Common use of PILOT Contingency & Financial Agreement Clause in Contracts

PILOT Contingency & Financial Agreement. Redeveloper intends to apply to the Township for approval of a financial agreement with respect to Phase 2A (the “Phase 2A Financial Agreement”), a financial agreement with respect to Phase 2B (the “Phase 2B Financial Agreement”), and a financial agreement with respect to Phase 2D (the “Phase 2D Financial Agreement”, and collectively with the Phase 2A Financial Agreement and the Phase 2B Financial Agreement, the “LTTE Financial Agreements”) providing for, among other things, payments in lieu of taxes (the “PILOT”) pursuant to the Long Term Tax Exemption Law and the Redevelopment Area Bond Financing Law. The Township agrees to consider such applications in good faith and to consider and pursue in good faith and in accordance with the criteria set forth in the Applicable Laws the issuance of non-recourse redevelopment area bonds (the “RAB”) of not more than a total par amount of $21,000,000 to provide financial assistance to the Project. The RAB, if issued, may be issued in multiple series, as further described and limited at Exhibit E hereto, and shall comply with the criteria to be set forth in the Financial Agreements and the resolutions, indentures or other agreements to be negotiated providing for and securing the issuance of the RAB. The RAB shall be non-recourse to the Township and shall not in any way require the Township to levy ad valorem taxes, whether to pay principal, interest, interest reserves or any other costs or expenses with respect to the RAB. The Redeveloper may utilize the proceeds of the RAB for costs of the Project, including, but not limited to, the Relocation Payment and/or the reimbursement to Redeveloper of all or a portion of the Purchase Price for the Township-Owned Property.

PILOT Contingency & Financial Agreement. (a) Redeveloper intends to apply to the Township for approval of a financial agreement with respect to Phase 2A Block 155, Lots 40.02 and 42.02 (the “Phase 2A Financial Agreement”), a financial agreement with respect to Phase 2B (the “Phase 2B Financial Agreement”), and a financial agreement with respect to Phase 2D (the “Phase 2D Financial Agreement”, and collectively with the Phase 2A Financial Agreement and the Phase 2B Financial Agreement, the “LTTE Financial Agreements”) providing for, among other things, payments in lieu of taxes (the “PILOT”) pursuant to the Long Term Tax Exemption Law and the Redevelopment Area Bond Financing Law. The Township agrees to consider such applications application in good faith and to consider and pursue in good faith and in accordance with the criteria set forth in the Applicable Laws the issuance of non-recourse redevelopment area bonds (the “RAB”) of not more than a total par amount of Four Million Five Hundred Thousand Dollars ($21,000,000 4,500,000.00) to provide financial assistance to the Project. The RAB, if issued, may be issued in multiple series, as further described and limited at Exhibit E G hereto, and shall comply with the criteria to be set forth in the Financial Agreements Agreement and the resolutions, indentures or other agreements to be negotiated providing for and securing the issuance of the RAB. The RAB shall be non-recourse to the Township and shall not in any way require the Township to levy ad valorem taxes, whether to pay principal, interest, interest reserves or any other costs or expenses with respect to the RAB. The Redeveloper may utilize the proceeds of the RAB for costs of the Project, including, but not limited to, the Relocation Payment and/or construction of Infrastructure Improvements, the reimbursement to Redeveloper of all or a portion construction of the Purchase Price for Library Improvements (or in the Township-Owned Propertyalternative, payment to the Township of $1,500,000.00 toward Library Improvements), and construction of the Public Dog Park. (b) The Township agrees to consider and pursue Redeveloper’s PILOT applications and RAB issuance in good faith, but Redeveloper acknowledges that the Township retains discretion under Applicable Laws as to whether to grant the PILOT or issue the RAB. If the terms of a mutually acceptable Financial Agreement, RAB financing, and all applicable State approvals in connection therewith have not been obtained by the Contingency Satisfaction Deadline, then either Party may elect to terminate this Agreement by providing Notice to that effect to the other Party (the “PILOT Contingency”).

PILOT Contingency & Financial Agreement. (a) Redeveloper intends to apply to the Township for approval of a financial agreement with respect to Phase 2A Block 155, Lots 40.02 and 42.02 (the “Phase 2A Financial Agreement”), a financial agreement with respect to Phase 2B (the “Phase 2B Financial Agreement”), and a financial agreement with respect to Phase 2D (the “Phase 2D Financial Agreement”, and collectively with the Phase 2A Financial Agreement and the Phase 2B Financial Agreement, the “LTTE Financial Agreements”) providing for, among other things, payments in lieu of taxes (the “PILOT”) pursuant to the Long Term Tax Exemption Law and the Redevelopment Area Bond Financing Law. The Township agrees to consider such applications application in good faith and to consider and pursue in good faith and in accordance with the criteria set forth in the Applicable Laws the issuance of non-recourse redevelopment area bonds (the “RAB”) of not more than a total par amount of Four Million Five Hundred Thousand Dollars ($21,000,000 4,500,000.00) to provide financial assistance to the Project. The RAB, if issued, may be issued in multiple series, as further described and limited at Exhibit E G hereto, and shall comply with the criteria to be set forth in the Financial Agreements Agreement and the resolutions, indentures or other agreements to be negotiated providing for and securing the issuance of the RAB. The RAB shall be non-recourse to the Township and shall not in any way require the Township to levy ad valorem taxes, whether to pay principal, interest, interest reserves or any other costs or expenses with respect to the RAB. The Redeveloper may utilize the proceeds of the RAB for costs of the Project, including, but not limited to, the Relocation Payment and/or construction of Infrastructure Improvements, the reimbursement to Redeveloper of all or a portion construction of the Purchase Price for Library Improvements (or in the Township-Owned Propertyalternative, payment to the Township of $1,500,000.00 toward Library Improvements), and construction of the Public Dog Park. (b) The Township agrees to consider and pursue Redeveloper’s PILOT applications and RAB issuance in good faith, but Redeveloper acknowledges that the Township retains discretion