When Payment Is Due. Whenever in this Lease a payment is required to be made by one party to the other, but a specific date for payment is not set forth or a specific number of days within which payment is to be made is not set forth, or the words “immediately”, “promptly” and/or “on demand”, or the equivalent, are used to specify when such payment is due, then such payment shall be due thirty (30) days after the party which is entitled to such payment sends written notice to the other party demanding payment.
When Payment Is Due. Owner agrees to pay the Assessment Amount, plus accrued interest during the Assessment Term.
When Payment Is Due. Following completion of the Minimum Improvements, the Owner agrees to own the Property and remain in operation at the Property for a period of five (5) years from the date of completion of the Minimum Improvements. If the Owner fails to comply with this requirement, the City shall certify/levy all or a portion of the Deferred Assessment Amount on a prorated basis, based on the portion of the five-year operation period elapsed as of the date of default.
When Payment Is Due. Following completion of the Improvements, the Deferred Assessment Amount owed by the Owner to the City shall be reduced by an amount referred to as the “Construction Credit.” The Construction Credit shall be equal to the taxed assessed value as determined by the Dakota County Assessor’s Office for the fair market value of the Improvements, exclusive of the land value, divided by 10 plus a credit of $5,400 if 3 jobs are retained as of the date the Construction Credit is calculated. If the Deferred Assessment Amount exceeds the Construction Credit, then the balance of the Deferred Assessment Amount is due and owing and if not paid by December 1 of the year in which the calculation is made, the Deferred Assessment Amount shall be assessed against the Property. By way of illustration only: If the Dakota County Assessor’s Office values the Improvements at $350,000, then: $350,000/10 = $35,000 + $5,400 = $40,400 Construction Credit $89,218.59-$40,400 = $48,818.59 Balance due on Deferred Assessment Amount
When Payment Is Due. Following completion of the Improvements, the Deferred Assessment Amount owed by the Owner to the City shall be reduced by an amount referred to as the “Construction Credit.” The Construction Credit shall be equal to the taxed assessed value as determined by the Dakota County Assessor’s Office for the fair market value of the Improvements, exclusive of the land value, as of January 2nd two years after the Improvements are completed, divided by 10. If the Construction Credit exceeds the Deferred Assessment Amount, then no Assessment is owed and this Agreement is automatically terminated. If the Deferred Assessment Amount exceeds the Construction Credit, then the balance of the Deferred Assessment Amount is due and owing and if not paid by December 1 of the year in which the calculation is made, the Deferred Assessment Amount shall be assessed against the Property. By way of illustration only: If the Dakota County Assessor’s Office values the Improvements at $1,200,000, then: $1,200,000/10 = $120,000 Construction Credit $121,050-$120,000 = $1,050 Balance due on Deferred Assessment Amount Regardless of whether the Improvements are completed, in no event shall the Deferred Assessment Amount be levied after December 1, 2026. In that case, January 2, 2026 shall be the date used to determine the Dakota County Assessor’s Office’s value.
When Payment Is Due. Whenever a payment is required to be made by one party to the other under this Lease, but a specific date for payment or a specific number of days within which payment is to be made is not set forth in this Lease, or the words “immediately,” “promptly” and/or “on demand,” or their equivalent, are used to specify when such payment is due, then such payment shall be due thirty (30) days after the party which is entitled to such payment sends written notice to the other party demanding such payment. The provisions in this Section 48 do not apply to any Monthly Installments of Rent or to any of the estimated monthly payments for Tenant’s Proportionate Share of Expenses and Taxes due under this Lease or to the Up Front Cost Reimbursement Amount.
When Payment Is Due. Except with respect to payment of the Facility Payment, Annual Base Rent, late fees or penalties accruing due to a late payment of the Facility Payment or Annual Base Rent, whenever in this Lease a payment is required to be made by one party to the other, but a specific date for payment is not set forth or a specific number of days within which payment is to be made is not set forth, or the words “immediately”, “promptly” and/or “on demand”, or the equivalent, are used to specify when such payment is due, then such payment shall be due thirty (30) days after the party which is entitled to such payment sends written notice to the other party demanding payment.
When Payment Is Due. Payment becomes due to the Certifier on the date of receipt of the Invoice.
