Taxable Parcels Clause Samples

The 'Taxable Parcels' clause defines which portions of property or land are subject to taxation under the agreement. It typically specifies the boundaries or identification numbers of the parcels involved, ensuring that only those designated areas are considered for tax assessment and payment. By clearly identifying taxable parcels, this clause helps prevent disputes over tax liability and ensures that both parties understand their financial responsibilities regarding property taxes.
Taxable Parcels. Developer and the Agency intend that Project Special Taxes and Maintenance Special Taxes will be levied against all Taxable Parcels for the purposes described in this Financing Plan and agree that all Exempt Parcels will be exempt from Project Special Taxes and Maintenance Special Taxes.
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Taxable Parcels. Upon the initial conveyance of any Phase 1 Property to the Developer and at all times thereafter, the Phase 1 Property and all Improvements developed and constructed thereon from time to time, including, without limitation, the initial Improvements, shall be subject to full real estate taxes and assessments in the same manner as imposed by the City on other similarly situated properties located in the City, except as otherwise expressly provided herein. For the period commencing on the Agreement Date and ending on the thirtieth (30th) anniversary thereof, neither the Developer nor any owner (excluding residential homeowners of any for sale Residential Units), lessee, sublessee, or user shall apply for or attempt to receive any tax abatement, tax exemption, or any other kind of relief from the payment of real estate taxes; provided, however, said Developer, owner, lessee, sublessee, or other user shall retain the right to appeal its real estate tax assessment in accordance with the then applicable appeals process. If, during the thirty- (30-) year period described in the preceding sentence, the Developer, owner, lessee, sublessee, or user, or the Phase 1 Property and Improvements thereon are not subject to real estate taxation for any reason, said Developer, owners, lessees, sublessees, or users shall pay to the City annually an amount equal to the real estate taxes that would be required if subject to taxation. The foregoing provisions may be enforced by way of deed conditions for the benefit of the City operating as a covenant binding Developer, running with the land; by a requirement of City approval prior to any land transfer; or by similar or additional enforcement mechanisms. Notwithstanding the foregoing, the Developer and/or the owner of the Affordable Housing Units shall be entitled to participate in any tax abatement or similar programs that the City currently makes or may make publicly available to support the development of affordable housing; provided, however, the Developer may only participate in such programs if the revenues generated within the CDA District from the sources described above are producing surplus cash flows in excess of the amount required to pay the debt service on any bonds issued by the City or the EDA to finance or refinance the costs of the Public Infrastructure and any Eligible Mass Grading.‌
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Related to Taxable Parcels

  • Access; Utilities; Separate Tax Parcels Based solely on evaluation of the Title Policy (as defined in paragraph 8) and survey, if any, an engineering report or property condition assessment as described in paragraph 12, applicable local law compliance materials as described in paragraph 26, and the ESA (as defined in paragraph 43), each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has permanent access from a recorded easement or right of way permitting ingress and egress to/from a public road, (b) is served by or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been made or is required to be made to the applicable governing authority for creation of separate tax parcels (or the Mortgage Loan documents so require such application in the future), in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax parcels are created.

  • Conveyance Taxes The Company and Parent shall cooperate in the preparation, execution and filing of all returns, questionnaires, applications or other documents regarding any real property transfer or gains, sales, use, transfer, value added, stock transfer and stamp taxes, any transfer, recording, registration and other fees, and any similar taxes which become payable in connection with the transactions contemplated by this Agreement that are required or permitted to be filed on or before the Effective Time.