Common use of Review of Taxes Clause in Contracts

Review of Taxes. (1) The Developer agrees that prior to the Termination Date it will not cause a reduction in the real property taxes paid in respect of the Development Property through: (i) willful destruction of the Development Property or any part thereof; or (ii) willful refusal to reconstruct damaged or destroyed property. The Developer also agrees that it will not, prior to the Termination Date, apply for an exemption from or a deferral of property tax on the Development Property pursuant to any law, or transfer or permit transfer of the Development Property to any entity whose ownership or operation of the property would result in the Development Property being exempt from real property taxes under State law.

Review of Taxes. (1) The Developer agrees that prior to the Termination Date it will not cause a reduction in the real property taxes paid in respect of the Development Property through: (i) Minimum Improvements through willful destruction of the Development Property Minimum Improvements or any part thereofof the Development Property; or (ii) willful refusal to reconstruct damaged or destroyed propertyproperty pursuant to Section 5.1 of this Agreement. The Developer Xxxxxxxxx also agrees that it will not, prior to the Termination Date, apply for an exemption from or a deferral of property tax on the Development Property Minimum Improvements pursuant to any law, or transfer or permit transfer of the Development Property to any entity whose ownership or operation of the property would result in the Development Property being exempt from real property estate taxes under State law.

Review of Taxes. (1) The Developer agrees that prior to the Termination Date it will not cause a reduction in the real property taxes paid in respect of the Development Property through: (i) willful destruction of the Development Property or any part thereof; or (ii) willful refusal to reconstruct damaged or destroyed property. The Developer also agrees that it will not, prior to the Termination Date, apply for an exemption from or a deferral of property tax on the Development Property pursuant to any law, or transfer or permit transfer of the Development Property to any entity whose ownership or operation of the property would result in the Development Property being exempt from real property taxes under State law; provided, however, that the Developer may apply for and obtain designation of the Development Property as low income rental property classified as “4d” under Minnesota Statutes, Section 273.13, subdivision 25 ( “4d Classification”).

Review of Taxes. (1) The Developer agrees that prior to the Termination Date it will not cause a reduction in the real property taxes paid in respect of the Development Property through: (i) Minimum Improvements through willful destruction of the Development Property Minimum Improvements or any part thereofof the Development Property; or (ii) willful refusal to reconstruct damaged or destroyed propertyproperty pursuant to Section 5.1 of this Agreement. The Developer also agrees that it will not, prior to the Termination Date, apply for an exemption from or a deferral of property tax on the Development Property Minimum Improvements pursuant to any law, or transfer or permit transfer of the Development Property to any entity whose ownership or operation of the property would result in the Development Property being exempt from real property estate taxes under State law.