Common use of Annual Service Charge Clause in Contracts

Annual Service Charge. In consideration of the exemption from taxation for the Improvements, including the Units, the Urban Renewal Entity shall pay the Annual Service Charge to the City on the Annual Service Charge Payment Dates in the amounts set forth below. (a) The Annual Service Charge shall be equal to an amount calculated as follows: (i) For each of the first fifteen (15) years from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) eleven percent (11%) of the Annual Gross Revenue or (B) the Minimum Annual Service Charge, to the extent applicable; (ii) For each of the years 16 through 20 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) twelve percent (12%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below; and (iii) For each of the years 21 through 30 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) thirteen and one half percent (13.5%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below. (b) Notwithstanding the foregoing, in any given year the Annual Service Charge shall be subject to the staged increases required under N.J.S.A. 40A:20-12(b)(2) as described herein, the Annual Service Charge shall be the greater of (a)(i)-(iii) above or: (i) For years 1 through 15 zero percent (0%) of the real property taxes otherwise due on the value of the Land and the Improvements; (ii) For years 16 through 21 twenty percent (20%) of the real property taxes otherwise due on the value of the Land and the Improvements; (iii) For years 22 through 27 forty percent (40%) of the real property taxes otherwise due on the value of the Land and the Improvements; (iv) For years 28 through 29 sixty percent (60%) of the real property taxes otherwise due on the value of the Land and the Improvements; and (v) For year 30 eighty percent (80%) of the real property taxes otherwise due on the value of the Land and the Improvements. (c) In accordance with the Exemption Law, including without limitation, N.J.S.A. 40A:20-12, the Urban Renewal Entity shall be entitled to a credit against the Annual Service Charge equal to the amount, without interest, of the Land Taxes paid by it in the last four preceding quarterly installments.

Annual Service Charge. In consideration of the exemption from taxation for the Improvements, including the Units, the Urban Renewal Entity shall pay the Annual Service Charge to the City on the Annual Service Charge Payment Dates in the amounts set forth below. (a) The Annual Service Charge shall be equal to an amount calculated as follows: (i) For each of the first fifteen ten (1510) years from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) eleven percent (11%) of the Annual Gross Revenue or (B) the Minimum Annual Service Charge, to the extent applicable; (ii) For each of the years 16 11 through 20 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) twelve thirteen percent (1213%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below; and (iii) For each of the years 21 through 30 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) thirteen and one half fifteen percent (13.515%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below. (b) Notwithstanding the foregoing, in any given year the Annual Service Charge shall be subject to the staged increases required under N.J.S.A. 40A:20-12(b)(2) as described herein, the Annual Service Charge shall be the greater of (a)(i)-(iii) above or: (i) For years 1 through 15 zero percent (0%) of the real property taxes otherwise due on the value of the Land and the Improvements; (ii) For years 16 through 21 twenty percent (20%) of the real property taxes otherwise due on the value of the Land and the Improvements; (iii) For years 22 through 27 forty percent (40%) of the real property taxes otherwise due on the value of the Land and the Improvements; (iv) For years 28 through 29 sixty percent (60%) of the real property taxes otherwise due on the value of the Land and the Improvements; and (v) For year 30 eighty percent (80%) of the real property taxes otherwise due on the value of the Land and the Improvements. (c) In accordance with the Exemption Law, including without limitation, N.J.S.A. 40A:20-12, the Urban Renewal Entity shall be entitled to a credit against the Annual Service Charge equal to the amount, without interest, of the Land Taxes paid by it in the last four preceding quarterly installments.

Annual Service Charge. In consideration of the exemption from taxation for the Improvements, including the Units, the Urban Renewal Entity each Owner shall pay the Annual Service Charge to the City Township on the Annual Service Charge Payment Dates in the amounts set forth below. (a) The Annual Service Charge shall be equal to an amount calculated as follows: (i) For each of the first fifteen six (156) years from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) eleven ten percent (1110%) of the Annual Gross Revenue Revenue, or (B) the Minimum Annual Service Charge, to the extent applicable; (ii) For each of the years 16 seven (7) through 20 twelve (12) from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) twelve ten percent (1210%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or twenty percent (C20%) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to Improvements, or (C) the extent applicable as more fully set forth in (b) below; andMinimum Annual Service Charge; (iii) For each of the years 21 thirteen (13) through 30 eighteen (18) from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) thirteen and one half ten percent (13.510%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below. (b) Notwithstanding the foregoing, in any given year the Annual Service Charge shall be subject to the staged increases required under N.J.S.A. 40A:20-12(b)(2) as described herein, the Annual Service Charge shall be the greater of (a)(i)-(iii) above or: (i) For years 1 through 15 zero percent (0%) of the real property taxes otherwise due on the value of the Land and the Improvements; (ii) For years 16 through 21 twenty percent (20%) of the real property taxes otherwise due on the value of the Land and the Improvements; (iii) For years 22 through 27 forty percent (40%) of the real property taxes otherwise due on the value of the Land and the Improvements, or (C) the Minimum Annual Service Charge; (iv) For each of the years 28 nineteen (19) through 29 twenty-four (24) from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) ten percent (10%) of the Annual Gross Revenue, (B) sixty percent (60%) of the real property taxes otherwise due on the value of the Land and the Improvements, or (C) the Minimum Annual Service Charge; and (v) For year 30 each of the years twenty-five (25) from the Annual Service Charge Start Date through the term of this Financial Agreement, the Annual Service Charge shall be equal to the greater of (A) ten percent (10%) of the Annual Gross Revenue, (B) eighty percent (80%) of the real property taxes otherwise due on the value of the Land and the Improvements, or (C) or the Minimum Annual Service Charge. (cb) In accordance with the Tax Exemption Law, including without limitation, N.J.S.A. 40A:20-12, the Urban Renewal Entity shall be entitled to a credit against the Annual Service Charge equal to the amount, without interest, of the Land Taxes paid by it in the last four preceding quarterly installments.,

Annual Service Charge. In consideration of the exemption from taxation for the Improvements, including the Units, the Urban Renewal Entity shall pay the Annual Service Charge to the City on the Annual Service Charge Payment Dates in the amounts set forth below. (a) The Annual Service Charge shall be equal to an amount calculated as follows: (i) For each of the first fifteen ten (1510) years from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) eleven ten percent (1110%) of the Annual Gross Revenue or (B) the Minimum Annual Service Charge, to the extent applicable; (ii) For each of the years 16 11 through 20 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) twelve eleven and one half percent (1211.5%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below; (iii) For each of the years 21 through 25 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) thirteen percent (13%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below; and (iiiiv) For each of the years 21 26 through 30 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) thirteen and one half fifteen percent (13.515%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below. (bi) Notwithstanding For each of the foregoing, in any given year first fifteen (15) years from the Annual Service Charge shall be subject to the staged increases required under N.J.S.A. 40A:20-12(b)(2) as described hereinStart Date, the Annual Service Charge shall be equal to the greater of (a)(i)-(iiithe Annual Service Charge as set forth in Sec. 4.04(a) above or: (i) For years 1 through 15 zero percent (0%) of or the real property taxes otherwise due on Minimum Annual Service Charge, to the value of the Land and the Improvementsextent applicable; (ii) For each of the years 16 sixteen (16) through 21 twenty-one (21) from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) the Annual Service Charge as set forth in Sec. 4.04(a) above, (B) twenty percent (20%) of the real property taxes otherwise due on the value of the Land and the Improvements, or (C) the Minimum Annual Service Charge; (iii) For each of the years 22 twenty-two (22) through 27 twenty-eight (28) from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) the Annual Service Charge as set forth in Sec. 4.04(a) above, (B) forty percent (40%) of the real property taxes otherwise due on the value of the Land and the Improvements, or (C) the Minimum Annual Service Charge; (iv) For years 28 through 29 year twenty-nine (29) from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) the Annual Service Charge as set forth in Sec. 4.04(a) above, (B) sixty percent (60%) of the real property taxes otherwise due on the value of the Land and the Improvements, or (C) the Minimum Annual Service Charge; and (v) For year 30 thirty (30) from the Annual Service Charge Start Date through the term of this Financial Agreement, the Annual Service Charge shall be equal to the greater of (A) the Annual Service Charge as set forth in Sec. 4.04(a) above, (B) eighty percent (80%) of the real property taxes otherwise due on the value of the Land and the Improvements, or (C) or the Minimum Annual Service Charge. (c) In accordance with the Exemption Law, including without limitation, N.J.S.A. 40A:20-12, the Urban Renewal Entity shall be entitled to a credit against the Annual Service Charge equal to the amount, without interest, of the Land Taxes paid by it in the last four preceding quarterly installments.