Common use of ROLLBACK TAXES Clause in Contracts

ROLLBACK TAXES. If the Property has been the subject of special valuation and reduced tax assessments pursuant to any applicable laws of the State of Colorado with respect to periods before the closing, the parties agree that this sale or a change in use of the Property or denial of a special use valuation on the Property claimed by Purchaser after Closing may result in the assessment of additional taxes for periods prior to Closing, and further agree that the additional taxes plus any penalties and interest (“roll back taxes”) assessed against the Property after Closing will be paid by Seller. In the event the amount of any such roll back taxes is not able to be determined as of the date of Closing, Seller will escrow the estimated roll back taxes for payment when due pursuant to an escrow agreement mutually acceptable to Seller and Purchaser.