Mortgage Recording Taxes definition

Mortgage Recording Taxes means those taxes imposed by the City and the State upon the recording of mortgages against real property in the City. Net Present Value shall mean the net present value calculated as of the PILOT Commencement Date using a discount rate of [6.25%]. NYCDOF shall mean the New York City Department of Finance. Person shall mean an individual or any Entity. PILOT shall mean payments in lieu of Real Estate Taxes with respect to the Facility Realty. PILOT Benefits shall mean, for any period of determination, the dollar amount of all benefits that accrued during such period due to the exemption from Real Estate Taxes resulting from the Agency’s leasehold interest in the Facility Realty, such amount to be computed by subtracting (y) the aggregate amount of PILOT paid by the Lessee during such period from (z) Real Estate Taxes that would have been levied by the City on the Facility Realty, as reduced by As-of-Right Benefits, during such period in the absence of the Agency’s leasehold interest in the Facility Realty. Project Application shall mean the eligibility application and questionnaire submitted to the Agency by or on behalf of the [Lessee] [Sublessee], for approval by the Agency of the Project and the providing of Financial Assistance by the Agency therefor, together with all other letters, documentation, reports and financial information submitted in connection therewith. Project Cost Budget shall mean that certain budget as set forth by the Lessee in Exhibit E to the Agency Lease.

Mortgage Recording Taxes shall have the meaning specified in Section 5.3(a). Mortgages shall mean each mortgage, if any, referred to in the Project Finance Plan, and each other mortgage creating a lien upon the Facility Realty and to which an Authorized Representative of the Agency shall consent in writing. Net Proceeds shall mean, when used with respect to any insurance proceeds or condemnation award, compensation or damages, the gross amount of any such proceeds, award, compensation or damages less all expenses (including reasonable attorneys’ fees and any extraordinary expenses of the Agency or any Mortgagee) incurred in the collection thereof. New Money shall have the meaning specified in Section 5.3(a).

Mortgage Recording Taxes. The mortgage recording taxes required to be paid by the Borrowers pursuant to the terms of the Escrow Agreement.

Examples of Mortgage Recording Taxes in a sentence

• The Agency shall deliver such affidavits and other documents reasonably requested by a title company to accomplish the Severances contemplated by this Agreement and to exempt the recording of any new or restated PILOT Mortgages from Mortgage Recording Taxes.

• The Lessee acknowledges that the Agency shall not exempt in whole or in part the payment of Mortgage Recording Taxes on any Mortgage.

• General Indemnity; Payment of Expenses; Mortgage Recording Taxes.

• The Mortgagor shall pay all reasonable costs in connection with, relating to or arising out of the preparation, execution and recording of this Mortgage, including title company premiums and charges, inspection costs, survey costs, recording fees and taxes (including without limitation all New York Mortgage Recording Taxes), attorneys', engineers', appraisers' and consultants' fees and disbursements and all other similar expenses of every kind.

• Project Documents shall be exempt from recording fees.3, Exemption from Mortgage Recording Taxes.

• Mortgage Recording Taxes Under New York State law, the MTA receives operating and capital assistance from the State Mortgage Recording Tax, which is collected by the City and the seven counties within the MTA transportation region, at the rate of three-tenth of 1% of the debt secured by certain real estate mortgages.

• The Applicant will receive tax incentives in the form of an abatement of Mortgage Recording Taxes, and an exemption of sales and use taxes.

• The Mortgagor shall pay all reasonable costs in connection with, relating to or arising out of the preparation, execution and recording of this Mortgage, including title company premiums and charges, inspection costs, survey costs, recording fees and taxes (including without limitation all New York Mortgage Recording Taxes), reasonable attorneys', engineers', appraisers' and consultants' fees and disbursements and all other similar reasonable expenses of every kind.

• The Mortgage Recording Taxes consist of two separate taxes: Mortgage Recording Tax-1 (MRT-1) and Mortgage Recording Tax-2 (MRT-2).

• Agency is now contemplating providing to John Wesley Village LP with respect to the Project is (i) the provision of an exemption from Sales and Compensating Use Taxes on certain property, including tangible personal property, and (ii) a partial abatement of real property taxes, and (iii) the provision of an exemption from Mortgage Recording Taxes.

More Definitions of Mortgage Recording Taxes

Mortgage Recording Taxes means those taxes imposed by the City and the State upon the recording of mortgages against real property in the City. M\WBE Program shall have the meaning set forth in Section 8.27. Net Proceeds shall mean, when used with respect to any insurance proceeds or condemnation award, compensation or damages, the gross amount of any such proceeds, award, compensation or damages less all expenses (including reasonable attorneys’ fees and any extraordinary expenses of the Agency or any Mortgagee) incurred in the collection thereof. Non-Qualified Use shall mean any use other than a Qualified Use.

Mortgage Recording Taxes means those taxes imposed by the City and the State upon the recording of mortgages against real property in the City. M\WBE Program shall have the meaning set forth in Section 8.27. Net Proceeds shall mean, when used with respect to any insurance proceeds or condemnation award, compensation or damages, the gross amount of any such proceeds, award, compensation or damages less all expenses (including reasonable attorneys’ fees and any extraordinary expenses of the Agency or any Mortgagee) incurred in the collection thereof. Net Worth Covenant shall have the meaning assigned to it in the Guaranty Agreement. Non-Controlling Investor shall mean any Person directly or indirectly owning, holding or controlling securities issued by, or other ownership interest in, an Entity (an “Interest Holder”) and who does not exercise Control of such Entity in such capacity as an Interest Holder. Non-Qualified Use shall mean any use other than a Qualified Use.

Mortgage Recording Taxes means those taxes imposed by the City and the State upon the recording of mortgages against real property in the City. M\WBE Program shall have the meaning set forth in Section 8.27. Net Proceeds shall mean, when used with respect to any insurance proceeds or condemnation award, compensation or damages, the gross amount of any such proceeds, award, compensation or damages less all expenses (including reasonable attorneys’ fees and any extraordinary expenses of the Agency or any Mortgagee) incurred in the collection thereof. NFP Unit Space means one (1) entire floor of Lab Ready Space to be occupied by a not- for profit organization at the Facility Realty. Non-Qualified Use shall mean any use in the Facility Realty other than (i) Life Science Use, (ii) use for Deerfield Life Science Offices, but not to exceed the Maximum Deerfield HQ RSF, and (iii) use of Life Science Use Convening Space that meets the Convening Space Use Requirements. Non-Qualified RSF shall mean RSF of Facility Realty (other than the Additional Improvements (if any) that on the date(s) or period(s) of determination that (i) is leased, used or occupied for a Non-Qualified Use or (ii) deemed to be Non-Qualified RSF pursuant to Section 8.9(d).

Mortgage Recording Taxes shall have the meaning specified in Section 5.3(a). Mortgages shall mean each mortgage, if any, referred to in the Project Finance Net Proceeds shall mean, when used with respect to any insurance proceeds or condemnation award, compensation or damages, the gross amount of any such proceeds, award, compensation or damages less all expenses (including reasonable attorneys’ fees and any extraordinary expenses of the Agency or any Mortgagee) incurred in the collection thereof. New Money shall have the meaning specified in Section 5.3(a).