General Real Estate Transfer Assessment. Within 30 days following the Effective Date, each Owner shall record or cause to be recorded a covenant against the portion of the FDP Properties that it owns, requiring payment to the Town of a real estate transfer assessment in the amount of one percent (1%) of the consideration paid for each non-exempt transfer of any real property within the FDP Properties improved with a commercial, residential or mixed-use unit for which a certificate of occupancy has been issued (the “General XXXX”). The General XXXX shall be in addition to the RETT, as amended. The covenant shall be in substantially the form attached hereto as Exhibit 3. The Town shall administer and collect the General XXXX in the same manner as the Town administers and collects the RETT, with the same exemptions as the RETT except that the following transactions shall also be exempt from the General XXXX: (a) the reorganization of any business entity that owns title to real property within the FDP Properties that does not result in the conveyance by deed of such real property to another business entity or individual; and (b) any conveyance of real property between any of the Owners and any entity in which the beneficial owner or owners of any of the Owners also have an ownership interest. The General XXXX may be paid either by the buyer or the seller of the subject property as negotiated by the parties to the transfer. The Town shall use the funds generated by the General XXXX for general municipal purposes.
Appears in 5 contracts
Samples: Annexation Agreement, Annexation Agreement, Annexation Agreement
