Examples of FILOT in a sentence
In the event any member of the FILOT Group should fail to make any of the payments required under this Agreement, the item or installment so in default shall continue as an obligation of that member of the FILOT Group until the amount in default shall have been fully paid.
If any such default relates to the member of the FILOT Group’s obligations to make FILOT Payments hereunder, the respective member of the FILOT Group agrees to pay the same with interest thereon at the rate per annum provided by the Code for late payment of ad valorem taxes together with any penalties provided by the Code for late payment of ad valorem taxes, all as provided in Section 12-44-90 of the Code.
The parties hereto agree that if the applicable member of the FILOT Group decides not to repair or replace all or any portion of the Project pursuant to this Section 7.01, the FILOT required pursuant to Section 5.01 hereof shall be abated in the same manner and in the same proportion as if ad valorem taxes were payable with respect to the Project.
The parties acknowledge that the intent of this Agreement is to afford the Company and the Landlord the benefits of the Negotiated FILOT Payments in consideration of their decision to locate the Project within the County and that this Agreement has been entered into in reliance upon the enactment of the Act.
The FILOT Group shall be responsible for the County’s Administration Expenses.