Common use of Payment of Fees in Lieu of Ad Valorem Taxes Clause in Contracts

Payment of Fees in Lieu of Ad Valorem Taxes. In accordance with the Negotiated FILOT Act, the parties hereby agree, during the Term hereof, that there shall be due annually with respect to that portion of the Project constituting Negotiated FILOT Property, whether owned by the Company or by any other Sponsor or Sponsor Affiliate, a Negotiated FILOT Payment calculated as set forth in this Section, at the places, in the manner and subject to the penalty assessments prescribed by the County or the Department of Revenue for ad valorem taxes. It is anticipated, but not required, that the initial Negotiated FILOT Payment, which shall be due under current Code requirements on the January 15 following the year in which the County adds the initial Negotiated FILOT Property to its tax rolls, will be due on January 15, 2017. If the Company designates any other Sponsor or Sponsor Affiliate, as the same shall have been consented to by the County, if such consent is required pursuant to Section 6.02 hereof, the Company must notify the County in writing at the time of such designation as to whether such additional Sponsor or Sponsor Affiliate shall be primarily liable for the Negotiated FILOT Payments due hereunder with respect to such other entity’s respective portion of the Negotiated FILOT Property. Unless and until such additional notification is received, the Company shall be primarily liable for all Negotiated FILOT Payments due with respect to such Negotiated FILOT Property.

Payment of Fees in Lieu of Ad Valorem Taxes. In accordance with the Negotiated FILOT Act, the parties hereby agree, during the Term hereof, that there shall be due annually with respect to that portion of the Project constituting Negotiated FILOT Property, whether owned by the any Company or by any other Sponsor or Sponsor Affiliate, a Negotiated FILOT Payment calculated as set forth in this Section, at the places, in the manner and subject to the penalty assessments prescribed by the County or the Department of Revenue for ad valorem taxes. It is presently anticipated, but not required, that the initial Negotiated FILOT Payment, which shall be due under current Code requirements on the January 15 following the year in which the County adds the initial Negotiated FILOT Property to its tax rolls, will be due on January 15, 20172019. If the any Company designates any other Sponsor or Sponsor Affiliate, Affiliates as the same shall have been consented to by the County, (if such consent is required pursuant to Section 6.02 hereof), the such Company must notify the County in writing at the time of such designation as to whether such additional Sponsor or Sponsor Affiliate shall be primarily liable for the Negotiated FILOT Payments due hereunder with respect to such other entitySponsor or Sponsor Affiliate’s respective portion of the Negotiated FILOT Property. Unless and until such additional notification is received, the such designating Company shall be primarily liable for all Negotiated FILOT Payments due with respect to such Negotiated FILOT Property.