Common use of Project Improvements PILOT Clause in Contracts

Project Improvements PILOT. During the PILOT Term, the Lessee shall pay PILOT with respect to the Project Improvements (the “Project Improvements PILOT”) in the amounts described below. (i) For each semi-annual period occurring within the period commencing on the PILOT Commencement Date and ending on June 30, 2042, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the Project Improvements Abatement Amount. Upon completion of the Project Improvements (and notwithstanding the foregoing sentence), the Lessee shall promptly request the appropriate officer of the City to reassess the Improvements. (ii) For each semi-annual period occurring within the period commencing on July 1, 2042 to and including June 30, 2043, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.80 and (z) the Project Improvements Abatement Amount. (iii) For each semi-annual period occurring within the period commencing on July 1, 2043 to and including June 30, 2044, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.60 and (z) the Project Improvements Abatement Amount. (iv) For each semi-annual period occurring within the period commencing on July 1, 2044 to and including June 30, 2045, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.40 and (z) the Project Improvements Abatement Amount. (v) For each semi-annual period occurring within the period commencing on July 1, 2045 to and including June 30, 2046, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.20 and (z) the Project Improvements Abatement Amount.

Project Improvements PILOT. During the PILOT Term, the Lessee shall pay PILOT with respect to the Project Improvements (the “Project Improvements PILOT”) in the amounts described below. (i) For each semi-annual period occurring within the period commencing on the PILOT Commencement Date and ending on June 30, 20422043, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the Project Improvements Abatement Amount. Upon completion of the Project Improvements (and notwithstanding the foregoing sentence), the Lessee shall promptly request the appropriate officer of the City to reassess the Improvements. (ii) For each semi-annual period occurring within the period commencing on July 1, 2042 2043 to and including June 30, 20432044, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.80 and (z) the Project Improvements Abatement Amount. (iii) For each semi-annual period occurring within the period commencing on July 1, 2043 2044 to and including June 30, 20442045, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.60 and (z) the Project Improvements Abatement Amount. (iv) For each semi-annual period occurring within the period commencing on July 1, 2044 2045 to and including June 30, 20452046, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.40 and (z) the Project Improvements Abatement Amount. (v) For each semi-annual period occurring within the period commencing on July 1, 2045 2046 to and including June 30, 20462047, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.20 and (z) the Project Improvements Abatement Amount.

Project Improvements PILOT. During the PILOT Term, the Lessee shall pay PILOT with respect to the Project Improvements (the “Project Improvements PILOT”) in the amounts described below. (i) For each semi-annual period occurring within the period commencing on the PILOT Commencement Date and ending on June 30, 20422039, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the Project Improvements Abatement Amount. Upon completion of the Project Improvements (and notwithstanding the foregoing sentence), the Lessee shall promptly request the appropriate officer of the City to reassess the Improvements. (ii) For each semi-annual period occurring within the period commencing on July 1, 2042 2039 to and including June 30, 20432040, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.80 and (z) the Project Improvements Abatement Amount. (iii) For each semi-annual period occurring within the period commencing on July 1, 2043 2040 to and including June 30, 20442041, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.60 and (z) the Project Improvements Abatement Amount. (iv) For each semi-annual period occurring within the period commencing on July 1, 2044 2041 to and including June 30, 20452042, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.40 and (z) the Project Improvements Abatement Amount. (v) For each semi-annual period occurring within the period commencing on July 1, 2045 2042 to and including June 30, 20462043, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.20 and (z) the Project Improvements Abatement Amount.

Project Improvements PILOT. During the PILOT Term, the Lessee shall pay PILOT with respect to the Project Improvements (the “Project Improvements PILOT”) in the amounts described below. (i) For each semi-annual period occurring within the period commencing on the PILOT Commencement Date and ending on June 30, 20422032, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the Project Improvements Abatement Amount. Upon completion of the Project Improvements (and notwithstanding the foregoing sentence), the Lessee shall promptly request the appropriate officer of the City to reassess the Improvements. (ii) For each semi-annual period occurring within the period commencing on July 1, 2042 2032 to and including June 30, 20432033, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.80 and (z) the Project Improvements Abatement Amount. (iii) For each semi-annual period occurring within the period commencing on July 1, 2043 2033 to and including June 30, 20442034, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.60 and (z) the Project Improvements Abatement Amount. (iv) For each semi-annual period occurring within the period commencing on July 1, 2044 2034 to and including June 30, 20452035, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.40 and (z) the Project Improvements Abatement Amount. (v) For each semi-annual period occurring within the period commencing on July 1, 2045 2035 to and including June November 30, 20462036, Project Improvements PILOT shall equal (1) the Adjusted PILOT Amount with respect to Project Improvements minus (2) the product of (y) 0.20 and (z) the Project Improvements Abatement Amount.