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. (b) The Company may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property.

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. (b) The Company or the Sponsor Affiliates, as applicable, may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a5.2(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property, subject to the provisions of Section 5.1(f) hereof.

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. (b) The Company may, in its sole discretion, and the Sponsor Affiliate may replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(asubsection (a) hereofabove. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement PropertyProperty to the greatest extent permitted by 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 Facilities 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 (on behalf of the County) 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 therefortherefor and the County agrees to cooperate with the Company in any such disposition and execute such deeds, bills of sale or other instruments as may be requested of it by the Company. The loss or removal from the Project Facilities 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 circumstances described in Section 8.5 hereof, shall be deemed to be a disposal of such property, or portion thereof, pursuant to this Section 5.34.7. Subject The removal (or deemed removal) from the Facilities of any property or portion thereof pursuant to the provisions of Section 5.1(d) and this Section 5.3 4.7 shall not entitle the Company to any abatement or diminution of the Lease Rentals payable under Section 4.4 hereof. However, subject to the provisions of this Section 4.7 with respect to Replacement PropertyProperty and the requirement of Section 4-12-30(O) of the Act, the Payments-in-Lieu-of-Taxes required by Section 5 4.6 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 Act4.7(a). (b) The Company may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a4.7(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property. Simultaneously with filing such property tax return, the Company shall provide the County with an instrument or instruments identifying such property and confirming the conveyance of title to all or such portion of any property to the County and identifying the item or items of property which such property replaces and the date when the first such item of property became subject to Payments-in-Lieu-of-Taxes under Section 4.6 hereof; provided, however, that such notice is not required to effect such conveyance under the terms hereof and no failure to provide such notice shall adversely affect the status of such property as Replacement Property hereunder. (c) Such a disposition sale shall also be treated as removing the investment for purposes of measuring the compliance by the Company with the requirements of Section 4-12-30(O).

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. (b) The Company may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a5.2(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property.

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. (b) The Company may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a5.2(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property.

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. (b) The Company may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a5.2(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property.

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. (b) The Company may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a5.2(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property.

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. (b) The Company may, in its sole discretion, replace, renew or acquire and/or install other property in substitution for, any or all property or portions thereof disposed of, or deemed disposed of, pursuant to Section 5.3(a5.2(a) hereof. Any such property may, but need not, serve the same function, or be of the same utility or value, as the property being replaced. Absent a written election to the contrary made at the time of filing the first property tax return that would apply to such property, such property shall be treated as Replacement Property.