Common use of COMMENCEMENT AND COMPLETION OF THE PROJECT Clause in Contracts

COMMENCEMENT AND COMPLETION OF THE PROJECT. Section 3.1 The Project. The Company intends to invest in Equipment, Improvements, and/or Real Property, which together comprise the Project and which are anticipated to create at least the Act Minimum Investment Requirement in eligible Economic Development Property investment subject to Payments in Lieu of Taxes in the County. The parties hereto agree that, to the extent that applicable law allows or is revised or construed to allow the benefits of the Act, in the form of FILOT Payments to be made under Article IV hereof, to be applicable to leased assets including, but not limited to a building and/or personal property to be installed in the buildings and leased to but not purchased by the Company from one or more Sponsors under any form of lease, then such property shall, at the election of the Company, be subject to FILOT Payments to the same extent as the Company’s assets covered by this Fee Agreement, subject, at all times, to the requirement of such applicable law. The parties hereto further agree that this Fee Agreement may be interpreted or modified as may be necessary or appropriate in order to give proper application of this Fee Agreement to such tangible property without such construction or modification constituting an amendment to this Fee Agreement, and thus not requiring any additional action by the County Council. The County Administrator, after consulting with the County Attorney, shall be and hereby is authorized to make such modifications, if any, as may be necessary or appropriate in connection therewith. In such event, and only in such event, such leased property shall constitute a part of the Project for all purposes of this Fee Agreement, including, without limitation, as to removal, replacement, and termination, and such Sponsor shall be deemed to be a party to this Fee Agreement, only to the extent allowed by law. Pursuant to the Act and subject to Section 4.2 hereof, the Company and the County hereby agree that the Company shall identify annually those assets which are eligible for FILOT payments under the Act and which the Company selects for such treatment by listing such assets in its annual PT-300S form (or comparable form) to be filed with the Department (as such may be amended from time to time) and that by listing such assets, such assets shall automatically become Economic Development Property and therefore be exempt from all ad valorem taxation during the Exemption Period. Anything contained in this Fee Agreement to the contrary notwithstanding, the Company shall not be obligated to complete the acquisition of the Project. However, if the Company does not meet the Act Minimum Investment Requirement, the Clawback Minimum Investment Requirement, or the FILOT Minimum Investment Requirement, the provisions of Section 4.2 hereof shall apply.

COMMENCEMENT AND COMPLETION OF THE PROJECT. Section 3.1 3.01 The Project (a) The Company intends and expects, together with any Sponsor Affiliate, to (i) construct and acquire the Project, (ii) meet the Contract Minimum Investment Requirement within the Investment Period. The Company intends to invest in Equipment, Improvements, and/or Real Property, which together comprise anticipates that the first Phase of the Project and which are anticipated to create at least will be placed in service during the Act Minimum Investment Requirement in eligible Economic Development Property investment subject to Payments in Lieu calendar year ending December 31, 202[1]. During the period of Taxes in the County. The parties hereto agree that, to the extent that applicable law allows or is revised or construed to allow the benefits of the Act, in the form of FILOT Payments to be made under Article IV hereof, to be applicable to leased assets including, but not limited to a building and/or personal property to be installed in the buildings and leased to but not purchased by time the Company from one or more Sponsors is receiving Special Source Credits under any form of lease, then such property shall, at the election of the Company, be subject to FILOT Payments to the same extent as the Company’s assets covered by this Fee Agreement, subjectthe Company agrees to continuously rent at least 20% of the Total Residential Units at the Project as Affordable Units to Low Income Residents, as follows: (i) Ten Percent (10%) of the Total Residential Units located at all times, to the requirement of such applicable law. The parties hereto further agree that this Fee Agreement may be interpreted or modified as may be necessary or appropriate in order to give proper application of this Fee Agreement to such tangible property without such construction or modification constituting an amendment to this Fee Agreement, and thus not requiring any additional action by the County Council. The County Administrator, after consulting with the County Attorney, Project shall be rented continuously to 60% Low Income Residents; and hereby is authorized to make such modifications, if any, as may be necessary or appropriate in connection therewith. In such event, and only in such event, such leased property shall constitute a part (ii) Ten Percent (10%) of the Total Residential Units located at the Project for all purposes of this Fee Agreement, including, without limitation, as to removal, replacement, and termination, and such Sponsor shall be deemed rented continuously to be a party to this Fee Agreement, only to 80% Low Income Residents (the extent allowed by law. “Affordable Housing Requirement”). (b) Pursuant to the FILOT Act and subject to Section 4.2 4.03 hereof, the Company and the County hereby agree that the Company and any Sponsor Affiliates shall identify annually those assets which are eligible for FILOT payments under the FILOT Act and this Fee Agreement, and which the Company or any Sponsor Affiliate selects for such treatment by listing such assets in its annual PT-300S PT-300T form (or comparable form) to be filed with the Department (as such may be amended from time to time) and that by listing such assets, such assets shall automatically become Economic Development Property and therefore be exempt from all ad valorem taxation during the Exemption Period. Anything contained in this Fee Agreement to the contrary notwithstanding, the Company and any Sponsor Affiliates shall not be obligated to complete the acquisition of the Project. However, if the Company Company, together with any Sponsor Affiliates, does not meet the FILOT Act Minimum Investment Requirement, Requirement within the Clawback Minimum Investment Requirement, or the FILOT Minimum Investment RequirementPeriod, the provisions of Section 4.2 4.03 hereof shall applycontrol. (c) The Company may add to the Project such real property, located in the same taxing District in the County as the original Land, as the Company, in its discretion, deems useful or desirable. In such event, the Company, at its expense, shall deliver an appropriately revised Exhibit A to this Fee Agreement, in form reasonably acceptable to the County.

COMMENCEMENT AND COMPLETION OF THE PROJECT. Section 3.1 3.01 The Project (a) The Company intends and expects, together with any Sponsor Affiliate, to (i) construct and acquire the Project, (ii) meet the Contract Minimum Investment Requirement within the Investment Period. The Company intends to invest in Equipment, Improvements, and/or Real Property, which together comprise anticipates that the first Phase of the Project and which are anticipated to create at least will be placed in service during the Act Minimum Investment Requirement in eligible Economic Development Property investment subject to Payments in Lieu calendar year ending December 31, 202[1]2021. During the period of Taxes in the County. The parties hereto agree that, to the extent that applicable law allows or is revised or construed to allow the benefits of the Act, in the form of FILOT Payments to be made under Article IV hereof, to be applicable to leased assets including, but not limited to a building and/or personal property to be installed in the buildings and leased to but not purchased by time the Company from one or more Sponsors is receiving Special Source Credits under any form of lease, then such property shall, at the election of the Company, be subject to FILOT Payments to the same extent as the Company’s assets covered by this Fee Agreement, subjectthe Company agrees to continuously rent at least 20% of the Total Residential Units at the Project as Affordable Units to Low Income Residents, as follows: (i) Ten Percent (10%) of the Total Residential Units located at all times, to the requirement of such applicable law. The parties hereto further agree that this Fee Agreement may be interpreted or modified as may be necessary or appropriate in order to give proper application of this Fee Agreement to such tangible property without such construction or modification constituting an amendment to this Fee Agreement, and thus not requiring any additional action by the County Council. The County Administrator, after consulting with the County Attorney, Project shall be rented continuously to 60% Low Income Residents; and hereby is authorized to make such modifications, if any, as may be necessary or appropriate in connection therewith. In such event, and only in such event, such leased property shall constitute a part (ii) Ten Percent (10%) of the Total Residential Units located at the Project for all purposes of this Fee Agreement, including, without limitation, as to removal, replacement, and termination, and such Sponsor shall be deemed rented continuously to be a party to this Fee Agreement, only to 80% Low Income Residents (the extent allowed by law. “Affordable Housing Requirement”). (b) Pursuant to the FILOT Act and subject to Section 4.2 4.03 hereof, the Company and the County hereby agree that the Company and any Sponsor Affiliates shall identify annually those assets which are eligible for FILOT payments under the FILOT Act and this Fee Agreement, and which the Company or any Sponsor Affiliate selects for such treatment by listing such assets in its annual PT-300S PT-300T form (or comparable form) to be filed with the Department (as such may be amended from time to time) and that by listing such assets, such assets shall automatically become Economic Development Property and therefore be exempt from all ad valorem taxation during the Exemption Period. Anything contained in this Fee Agreement to the contrary notwithstanding, the Company and any Sponsor Affiliates shall not be obligated to complete the acquisition of the Project. However, if the Company Company, together with any Sponsor Affiliates, does not meet the FILOT Act Minimum Investment Requirement, Requirement within the Clawback Minimum Investment Requirement, or the FILOT Minimum Investment RequirementPeriod, the provisions of Section 4.2 4.03 hereof shall applycontrol. (c) The Company may add to the Project such real property, located in the same taxing District in the County as the original Land, as the Company, in its discretion, deems useful or desirable. In such event, the Company, at its expense, shall deliver an appropriately revised Exhibit A to this Fee Agreement, in form reasonably acceptable to the County.

COMMENCEMENT AND COMPLETION OF THE PROJECT. Section 3.1 3.01 The Project (a) The Company intends and expects, together with any Sponsor Affiliate, to (i) construct and acquire the Project, (ii) meet the Contract Minimum Investment Requirement, and (iii) create approximately 55 new, full-time jobs (with benefits) within the Investment Period. The Company intends to invest in Equipment, Improvements, and/or Real Property, which together comprise anticipates that the Project and which are anticipated to create at least the Act Minimum Investment Requirement in eligible Economic Development Property investment subject to Payments in Lieu of Taxes in the County. The parties hereto agree that, to the extent that applicable law allows or is revised or construed to allow the benefits of the Act, in the form of FILOT Payments to be made under Article IV hereof, to be applicable to leased assets including, but not limited to a building and/or personal property to be installed in the buildings and leased to but not purchased by the Company from one or more Sponsors under any form of lease, then such property shall, at the election of the Company, be subject to FILOT Payments to the same extent as the Company’s assets covered by this Fee Agreement, subject, at all times, to the requirement of such applicable law. The parties hereto further agree that this Fee Agreement may be interpreted or modified as may be necessary or appropriate in order to give proper application of this Fee Agreement to such tangible property without such construction or modification constituting an amendment to this Fee Agreement, and thus not requiring any additional action by the County Council. The County Administrator, after consulting with the County Attorney, shall be and hereby is authorized to make such modifications, if any, as may be necessary or appropriate in connection therewith. In such event, and only in such event, such leased property shall constitute a part first Phase of the Project for all purposes of this Fee Agreementwill be placed in service during the calendar year ending December 31, including, without limitation, as to removal, replacement, and termination, and such Sponsor shall be deemed to be a party to this Fee Agreement, only to the extent allowed by law. 2021. (b) Pursuant to the FILOT Act and subject to Section 4.2 4.03 hereof, the Company and the County hereby agree that the Company and any Sponsor Affiliates shall identify annually those assets which are eligible for FILOT payments Payments under the FILOT Act and this Fee Agreement, and which the Company or any Sponsor Affiliate selects for such treatment by listing such assets in its annual PT-300S form (or comparable form) to be filed with the Department (as such may be amended from time to time) and that by listing such assets, such assets shall automatically become Economic Development Property and therefore be exempt from all ad valorem taxation during the Exemption Period. Anything contained in this Fee Agreement to the contrary notwithstanding, the Company and any Sponsor Affiliates shall not be obligated to complete the acquisition of the Project. However, if the Company Company, together with any Sponsor Affiliates, does not meet the Act Contract Minimum Investment Requirement, Requirement within the Clawback Minimum Investment Requirement, or the FILOT Minimum Investment RequirementPeriod, the provisions of Section 4.2 4.03 hereof shall applycontrol. (c) The building in which the Project will be located has previously been subject to property taxes in the State and thus may not receive the benefits of this Fee Agreement under section 00-00-000 of the FILOT Act. The Company, however, may add to the Land such real property located in the same taxing District in the County as the original Land or Improvements located thereon, as the Company, in its discretion, deems useful or desirable. Such additional Land or Improvements may be eligible for treatment as Economic Development Property and so receive the benefits of this Fee Agreement if these investments are made within the Investment Period and otherwise qualify under the FILOT Act. If additional Land is added, then in such event the Company, at its expense, shall deliver an appropriately revised Exhibit A to this Fee Agreement, in form reasonably acceptable to the County.