Entity’s Consent. The Entity hereby acknowledges, consents and agrees (i) to the amount of the Annual Service Charge and to the liens established in this Agreement, (ii) that it shall not contest the validity or amount of any such lien, and (iii) that its remedies shall be limited to those specifically set forth herein and otherwise provided by Applicable Law. If any installment of the Annual Service Charge is not paid in accordance with this Agreement on the date and in the full amount scheduled to be paid, the Entity hereby expressly waives any objection or right to challenge the use by the Borough or the Paying Agent of the enforcement of remedies to collect such installment of the Annual Service Charge as are afforded the Borough by law, including the Tax Sale Law, provided however, that in no event shall there be any acceleration of any amounts due and owing to repay the Bonds, and such remedies shall be limited solely to the collection of delinquent and unpaid amounts past due for payment, including interest, penalties and costs of collection provided for by the Tax Sale Law.
Entity’s Consent a. The Parties agree that for purposes of calculation of the Entity’s share of tax increment from the Project Area to be paid by Xxxxx County to the Agency pursuant to this Agreement, the base year shall be 2014, and the base taxable value shall be $5,682,946.00 (the 2014 equalized assessed taxable value of all real and personal property within the Project Area), which base taxable value is subject to adjustment by law in accordance with the provisions of the Act. In accordance with Utah Code Annotated §17C-5-204(4) of the Act, and Utah Code Annotated §00-00-000 of the Cooperation Act, the Entity hereby agrees and consents that the Agency shall be paid fifty-five percent (55%) of the Entity’s shares of the Tax Increment from the Project Area (the “Entity’s Share”) for a maximum of fifteen (15) years, consisting of tax years 2018 through 2032, inclusive. The Entity’s Share shall be used for the purpose of providing funds to carry out the Project Area Plan, and as reflected herein, and shall be disbursed as specified herein.
Entity’s Consent. The Entity hereby acknowledges, consents, and agrees (a) to the amount of the Annual Service Charge and to the liens established in this Agreement, (b) that it shall not contest the validity or amount of any such lien, and (c) that its remedies shall be limited to those specifically set forth herein and otherwise provided by Applicable Law. If any installment of the Annual Service Charge is not paid in accordance with this Agreement on the date and in the full amount scheduled to be paid, the Entity hereby expressly waives any objection or right to challenge the use by the City or the Trustee of the enforcement of remedies to collect such installment of the Annual Service Charge as are afforded the City by law, including the Tax Sale Law; provided, however, that acceleration of any amounts due and owing to repay the Bonds shall be as set forth in the Trust Indenture, and if the Trust Indenture shall provide for no acceleration, such remedies shall be limited solely to the collection of delinquent and unpaid amounts past due for payment, including interest, penalties, and costs of collection provided for by the Tax Sale Law.
