Common use of Failure to Make Payment in Lieu of Taxes Clause in Contracts

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 the Tenant fail to make the payments required above, penalties and/or interest will be assessed against the Tenant by the Sedgwick Xxxxxx 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 Xxxxxx 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 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 Xxxxxx 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.