Common use of Tax Protest Clause in Contracts

Tax Protest. If, as of the Closing Date, there shall be any tax certiorari proceedings or tax protest proceedings pending with respect to any portion or all of the Property, all benefits obtained thereby including, without limitation, any tax refunds, after deducting the cost of such proceedings, including attorneys fees, shall: (i) if attributable to any tax year ended prior to the Closing Date, be paid to Seller; (ii) if attributable to any tax year commencing after the Closing Date, be retained by Purchaser; and (iii) if attributable to the tax year in which the Closing Date occurs, be apportioned between Seller and Purchaser as of the Closing Date. This provision shall survive the Closing.