Tax Protest. If as a result of any tax protest or otherwise any refund or reduction of real property or other tax or assessment relating to the Property during the period prior to Closing, Seller shall be entitled to receive or retain such refund or the benefit of such reduction, less equitable prorated costs of collection and subject to the rights of tenants under leases as to any such refunds. To the extent any such tax protest or proceedings are ongoing as of the Closing, Seller shall have the right, but not the obligation, to continue to pursue such protest or proceeding following the Closing, but only to the extent that it applies to the pre-closing tax periods.
Appears in 8 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Rancon Realty Fund Iv), Purchase and Sale Agreement (Rancon Realty Fund V)
Tax Protest. If If, as a result of any tax protest or otherwise otherwise, there is any refund or reduction of real property or other tax or assessment relating to the Property during applicable to the period prior to Closing, Seller shall be entitled to receive or retain such refund or the benefit of such reduction, less equitable prorated costs of collection and subject to the rights of tenants Tenants under leases Leases as to any such refunds. To the extent any such tax protest or proceedings are proceeding is ongoing as of the Closing, Seller shall have the right, but not the obligation, to continue to pursue such protest or proceeding following the Closing, but only to the extent that it applies to the pre-closing Closing tax periods.
Appears in 4 contracts
Samples: Purchase and Sale Agreement (Strategic Realty Trust, Inc.), Purchase and Sale Agreement (Strategic Realty Trust, Inc.), Purchase and Sale Agreement (Strategic Realty Trust, Inc.)
Tax Protest. If as a result of any tax protest or otherwise any refund or reduction of real property or other tax or assessment relating to the Property during the period prior to Closing, Seller Transferors shall be entitled to receive or retain such refund or the benefit of such reduction, less equitable prorated costs of collection and subject to the rights of tenants under leases as to any such refunds. To the extent any such tax protest or proceedings are ongoing as of the Closing, Seller Transferors shall have the right, but not the obligation, to continue to pursue such protest or proceeding following the Closing, but only to the extent that it applies to the pre-closing tax periods.
Appears in 2 contracts
Samples: Purchase Agreement (Westdale Properties America I LTD), Purchase Agreement (Glenborough Realty Trust Inc)
