Defaulted Payments. 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.
Appears in 2 contracts
Sources: Fee in Lieu of Tax Agreement, Fee in Lieu of Tax Agreement