Realty Tax Appeals Sample Clauses

Realty Tax Appeals. In the event that there are any pending (as at the Closing Date) realty or business tax appeals relating to the Hotel Assets or the Hotel Business for the period prior to the Closing Date, the Vendor may, at its option, continue such appeals and shall be entitled to receive, as its own property, any payment resulting therefrom except to the extent, if any, that such payment is properly payable to any Tenants; provided that the Vendor shall consult with the Purchaser with respect to, and the Purchaser, acting reasonably and without undue delay, shall have the right to approve any final settlement or disposition of any such appeal. Any refund or reassessment for the calendar year in which Closing occurs (after deduction of reasonable out-of-pocket third party expenses of the Vendor and the Purchaser in connection with any such appeal or re-assessment, including any commissions payable to agents or consultants) shall be re-adjusted as of the Closing Date after the conclusion of any assessment appeal and notwithstanding such re-adjustment occurs after the Final Adjustment Date. The Purchaser and the Vendor agree to co-operate with respect to all such appeals or reassessments and to provide each other with access to any necessary documents or materials required to continue any such appeals or reassessments, provided reasonable out-of-pocket expenses in connection with such cooperation are paid from any refund or reassessment as contemplated above. To the extent the Purchaser receives payment of any refund or reassessment for the period prior to the Closing Date, the Purchaser shall receive such refund or reassessment payment in trust for the Vendor and shall endorse (without recourse) in favour of the Vendor and deliver to the Vendor all such payment cheques forthwith upon receipt after deduction for the Purchaser’s reasonable out-of-pocket expenses and amounts owing to Tenants, if any. To the extent the Vendor receives payment of any refund or reassessment for the period from and after the Closing Date, the Vendor shall receive such refund or reassessment payment in trust for the Purchaser and shall endorse (without recourse) in favour of the Purchaser and deliver to the Purchaser all such payment cheques forthwith upon receipt after deduction of the Vendor’s reasonable out-of-pocket expenses, if any. Notwithstanding any other provisions of this Article 3, the Final Adjustment Date does not apply to this Section 3.7.

Realty Tax Appeals. (a) The Tenant and the Landlord acknowledge that with respect to the Premises the Tenant may have instituted certain appeals and/or claims in respect of realty taxes or assessments for certain periods prior to the Closing Date and possibly including the tax year in which the Closing Date occurs (all such appeals and any associated reassessments are hereinafter collectively referred to as the “Realty Tax Appeals”). The Tenant shall not have any obligation to carry or pursue any of the Realty Tax Appeals from and after the Closing Date, but shall provide the Landlord with all relevant information relating to such Realty Tax Appeals forthwith following the execution of this Agreement by the Tenant.

Realty Tax Appeals. In the case of each Subject Store, upon Closing, the Tenant shall terminate and withdraw all realty tax appeals, if any, that have been initiated by or on behalf of the Tenant in respect of such Subject Store and are in existence at Closing. Following Closing, notwithstanding any other provision of this Agreement, any Subject Lease or any Lease Surrender Agreement, the Landlords shall be solely entitled to receive and retain any refunds or rebates of realty taxes resulting from any realty tax appeals in respect of the applicable shopping centres or Subject Stores pertaining to any and all periods, whether before or after the date hereof. The Tenant also agrees that it shall not initiate any realty tax appeals in respect of any of the Subject Stores at any time after the Execution Date. The provisions of this Section 2.5 shall survive the Closing and each Surrender.

Realty Tax Appeals. The Vendor may (but shall not be obligated to) continue any appeals with respect to any realty taxes or assessments for periods prior to the 2007 taxation year. If the Vendor elects not to continue to pursue any such appeal, the Purchaser may (but shall not be obligated to) assume carriage thereof. If the Vendor has not, prior to the Closing Date, commenced an appeal for any such taxation year, the Purchaser may do so after Closing at its own expense if permitted by applicable law, provided that any increase in realty taxes resulting from appeals assumed or commenced by the Purchaser pursuant to this Section 5 shall, as between the Vendor and the Purchaser, be solely for the Purchaser’s account. The party having carriage of any such appeal or reassessment of realty taxes shall advise the other party of the status of any such appeal or reassessment as developments occur or upon request. No such appeal or reassessment shall be settled or compromised by the party having carriage without the prior consent of the other party, such consent not to be unreasonably withheld or delayed, if the other party would be adversely affected in any way by the outcome of the appeal or reassessment. The Vendor and the Purchaser shall jointly direct the City of Mississauga to pay any refunds or other amounts arising from any such appeals or reassessments of realty taxes for calendar years prior to 2007 to the Vendor.