Annual PILOT. In lieu of the general ad valorem real property taxes and, if applicable, ad valorem personal property taxes (collectively, the "Ad Valorem Taxes") for the Project for the taxable years 2014 through and including 2023 (excepting special assessments levied on account of special benefits and excepting all other amounts referenced in Section 6 below), CN Associates or the Company shall pay by separate check to the Treasurer of Xxxxxxx County, Kansas, or other appropriate officer, an amount which is equal to fifty percent (50%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year if such Project were not exempt from ad valorem real estate taxation and, if applicable, ad valorem personal property taxation (the "Annual PILOT"). Except as hereinafter provided with respect to Recaptured Abated Taxes under Section 4(b) below (for which CN Associates shall have no liability), each of CN Associates and the Company shall be fully, jointly and severally liable and responsible for payment of the Annual PILOT and any and all other amounts required to be paid under this Agreement, including any and all payments under Sections 4, 6 and 7 hereof, notwithstanding anything in this Agreement, the Lease or the Company Lease to the contrary. In addition, Teva USA hereby guarantees payment of any and all Recaptured Abated Taxes under Section 4(b) hereof.
Annual PILOT. In lieu of the general ad valorem real property taxes and, if applicable, ad valorem personal property taxes (collectively, the "Ad Valorem Taxes") -- which shall be 100% abated by the issuance of the Bonds referenced herein for the Project for the taxable years 2022 through and including 2031 (excepting special assessments levied on account of special benefits and excepting all other amounts referenced in Section 7 below) -- Developer and/or Project Employer shall make the payments set forth in this Article 2. Such payments shall be paid by or through Developer by separate check to the Treasurer of Johnson County, Kansas, or other appropriate officer, an amount which is equal to seventy-five percent (75%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year for the Project if the Project were not exempt from ad valorem real estate taxation (the "Annual PILOT") as set forth in the Annual PILOT schedule attached hereto as Exhibit B (the “Annual PILOT Schedule”). Notwithstanding anything in this Agreement, the Lease, the Project Employer Office Lease(s), or anything else to the contrary, Developer and/or Project Employer shall be fully liable and responsible for payment of the Annual PILOT and any and all other amounts required to be paid under this Agreement, including any and all payments under Section 7 or Section 9 of this Agreement.
Annual PILOT. During the Term of this Agreement, starting July 1, 2019, and on July 1 of each year thereafter, Taxing Entity shall invoice and Participant shall annually pay to Taxing Entity one hundred ten percent (110%) of the Taxing Entity Payment, or Five Thousand Seven Hundred Fifty Dollars ($5,750) (the “Annual Payment”) for the duration of the Term of this Agreement. Participant shall pay Taxing Entity by certified check made payable to “Pequea Valley School District” and delivered to 000 Xxxxx Xxx Xxxxxxx Xxxx, X.X. Xxx 000, Xxxxxxx, XX 00000. Taxing Entity may change the method of payment by providing written notice pursuant to Section 10 below. Notwithstanding anything herein to the contrary, as permitted under § 820.310 of the Act, the Annual Payment will increase each year by the percentage determined by starting with the Taxing Entity real estate tax levy xxxxx for the fiscal year in which the payment is due and dividing by the xxxxx applicable for the preceding fiscal year. If Taxing Entity does not increase the tax rate for any fiscal year, the Annual Payment due in such year will not increase.
