Common use of Reduction of Payment for Actual Taxes Paid Clause in Contracts

Reduction of Payment for Actual Taxes Paid. Except for the ad valorem taxes described in Section 4 herein, the annual amount to be paid pursuant to Section 2 herein shall be reduced (but not below zero) by any actual ad valorem tax payments paid in respect of the real property constituting a part of the Project by or on behalf of the Tenant for any given year.