Examples of PILOT Year in a sentence
To the extent the County fails to timely pay the State Real Property Tax for any PILOT Year (in whole or in part), and the State seeks payment of the State Real Property Tax for that PILOT Year (in whole or in part) from Lanyard or its affiliates, the County agrees to compensate Lanyard or its affiliates for all of its expenses, including and not limited to, the State Real Property Tax, penalties, interest and attorney fees, provided Xxxxxxx made the PILOT payment as set forth herein.
In the Initial PILOT Year, and each successive PILOT Year thereafter, the Developer shall pay to the Board an annual monitoring and reporting fee, to be established each year by the Board in an amount which shall not exceed three percent (3%) of the In Lieu of Tax Payment for the respective PILOT Year (the “Annual Fee”) in which such Annual Fee becomes due.
Each such PILOT Mortgage shall be (a) subject and subordinate to the PILOT Mortgage securing the PILOT Note that evidences the Company’s obligation to make corresponding PILOT Increment payments hereunder during any succeeding PILOT Year, and (b) paramount in lien to the PILOT Mortgage securing the PILOT Note that evidences the Company’s obligation to make corresponding PILOT Increment payments hereunder during any preceding PILOT Year.
In the PILOT Year in which a Base ---------------------------- Increment Condition occurs, the Annual PILOT Amount for that PILOT Year shall be increased by an amount equal to the product of (i) the First or Second Base Increment Amount, whichever is applicable, multiplied by (ii) a fraction having a numerator equal to the number of days remaining in that PILOT Year after the applicable Base Increment Condition occurred and a denominator equal to 365.
Short PILOT Year InvoiceGroton Wind’s payment amount for the ‘short PILOT year’ will be $135,978.08.This covers from the Commercial Operation Date (December 28, 2012) until March 31, 2013.