Real Estate Tax Abatement. Tenant shall be entitled to a credit for its ratable share (computed as a percentage of the real estate taxes paid by Tenant for the year for which the abatement was granted) of any net tax abatement (computed by deducting the costs and expenses incurred in obtaining such abatement) in the aggregate of the real estate taxes for the Property. If the abatement is for the year of the Tax Base, the tax for the year of the Tax Base will be readjusted to reflect such abatement, the abated tax shall thereafter be the base tax, and Tenant shall be liable for any increase in its pro rata share of such taxes as a result of such abatement, payable in the same manner as provided in Section 4.2.5.
Real Estate Tax Abatement. If, with respect to any fiscal tax year, Landlord does not, on or before the date thirty (30) days prior to the last date on which real estate tax abatement proceedings for such fiscal tax year may be commenced, then Tenant shall have the right (“Tenant’s Abatement Right”) to commence proceedings for an abatement of Landlord’s Tax Expenses for such fiscal tax year, provided that Tenant may only commence such proceedings if (i) there is no monetary or material non monetary Event of Default in existence and continuing, and (ii) Tenant provides Landlord with written notice of its intent to commence such abatement proceedings at least five (5) business days prior to Tenant actually commencing such proceedings. The following conditions shall apply to Tenant’s Abatement Right: (a) Tenant shall reasonably consult with Landlord concerning the manner and method of conducting such proceedings, (b) Tenant shall not settle any such proceedings without obtaining Landlord’s prior written approval, which approval shall not be unreasonably withheld, and (c) Tenant shall not cancel or withdraw any such proceedings unless Tenant shall, at least fifteen (15) days prior thereto, have notified Landlord of its intention to do so and Landlord shall have failed during such period to notify Tenant of its intention to continue such proceedings. If either party prosecutes an application for an abatement, the other party shall cooperate and promptly furnish any pertinent information reasonably required by the party prosecuting the application for an abatement. If Landlord fails to respond to Tenant’s request to settle any abatement proceedings within ten (10) business days, then Tenant may give Landlord another request therefor, which shall state in bold face, capital letters at the top thereof “WARNING: SECOND REQUEST. FAILURE TO RESPOND TO THIS REQUEST WITHIN THREE (3) BUSINESS DAYS SHALL RESULT IN DEEMED APPROVAL THEREOF.” If Landlord does not respond within three (3) business days after receipt of such second request, Landlord’s approval of such request to settle such abatement proceedings shall be deemed given.
Real Estate Tax Abatement. The Township and Developer shall use good faith efforts to enter into a Financial Agreement (the “Financial Agreement”) for the Property pursuant to the Long-Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. providing for a thirty (30) year property tax exemption for the Project improvements and calling for a payment-in-lieu-of-taxes equal to a percentage of the annual gross revenue (the “AGR”) from the Project according to the following schedule- Years % of AGR 12 – 16 11 17 – 20 12 21 – 24 13 25 - 28 14 29 - 30 15 Developer shall prepare a timely Application for a Financial Agreement requesting an agreement with the Township for a payment in lieu of taxes or other tax treatment for the Project. Developer shall provide to the Township an Application, a proposed Financial Agreement and all necessary information I support thereof within ninety (90) days of the execution of this Redevelopment Agreement. The Township shall promptly review and act upon such application. Should the Township determine that Developer’s application is deficient in one or more respects, the Township agrees to notify Developer within fifteen (15) days of such deficiency and to allow Developer reasonable time to submit an amended draft application. An approved Financial Agreement shall be in place no later than ninety (90) days from submission of a complete final Application by Developer unless the Township extends that date. Should the parties fail to reach agreement on a Real Estate Tax Abatement within the aforementioned timeframe, the Developer may cancel this Agreement on written notice to the Township. This cancellation shall be the only remedy for a failure to reach agreement on a Tax Abatement. Notwithstanding anything to the contrary above or elsewhere herein, any Financial Agreement shall be acceptable to Developer in its sole and absolute discretion.
Real Estate Tax Abatement. 85 ARTICLE 41
Real Estate Tax Abatement. 40.01 For purposes of this Lease, the following terms shall have the following meanings:
Real Estate Tax Abatement. The City will provide to Xxxxxxx and Operator an abatement of the City's real estate taxes attributable to any new improvements added to the Property, on a graduated basis over five (5) years, commencing with the real estate taxes for the year 2014, payable in 2015, as follows: 90% for year one, 75% for year two, 60% for year three, 45% for year four, and 30% for year five. Additionally, the City will use its best efforts to obtain the same percentage rebates for the same tax years from all other taxing bodies which impose real estate taxes on the Property. The foregoing abatement(s) will not apply to real estate taxes attributable to the Property as it exists on the date of this Agreement. The abatement(s) will be calculated by taking the cumulative Equalized Assessed Value (EAV) of all three (3) parcels after Development less the cumulative EAV of all three (3) parcels as of the date of this Agreement. The resulting tax abatement will be shared by the owners of Parcels No. 00-00-000-000, 00-00-000-000 and 00-00-000-000 based on the percentage of square footage of the new showroom facility built on each respective parcel.
Real Estate Tax Abatement. The City will provide to Owner an abatement of the City's real estate taxes attributable to any new improvements added to the Property, over six (6) years, commencing with the real estate taxes for the year 2017, payable in 2018, as follows: 50% of the City’s real estate taxes attributable to the increased Equalized Assessed Value from real estate tax year 2017 to 2018. The foregoing abatement(s) will not apply to real estate taxes attributable to the Property as it exists on the date of this Agreement, but only to new improvements.
Real Estate Tax Abatement. The Township and Developer shall use their best good faith efforts to enter into a payment in lieu of taxes or other Financial Agreement (“PILOT”) for some or all of the Property pursuant to the Long-Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. Developer shall prepare a timely Application for a Financial Agreement requesting an agreement with the Township for PILOT or other tax treatment for the Project. Developer shall provide to the Township an Application, proposed Financial Agreement and all necessary PILOT information within ninety (90) days of the execution of this Agreement. The Township shall promptly review and act upon such application. Should the Township determine that Developer’s PILOT application is deficient in one or more respects, the Township agrees to notify Developer within fifteen (15) days of such deficiency and to allow Developer reasonable time to submit an amended draft application. An approved Financial Agreement shall be in place no later than ninety (90) days from submission of a complete final PILOT Application by Developer unless the Township extends that date. Should the parties fail to reach agreement on a Real Estate Tax Abatement within the aforementioned timeframe, the Developer may cancel this Agreement on written notice to the Township. This cancellation shall be the only remedy for a failure to reach agreement on a Tax Abatement.
Real Estate Tax Abatement. The City will provide to Owner an abatement of the City's real estate taxes attributable to any new improvements added to the Property, on a graduated basis over five (5) years, commencing with the real estate taxes for the year 2013, payable in 2014, as follows: 90% for year one, 75% for year two, 60% for year three, 45% for year four, and 20% for year five. Additionally, the City will use its best efforts to obtain the same percentage rebates for the same tax years from all other taxing bodies which impose real estate taxes on the Property. The foregoing abatement(s) will not apply to real estate taxes attributable to the Property as it exists on the date of this Agreement, but only to new improvements.
Real Estate Tax Abatement. To the extent that a program for the abatement of Real Estate Taxes (the “Tax Abatement”) has been approved for the Building by the City of Portage, Indiana, such Tax Abatement during the Term shall be for the benefit of the Tenant in the proportion that the total rentable square footage of the Premises bears to the total rentable square footage of the Building.
