Common use of Payments in Lieu of Ad Valorem Taxes Clause in Contracts

Payments in Lieu of Ad Valorem Taxes. (a) In accordance with the Act, the parties hereby agree that, during the Term of the Agreement, the Company and any Co-Investors shall pay annually with respect to each portion of the Project, a FILOT in the amount calculated as set forth in this Section, to be collected and enforced in accordance with Section 12-44-90 of the Act by the County upon which the applicable portions of the Project are located.

Payments in Lieu of Ad Valorem Taxes. (a) In accordance with the Act, the parties hereby agree that, during the Term of the Agreement, the Company and any Co-Investors shall pay annually annually, with respect to each portion of the Project, a FILOT in the amount calculated as set forth in this Section, to be collected and enforced in accordance with Section 12-44-90 of the Act by the County upon which the applicable portions of the Project are locatedAct.