Common use of Exempt Status Clause in Contracts

Exempt Status. CITY has determined that, if TAX-EXEMPT acquires a PROPERTY and currently uses or will use it for the purposes described in its preliminary application for exemption, filed with CITY prior to the execution of this AGREEMENT, the PROPERTY does or will qualify for real and personal property tax exemption under Wisconsin law. TAX-EXEMPT understands and acknowledges that: (i) the earliest date that the PROPERTY can qualify for tax exemption is January 1, 201_; (ii) under the preamble to § 70.11, Wis. Stats., TAX-EXEMPT must, as a condition to securing an exemption, timely file an exemption application with CITY's Assessor; and (iii) CITY reserves all rights under Wisconsin law to grant or deny TAX-EXEMPT's application for exemption. In the event that CITY grants TAX-EXEMPT's application for exemption, CITY Assessor's Office may review and reconsider the PROPERTY's exempt status under § 70.11, Wis. Stats., from time to time with the respective January 1 dates being the reference dates for those exemption reviews. If for any reason, CITY determines that all or any portion of the PROPERTY does not qualify for exemption from property tax: (i) CITY shall provide written notice of such determination to TAX-EXEMPT no later than May 31 of that year; (ii) no PILOT payment shall be due under this AGREEMENT with respect to any year for which exemption, in full or in part, does not apply; (iii) if a PILOT payment has been paid for such tax years, CITY shall promptly refund such PILOT payments or, at the option of CITY, offset such PILOT payments against any property taxes due on the PROPERTY, in which case CITY will treat such offset as having been made under protest; and (iv) the PROPERTY, or any portion thereof which does not quality for exemption, shall be placed on the property tax rolls for that and any subsequent years for which an exemption has been determined not to apply. If TAX-EXEMPT disagrees with CITY's determination that the PROPERTY, or any part thereof, no longer qualifies for tax exemption, TAX-EXEMPT may challenge such determination by following any procedure provided under Wisconsin law.

Exempt Status. CITY has determined that, if TAX-EXEMPT WALNUT PARK acquires a the PROPERTY and currently uses or will use it for the purposes described in its preliminary application for exemption, filed with CITY prior to the execution of this AGREEMENT, the PROPERTY does or will qualify for real and personal property tax exemption under Wisconsin law. TAX-EXEMPT WALNUT PARK understands and acknowledges that: (i) the earliest date that the PROPERTY can qualify for tax exemption is January 1, 201_2003; (ii) under the preamble to § 70.11, Wis. Stats., TAX-EXEMPT WALNUT PARK must, as a condition to securing an exemption, timely file an exemption application with CITY's Assessor; and (iii) CITY reserves all rights under Wisconsin law to grant or deny TAX-EXEMPTWALNUT PARK's application for exemption. In the event that CITY grants TAX-EXEMPTWALNUT PARK's application for exemption, CITY Assessor's Office may review and reconsider the PROPERTY's exempt status under § 70.11, Wis. Stats., from time to time with the respective January 1 dates being the reference dates for those exemption reviews. If for any reason, CITY determines that all or any portion of the PROPERTY does not qualify for exemption from property tax: (i) CITY shall provide written notice of such determination to TAX-EXEMPT WALNUT PARK no later than May 31 of that year; (ii) no PILOT payment shall be due under this AGREEMENT with respect to any year for which exemption, in full or in part, does not apply; (iii) if a PILOT payment has been paid for such tax years, CITY shall promptly refund such PILOT payments or, at the option of CITY, offset such PILOT payments against any property taxes due on the PROPERTY, in which case CITY will treat such offset as having been made under protest; and (iv) the PROPERTY, or any portion thereof which does not quality for exemption, shall be placed on the property tax rolls for that and any subsequent years for which an exemption has been determined not to apply. If TAX-EXEMPT WALNUT PARK disagrees with CITY's determination that the PROPERTY, or any part thereof, no longer qualifies for tax exemption, TAX-EXEMPT WALNUT PARK may challenge such determination by following any procedure provided under Wisconsin law.

Exempt Status. The CITY has determined that, if TAX-EXEMPT acquires a PROPERTY and currently uses or will that the manner in which META HOUSE has disclosed it intends to use it for the purposes described in its preliminary application for exemption, filed with CITY prior to the execution of this AGREEMENT, the PROPERTY does or will may qualify for real and personal property tax exemption under Wisconsin law. TAX-EXEMPT META HOUSE understands and acknowledges that: (i) the earliest date that the PROPERTY can qualify for tax exemption is January 1, 201_2023; (ii) under the preamble to § 70.11, Wis. Stats., TAX-EXEMPT META HOUSE must, as a condition to securing an exemption, timely file an exemption application with CITY's Assessor; and (iii) CITY reserves all rights under Wisconsin law to grant or deny TAX-EXEMPTMETA HOUSE's application for exemption. In the event that CITY grants TAX-EXEMPTMETA HOUSE's application for exemption, CITY Assessor's Office may review and reconsider the PROPERTY's exempt status under § 70.11, Wis. Stats., from time to time with the respective January 1 dates being the reference dates for those exemption reviews. If for any reason, CITY determines that all or any portion of the PROPERTY does not qualify for exemption from property tax: (i) CITY shall provide written notice of such determination to TAX-EXEMPT META HOUSE no later than May 31 of that year; (ii) no PILOT payment shall be due under this AGREEMENT with respect to any year for which exemption, in full or in part, does not apply; (iii) if a PILOT payment has been paid for such tax years, CITY shall promptly refund such PILOT payments or, at the option of CITY, offset such PILOT payments against any property taxes due on the PROPERTY, in which case CITY will treat such offset as having been made under protest; and (iv) the PROPERTY, or any portion thereof which does not quality for exemption, shall be placed on the property tax rolls for that and any subsequent years for which an exemption has been determined not to apply. If TAX-EXEMPT META HOUSE disagrees with CITY's determination that the PROPERTY, or any part thereof, no longer qualifies for tax exemption, TAX-EXEMPT META HOUSE may challenge such determination by following any procedure provided under Wisconsin law.

Exempt Status. CITY The City has determined that, if TAX-EXEMPT the Housing Authority acquires a PROPERTY the 11th Street Property and currently uses or will use cause it to be used for the purposes described in its preliminary application for exemption, filed consistent with CITY prior to the execution Housing Authority’s purpose of this AGREEMENTproviding affordable housing, the PROPERTY does or 11th Street Property will qualify for real and personal property tax exemption under Wisconsin law. TAX-EXEMPT The Housing Authority understands and acknowledges that: : (i) the earliest date that the PROPERTY 11th Street Property can qualify for tax exemption is January 1, 201_2022; and (ii) under the preamble to § 70.11, Wis. Stats., TAX-EXEMPT mustthe Housing Authority shall, as a condition to securing an exemption, timely file an exemption application with CITY's the City Assessor; and (iii) CITY reserves all rights under Wisconsin law to grant or deny TAX-EXEMPT's application for exemption. In the event that CITY grants TAX-EXEMPT's application for exemption, CITY The City Assessor's Office may review and reconsider the PROPERTY's exempt status of property subject to this Agreement under § 70.11, Wis. Stats., from time to time with the respective January 1 dates being the reference dates for those exemption reviews. If for any reason, CITY the City determines that all or any portion of the PROPERTY property subject to this Agreement does not qualify for exemption from property tax: (i) CITY the City shall provide written notice of such determination to TAX-EXEMPT the Housing Authority no later than May 31 of that year; (ii) no PILOT payment shall be due under this AGREEMENT Agreement for the KHA Property with respect to any year for which exemption, in full or in part, does not applyapply to said property; (iii) no PILOT payment shall be due under this Agreement for the 11th Street Property with respect to any year for which exemption, in full or in part, does not apply to said property; (iv) if a PILOT payment has been paid for such tax years, CITY the City shall promptly refund such PILOT payments or, at the option of CITY, offset such PILOT payments against any property taxes due on the PROPERTYproperties subject to this Agreement, in which case CITY the City will treat such offset as having been made under protest; and (ivv) the PROPERTYsaid property, or any portion thereof which does not quality qualify for exemption, shall be placed on the property tax rolls for that and any subsequent years for which an exemption has been determined not to apply. If TAX-EXEMPT the Housing Authority disagrees with CITYthe City's determination that the PROPERTYproperty subject to this Agreement, or any part thereof, no longer qualifies for tax exemption, TAX-EXEMPT the Housing Authority may challenge such determination by following any procedure provided under Wisconsin law.