Common use of Property Tax Exemption Clause in Contracts

Property Tax Exemption. The City and the Company expect that while the Project is owned by the City and is subject to this Lease, the Project will be exempt from all ad valorem real and personal property taxes by reason of such ownership, and the City agrees that it will (at the expense of the Company) cooperate with the Company to defend such exemption against all parties. The City and the Company further acknowledge and agree that the City’s obligations hereunder are contingent upon the Company making the payments due under and otherwise complying with the terms of the Performance Agreement during the term of this Lease. The terms and conditions of the Performance Agreement are incorporated herein as if fully set forth herein.

Property Tax Exemption. The City and the Company expect agree that while the Project is owned by the City and is subject to this Lease, the Project and the leasehold interest of the Company in the Project will be exempt from all ad valorem real and personal property taxes by reason of such ownership, and the City agrees that it will (at the expense of the Company) cooperate with the Company to defend such exemption against all partiesparties in accordance with the Performance Agreement. The Notwithstanding the foregoing, Company will annually pay to the City and the Company further acknowledge and agree that the City’s obligations hereunder are contingent upon the Company making the payments due under and otherwise complying with respect to the terms of Project set forth in the Performance Agreement during the term of this Lease. The terms and conditions of the Performance Agreement are incorporated herein as if fully set forth hereinAgreement.

Property Tax Exemption. The City and the Company expect that while the Project is owned by the City and is subject to this the Lease, the Project will be exempt from all ad valorem real and personal property taxes by reason of such ownership, and the City agrees that it will (at the expense of the Company) cooperate with the Company to defend such exemption against all parties. The City and the Company further acknowledge and agree that the City’s obligations hereunder are contingent upon the Company making the payments due under and otherwise complying with the terms of the Performance Agreement during the term of this Lease. The terms and conditions of the Performance Agreement are incorporated herein as if fully set forth herein.

Property Tax Exemption. The City and the Company expect that while the Project is owned by the City and is subject to this the Lease, the Project will be exempt from all ad valorem real and personal property taxes by reason of such ownership, and the City agrees that it will (at the expense of the Company) cooperate with the Company to defend defend, at the sole expense of the Company, such exemption against all parties. The City and the Company further acknowledge and agree that the City’s 's obligations hereunder are contingent upon the Company making the those payments due under and otherwise complying with the terms as set forth in Section 5.04 of the Performance Grant Agreement during the term of this Lease. The terms and conditions of the Performance Grant Agreement are incorporated herein as if fully set forth herein.

Property Tax Exemption. The City and the Company expect that while the Project Equipment is owned by the City and is subject to this the Lease, the Project Equipment will be exempt from all ad valorem real and personal property taxes by reason of such ownership, and the City agrees that it will (at the expense of the Company) cooperate with the Company to defend such exemption against all parties. The City and the Company further acknowledge and agree that the City’s obligations hereunder are contingent upon the Company making the payments due under and otherwise complying with the terms of the Performance Agreement during the term of this Lease. The terms and conditions of the Performance Agreement are incorporated herein as if fully set forth herein.