Common use of Reversion to Normal Taxability Clause in Contracts

Reversion to Normal Taxability. If the option to purchase the Project set forth in the Lease is exercised by the Company or if the Lease is otherwise terminated or expires, the Project will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.

Reversion to Normal Taxability. If the option to purchase the Project set forth in the Lease Purchase Option Agreement between the Authority and the Company is exercised by the Company or if the Lease is otherwise terminated or expires, the Project will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.

Reversion to Normal Taxability. If the option to purchase the Project set forth in to the Lease extent it is owned by the Authority is exercised by upon termination of the Company Project Lease or earlier, in whole or in part, or if the Project Lease is otherwise terminated or expiresexpires and the Project is conveyed to the Company, the Project will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.

Reversion to Normal Taxability. If the option to purchase the Project set forth in to the Lease extent it is owned by the Authority is exercised by upon termination of the Company Bond Lease or earlier, in whole or in part, or if the Bond Lease is otherwise terminated or expires, the Project will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.