Taxes, Mortgages. The Property Manager, unless otherwise requested, shall obtain and verify bills for real estate and personal property taxes, general and special real property assessments and other like charges (collectively "Taxes") which are or may become liens against the Project and appeal such Taxes as the Property Manager may decide in its reasonable judgment. The Property Manager shall report any such Taxes that materially exceed the amounts contemplated by the Budget to the Tenants in Common prior to the Property Manager's payment thereof. The Property Manager, if requested by the Tenants in Common, will cooperate to prepare an application for correction of the assessed valuation (in cooperation with representatives of the Tenants in Common) to be filed with the appropriate governmental agency. The Property Manager shall pay, within the time required to obtain discounts, from funds provided by the Tenants in Common or from the Operating Account, all utilities, Taxes and payments due under each lease, mortgage, deed of trust or other security instrument, if any, affecting the Project. To the extent contemplated by the Budget and in conformance with the Operating Plan (as either may be revised from time to time), the Property Manager may make any such payments.
Appears in 4 contracts
Samples: Property and Asset Management Agreement (Behringer Harvard Reit I Inc), Property and Asset Management Agreement (Behringer Harvard Reit I Inc), Property and Asset Management Agreement (Behringer Harvard Reit I Inc)
