Existing Property definition
Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.
Existing Property means the property being owned by the Purchaser on the Signature Date as more fully described in Clauses 2.4 and 2.5 of the Covering Schedule;
Existing Property means the property that will be sold to repay the bridging loan or the short-term loan.
Examples of Existing Property in a sentence
Transfer of the Existing Property must be registered in the relevant Deeds Registry on or before the Primary Transfer Date.
In the event of a waiver by the Purchaser as aforesaid this Agreement will not lapse, despite the Purchaser's failure to sell the Existing Property.
The Existing Property shall not constitute an Additional Property.
Property Owner shall be responsible for any prepayment penalties or other prepayment amounts owing to its current lender in connection with the payment of its existing debt and described on Schedule II hereof ("Existing Property Owner Debt").
The Members acknowledge and agree that the Company shall not be deemed to have purchased any other interest in the Existing Property or the Owner Entity for federal and state income tax purposes.
More Definitions of Existing Property
Existing Property means property which will not qualify for the Negotiated FILOT pursuant to Section ▇▇-▇▇-▇▇▇ of the Negotiated FILOT Act, including, without limitation, property which has been subject to ad valorem taxes in the State prior to commencement of the Investment Period and property included in the Project as part of the repair, alteration, or modification of such previously taxed property; provided, however, that Existing Property shall not include: (a) the Land; (b) property acquired or constructed by or on behalf of the Company or any other Sponsor or Sponsor Affiliate during the Investment Period which has not been placed in service in this State prior to the commencement of the Investment Period notwithstanding that ad valorem taxes have heretofore been paid with respect to such property, or property which has been placed in service in the State pursuant to an inducement agreement or other preliminary approval by the County, including, but not limited to, the Inducement Resolution, prior to execution of this Agreement pursuant to Section 12-44-40(E) of the Negotiated FILOT Act, which property shall qualify as Negotiated FILOT Property; (c) property purchased by or on behalf of the Company or any other Sponsor or Sponsor Affiliate during the Investment Period in a transaction other than between any of the entities specified in Section 267(b) of the Internal Revenue Code, as defined under Chapter 6 of Title 12 of the Code as of the time of the transfer, to the extent that the Company or such other Sponsor or Sponsor Affiliate invests at least an additional $45,000,000 in the Project, exclusive of the property identified in this subsection (c); or (d) modifications which constitute an expansion of the real property portion of Existing Property.
Existing Property means property proscribed from becoming Economic Development Property pursuant to Section ▇▇-▇▇-▇▇▇ of the Code, including, without limitation, property which has been subject to ad valorem taxes in the State prior to the execution and delivery of this Agreement and property included in the Project as part of the repair, alteration, or modification of such previously taxed property; provided, however, that Existing Property shall not include: (a) property acquired or constructed by the Company or members of the Controlled Group during the Investment Period which has not been placed in service in this State prior to the Investment Period notwithstanding that ad valorem taxes have heretofore been paid with respect to such property; or (b) modifications which constitute an expansion of Existing Property.
Existing Property means existing buildings or structures, as well as, all personal property contained therein. “Existing Property” does not include personal property owned or operated by CMR or any Subcontractors.
Existing Property means property which will not qualify for the Negotiated FILOT pursuant to Section 12-44-110 of the Negotiated FILOT Act, including without limitation property which has been subject to ad valorem taxes in the State prior to commencement of the Investment Period and property included in the Project as part of the repair, alteration, or modification of such previously taxed property; provided, however, that Existing Property shall not include: (a) the Land; (b) property acquired or constructed by or on behalf of the Company or any other Sponsor or Sponsor Affiliate during the Investment Period which has not been placed in service in this State prior to the commencement of the Investment Period notwithstanding that ad valorem taxes have heretofore been paid with respect to such property, or property which has been placed in service in the State pursuant to an inducement agreement or other preliminary approval by the County, including the Inducement Resolution, prior to execution of this Agreement pursuant to Section 12-44-40(E) of the Negotiated FILOT Act, which property shall qualify as Negotiated FILOT Property; (c) property purchased by or on behalf of the Company or any other Sponsor or Sponsor Affiliate during the Investment Period in a transaction other than between any of the entities specified in Section 267(b) of the Internal Revenue Code, as defined under Chapter 6 of Title 12 of the Code as of the time of the transfer, to the extent that the Company or such other Sponsor or Sponsor Affiliate invests at least an additional
Existing Property means and refer to the real property which is. and shall be, held, transferred, sold, conveyed and occupied subject to this Declaration pursuant to Section I, of Article II.
Existing Property means property that does not qualify to become Economic Development Property pursuant to Section ▇▇-▇▇-▇▇▇ of the Code.
Existing Property means any of such Hotel Properties.