Common use of Replacement of Property Taxes Clause in Contracts

Replacement of Property Taxes. If Fremont, because of changes in law, no longer levies the same amount of property tax and receives additional revenues from other sources, such as income taxes, sales taxes, value added taxes, revenue sharing, or other sources of municipal revenues that are in whole or in part received by Fremont and have the effect of replacing the property tax revenues, Fremont shall, within 45 days of the receipt of those other revenues, pay to the township from which that portion of the Phase 1 Property was conditionally transferred a portion of these new revenues equal in proportion to the Township’s shared millage rate (i.e., the 2 xxxxx provided in subparagraph (a) above) and Fremont’s millage rate immediately before the reduction in Fremont’s ad valorem property tax receipts from the property conditionally transferred to Fremont as part of Phase 1.

Replacement of Property Taxes. If Fremont, because of changes in law, no longer levies the same amount of property tax and receives additional revenues from other sources, such as income taxes, sales taxes, value added taxes, revenue sharing, or other sources of municipal revenues that are in whole or in part received by Fremont and have the effect of replacing the property tax revenues, Fremont shall, within 45 days of the receipt of those other revenues, pay to the township from which that portion of the Phase 1 Property property conditionally transferred pursuant to this Article III was conditionally transferred a portion of these new revenues equal in proportion to the Township’s shared millage rate (i.e., the 2 xxxxx provided in subparagraph (a) above) and Fremont’s millage rate immediately before the reduction in Fremont’s ad valorem property tax receipts from the property conditionally transferred to Fremont as part of Phase 12.