Taxpayer Agreement Sample Clauses

Taxpayer Agreement. This Agreement constitutes, and shall be deemed for all purposes to be, a taxpayer agreement pursuant to Ind. Code § 36-7-25-6.

Taxpayer Agreement. Company agrees to perform all material matters provided by the Taxpayer Agreement to be performed by the Company and to comply with all material provisions, covenants and commitments of the Taxpayer Agreement applicable to the Company, in each case to the extent that a failure to so perform or comply is expressly provided under the terms of the Taxpayer Agreement to be an “Event of Default” by the Company or, with the passage of time or the giving of notice, or both, would constitute an “Event of Default” on the part of the Company under the Taxpayer Agreement.

Taxpayer Agreement. Company agrees to enter into a Taxpayer Agreement mutually acceptable to the Town Bodies that (i) states that beginning the calendar year following the first January 1 after Substantial Completion of the Mixed-Use Project and continuing through each calendar year of the Bond Term, Company agrees (i) to annually (in semi-annual payments on the dates that are five days prior to the next-due payment of debt service on the Mixed-Use Bonds) pay MRC the positive difference, if any, between $430,800.00: (a) the amount of the required debt service payment; and (b) the Pledged Increment distributable to MRC for the applicable year; (ii) provide that the payments due by Company thereunder are secured by an annually renewable lien against the Mixed-Use Parcel that is the same in nature and priority to (but different from and in addition to) the lien of Real Estate Taxes and, accordingly, shall: (A) be prior to any mortgage or other lien or encumbrance on the Property other than the lien of Real Estate Taxes; and (B) renew automatically every January 1 during the Bond Term in its same priority; (iii) shall be recorded and run with the Mixed-Use Parcel; (iv) sets forth the policies of insurance required to be maintained by the Owner during the Bond Term, and the obligations of the Owner if there is casualty damage to, or destruction of, the Mixed-Use Project; and (v) prohibits the Owner from challenging or appealing: (A) the assessed value of the Mixed-Use Parcel and the Mixed-Use Parcel; (B) the applicable tax rate; or (C) the application of the tax rate to the assessed value; to the extent that the foregoing likely would result in the applicable tax rate to be lower than the projected applicable tax rate, or the applicable assessed value being less than 100% of the projected assessed value. Town Bodies and Company shall execute and record the Taxpayer Agreement (or a memorandum thereof) at the Closing. Nothing in this Agreement or the Taxpayer Agreement shall be deemed to release Company from any obligation to pay Real Estate Taxes or Assessments on the Mixed-Use Parcel regardless of when payable or assessed.

Taxpayer Agreement. If required by Xxxxxxxx, each of Xxxxxxxx and the RDC agrees to enter into a mutually acceptable Taxpayer Agreement for the Bonds that (a) states that beginning the calendar year following the first January 1 after Substantial Completion of the Project and continuing through each calendar year of the Bond Term, Xxxxxxxx agrees to (i) annually (in semi- annual payments on the dates that are twenty (20) days prior to the next-due payment of debt service on the Bonds) pay RDC the positive difference, if any, between: (A) the amount of the required debt service payment on the Bonds; and (B) the Pledged Increment distributable to RDC for the applicable year; (b) provides that the payments due by Xxxxxxxx thereunder are secured by an annually renewable lien against the Project Site that is the same in nature and priority to (but different from and in addition to) the lien of Real Estate Taxes and, accordingly, shall: (i) be prior to any mortgage or other lien or encumbrance on the Project Site other than the lien of Real Estate Taxes; and (ii) renew automatically every January 1 during the Bond Term in its same priority; and (c) shall be recorded and run with the Project Site. City Bodies and Xxxxxxxx shall execute and record the Taxpayer Agreement upon request by Xxxxxxxx. Nothing in this Agreement or the Taxpayer Agreement (if required by Xxxxxxxx) shall be deemed to release Xxxxxxxx from any obligation to pay Real Estate Taxes on the Project Site regardless of when payable or assessed.

Taxpayer Agreement. If required by Xxxxxxxx, each of Xxxxxxxx and the RDC agrees to enter into a mutually acceptable Taxpayer Agreement for the Bonds that (a) states that beginning the calendar year following the first January 1 after Substantial Completion of the Project and continuing through each calendar year of the Bond Term, Xxxxxxxx agrees to (i) annually (in semi- annual payments on the dates that are twenty (20) days prior to the next-due payment of debt service on the Bonds) pay RDC the positive difference, if any, between: (A) the amount of the required debt service payment on the Bonds; and (B) the Pledged Increment distributable to RDC for the applicable year; (b) provides that the payments due by Xxxxxxxx thereunder are secured by an annually renewable lien against the Project Site that is the same in nature and priority to (but different from and in addition to) the lien of Real Estate Taxes and, accordingly, shall: (i) be prior to any mortgage or other lien or encumbrance on the Project Site other than the lien of Real Estate Taxes; and (ii) renew automatically every January 1 during the Bond Term in its same priority; and (c) shall be recorded and run with the Project Site. City Bodies and Xxxxxxxx shall execute and record the Taxpayer Agreement upon request by Xxxxxxxx. Nothing in this Agreement or the Taxpayer Agreement (if required by Xxxxxxxx) shall be deemed to release Xxxxxxxx from any obligation to pay Real Estate Taxes on the Project Site regardless of when payable or assessed.