Common use of Credit Enhancement Payments Clause in Contracts

Credit Enhancement Payments. (a) The term of this Agreement shall commence on July 1, 2016 and shall end on the earlier of (i) March 30, 2026, or (ii) the date on which the total payments of Tax Increment (Developer’s Share) by the Town to Developer, its successors or assigns, pursuant to this Agreement equal $500,000, determined on a cumulative basis. Commencing with the first Fiscal Year, the Town agrees to pay to the Developer within 30 days following each Tax Payment Date or the date payment of Property Tax is actually received by the Town with respect to Developer’s Property, whichever is later, payments equal to the Tax Increment (Developer’s Share) for each Fiscal Year of the Town during the term of this Agreement. (b) Notwithstanding Section 3.1(a), the amounts payable thereunder shall be due and payable only if: (i) all real property taxes and assessments and all personal property taxes that are due and payable with respect to the Developer’s Property have been paid in full and (ii) all real property taxes and assessments and all personal property taxes that are due and payable with respect to any other real and personal property owned by the Developer, its successors and assigns, in the Town have been paid in full. If any of such property taxes are not paid when due, the property taxes actually paid by Developer, its successors and assigns shall, first, be applied to taxes due on account of Original Assessed Value, second to any personal property taxes with respect to any personal property located on the Developer’s Property, third, to any real property and personal property of Developer, its successors and assigns located outside of the District and, fourth, to make the deposits to the Developer’s Project Cost Account. If such property taxes and assessments are not paid when due, the Town may withhold and suspend all payments under this Agreement until such property taxes and assessments and all interest thereon and other costs relating thereto are paid in full. In addition, if the Developer institutes any tax abatement proceeding with respect to any Property in the District, the Town may withhold and suspend all payments of the Tax Increment (Developer’s Share) with respect to the amount of value of the items of Property subject to the abatement proceeding, and shall deposit the withheld amount into a separate interest bearing escrow account. Upon final action and completion of such abatement proceeding, the proper amount (based on the results of the abatement proceedings plus an allocable share of the interest accrued thereon) held in escrow account shall be paid to the Developer. (c) The Developer agrees that all payments made by the Town to the Developer pursuant to this Agreement will be used and applied to either pay debt service on indebtedness incurred to finance "Project Costs" as that term is defined under Act and described in the Development Program or used to pay directly, amortize or reimburse Developer for payment of, qualified Project Costs. The Town shall be required to make payments under this Agreement only upon receipt of satisfactory documentation that the amounts are being paid for Project Costs, which documentation shall be in the form of properly completed certificates, executed by the Developer in the form attached hereto as Schedule A. (d) Developer covenants and agrees that in the event that title to Developer’s Property is hereafter transferred to any entity exempt from the payment of Property Taxes, including, without limitation, any charitable corporation or the State of Maine or any agency or authority thereof, then the owner of the Developer’s Property, as a covenant running with the land, shall be obligated to pay to the Town each year during and after the expiration or termination of this Agreement, an amount equal to (a) 100% of the Property Taxes that would be assessed by the Town on the Developer’s Property, as if and under the assumption that the Developer’s Property were fully taxable and owned in fee by Developer and not exempt from Property Taxes, less (b) solely during the term of this Agreement, the portion of the amounts described in the preceding clause (a) that would have been payable to the Developer, or its successors and assigns, under Section 3.1(a) if the Developer’s Property had remained taxable. The covenants in this paragraph shall survive expiration or termination of this Agreement.

Credit Enhancement Payments. (a) The term of this Agreement shall commence on the later of July 1, 2016 2019, and shall end on the earlier of (i) March 3025, 20262038, or (ii) the date on which the total payments of Tax Increment (Developer’s Share) by the Town to Developer, its successors or assigns, pursuant to this Agreement, combined with any payments made to the Company under the Credit Enhancement Agreement between the Town and 15 Sky View Holdings, LLC dated , determined on a cumulative basis, equal $500,000, determined on a cumulative basis. Commencing with the first Fiscal Year, the Town agrees to pay to the Developer within 30 days following each Tax Payment Date or the date payment of Property Tax is actually received by the Town with respect to Developer’s PropertyProperty (Developer’s Unit), whichever is later, payments equal to the Tax Increment (Developer’s Share) for each Fiscal Year of the Town during the term of this Agreement. (b) Notwithstanding Section 3.1(a), the amounts payable thereunder shall be due and payable only if: (i) all real property taxes and assessments and all personal property taxes that are due and payable with respect to the Developer’s Property (Developer’s Unit) have been paid in full and (ii) all real property taxes and assessments and all personal property taxes that are due and payable with respect to any other real and personal property owned by the Developer, its successors and assigns, in the Town have been paid in full. If any of such property taxes are not paid when due, the property taxes actually paid by DeveloperXxxxxxxxx, its successors and assigns shall, first, be applied to taxes due on account of Original Assessed ValueValue (Developer’s Share), second to any personal property taxes with respect to any personal property located on the Developer’s PropertyProperty (Developer’s Unit), third, to any real property and personal property of Developer, its successors and assigns located outside of the District and, fourth, to make the deposits to the Developer’s Project Cost Account. If such property taxes and assessments are not paid when due, the Town may withhold and suspend all payments under this Agreement until such property taxes and assessments and all interest thereon and other costs relating thereto are paid in full. In addition, if the Developer institutes any tax abatement proceeding with respect to any Property in the District, the Town may withhold and suspend all payments of the Tax Increment (Developer’s Share) with respect to the amount of value of the items of Property subject to the abatement proceeding, and shall deposit the withheld amount into a separate interest bearing escrow account. Upon final action and completion of such abatement proceeding, the proper amount (based on the results of the abatement proceedings plus an allocable share of the interest accrued thereon) held in escrow account shall be paid to the Developer. (c) The Developer agrees that all payments made by the Town to the Developer pursuant to this Agreement will be used and applied to either pay debt service on indebtedness incurred to finance "Project Costs" as that term is defined under Act and described in the Development Program or used to pay directly, amortize or reimburse Developer for payment of, qualified Project Costs. The Town shall be required to make payments under this Agreement only upon receipt of satisfactory documentation that the amounts are being paid for Project Costs, which documentation shall be in the form of properly completed certificates, executed by the Developer in the form attached hereto as Schedule A. (d) Developer covenants and agrees that in the event that title to Developer’s Property (Developer’s Unit) is hereafter transferred to any entity exempt from the payment of Property Taxes, including, without limitation, any charitable corporation or the State of Maine or any agency or authority thereof, then the owner of the Developer’s PropertyProperty (Developer’s Unit), as a covenant running with the land, shall be obligated to pay to the Town each year during and after the expiration or termination of this Agreement, an amount equal to (a) 100% of the Property Taxes that would be assessed by the Town on the Developer’s PropertyProperty (Developer’s Unit), as if and under the assumption that the Developer’s Property (Developer’s Unit) were fully taxable and owned in fee by Developer and not exempt from Property Taxes, less (b) solely during the term of this Agreement, the portion of the amounts described in the preceding clause (a) that would have been payable to the Developer, or its successors and assigns, under Section 3.1(a) if the Developer’s Property (Developer’s Unit) had remained taxable. The covenants in this paragraph shall survive expiration or termination of this Agreement.

Credit Enhancement Payments. (a) The term of this Agreement shall commence on July 1the later of , 2016 and shall end on the earlier of (i) March 3025, 20262038, or (ii) the date on which the total payments of Tax Increment (DeveloperCompany’s Share) by the Town to DeveloperCompany, its successors or assigns, pursuant to this Agreement equal $500,000Agreement, determined on a cumulative basis. Commencing combined with the first Fiscal Year, the Town agrees to pay any payments made to the Developer within 30 days following each Tax Payment Date or under the date payment of Property Tax is actually received by Amendment to the Credit Enhancement Agreement between the Town with respect to Developer’s Propertyand Integrative Health Center of Maine, whichever is laterLLC, payments equal to the Tax Increment (Developer’s Share) for each Fiscal Year of the Town during the term of this Agreement.dated (b) Notwithstanding Section 3.1(a), the amounts payable thereunder shall be due and payable only if: (i) all real property taxes and assessments and all personal property taxes that are due and payable with respect to the Developer’s Property (Company’s Unit) have been paid in full and (ii) all real property taxes and assessments and all personal property taxes that are due and payable with respect to any other real and personal property owned by the DeveloperCompany, its successors and assigns, in the Town have been paid in full. If any of such property taxes are not paid when due, the property taxes actually paid by DeveloperCompany, its successors and assigns shall, first, be applied to taxes due on account of Original Assessed ValueValue (Company’s Share), second to any personal property taxes with respect to any personal property located on the Developer’s PropertyProperty (Company’s Unit), third, to any real property and personal property of DeveloperCompany, its successors and assigns located outside of the District and, fourth, to make the deposits to the DeveloperCompany’s Project Cost Account. If such property taxes and assessments are not paid when due, the Town may withhold and suspend all payments under this Agreement until such property taxes and assessments and all interest thereon and other costs relating thereto are paid in full. In addition, if the Developer Company institutes any tax abatement proceeding with respect to any Property in the District, the Town may withhold and suspend all payments of the Tax Increment (DeveloperCompany’s Share) with respect to the amount of value of the items of Property subject to the abatement proceeding, and shall deposit the withheld amount into a separate interest bearing escrow account. Upon final action and completion of such abatement proceeding, the proper amount (based on the results of the abatement proceedings plus an allocable share of the interest accrued thereon) held in escrow account shall be paid to the DeveloperCompany. (c) The Developer Company agrees that all payments made by the Town to the Developer Company pursuant to this Agreement will be used and applied to either pay debt service on indebtedness incurred to finance "Project Costs" as that term is defined under Act and described in the Development Program or used to pay directly, amortize or reimburse Developer Company for payment of, qualified Project Costs. The Town shall be required to make payments under this Agreement only upon receipt of satisfactory documentation that the amounts are being paid for Project Costs, which documentation shall be in the form of properly completed certificates, executed by the Developer Company in the form attached hereto as Schedule A. (d) Developer Company covenants and agrees that in the event that title to Developer’s Property (Company’s Unit) is hereafter transferred to any entity exempt from the payment of Property Taxes, including, without limitation, any charitable corporation or the State of Maine or any agency or authority thereof, then the owner of the Developer’s PropertyProperty (Company’s Unit), as a covenant running with the land, shall be obligated to pay to the Town each year during and after the expiration or termination of this Agreement, an amount equal to (a) 100% of the Property Taxes that would be assessed by the Town on the Developer’s PropertyProperty (Company’s Unit), as if and under the assumption that the Developer’s Property (Company’s Unit) were fully taxable and owned in fee by Developer Company and not exempt from Property Taxes, less (b) solely during the term of this Agreement, the portion of the amounts described in the preceding clause (a) that would have been payable to the DeveloperCompany, or its successors and assigns, under Section 3.1(a) if the Developer’s Property (Company’s Unit had remained taxable. The covenants in this paragraph shall survive expiration or termination of this Agreement.

Credit Enhancement Payments. (a) The term of this Agreement City shall commence on July 1retain and deposit, 2016 and shall end on the earlier of within fifteen (i15) March 30, 2026, or (ii) the date on which the total payments of Tax Increment (Developer’s Share) by the Town to Developer, its successors or assigns, pursuant to this Agreement equal $500,000, determined on a cumulative basis. Commencing with the first Fiscal Year, the Town agrees to pay to the Developer within 30 days following each Tax Payment Date or the date payment of Property Tax is actually received by the Town City with respect to Developer’s PropertyProperty in the Districts, whichever is later, payments in the Developer Subaccount of the Project Cost Account, the Developer Share of the Tax Increment in each year commencing with the City's Fiscal Year 1999 and continuing thereafter through and including the Fiscal Year 2023. Notwithstanding the foregoing, if at any time the assessed value of the Existing Facility is less than the Original Assessed Value, then the amount payable with respect to the Land Level Facility shall be reduced by an amount equal to the Tax Increment (Developer’s Share) for each Fiscal Year difference between the Property Taxes that would be then payable on an amount equal to Original Assessed Value and the Property Taxes payable on the then assessed value of the Town during the term of this AgreementExisting Facility. (b) Notwithstanding Section 3.1(a)Subject to the provisions of this Agreement, the amounts payable thereunder shall be City agrees to pay Developer, within fifteen (15) days following each Tax Payment Date or the date payment is actually received by the City, whichever is later, the Developer Share of the Retained Tax Increment Revenues resulting from the Property Tax payments due on such Tax Payment Date and payable only if: (i) all real property taxes and assessments and all personal property taxes that are due and payable actually received by the City with respect to Property in the Developer’s Property have been paid in full and Districts. (iic) all real property taxes and assessments and all personal property taxes that are due and payable If, with respect to any other real and personal property owned Tax Payment Date, Developer fails to pay any portion of the Property Taxes assessed by the DeveloperCity, its successors and assigns, in the Town have been paid in full. If any because of such property taxes are not paid when duea valuation dispute or otherwise, the property taxes actually paid by Developer, its successors and assigns Developer with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value, second to any personal property taxes with respect to any personal property located on the Developer’s Property, third, to any real property and personal property of Developer, its successors and assigns located outside of the District Value and, fourthsecond, to make the deposits to the Developer’s Project Cost Account. If such property taxes and assessments are not paid when due, the Town may withhold and suspend all payments under this Agreement until such property taxes and assessments and all interest thereon and other costs relating thereto are paid in full. In addition, if the Developer institutes any tax abatement proceeding with respect to any Property in the District, the Town may withhold and suspend all payments of the shall constitute Retained Tax Increment (Developer’s Share) with respect to the amount of value of the items of Property subject to the abatement proceeding, and shall deposit the withheld amount into a separate interest bearing escrow account. Upon final action and completion of such abatement proceeding, the proper amount (based on the results of the abatement proceedings plus an allocable share of the interest accrued thereon) held in escrow account shall be paid to the DeveloperRevenues. (cd) The Developer agrees that all payments made by the Town to the Developer pursuant to this Agreement will be used and applied to either pay debt service on indebtedness incurred to finance "Project Costs" as that term is defined under Act and described in the Development Program or used to pay directly, amortize or reimburse Developer for payment of, qualified Project Costs. The Town City shall be required to make payments under this Agreement only upon receipt of satisfactory documentation that the amounts are being paid for Project CostsCosts pursuant to Section 1.4 hereof, which documentation shall be in the form of properly completed certificates, executed by the Developer in the form attached hereto as Schedule A. (d) Developer covenants and agrees that in the event that title to Developer’s Property is hereafter transferred to Exhibit A. In addition, notwithstanding any entity exempt from the payment other provisions of Property Taxesthis Agreement, including, without limitation, any charitable corporation or the State provisions of Maine or any agency or authority thereofSection 3.1(a)-(b), then the owner of the Developer’s Property, as a covenant running with the land, City shall not be obligated to pay make any payments to the Town each year during and Developer unless the Developer provides such documentation evidencing that Developer has incurred Project Costs after the expiration or termination date of this Agreement, an amount Agreement equal to (a) 100% of the Property Taxes that would be assessed or greater than $65,000,000 by the Town on the Developer’s PropertyDecember 31, as if 1999 and under the assumption that the Developer’s Property were fully taxable and owned in fee $120,000,000 by Developer and not exempt from Property TaxesDecember 31, less (b) solely during the term of this Agreement, the portion of the amounts described in the preceding clause (a) that would have been payable to the Developer, or its successors and assigns, under Section 3.1(a) if the Developer’s Property had remained taxable. The covenants in this paragraph shall survive expiration or termination of this Agreement.2000 relating to