Common use of Tax Parcel Split Clause in Contracts

Tax Parcel Split. If the conveyance of the Property involves a tax parcel split, any applicable tax credit shall be allocated between the newly-created parcels based on parcel split information provided by the appropriate property tax official; provided, however, if such parcel split information is not provided by such tax official, any applicable tax credit shall be allocated proportionately between the newly-created parcels based solely on gross acres. If any Taxes are billed after Closing in a manner that does not reflect the parcel split, Buyer shall cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such Taxes, to be allocated in the same manner as provided above with respect to the tax credit at Closing unless otherwise agreed.

Tax Parcel Split. If the conveyance of the Property involves a tax parcel split, any applicable tax credit shall be allocated between the newly-created parcels based on parcel split information provided by the appropriate property tax official; provided, however, if such parcel split information is not provided by such tax official, any applicable tax credit shall be allocated proportionately equitably between the newly-created parcels based solely on gross acresan estimated parcel split using the most current assessment data available. If any Taxes are billed after Closing in a manner that does not reflect the parcel split, Buyer shall cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such Taxes, to be allocated in the same manner as provided above with respect proportions used to allocate the tax credit at Closing unless otherwise agreedClosing.