Common use of Tax Appeals Clause in Contracts

Tax Appeals. If Seller has engaged consultants for the purpose of protesting the amount of taxes or the assessed valuation for certain tax periods for the Property (“Protest Proceedings”) any cash refunds or proceeds actually distributed (collectively, “Cash Refunds”) will be apportioned as described below. Any Cash Refunds (including interest thereon) on account of a favorable determination, after deduction of costs and expenses incurred for such Protest Proceedings and payment of any reimbursements owing to tenants, shall be: (i) the property of Seller to the extent such Cash Refunds were for taxes paid by Seller applicable to a period prior to the Closing Date, (ii) prorated between Buyer and Seller for taxes paid for a period during which the Closing Date occurred, and (iii) the property of Buyer for taxes for a period after the Closing Date. Seller shall have the obligation to refund to any tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants, which payment shall be paid to Buyer within fifteen (15) business days of delivery to Seller by Buyer of written confirmation of such tenants’ entitlement to such Cash Refunds. Buyer shall have the obligation to refund to tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants. Seller and Buyer agree to notify the other in writing of any receipt of a Cash Refund within fifteen (15) business days of receipt of such Cash Refund. To the extent either party obtains a Cash Refund, a portion of which is owed to the other party, the receiving party shall deliver the Cash Refund to the other party within fifteen (15) business days of its receipt.

Tax Appeals. If Seller has engaged consultants Xxx Xxxxxxx/Mountain High Properties (the “Broker”) for the purpose of protesting the amount of taxes or the assessed valuation for certain tax periods calendar year 2007 for the Property (“Protest Proceedings”), with the fee (the “Broker’s Fee”) to be paid to the Broker in connection therewith being equal to thirty percent (30%) of any net savings resulting from the Protest Proceedings. Any reduction in the taxes originally assessed for calendar year 2007 prior to payment of such taxes or any cash refunds or proceeds actually distributed following payment of such taxes (collectively, “Cash RefundsTax Reduction”) will be apportioned as described below. Any Cash Refunds Tax Reduction (including interest thereon) on account of a favorable determination, after deduction of costs and expenses incurred for such Protest Proceedings and payment of any reimbursements owing to tenantsthe Tenants, shall be: (ia) the property of Seller to the extent such Cash Refunds were Tax Reduction was for taxes paid by Seller applicable to a period prior to the calendar year in which the Closing DateDate occurred, (iib) prorated between Buyer and Seller for taxes paid or payable for a period during the calendar year in which the Closing Date occurred, and (iiic) the property of Buyer for taxes payable for a period after the calendar year in which the Closing DateDate occurred. Buyer shall pay the Broker’s Fee directly to the Broker when due (that is, on determination or receipt of the Tax Reduction), and the Tax Reduction to be distributed or apportioned shall not be reduced by the Broker’s Fee, which shall be borne solely by Buyer. Seller shall have the obligation to refund to any tenants in good standing the Tenants as of the date of such Cash RefundTax Reduction, any portion of such Cash Refund Tax Reduction paid to it which may be owing to such tenantsthe Tenants, which payment shall be paid to Buyer within fifteen (15) business days of delivery to Seller by Buyer of written confirmation of such tenantsthe Tenants’ entitlement to such Cash RefundsTax Reduction. Buyer shall have the obligation to refund to tenants in good standing the Tenants as of the date of such Cash RefundTax Reduction, any portion of such Cash Refund Tax Reduction paid to it which may be owing to such tenantsthe Tenants. Seller and Buyer agree to notify the other in writing of any receipt of a Cash Refund Tax Reduction within fifteen (15) business days of receipt of such Cash RefundTax Reduction. To the extent either party obtains a Cash RefundTax Reduction, a portion of which is owed to the other party, the receiving party shall deliver the Cash Refund Tax Reduction to the other party within fifteen (15) business days of its receipt.

Tax Appeals. If Seller has engaged consultants may file and/or prosecute an application for the purpose reduction of protesting the amount of taxes or the assessed valuation of the Property or any portion thereof for certain tax periods Property Taxes or a refund of Property Taxes previously paid to any governmental authority (i) for any Tax Year prior to the Tax Year in which the Closing shall occur without the prior consent of Purchaser, and (ii) for the Tax Year in which the Closing shall occur, provided Purchaser shall have consented with respect thereto, which consent shall not be unreasonably withheld or delayed. The amount of any tax refunds (net of attorneys’ fees and other costs of obtaining such tax refunds) with respect to any portion of the Property (“Protest Proceedings”) any cash refunds or proceeds actually distributed (collectively, “Cash Refunds”) will for the Tax Year in which the Closing occurs shall be apportioned between Seller and Purchaser as described belowof the Closing with a prior allocation of the portion thereof that must be returned to Tenants pursuant to the terms of the Leases, Seller hereby agreeing to be responsible for the return of such refund to such Tenants for the period up to and including the Closing Date and Purchaser having such obligation for the return of such refunds attributable to the period after the Closing. Any Cash Refunds If, in lieu of a tax refund, a tax credit is received with respect to any portion of the Property for the Tax Year in which the Closing occurs, then with a prior allocation of the portion thereof which must be returned to Tenants pursuant to the terms of their Leases in the same manner as set forth above, (including interest thereonx) the tax credit apportionment shall be readjusted between Seller and Purchaser within thirty (30) days after receipt by Seller or Purchaser, as the case may be, of evidence of the actual amount of such tax credit (net of attorneys’ fees and other costs of obtaining such tax credit), and (y) upon realization by Purchaser of a tax savings on account of a favorable determinationsuch credit, after deduction of costs and expenses incurred for such Protest Proceedings and payment of any reimbursements owing Purchaser shall pay to tenants, shall be: (i) the property of Seller an amount equal to the extent such Cash Refunds were for taxes paid by Seller savings realized (as apportioned). All refunds, credits or other benefits applicable to a period any Tax Year prior to the Closing Date, (ii) prorated between Buyer and Seller for taxes paid for a period during Tax Year in which the Closing Date occurred, shall occur shall (subject to the rights of tenant and licensees) belong solely to Seller (iii) the property of Buyer for taxes for a period after the Closing Date. Seller and Purchaser shall have no interest therein) and, if the obligation to refund to any tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants, which payment same shall be paid to Buyer within fifteen (15) business days Purchaser or anyone acting on behalf of delivery Purchaser, the same shall be paid to Seller by Buyer following receipt thereof. The provisions of written confirmation of such tenants’ entitlement to such Cash Refunds. Buyer this Section 5.4.10 shall have survive the obligation to refund to tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants. Seller and Buyer agree to notify the other in writing of any receipt of a Cash Refund within fifteen (15) business days of receipt of such Cash Refund. To the extent either party obtains a Cash Refund, a portion of which is owed to the other party, the receiving party shall deliver the Cash Refund to the other party within fifteen (15) business days of its receiptClosing indefinitely.

Tax Appeals. If Seller has engaged consultants for the purpose of protesting the amount of taxes or the assessed valuation for certain tax periods for the Property (“Protest Proceedings”) ), any cash refunds or proceeds actually distributed (collectively, “Cash Refunds”) will be apportioned as described below. Any Cash Refunds (including interest thereon) on account of a favorable determination, after deduction of costs and expenses incurred for such Protest Proceedings and payment of any reimbursements owing to tenants, shall be: (i) the property of Seller to the extent such Cash Refunds were for taxes paid by Seller applicable to a period prior to the Closing Date, (ii) prorated between Buyer and Seller for taxes paid for a period during which the Closing Date occurred, and (iii) the property of Buyer for taxes for a period after the Closing Date. Seller shall have the obligation to refund to any tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants, which payment shall be paid to Buyer within fifteen (15) business days of delivery to Seller by Buyer of written confirmation of such tenants’ entitlement to such Cash Refunds. Buyer shall have the obligation to refund to tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants. Seller and Buyer agree to notify the other in writing of any receipt of a Cash Refund within fifteen (15) business days of receipt of such Cash Refund. To the extent either party obtains a Cash Refund, a portion of which is owed to the other party, the receiving party shall deliver the Cash Refund to the other party within fifteen (15) business days of its receipt.

Tax Appeals. If Seller has engaged consultants for the purpose of protesting the amount of taxes or the assessed valuation for certain tax periods for the Property (“Protest Proceedings”) any cash refunds or proceeds actually distributed (collectively, “Cash Refunds”) will be apportioned as described below. Any Cash Refunds (including interest thereon) on account of a favorable determination, after deduction of costs and expenses incurred for such Protest Proceedings and payment of any reimbursements owing to tenants, shall be: (i) the property of Seller to the extent such Cash Refunds were for taxes paid by Seller applicable to a period prior to the Closing Date, (ii) prorated between Buyer Purchaser and Seller for taxes paid for a period during which the Closing Date occurred, and (iii) the property of Buyer Purchaser for taxes for a period after the Closing Date. Seller shall have the obligation to refund to any tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants, which payment shall be paid to Buyer Purchaser within fifteen (15) business days of delivery to Seller by Buyer Purchaser of written confirmation of such tenants’ tenant’s entitlement to such Cash Refunds. Buyer Purchaser shall have the obligation to refund to tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants. Seller and Buyer Purchaser agree to notify the other in writing of any receipt of a Cash Refund within fifteen (15) business days of receipt of such Cash Refund. To the extent either party obtains a Cash Refund, a portion of which is owed to the other party, the receiving party shall deliver the Cash Refund to the other party within fifteen (15) business days of its receipt. Following the Closing, Purchaser shall have the sole and exclusive right (but not the obligation) to pursue and continue all Protest Proceedings.

Tax Appeals. If As of the date of this Agreement, Seller has engaged consultants for the purpose of protesting the amount of taxes or the assessed valuation for certain tax periods for the Property (“"Protest Proceedings”) any cash "). Any refunds or proceeds actually distributed (collectively, “Cash Refunds”) will be apportioned as described below. Any Cash Refunds (including interest thereon) on account of a favorable determination, after deduction of costs and expenses incurred for such Protest Proceedings and payment of any reimbursements owing to tenants, shall be: (i) the property of Seller to the extent such Cash Refunds refunds or proceeds were for taxes paid by Seller applicable to a period prior to the Closing Date, (ii) prorated between Buyer and Seller for taxes paid for a period during which the Closing Date occurred, and (iii) the property Property of Buyer for taxes paid by Buyer for a period after the Closing Date. Seller shall have the obligation to refund to any tenants in good standing as of the date of such Cash Refundrefiled, any portion of such Cash Refund refund paid to it which may be owing to such tenants, which payment shall be paid to Buyer within fifteen (15) business days of delivery to Seller by Buyer of written confirmation of such tenants’ ' entitlement to such Cash Refundsrefunds and the addresses to which such refund amounts should be forwarded. Buyer shall have the obligation to refund to tenants in good standing as of the date of such Cash Refundrefund, any portion of such Cash Refund refund paid to it which may be owing to such tenants. Seller and Buyer agree agrees to notify the other Buyer in writing of any receipt of a Cash Refund tax refund within fifteen ten (1510) business days of receipt of such Cash Refundrefund. To the extent either party obtains a Cash Refundrefund, a portion of which is owed to the other party, the receiving party shall deliver the Cash Refund refund to the other party within fifteen (15) business days of immediately upon its receipt.