Common use of Tax Appeal Proceedings Clause in Contracts

Tax Appeal Proceedings. Seller shall be entitled to receive and retain the proceeds from any previously filed tax appeals or protests applicable to any tax fiscal years prior to the tax fiscal year in which the Closing Date occurs. In the event an application to reduce real estate taxes is filed by Purchaser for the period during which Seller was the owner of the Real Property, Seller shall be entitled to a re-proration of real estate taxes upon receipt of and based upon the reduction proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process. Notwithstanding the foregoing, in no event shall Seller negotiate or agree to any tax settlement, assessment or other adjustment that would have an adverse effect on taxes for 2015 or any subsequent year. After Closing, Purchaser, at Purchaser’s option, be entitled to take over and continue to process any pending appeals or protests with respect to the tax fiscal year in which the Closing Date occurs (and Seller shall reasonably cooperate in connection therewith), and the net proceeds from any such proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process, will be prorated between the parties, when received, as of the Closing Date, which obligation shall survive the Closing; provided, however, that any such appeal or protest applicable to fiscal year 2015 may only be filed by Purchaser.

Tax Appeal Proceedings. Seller shall be entitled to receive and retain the proceeds from any previously filed tax appeals or protests applicable to any tax fiscal years prior to the tax fiscal year in which the Closing Date occurs. In the event an application to reduce real estate taxes is filed by Purchaser for the period during which Seller was the owner of the Real Property, Seller shall be entitled to a re-re proration of real estate taxes upon receipt of and based upon the reduction proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process. Notwithstanding the foregoing, in no event shall Seller negotiate or agree to any tax settlement, assessment or other adjustment that would have an adverse effect on taxes for 2015 or any subsequent year. After Closing, Purchaser, at Purchaser’s option, be entitled to take over and continue to process any pending appeals or protests with respect to the tax fiscal year in which the Closing Date occurs (and Seller shall reasonably cooperate in connection therewith), and the net proceeds from any such proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process, will be prorated between the parties, when received, as of the Closing Date, which obligation shall survive the Closing; provided, however, that any such appeal or protest applicable to fiscal year 2015 may only be filed by Purchaser.

Tax Appeal Proceedings. Seller shall be entitled to receive and retain the proceeds from any previously filed tax appeals or protests applicable to any tax fiscal years prior to the tax fiscal year in which the Closing Date occurs. In the event an application to reduce real estate taxes is filed by Purchaser for the period during which Seller was the owner of the Real Property, Seller shall be entitled to a re-proration of real estate taxes upon receipt of and based upon the reduction proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process. Notwithstanding the foregoing, in no event shall Seller negotiate or agree to any tax settlement, assessment or other adjustment that would have an adverse effect on taxes for 2015 2016 or any subsequent year. After Closing, Purchaser, at Purchaser’s option, be entitled to take over and continue to process any pending appeals or protests with respect to the tax fiscal year in which the Closing Date occurs (and Seller shall reasonably cooperate in connection therewith), and the net proceeds from any such proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process, will be prorated between the parties, when received, as of the Closing Date, which obligation shall survive the Closing; provided, however, that any such appeal or protest applicable to fiscal year 2015 2016 may only be filed by Purchaser.

Tax Appeal Proceedings. Seller shall be entitled to receive and retain the proceeds from any previously filed tax appeals or protests applicable to any tax fiscal years prior to the tax fiscal year in which the Closing Date occurs. In the event an application to reduce real estate taxes is filed by Purchaser for the period during which Seller was the owner of the Real Property, Seller shall be entitled to a re-proration of real estate taxes upon receipt of and based upon the reduction proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process. Notwithstanding the foregoing, in no event shall Seller negotiate or agree to any tax settlement, assessment or other adjustment that would have an adverse effect on taxes for 2015 the 2015-2016 tax year or any subsequent year. After Closing, Purchaser, at Purchaser’s option, be entitled to take over and continue to process any pending appeals or protests with respect to the tax fiscal year in which the Closing Date occurs (and Seller shall reasonably cooperate in connection therewith), and the net proceeds from any such proceedings, after payment of reasonable attorneys’ fees and other costs associated with such process, will be prorated between the parties, when received, as of the Closing Date, which obligation shall survive the Closing; provided, however, that any such appeal or protest applicable to fiscal the 2016-2017 tax year 2015 may only be filed by Purchaser.