Minimum Tax Payment Covenant Sample Clauses

Minimum Tax Payment Covenant. As a condition precedent to the Authority’s obligation to provide the Development Assistance to the Redeveloper, a Covenant Agreement, in substantially the form attached hereto as Exhibit B, shall be recorded in the land records of Xxxxx County, Oklahoma, immediately following the recording of the deed conveying the Property to the Redeveloper and before the recording of any financing documents against the Property, which Covenant Agreement will reflect the terms of the Redeveloper’s obligations to repay to the Authority the Development Assistance plus interest thereon. Accordingly, the Covenant Agreement requires minimum annual payment in lieu of taxes, commencing on December 31, 2023, in the amount of $28,111.00 (“Minimum Annual Payment”), less credits (“Credits”) in the sum of: (a) all real and personal property taxes assessed and paid on the Property; and (b) two percent (2%) of the annual taxable sales of the Redeveloper payable to the City of Stillwater, which Minimum Annual Payment shall be paid each year for a period of fifteen (15) years or until such time as the assistance in development financing and interest thereon is paid in full (“Minimum Annual Payment Period”). Annually, after March 31, if the sum of all ad valorem tax and sales tax increments generated by the Redevelopment for the prior calendar year are less than the Minimum Annual Payment, the difference (after payment of ad valorem taxes and application of sales tax increment credits as set forth in the Covenant Agreement) shall be available to the Authority to repay its debt obligations incurred to provide Development Assistance to the Redeveloper. The Minimum Annual Payment obligations of the Property shall be secured by a lien (or liens) on the Property in favor of the Authority for the benefit of the Authority and the apportionment fund of Increment District No. 3 arising annually at the same time, in the same manner, having the same priority, and subject to the same enforcement and remedies as liens to secure the annual payments of other ad valorem taxes, which lien or liens may also be evidenced by written notice executed by or on behalf of the Authority, or the duly authorized designee of the Authority and filed in the records of the County Clerk of Xxxxx County, and which lien or liens may also be enforced by the Authority, or on its behalf by its authorized designee by foreclosure in the same manner as foreclosure of a mortgage. Nothing herein contained shall be deemed to proh...
Sample 1
AutoNDA by SimpleDocs
Minimum Tax Payment Covenant. Within 15 days of the Effective Date of this Agreement, a Covenant Agreement, in substantially the form attached hereto as Exhibit B, shall be recorded in the land records of Xxxxx County, Oklahoma, requiring the Minimum Annual Payment to begin on December 31, 2022. The Minimum Annual Payment obligations of the Property shall be secured by a lien (or liens) on the Property in favor of the Authority for the benefit of the apportionment fund of Increment District No. 3 arising annually at the same time, in the same manner, having the same priority, and subject to the same enforcement and remedies as liens to secure the annual payments of other ad valorem taxes, which lien or liens may also be evidenced by written notice executed by or on behalf of the Authority, or the duly authorized designee of the Authority and filed in the records of the County Clerk of Xxxxx County, and which lien or liens may also be enforced by the Authority, or on its behalf by its authorized designee by foreclosure in the same manner as foreclosure of a mortgage. Nothing herein contained shall be deemed to prohibit Redeveloper from contesting the validity or amounts of any tax assessment, encumbrance or lien, or to limit the remedies available to Redeveloper in respect thereto. Redeveloper agrees to provide copies of its personal property ad valorem tax returns reflecting the amount of personal property ad valorem taxes paid by Redeveloper and/or any tenants for their respective personal property located within the Redevelopment.
Sample 1

Related to Minimum Tax Payment Covenant

  • Minimum Interest Charge If the interest charge for all balances on your Credit Card account is less than $1.00, we will charge you the Minimum Interest Charge shown on page 1. This charge is in lieu of any interest charge.

  • Minimum Payment Due Your Minimum Payment Due is listed on your Statement and equals the lesser of: • the amount of your New Balance, or • the greater of: • $30, or • 3% of the amount you owe, or • the sum of Finance Charges accrued since the last Billing Cycle (including Interest Charges and Transaction Fees), plus any Penalty Fees, Annual Fees (if applicable), and one-time fees that have been posted to your Account, plus 1% of the amount you owe. Making only the Minimum Payment Due will increase the amount of interest you pay and the time it takes to repay your balance.

  • Minimum Payment (a) Overtime worked on a Saturday or Sunday will be paid for at the rate of double Ordinary Rates. Employees required to work on a Saturday or Sunday will be afforded a minimum 4 hours work, or be paid as if for 4 hours at the aforementioned overtime rates.

  • Tax Payments Each Company shall be liable for and shall pay the Taxes allocated to it by this Section 2 either to the applicable Tax Authority or to the other Company in accordance with Section 4 and the other applicable provisions of this Agreement.

  • Extended Reporting Period If any required insurance coverage is on a claims-made basis (rather than occurrence), Contractor shall maintain such coverage for a period of no less than three (3) years following expiration or termination of the Master Contract.

  • General Tax Covenant The Recipient shall not take any action or fail to take any action which would adversely affect the exclusion of interest on the Infrastructure Bonds from gross income for federal income tax purposes;

  • Xxxx Payments You may authorize new payment instructions or edit previously authorized payment instructions for xxxx payments that are either periodic and nonrecurring (e.g., payments on merchant charge accounts that vary in amount) or automatic and recurring (e.g., fixed mortgage payments). When you transmit a xxxx payment instruction to us, you authorize us to transfer funds to make the xxxx payment transaction from the account you designate. We will process xxxx payment transfer requests only to such payees as you authorize and for whom the Credit Union has the proper vendor code number. The Credit Union will not process any xxxx payment transfer if the required transaction information is incomplete. If there are insufficient funds in your account to make the xxxx payment request, we may either refuse to make the payment or make the payment and transfer funds from any overdraft protection account you have established. The Credit Union reserves the right to refuse to process payment instructions that reasonably appear to the Credit Union to be fraudulent or erroneous. The Credit Union will withdraw the designated funds from your account by 9:00am on the date of the scheduled payment if scheduled on a business day. If scheduled on a non-business day, the Credit Union will withdraw the funds by 9:00am on the first business day after the scheduled date. It is your responsibility to schedule your xxxx payments in such a manner that your obligations will be paid on time. You should enter and transmit your xxxx payment instructions at least 10 days before a xxxx is due. You are responsible for any late payments or finance charges that may be imposed as a result of your failure to transmit timely payment authorization. You may cancel or stop payment on periodic xxxx payments and automatic, recurring xxxx payment instructions under certain circumstances. If you discover an error in or want to change a payment instruction (e.g., payment date or payment amount) for a periodic or automatic payment you have already scheduled for transmission through online or mobile banking, you may electronically edit or cancel your payment through online or mobile banking. Your cancellation request must be entered and transmitted before the date you have scheduled for payment. If your request is not entered in time, you will be responsible for the payment. If you wish to place an oral stop payment on an automatic, recurring xxxx payment transaction, the Credit Union must receive your oral stop payment request at least three (3) business days before the next payment is scheduled to be made. You may call the Credit Union at the telephone number set forth in Section 4 (Member Liability) to request a stop payment. If you call, the Credit Union may require you to confirm your stop payment request in writing within 14 days after the call.

  • Minimum Charge The minimum charge against accumulated vacation leave shall be fifteen (15) minutes. Vacation leave shall be compensated at the employee’s base rate of pay, except as otherwise provided in this Agreement.

  • Rent Payment Tenant shall pay the Base Rent for the Premises and any additional rent provided herein without deduction or offset. Rent for any partial month during the lease term shall be prorated to reflect the number of days during the month that Tenant occupies the Premises. Additional rent means amounts determined under Section 19 of this Lease and any other sums payable by Tenant to Landlord under this Lease. Rent not paid when due shall bear interest at the rate of one-and-one-half percent per month until paid. Landlord may at its option impose a late charge of $.05 for each $1 of rent for rent payments made more than 10 days late in lieu of interest for the first month of delinquency, without waiving any other remedies available for default. Failure to impose a late charge shall not be a waiver of Landlord’s rights hereunder.

  • Minimum Reporting Allowance If an employee reports for work at the regularly scheduled time and no work is available such employee will be paid a minimum of four (4) hours pay at her regular rate provided:

Time is Money Join Law Insider Premium to draft better contracts faster.