Examples of Closing Date Tax Year in a sentence
In the event of any reduction in the assessed valuation of the Real Property for the Closing Date Tax Year or any prior tax year, the amount of any tax savings shall (a) with respect to tax years ending prior to the Closing, be payable to Sellers; and (b) with respect to the Closing Date Tax Year, after deduction of customary expenses and attorneys fees incurred in connection with obtaining same, be adjusted between Sellers and Purchaser as of the Closing.
Prior to the Closing, all real estate assessment protests and proceedings, if any, affecting the Real Property or any portion thereof for the tax year in which the Closing occurs (the "Closing Date Tax Year") and prior years will be prosecuted under Sellers' direction and control, provided that Sellers shall not settle, without Purchasers' prior written consent, not to be unreasonably withheld or delayed, any such protest or proceeding affecting the Closing Date Tax Year or any subsequent Tax Year.
From and after the Closing, all real estate assessment protests and proceedings for the Closing Date Tax Year and all tax years thereafter occurring shall be prosecuted under the Purchasers' direction and control and Sellers shall do everything reasonably necessary to transfer over to the Purchasers the right to prosecute and settle such protests and proceedings for the Closing Date Tax Year.