Voluntary Termination by Entity Sample Clauses

Voluntary Termination by Entity. The Urban Renewal Entity may at any time after the expiration of one year from the completion of the Project notify the City that as of a certain date designated in the notice, it relinquishes its status under the Exemption Law and that, if required by Section 40A:20-13 of the Exemption Law, the Urban Renewal Entity has obtained the consent of the Commissioner of the Department of Community Affairs, and in such event this Financial Agreement shall terminate as of the date set forth in the Notice.

Voluntary Termination by Entity. The Entity may at any time after the expiration of one year from the completion of the Project notify the Township that as of a certain date designated in the notice, it relinquishes its status under the Exemption Law; and that the Entity has obtained the consent of the Commissioner of the Department of Community Affairs. The date of Termination shall be deemed to be the close of the fiscal year of the Entity and the procedure for the apportionment of any taxes and/or Annual Service Charges, as applicable, shall be the same as would otherwise be applicable to any other property located within the Township upon a change in the exemption or tax status of such property.

Voluntary Termination by Entity. The Entity may, after the expiration of one year from the Substantial Completion of the Project, or a portion of the Project, notify the Borough in writing that, as of a date certain designated in such notice, it relinquishes its status as an urban renewal entity under the LTTEL and that the Entity, or transferee, has obtained, only if required by law, the consent of the Commissioner of the Department of Community Affairs, if required by Applicable Law. As of such date, continuation of this tax exemption, the Annual Service Charges hereunder, and the profit and dividend restriction shall terminate, and Section 10.3 below shall control. A final accounting pursuant to N.J.S.A. 40A:20-12 shall be a requirement of termination. Notwithstanding the foregoing, such relinquishment shall not impact the obligation of the Entity or the transferee, as applicable, to make payment of any Administrative Fee, Annual Service Charge, or Minimum Annual Service Charge that has accrued up to and including the Termination Date, or the obligation of the Entity or the transferee, as applicable, to perform the final accounting required by the LTTEL and Section 5.2.4.

Voluntary Termination by Entity. (a) In accordance with the Long Term Tax Exemption Law, including without limitation N.J.S.A. 40A:20-9(g) and 13, at any time after one (1) year from the Completion Date, the Entity may voluntarily terminate this Financial Agreement and relinquish its status under the Long Term Tax Exemption Law. (b) Notwithstanding anything contained in this Financial Agreement to the contrary, in the event that the Entity shall voluntarily terminate this Financial Agreement, all in accordance with Section 3.03(a) hereof, the tax exemption provided for in this Financial Agreement shall no longer be applicable to the Entity or the Improvements, shall thereafter be assessed and taxed according to the general law applicable to all other non-exempt property located within the Borough. (c) Notwithstanding anything contained in this Financial Agreement to the contrary, in the event that the Entity shall voluntarily terminate this Financial Agreement, all in accordance with Section 3.03(a) hereof, the date of such termination shall be deemed the close of the fiscal year of the Entity, all in accordance with the Long Term Tax Exemption Law, including without limitation N.J.S.A. 40A:20-13.