Payments in Lieu of Real Estate Taxes Sample Clauses

Payments in Lieu of Real Estate Taxes. (a) Real Estate Taxes to be Paid Prior to PILOT Commencement Date. Until the PILOT Commencement Date (or such later date as the Facility Realty is determined to be exempt from Real Estate Taxes), the Lessee shall pay to the City all Real Estate Taxes in respect of the Facility Realty for the periods of time occurring prior to such date at such times, in such manner and in such amounts as would be applicable if the Facility Realty were not leased to the Agency.
Sample 1Sample 2Sample 3See All (12)
AutoNDA by SimpleDocs
Payments in Lieu of Real Estate Taxes. (A) It is recognized that under the provisions of the Act, the Agency is required to pay no taxes or assessments upon any of the Property acquired by it or under its jurisdiction, control or supervision or upon its activities. It is not the intention, however, of the parties hereto that the Project Facility be treated as exempt from real property taxation by reason of the Agency’s leasehold interest therein. Accordingly, the parties hereto acknowledge that a payment in lieu of tax agreement will be executed with respect to the Project Facility, and a Real Property Tax Exemption Form will be filed by the Agency with respect to the Project Facility. Until the expiration date of any such payment in lieu of tax agreement, the Agency and the Company hereby agrees that the Company (or any subsequent user of the Project Facility pursuant to this Lease Agreement) shall be required to make or cause to be made payments in lieu of real estate taxes in the amounts and in the manner set forth in such payment in lieu of tax agreement.
Sample 1
Payments in Lieu of Real Estate Taxes. (A) It is recognized that under the provisions of the Act, the Agency is required to pay no taxes or assessments upon any of the Property acquired by it or under its jurisdiction, control or supervision or upon its activities. It is not the intention, however, of the parties hereto that the Real Estate Owner Project Facility be treated as exempt from real property taxation. Accordingly, the parties hereto acknowledge that a Payment in Lieu of Tax Agreement will be executed with respect to the Real Estate Owner Project Facility, and a Real Property Tax Exemption Form will be filed by the Agency with respect to the Real Estate Owner Project Facility. Until either the expiration date of, or earlier termination of this Lease, any such Payment in Lieu of Tax Agreement, the Agency and the Real Estate Owner hereby agree that the Real Estate Owner (or any subsequent user of the Real Estate Owner Project Facility pursuant to this Lease Agreement) shall be required to make or cause to be made payments in lieu of real estate taxes in the amounts and in the manner set forth in such Payment in Lieu of Tax Agreement.
Sample 1
Payments in Lieu of Real Estate Taxes. 34 Section 5.2. Sales Tax Exemption 40 Section 5.3. Reserved 45 Section 5.4. Recapture of Benefits 45 ARTICLE VI DAMAGE, DESTRUCTION AND CONDEMNATION 47 Section 6.1. Damage, Destruction and Condemnation 47 TABLE OF CONTENTS (continued) Page Section 6.2. Loss Proceeds 47 Section 6.3. Election to Rebuild or Terminate 47 Section 6.4. Effect of Election to Build 48 ARTICLE VII COVENANT OF THE AGENCY 50 Section 7.1. Quiet Enjoyment 50 ARTICLE VIII COVENANTS OF THE LESSEE 51 Section 8.1. Insurance 51 Section 8.2. Indemnity 57
Sample 1
Payments in Lieu of Real Estate Taxes. The Developer agrees that if during the term of the Route 20 Tax Increment Financing District referred to in Section 15 hereof Developer fails to maintain the Subject Redevelopment on the Subject Property and the total equalized assessed valuation of the Subject Property falls below a total of eleven million four hundred thousand dollars ($11,400,000) the Developer agrees to make payments to the City as described in this section. In such event, the parties will each year for the remaining term of the Route 20 Tax Increment Financing District calculate the amount of tax increment the City would have received from the Subject Property utilizing an equalized assessed valuation for the Subject Property of eleven million four hundred thousand dollars ($11,400,000) (such calculation of tax increment from the Subject Property utilizing an equalized assessed valuation of eleven million four hundred thousand dollars ($11,400,000) is hereinafter referred to as the "Tax Increment Calculation"). The Developer shall pay to the City the amount by which the subject Tax Increment Calculation for the Subject Property exceeds the actual Tax Increment from the Subject Property received by the City. Developer shall make such payment to the City on or before December 1 of each year for each year of the remaining term of the Route 20 Tax Increment Financing District. The Developer's payments to the City pursuant to this section shall be offset by the remaining amount, if any, of the Subject Monetary Development Assistance the City has agreed to pay to the Developer pursuant to Section 17 hereof.
Sample 1
Payments in Lieu of Real Estate Taxes 
Sample 1Sample 2Sample 3See All (5)

Related to Payments in Lieu of Real Estate Taxes

  • Real Estate Taxes For each Tax Year falling within the Term, Tenant shall pay to Landlord, as Additional Rent, the Landlord's Tax Expenses Allocable to the Premises for such corresponding Tax Year, and for each fraction of a Tax Year falling within the Term at the beginning or end thereof, Tenant shall pay to Landlord, as Additional Rent, the product of (i) such Applicable fraction of a Tax Year and (ii) the Landlord's Tax Expenses Allocable to the Premises for the Tax Year in which said fraction occurs. Not later than ninety (90) days after Landlord's Tax Expenses Allocable to the Premises are determined for the first such Tax Year or fraction thereof and for each succeeding Tax Year or fraction thereof during the Term, Landlord shall render Tenant a statement in reasonable detail certified by a representative of Landlord showing for the preceding year or fraction thereof, as the case may be, real estate taxes on the Buildings and the Site and abatements and refunds of any taxes and assessments. Expenditures for legal fees and for other expenses incurred in seeking the tax refund or abatement may be charged against the tax refund or abatement before the adjustments are made for the Tax Year. Said statement to be rendered to Tenant shall also show for the preceding Tax Year or fraction thereof as the case may be the amounts of real estate taxes already paid by Tenant as Additional Rent, and the amount of real estate taxes remaining due from, or overpaid by, Tenant for the year or other period covered by the statement. Within thirty (30) days after the date of delivery of the foregoing statement, Tenant shall pay to Landlord the balance of the amounts, if any, required to be paid pursuant to the above provisions of this Section 2.7 with respect to the preceding Tax Year or fraction thereof, or Landlord shall credit any amounts due from it to Tenant pursuant to the provisions of this Section 2.7 against (x) monthly installments of fixed rent next thereafter coming due or (y) any sums then due from Tenant to Landlord under this Lease (or refund such portion of the over-payment as aforesaid if the Term has ended and Tenant has no further obligation to Landlord). In the event Landlord succeeds in obtaining a reduction of such real estate taxes, rates or assessments with respect to a real estate tax fiscal year as to which Tenant contributed Tenant's share of Landlord's Tax Expenses, then, Tenant shall be entitled to receive its proportionate share of the net amount of any refund received or reduction obtained by Landlord to the extent allocable to the Term of this Lease. Tenant's entitlement to such refund amount shall survive the expiration of the Term. Landlord will, upon the written request of Tenant, who together with other tenants lease at least fifty (50%) of the Total Rentable Floor Area of the Complex, at Landlord's election either (i) apply for an abatement of real estate taxes or (ii) allow such tenants to apply for abatements in their own name, or in Landlord's name, at their own cost (subject to such tenants' right to recover such costs on a first dollar basis from the abatement proceeds, if any). If such tenants apply for an abatement of real estate taxes, then Landlord shall have the right to be involved in each step of the abatement process, including, without limitation, Landlord's right to approve all filings in connection with such abatement proceedings (such approval not to be unreasonably withheld) and the right to attend all meetings between Tenant and its representatives and the representatives of the Town of Bedford. In addition, payments by Tenant on account of Landlord's Tax Expenses Allocable to the Premises anticipated for the then current year shall be made monthly at the time and in the fashion herein provided for the payment of fixed rent. The amount so to be paid to Landlord shall be an amount reasonably estimated by Landlord to be sufficient to provide Landlord, in the aggregate, a sum equal to Landlord's Tax Expenses Allocable to the Premises, at least ten (10) days before the day on which such payments by Landlord would become delinquent. To the extent that real estate taxes shall be payable to the taxing authority in installments with respect to periods less than a Tax Year, the foregoing statement shall be rendered and payments made on account of such installments. Terms used herein are defined as follows:

  • Real Property Taxes Tenant shall pay Landlord, as Additional Rent in the manner described below, an amount equal to Tenant’s Pro Rata Share of Real Property Taxes payable by Landlord for the Office Unit in any full or partial calendar year. “Real Property Taxes” shall mean real and personal property taxes, assessments, including omit tax, and other governmental impositions and charges of every kind and nature, now or hereafter imposed, including surcharges with respect thereto and interest thereon, if Landlord, at its sole option, elects to amortize assessments over a period exceeding one year, which may during the Term of this Lease be levied, assessed, imposed, or otherwise become due and payable with respect to the Office Unit, including the tenant improvements, and the Office Unit and all improvements, fixtures, and equipment thereon, or the use, occupancy or possession thereof; taxes on property of Tenant which have not been paid by Tenant directly to the taxing authority; any taxes levied or assessed upon or measured by the Condominium, the Premises, or the Office Unit, or any amounts received by Landlord in connection therewith or hereunder, but not including any federal or state net income, estate, or inheritance tax imposed upon the Landlord, all determined with respect to the period for which such taxes are (or would have been if timely levied) due and payable; and any taxes levied or assessed in lieu of, or as a substitute for, the foregoing in whole or part. Notwithstanding the foregoing, Real Property Taxes shall not include: (a) any inheritance, estate, succession, transfer, gift, franchise, or capital stock tax; (b) any gross or net income taxes; (c) any excise taxes imposed upon Landlord based upon gross or net rentals or other income received by it; or (d) Real Property Taxes assessed against the Property for periods of time prior to the Commencement Date. Landlord shall provide a copy of the tax xxxx to Tenant upon request. All special assessments shall be deemed paid by Landlord over the maximum payment period allowed by applicable law and Tenant shall be liable for its pro rata share of the minimum annual payment thereon. If, after Tenant shall have made a payment of real estate taxes, Landlord shall have received a refund of any portion of the real estate taxes, Landlord shall credit to Tenant an amount equal to Tenant’s proportionate share of the net refund, after deducting Tenant’s proportionate share of all reasonable expenses incurred in obtaining such refund. Notwithstanding the foregoing, if the Office Unit is sold within three years of the Commencement Date, and such sale causes an increase in real estate taxes, then real estate tax increases shall be capped at five percent (5) annually for the two years following such sale.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!