PILOT Agreement. The parties hereto have executed or will execute the Company Lease Agreement, Sublease Agreement and PILOT Agreement. As provided in the PILOT Agreement, the Company agrees to make PILOT Payments (in addition to paying all special ad valorem levies, special assessments or special district taxes and service charges against real property in the jurisdiction where the Project Facility is located).
PILOT Agreement. The Payment in Lieu of Tax Agreement (“PILOT Agreement”) authorized in the Resolution shall require the Company to make payments in lieu of real estate taxes in accordance with the schedule and formula more particularly set forth on Schedule A.
PILOT Agreement. The mortgaged property is subject to a prior lien for amounts required under a Payment In Lieu Of Taxes (PILOT) arrangement with the Development Authority of Fxxxxx County, Georgia. The remaining PILOT obligations during the loan term range from $10,799,250 in 2013 through $12,770,113 in 2020, and the PILOT payments continue until February 1, 2031. The borrower affiliate that owns the adjacent retail site and/or its tenants are contractually obligated to reimburse the borrower for 22.86% of the PILOT obligation. For loan underwriting purposes, the related loan seller included as expenses the PILOT obligation (which pertains to improvements only) for both the mortgaged property and the adjacent retail site, together with the real estate taxes for the land value associated with the mortgaged property. To accommodate statutory requirements for the PILOT structure, the mortgage loan borrowers are comprised of a “fee” borrower and an affiliated “leasehold” borrower, and the lease payments made by the leasehold borrower to the fee borrower equal the required PILOT payments, and are paid by the fee borrower to US Bank Trust (the “PILOT Lender”), as trustee for the bondholders. The PILOT Lender has a statutory lien on the mortgaged property that is effectively equivalent in priority and character to a municipal tax lien. If the PILOT payments are not made, the City of Exxxxxxxx has a special assessment lien against the mortgaged property in the same amount as PILOT payments that are due but not yet paid.
PILOT Agreement. Attached hereto and made a part hereof is Exhibit A, which contains an executed copy of the PILOT Agreement entered into by and among the Real Estate Owner, the Operating Company and the Agency. The amount of real property tax abatement benefit comprising the Financial Assistance shall be approximately $124,912, which such amount reflects the total estimated real property tax exemptions for the Project Facility (which constitute those taxes that would have been paid if the Project Facility were on the tax rolls and not subject to the PILOT Agreement) of approximately $815,518, less the total payments in lieu of taxes of $690,607 to be made by the Real Estate Owner to the Taxing Jurisdictions with respect to the Project Facility during the term of the PILOT Agreement. The amount of estimated real property tax exemptions is estimated based on an assumed assessed value of the Project Facility and assumed future tax rates of the Taxing Jurisdictions; therefore the real property tax abatement benefit is estimated because it is calculated using the estimated real property tax exemptions. The actual amount of real property tax abatement benefit is subject to change over the term of the PILOT Agreement depending on any changes to assessed value and/or tax rates of the Taxing Jurisdictions. The PILOT Agreement contained in Exhibit A attached hereto reflects an annual breakdown of the payments in lieu of taxes to be made to the Taxing Jurisdictions in each year during the term of the PILOT Agreement (“Total PILOT”), an estimate value of the real property tax exemptions (“Full Tax Payment without PILOT”), and an estimated value of the real property tax abatement benefits (“Net Exemptions”).
PILOT Agreement. The parties hereto understand and agree that Exhibit A to this Agreement contains a copy of the PILOT Agreement, to be entered into, or entered into, by and between the Company and/or Xxxxxx Land Development LLC and the Agency.
PILOT Agreement. As provided in the PILOT Agreement, the Corporation agrees to make PILOT Payments (in addition to paying all special ad valorem levies, special assessments or special district taxes and service charges against real property in the jurisdiction where the Project Facility is located).
PILOT Agreement. Attached hereto and made a part hereof is Exhibit A, which contains an executed copy of the Amended PILOT Agreement entered into by and between the Company and the Agency. The amount of real property tax exemption benefits comprising the additional Financial Assistance (beyond that financial assistance provided in the Original PILOT Agreement) shall be approximately $4,788,156, which such amount reflects the total estimated real property tax exemptions for the Project Facility with respect to the additional Financial Assistance (which constitute those taxes that would have been paid if the Project Facility were on the tax rolls and not subject to the Lease Agreement) of approximately $5,608,937 less the payments in lieu of taxes of $820,781 to be made by the Company to the affected tax jurisdictions with respect to the Project Facility during the extended term of the Amended PILOT Agreement (as reflects the additional Financial Assistance). The approximate amount of estimated real property tax exemptions and the approximate amount of estimated payments in lieu of taxes are estimated based on an assumed assessed value of the Project Facility and assumed future tax rates of the affected tax jurisdictions. The actual amount of real property tax abatement benefit is subject to change over the terms of the Lease Agreement depending on any changes to assessed value and/or tax rates of the Affected Tax Jurisdictions. The Amended PILOT Agreement attached hereto reflects the calculation for the annual amount of the payments in lieu of taxes to be made to the affected tax jurisdictions in each year during the term of the Lease Agreement.
PILOT Agreement. Borrower has delivered to Lender a true, correct and complete copy of the PILOT Agreement. The Pilot Agreement has not been amended, modified, supplemented or assigned. The interests of Behringer LLC under the PILOT Agreement have not been assigned. The PILOT Agreement is in full force and effect. No default exists on the part of the Authority (to Borrower's knowledge), the Borrower, or any predecessor party (to Borrower's knowledge) under the PILOT Agreement, and, to Borrower's knowledge no event has occurred which, but for the passage of time, or notice, or both, would constitute a default under the PILOT Agreement. All sums due and payable under the PILOT Agreement have been paid in full. Neither the Authority (to Borrower's knowledge) nor the Borrower has commenced any action or given or received any notice for the purpose of terminating the PILOT Agreement. Except for the PILOT Agreement, there are no agreements between Borrower and the Authority in any way concerning the subject matter of the PILOT Agreement, the Property or the occupancy or use of the Property. All consents and approvals required from the Authority under the PILOT Agreement in connection with the Property and the Improvements thereon have been obtained and to Borrower's knowledge, any notices required to be given by Behringer LLC to the Authority under the PILOT Agreement have been given.
PILOT Agreement. Borrower shall (i) pay all sums required to be paid by Borrower under the PILOT Agreement, (ii) diligently perform and observe all of the material terms, covenants and conditions of Borrower under the PILOT Agreement, (iii) promptly deliver to Lender a copy of any written notice to Borrower of any default by Borrower under the PILOT Agreement, (iv) promptly deliver to Lender a copy of any written notice from Borrower to any other party under the PILOT Agreement of any default by such party under the PILOT Agreement and (v) not, without Lxxxxx’s prior written consent, modify, amend, terminate, cancel or replace the pilot Agreement to the extent the same would have a material adverse effect on Borrower or the Property.
PILOT Agreement. Either party may terminate this Memorandum of Agreement with fourteen (14) days’ notice to the other party. Termination of this Memorandum of Agreement is not subject to the grievance procedure. This agreement is in effect as a pilot project and will sunset on December 31, 2022, unless renewed by mutual agreement.
