Common use of Related Parties Clause in Contracts

Related Parties. The Parties acknowledge that the Owner and Developer are related parties under Code Section 267 and that Owner is an accrual basis taxpayer. As such, the Parties agree and consent that each and every year during the term of this Agreement that Owner accrues any or all of the principal and/or interest of the Development Fee that the Developer (whether or not an accrual basis taxpayer) will include an equal amount in Developer's income tax return for that year.

Related Parties. The Parties acknowledge that the Owner and Developer are related parties under Code Section 267 and that 267. Owner is an accrual basis taxpayertaxpayers. As such, the Parties agree and consent that each and every year during the term of this Agreement that Owner accrues any or all of the principal and/or interest of the Development Fee that the Developer (whether or not an accrual basis taxpayertaxpayers) will include an equal amount in Developer's income tax return for that year.

Related Parties. The Parties acknowledge that the Owner and Developer are at times may be related parties under Code Section Sections 267 and/or 707 and that Owner is an accrual basis taxpayer. As such, the Parties agree and consent that each and every year during the term of this Agreement that Owner accrues and Developer are related parties, Owner will accrue any or all of the principal and/or interest of the Development Fee that the Developer (whether or not an accrual basis taxpayer) will include an equal amount in Developer's income tax return for that year.