Land Taxes. The amount of conventional real estate taxes assessed on Land (but not the Improvements) during the term of this Agreement.
Land Taxes. The amount of real estate taxes levied on the Land, exclusive of any Improvements related thereto.
Land Taxes. The amount of taxes assessed on the value of the Land on which the Project is located and, if applicable, taxes on any pre-existing improvements. Since the Project involves the construction of housing by the Entity, the Land upon which the Project is situated shall be exempt from taxation to the same extent as the improvements being constructed thereon, in accordance with N.J.S.A. 40A:20-12. Accordingly, there shall be no credit against the Annual Service Charge for Land Tax Payments.
Land Taxes. From and after the Entity’s acquisition of the Land, the Entity (and any Transferee, as applicable) shall be obligated to make timely payments of the Land Taxes at all times during the Term of this Agreement. From and after the ASC Commencement Date, the Entity shall be entitled to a credit for the amount, without interest, of the Land Tax payments made in the last four preceding quarterly installments (the “Land Tax Credit”) against the next due Annual Service Charge. In any year that the Entity fails to make any Land Tax payments, if and when due and owing, such delinquency shall render the Entity ineligible for any Land Tax Credits against the Annual Service Charge for that year. In addition, the Borough shall have, among this remedy and other remedies, the right to proceed against the Land pursuant to the Tax Sale Law and/or to declare a Default.
Land Taxes. The Land shall be exempt from taxation as of the Annual Service Charge Start Date in accordance with the HMFA Law, provided however, that if such exemption of the Land is invalidated by a court of competent jurisdiction, then this Agreement shall remain in full force and effect and shall be reformed to provide that:
Land Taxes. The Tenant shall not be responsible for any property taxes that may be assessed against the property as a result of the Tenant occupying said property.
Land Taxes. The amount of taxes assessed on the value of the Land. Land assessments are not abated and shall remain a lien on the Land.
Land Taxes. The amount of taxes assessed on the value of the land comprising the Property (and not the Improvements located on the Property), as determined by the Borough Tax Assessor. Assessments with respect to Land Taxes are not abated under the long-term exemption granted in this Agreement, however same shall be applied as a Credit against the Annual Service Charge due hereunder.
Land Taxes. Because the Land is not permitted to be exempt pursuant to N.J.S.A. 40A:20-12, the Entity is required and shall be solely responsible to pay the Land Tax Payments. Pursuant to N.J.S.A. 40A:20-12, the Entity shall be entitled to a credit for Land Tax Payments against the Annual Service Charge in accordance with N.J.S.A. 40A:20-12.
Land Taxes. Notwithstanding the exemption granted herein, SJS shall be required to pay the Land Taxes. For purposes of this Agreement, “Land Taxes” means the amount of tax otherwise due on the Property as if no Project Improvements had been constructed, no Agreement had been executed, and no tax exemption had been granted pursuant to N.J.S.A. 40A:21-1 et seq.
