit and inspect any Additional Mortgaged Property for the purpose of preparing an appraisal of such Additional Mortgaged Property satisfying the requirements of any applicable laws and regulations (in each case to the extent required under such laws and regulations as determined by Administrative Agent in its discretion).

  • Owned Real Estate Neither the Company nor any of its Subsidiaries own any real property.

  • Real Estate Leases All leases, subleases, licenses, concessions, options, and other agreements relating to the occupancy of the Leased Real Property, including the right to all security deposits and other amounts and instruments deposited thereunder, are listed on Schedule 4.8.2 (collectively, the “Real Estate Leases”), and Seller has provided Buyer with a copy of such Real Estate Leases. Except as set forth in Schedule 4.8.2: (i) the Real Estate Leases have not been modified, amended, or assigned, are legally valid, binding and enforceable in accordance with their respective terms, and are in full force and effect; and (ii) to Seller’s knowledge, there are no material defaults (or matters that upon written notice or lapse of time would constitute material defaults) by Seller or by any other party to the Real Estate Leases.

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