Payments in Lieu of Real Estate Taxes, Generally. It is recognized that under the provisions of the Act the Agency is generally required to pay no real estate taxes upon any of the property acquired by it or under its jurisdiction or control or supervision or upon its activities. The Agency and the Company agree, however, that the Company shall be required to make payments in lieu of real estate taxes with respect to the Facility Realty, payable to the Agency, in the manner and at the time provided in this Section 5.1 or at such other times as the Agency may designate in writing. The Agency makes no representation as to the availability of an exemption from real estate taxes for the Facility Realty in the event that the Town Collector of Taxes, the Assessors’ Office of the Town, the Town Surveyor, or any other relevant official of the Town fails to recognize the Agency’s exemption from real estate taxes on the basis of a discrepancy existing between the description of the Facility Realty and the tax map of the Town or the existence of another impediment to implementation of the Agency’s exemption contemplated hereunder.
Appears in 3 contracts
Sources: Lease and Project Agreement, Amended and Restated Lease and Project Agreement, Lease and Project Agreement