Common use of Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement Clause in Contracts

Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement. In the event of a Diminution in Value of the Economic Development Property, the payment in lieu of taxes with regard to the Economic Development Property shall be reduced in the same proportion as the amount of such Diminution in Value bears to the original fair market value of the Economic Development Property as determined pursuant to Step 1 of Section 4.01(a) hereof; provided, however, that if at any time subsequent to the end of the Investment Period, the total value of the Project remaining in the County based on the original income tax basis thereof (that is, without regard to depreciation), is less than the Enhanced FILOT Act Minimum Requirement, then beginning with the first payment thereafter due hereunder and continuing until the Termination Date, the Project shall no longer be entitled to the incentive provided in Section 4.01, and the Company and any Sponsor Affiliate(s) shall therefore commence to pay FILOT Payments calculated in accordance with Section 4.03(b)(ii) hereof.

Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement. In the event of a Diminution in Value of the Economic Development Property, the payment Payment in lieu Lieu of taxes Taxes with regard to the Economic Development Property shall be reduced in the same proportion as the amount of such Diminution in Value bears to the original fair market value of the Economic Development Property as determined pursuant to Step 1 of Section 4.01(a) hereof; provided, however, that if at any time subsequent to the end of the Investment Period, the total value of the Project remaining in the County based on the original income tax basis thereof (that is, without regard to depreciation), is less than the Enhanced FILOT Act Minimum Investment Requirement, then beginning with the first payment thereafter due hereunder and continuing until the Termination Date, the Project shall no longer be entitled to the incentive provided in Section 4.01, and the Company and any Sponsor Affiliate(s) Affiliate shall therefore commence to pay FILOT Payments regular ad valorem taxes thereon, calculated as set forth in accordance with Section 4.03(b)(ii4.01(b) hereof.