Common use of Disposal of Property; Replacement Property Clause in Contracts

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.3. Subject to the provisions of Section 5.1(d) and this Section 5.3 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.3. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.00, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act.

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion or Sponsor Affiliate determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company or Sponsor Affiliate (as may be applicable) may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.3Section. Subject to the provisions of Section 5.1(d) of this agreement and this Section 5.3 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof 5.1 shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.3. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.00, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the ActSection.

Disposal of Property; Replacement Property. (a) In any instance where the Company or the Sponsor Affiliates, as applicable, in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company or the Sponsor Affiliates, as applicable, may remove such item (or such portion thereof as the Company or the Sponsor Affiliates, as applicable shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.35.2. Subject to the provisions of Section 5.1(d5.1(f) and this Section 5.3 5.2 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.3. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.00, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act5.2.

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.35.2. Subject to the provisions of Section 5.1(d) 5.4 hereof with regard to the maintenance of certain investment levels, and this Section 5.3 5.2 with respect to Replacement Property, the Negotiated Payments-in-Lieu-of-Taxes required by Section 5 5.1 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.3. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.00, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act5.2.

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.35.2. Subject to the provisions of Section 5.1(d) and this Section 5.3 5.2 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.35.2. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.0080,000,000, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act.

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.35.2. Subject to the provisions of Section 5.1(d) and this Section 5.3 5.2 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.35.2. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.0018.25 million, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act.

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.35.2. Subject to the provisions of Section 5.1(d) and this Section 5.3 5.2 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.3. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.00, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act5.2.

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.35.2. Subject to the provisions of Section 5.1(d) and this Section 5.3 5.2 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.35.2. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.0018 million, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act.

Disposal of Property; Replacement Property. (a) In any instance where the Company in its sole discretion determines that any item or items of property included in the Project have become, in whole or in part, inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such item (or such portion thereof as the Company shall determine) or items and sell, trade in, exchange or otherwise dispose of it or them (as a whole or in part) without any responsibility or accountability to the County therefor. The loss or removal from the Project of any property, or any portion thereof, as a result of fire or other casualty or by virtue of the exercise or threat of the power of condemnation or eminent domain shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.35.2. Subject to the provisions of Section 5.1(d) and this Section 5.3 5.2 with respect to Replacement Property, the Payments-in-Lieu-of-Taxes required by Section 5 hereof shall be reduced by the amount thereof applicable to any property included in the Project, or part thereof, disposed of, or deemed disposed of, pursuant to this Section 5.35.2. In the event that such disposal (without replacement) reduces the Company’s gross investment below $6,000,000.0015 million, then the Project shall revert to ad valorem taxation and this agreement shall terminate pursuant to Section 00-00-000 of the Act.