Failure to Make Payment in Lieu of Taxes. Should the Tenant fail to make the payments required above, penalties and/or interest will be assessed against the Tenant by the Sedgwick County Treasurer in accordance with applicable state laws relating to late tax payments. If the Tenant fails to make a payment required by this Agreement and the failure shall continue for one year, this Agreement shall be deemed terminated effective as of December 20 in the year the payment was originally due, and Tenant agrees that from and after the termination date, it shall pay in full the regular amount of ad valorem real estate and personal property taxes on the property constituting the Project.
Failure to Make Payment in Lieu of Taxes. Should Company fail to make the payments described above, penalties and/or interest will be assessed against Company by the Xxxxxxx County Treasurer in accordance with applicable state laws relating to late tax payments. If Company fails to make a payment required by this Agreement, and such failure shall continue for sixty (60) days, this Agreement may be terminated at the option of the City effective on the date in the year such payment was originally due, and Company agrees that from and after such termination date, it shall pay in full the regular amount of ad valorem real estate and personal property taxes that may be due on the property constituting the Project. The first time Company should fail to make its required payment, the City will provide Company sixty (60) days’ notice of its intention to terminate and provide it the opportunity to cure within the sixty (60) day period. No notice is required to terminate this Agreement for second or subsequent failures to make payments required under this Agreement. Company must make all payments in lieu of taxes required by this Agreement; however, Company reserves the right to make such payment under protest pending its timely appeal of the valuation as determined by the Xxxxxxx County Appraiser’s Office. However, the City’s decision to grant an abatement is based in part on the Project having a minimum County appraised valuation of $5,000,000 (the “Base Valuation”) during the Abatement Period. If Company desires to appeal the appraised value of the Project and the appraised value of the Project is adjusted by either the Xxxxxxx County Appraiser’s Office or the Board of Tax Appeals to an amount below the Base Valuation, the PILOT shall be automatically terminated upon fourteen (14) written notice of the City. This provision shall not apply if the County Appraiser unilaterally (and without an appeal of the Company) appraises the Project below the Base Valuation. Notwithstanding anything herein, if after any appeal, the valuation is adjusted downward, nothing herein shall create an obligation on behalf of the City to return all or a portion of any payment in lieu of taxes received by the City or any other taxing entity, however in such event, subject to any adjustments as described in the previous paragraph, Company shall reduce its subsequent payment in lieu by the amount of any overpayment previously made by Company under protest. If the subsequent payment is not sufficiently large to fully credit the ove...
Failure to Make Payment in Lieu of Taxes. Should RJB fail to make, or cause to be made, the payments described above, penalties and/or interest will be assessed against RJB by the Xxxxxxx County Treasurer in accordance with applicable state laws relating to late tax payments. If RJB fails to make, or cause to be made, a payment required by this Agreement and such failure shall continue for sixty (60) days, this Agreement may be terminated at the option of the City effective on the date in the year such payment was originally due, and RJB agrees it shall be responsible for payment of any PILOT amounts unpaid to that date; and from and after such termination date, the full and regular amount of ad valorem real estate and personal property taxes on the property constituting the Project shall apply. The first time RJB should fail to make, or cause to be made, its required payment, the City will provide RJB sixty (60) days’ notice of its intention to terminate and provide it the opportunity to cure within the sixty (60) day period. The City shall also provide RJB a courtesy notice of the City’s intention to terminate. No notice is required to terminate this Agreement for second or subsequent failures to make payments required under this Agreement. RJB must make, or cause to be made, all payments in lieu of taxes required by this Agreement throughout the term hereof; however, RJB may make application to the
Failure to Make Payment in Lieu of Taxes. Should the Tenant fail to make the payments in lieu of taxes required above, penalties and/or interest will be assessed against the Tenant by the Sedgwick County Treasurer in accordance with applicable state laws relating to late tax payments. If the Tenant fails to make a payment in lieu of taxes required by this Agreement and such failure shall continue for one year, 600809.20597\IRB – CULINARY CENTER\PILOT AGREEMENT v.3 the provisions relating to payments in lieu of taxes in this Agreement shall be deemed terminated effective as of December 20 in the year such payment in lieu of taxes was originally due, and Xxxxxx agrees that from and after such termination date, it shall pay in full the regular amount of ad valorem real estate and personal property taxes on the property constituting the Project.
