Annual Service Charge Amount Sample Clauses

Annual Service Charge Amount. Pursuant to N.J.S.A. 40A:20-12, the Annual Service Charge shall be an amount equal to the greater of: (a) (i) 10.5% of the Annual Gross Revenue for the first ten years after the Annual Service Charge Start Date; (ii) 12% of the Annual Gross Revenue for years 11-20 after the Annual Service Charge Start Date; and (iii) 13% of the Annual Gross Revenue for the years 21-25 after the Annual Service Charge Start Date or (b) the Minimum Annual Service Charge. Subject to the Minimum Annual Service Charge the first year of the Annual Service Charge shall be billed based on the Entity’s actual Annual Gross Revenue for the first full year of operation. Notwithstanding the provisions of the Long Term Tax Exemption Law or any provision of the Agreement to the contrary, including Section 4.04 herein, the Annual Service Charge shall never be reduced below the Minimum Annual Service Charge through any tax appeal on the Land and/or Improvements or any other legal proceeding regarding the Project during the period that this Agreement is in force and effect.
Sample 1
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Annual Service Charge Amount. Pursuant to N.J.S.A. 40A:20-12, the Annual Service Charge shall be an amount equal to the greater of: (a) eleven percent (11%) of Annual Gross Revenues for the first ten (10) years after the Annual Service Charge Start Date; (ii) twelve percent (12%) of Annual Gross Revenues for years eleven (11) through fourteen (14) after the Annual Service Charge Start Date;
Sample 1
Annual Service Charge Amount. In consideration for the tax exemption provided for herein, the Entity shall make payment to the Borough, in lieu of real property taxes on the improvements within the Project Area, of an Annual Service Charge in an amount equal to the greater of (a) eleven and 31/100 percent (11.31%) of the Annual Gross Revenue or (b) $2.00 per square foot of the Project ($715,042).
Sample 1
Annual Service Charge Amount. ‌ Pursuant to N.J.S.A. 40A:20-12, the Annual Service Charge shall be an amount equal to a percentage of annual gross revenues as set forth below, except that, during the Lease up period the annual service charge shall be prorated in accordance with the Lease Up Period provisions as defined in in Article I above:
Sample 1
Annual Service Charge Amount. As provided for in the Long Term Tax Exemption Law, the Annual Service Charge shall be a percentage of the Annual Gross Revenue or the Total Project Cost; provided however, the Bond Financing Law, specifically N.J.S.A. 40A:12A-66(a), provides that the minimum or maximum percentages as established in the Long Term Tax Exemption Law are not applicable to the Project since a portion of the costs of the Project are financed with the proceeds of the Redevelopment Bonds. The Annual Service Charge is in lieu of any and all other municipal real estate taxes on the Project Area and the Project Improvements (inclusive of the Units, the Land and Common Elements) pursuant to N.J.S.A. 40A:20-12.
Sample 1

Related to Annual Service Charge Amount

  • Service Charge The Tenant must pay the Service Charge in accordance with Part 1 of Schedule 3. VAT The Tenant must pay: VAT on any consideration in respect of a VAT Supply to the Tenant by the Landlord at the same time as the consideration is paid; and on demand VAT (and interest, penalties and costs where these are incurred because of anything the Tenant does or fails to do) charged in respect of any VAT Supply to the Landlord in respect of the Premises where that VAT is not recoverable by the Landlord from HM Revenue & Customs. The Tenant must not do anything that would result in the disapplication of the option to tax in respect of the Landlord’s interest in the Estate. Interest on overdue payments The Tenant must pay interest on the Rents and on all other sums not paid on or by the due date (or, if no date is specified, not paid within 10 Business Days after the date of demand). Interest will be payable at the Interest Rate for the period starting on the due date (or date of demand) and ending on the date of payment. Reimburse costs incurred by the Landlord The Tenant must pay on demand the Landlord’s costs (including legal and surveyor’s charges and bailiff’s and enforcement agent’s fees) and disbursements in connection with: any breach of the Tenant’s obligations in this Lease, including the preparation and service of a notice under section 146 of the 1925 Act; any application by the Tenant for consent under this Lease, whether that application is withdrawn or consent is granted or lawfully refused, except in cases where the Landlord is required to act reasonably and the Landlord unreasonably refuses to give consent; [and] [carrying out works to the Premises to improve their Environmental Performance where the Tenant, in its absolute discretion, has consented to the Landlord doing so; and]44 the preparation and service of a schedule of dilapidations served no later than six months after the End Date. Third party indemnity45 The Tenant must indemnify the Landlord against all actions, claims, demands made by a third party, all costs, damages, expenses, charges and taxes payable to a third party and the Landlord’s own liabilities, costs and expenses incurred in defending or settling any action, claim or demand in respect of any personal injury or death, damage to any property and any infringement of any right, in each case arising from: the state and condition of the Premises or the Tenant’s use of them; the exercise of the Tenant’s rights; or the carrying out of any Permitted Works. In respect of any claim covered by the indemnity in clause 4.7.1, the Landlord must: give formal notice to the Tenant of the claim as soon as reasonably practicable after receiving notice of it; provide the Tenant with any information and assistance in relation to the claim that the Tenant may reasonably require and the Landlord is lawfully able to provide, subject to the Tenant paying to the Landlord all costs incurred by the Landlord in providing that information and assistance; and mitigate its loss (at the Tenant’s cost) where it is reasonable for the Landlord to do so.

  • Termination Fee Charge A. In the event the Judicial Council terminates this Agreement pursuant to the “Termination Other Than for Cause” provision, as set forth in Exhibit A, the Judicial Council may be charged a Termination Fee, not to exceed the amount specified in Exhibit G.

  • Charge Pay (a) The Employer shall designate a person to be in charge of a unit. Where such person is absent from the unit for a consecutive time period of two (2) hours or more, an alternate will be designated in charge.

  • Payments from the Gross Settlement Amount The Administrator will make and deduct the following payments from the Gross Settlement Amount, in the amounts specified by the Court in the Final Approval:

  • Minimum Interest Charge If the interest charge for all balances on your Credit Card account is less than $1.00, we will charge you the Minimum Interest Charge shown on page 1. This charge is in lieu of any interest charge.

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