Current Tax Period has the meaning set forth in Section 12.1.
Current Tax Period means the fiscal year of the applicable taxing authority during which the Close of Escrow occurs.
Current Tax Period means the tax year in which the Closing occurs.
Examples of Current Tax Period in a sentence
The phrase "Current Tax Period" refers to the fiscal year of the applicable taxing authority in which the Close of Escrow occurs.
Seller shall reimburse Buyer for Seller’s portion of the Current Tax Period at Closing or in connection with any post-closing settlement provided for herein.
Buyer shall file the Tax Return (unless previously filed by Seller) with respect to the Current Tax Period and shall pay any Taxes shown due with respect thereto, subject to Buyer’s right to reimbursement for the portion allocable to Seller pursuant to this Section 12.1, regardless of the taxing agency’s basis for calculating such Taxes.
Buyer shall file the Tax Return (unless previously filed by Seller) with respect to the Current Tax Period and shall pay any Taxes shown due with respect thereto, subject to Buyer’s right to reimbursement for the portion allocable to Seller pursuant to this Section 12.1. Buyer agrees to reimburse Seller at Closing or in connection with any post-closing settlement provided for herein the amount of any Property Taxes allocated to Buyer pursuant to this Section 12.1 that are paid or to be paid by Seller.
If Seller pays the Property Taxes assessed for the Current Tax Period, Buyer agrees to reimburse Seller for Buyer’s portion of said Taxes at Closing or in connection with any post-closing settlement provided for herein.
More Definitions of Current Tax Period
Current Tax Period refers to the fiscal year of the applicable taxing authority in which the Close of Escrow occurs. In the event that as of the Close of Escrow the actual tax bills for the year or years in question are not available and the amount of taxes to be prorated as aforesaid cannot be ascertained, then rates and assessed valuation of the previous year, with known changes, shall be used, and when the actual amount of taxes and assessments for the year or years in question shall be determinable, then such taxes and assessments will be reprorated between the parties to reflect the actual amount of such taxes and assessments.
Current Tax Period has the meaning set forth in Section 12.1. “Deductible Amount” has the meaning set forth in Section 7.5. “Defect Arbitrator” has the meaning set forth in Section 20.3. “Deposit” has the meaning set forth in Section 3.2.
Current Tax Period means the fiscal period of the applicable taxing or charging authority during which the Closing occurs. If the latest available tax xxxx is not the xxxx for the Current Tax Period, then Real Estate Taxes shall be prorated based upon the latest tax information then available (including previous tax bills, current assessments and other information available from the taxing authorities) and Buyer and Seller shall re-prorate the Real Estate Taxes following the Closing as soon as the tax xxxx for the Current Tax Period becomes available, but in all events no later than the Final Proration Adjustment as provided in Section 6.9.8 below. Refunds of Real Estate Taxes for any period of time prior to the Current Tax Period, shall belong to Seller and Seller reserves the right to commence, contest and settle same. In the event such refunds are paid to Buyer, Buyer shall promptly pay such amount to Seller (which obligation shall survive the Closing and shall not be merged into the Deeds and the other documents and instruments to be delivered at Closing). Seller hereby informs Buyer that Seller is currently contesting Real Estate Taxes for the Current Tax Period. Seller shall have the right to continue to contest and settle same, provided Seller shall not, to effectuate any reduction in Taxes, agree with the relevant authorities to increase taxes for any year from and after the year in which the Closing Date occurs and shall provide Buyer with all material correspondence, pleadings, submissions and other information relating thereto from time to time promptly upon Buyer’s request for same. Refunds of Real Estate Taxes for the Current Tax Period, net of the actual out of pocket costs of pursuing any tax contest or protest proceedings and collecting such refunds, shall be prorated in proportion to the respective shares of the Real Estate Taxes for the Current Tax Period borne by Seller and Buyer hereunder and the party receiving such refund shall promptly deliver to the other party its proportionate share of the refund for any Taxes during the Current Tax Period.
Current Tax Period refers to the fiscal year of the applicable taxing authority in which the Close of Escrow occurs. In the event that as of the Close of Escrow the actual tax bills for the year or years in question are not available and the amount of taxes to be prorated as aforesaid cannot be ascertained, then rates and assessed valuation of the previous year, with known changes, shall be used, and when the actual amount of taxes and assessments for the year or years in question shall be determinable, then such taxes and assessments will be reprorated between the parties to reflect the actual amount of such taxes and assessments. Seller shall be responsible for, and shall indemnify, protect, defend (with counsel chosen by Buyer) and hold harmless Buyer and the Real Property from and against any and all supplemental taxes, to the extent that such taxes relate to any period occurring prior to the Close of Escrow.
Current Tax Period refers to the fiscal year of the applicable taxing authority in which the Close of Escrow occurs. Buyer shall be responsible for the taxes and assessments, including any reassessment based on the Buyer's acquisition of the Property, relating to the balance of the Current Tax Period. In the event that as of the Close of Escrow the actual tax bills for the year or years in question are not available and the amount of taxes and assessments to be prorated as aforesaid cannot be ascertained, then rates and assessed valuation of the previous year, with any known changes, shall be used for prorations, and promptly after the date when the actual amount of taxes and assessments for the year or years in question shall be determinable, such taxes and assessments will be re-prorated by the parties on the terms of this paragraph to reflect the actual amount of such taxes and assessments. Promptly after first learning of the same, the first party to learn of a future, pending or actual tax refund relating to a period prior to the Close of Escrow shall notify the other party of the same. When the amount of the refund is known, Seller shall analyze whether any of Buyer's tenants are entitled to all or any portion of such tax refund under law or contract and provide a written report to Buyer addressing the results of such analysis. Such report shall be subject to Xxxxx's approval, not unreasonably withheld or delayed. If Buyer disapproves such report, Buyer shall notify Seller of the same, the amount of the refund it claims should be allocated to its tenants and the basis for the same. If Buyer approves the report, Buyer shall retain or be entitled to that portion of the refund as described in the report and shall disburse to or credit the appropriate tenants with such portion of the refund. Subject to Xxxxx's approval of the credit due Tenants as shown in the report approved by Xxxxx, any pending or future tax refunds relating to a period prior to the Close of Escrow is and shall remain the sole property of Seller and shall be delivered promptly to Seller by Buyer if received by Xxxxx.
Current Tax Period means a tax period in which a commencement time falls;
Current Tax Period is defined in Section 17.