Common use of Payments in Lieu of Taxes Clause in Contracts

Payments in Lieu of Taxes. A. Pursuant to the provisions of the Redevelopment Plan and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the owner, assignee, and/or tenant of such property (but not the Developer in the event Developer is not the owner of such property) of the provisions of Section 34 hereof, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “Collection Authority”) to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums; provided, however, that the failure of any property in the Redevelopment Project Areas to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon the designation and approval of the Redevelopment Project Ordinance, City shall use all reasonable and diligent efforts to promptly notify the County Assessor, County Collector, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the same, and

Payments in Lieu of Taxes. A. Pursuant to the provisions of the Redevelopment Plan and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is was established for the Redevelopment Area by Ordinance for a Redevelopment Project AreaNo. 9694 on November 17, 2008. Therefore, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areastime. B. Failure If the Company is required to pay Payments in Lieu of Taxes as to any the property in the Company owns within the Redevelopment Project Areas Area, then failure to pay Payments in Lieu of Taxes shall constitute a default by the owner, assignee, and/or tenant owner of such property (but not the Developer in the event Developer is not the owner of such property) of subject to the provisions of Section 34 hereof34, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “"Collection Authority”Commission") to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority Commission to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sumssums or of the principal of and interest on any outstanding Obligations secured by such payments; provided, however, that the failure of any property in any of the Redevelopment Project Areas Area to yield sufficient payments Payments in lieu Lieu of taxes Taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon In the designation and approval event the Collection Commission seeks the remedies authorized in this Section, the costs incurred shall be deemed Administrative Costs of the Redevelopment Project Ordinance, City shall use all reasonable and diligent efforts reimbursable pursuant to promptly notify the County Assessor, County Collector, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment PlanSection 42. C. Notwithstanding anything to the contrary, herein, the lien on property within a any of the Redevelopment Project Area shall be deemed (1) released as subordinate to the lot lines, utility easements and other similar matters granted to City or any public street utility for public facilities or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the same, andutilities or connection(s) thereto.

Payments in Lieu of Taxes. A. Pursuant to the provisions of the Redevelopment Plan and the TIF Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a one or more Redevelopment Project Ordinances within the Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer Developer, and its successors and assigns in ownership of real property in the Redevelopment Project AreasArea during the period each owns such real property. B. Failure to pay Payments in Lieu of Taxes as to any property in any of the Redevelopment Project Areas Area shall constitute a default by the owner, assignee, and/or tenant owner of such property (but not the Developer in the event Developer is not the owner of such property) of subject to the provisions of Section 34 hereof40, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “"Collection Authority”Commission") to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority Commission to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sumssums or of the principal of and interest on any outstanding Obligations secured by such payments; provided, however, that the failure of any property in any of the Redevelopment Project Areas Area to yield sufficient payments Payments in lieu Lieu of taxes Taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. In the event the Collection Commission seeks the remedies authorized in this Section, the costs incurred shall be deemed Administrative Costs of the City reimbursable pursuant to Section 48.B. Promptly upon the designation and approval of the Redevelopment Project Ordinance, City shall use all reasonable and diligent efforts to promptly notify the County Assessor, County Collector, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas therein as described in the TIF Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract Agreement and in the Redevelopment Plan. C. Notwithstanding anything to the contrary, herein, the lien on property within a any of the Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the same, andand (2) subordinated to the lot lines, utility easements and other similar matters established by any such plat, effective upon the passage of Ordinance by City as aforesaid, and to any easement or like interests granted to City or any public utility for public facilities or utilities or connection(s) thereto.

Payments in Lieu of Taxes. A. Pursuant to the provisions of the Redevelopment Plan and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the a Redevelopment Project Areas Area shall constitute a default by the owner, assignee, and/or tenant of such property (but not the Developer in the event Developer is not the owner of such property) of the provisions of Section 34 35 hereof, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “"Collection Authority”") to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums; provided, however, that the failure of any property in the a Redevelopment Project Areas Area to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon the designation and approval of the a Redevelopment Project Ordinance, City shall use all reasonable and diligent efforts to promptly notify the County Assessor, County Collector, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the same, andand (2) subordinated to the lot lines, utility easements and other similar matters established by any such plat (but not to any private access or parking rights granted or created by any such plat), effective upon the passage of Ordinance by City as aforesaid, and to any easement or like interests granted to City or any public utility for public facilities or utilities or connection(s) thereto.

Payments in Lieu of Taxes. A. (a) Pursuant to 35 ILCS 200/15-95, all property of housing authorities created under the provisions Housing Authorities Act is exempt from property taxes, if the property and improvements are used for low rent housing and related uses. 35 ILCS 200/15-95 further provides that a property otherwise qualifying for an exemption under this Section shall not lose its exemption because the legal title is held by an entity that is organized as a partnership or limited liability company, in which the housing authority, or an affiliate or subsidiary of the Redevelopment Plan housing authority, is a general partner of the partnership or managing member of the limited liability company. As set forth in the recitals, the Housing Authority owns the Project via a wholly controlled affiliate and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance qualified for a Redevelopment Property Tax Exemption in accordance with the foregoing regulations. (b) For so long as the Project Areareceives the Property Tax Exemption, the real Housing Authority shall (shall cause the Housing Authority Ownership Affiliate to) make annual payments in lieu of such property located therein is subject to assessment for annual Payments taxes (the “PILOT”) and in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land payment for the duration of the Redevelopment Plan (public services and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted facilities furnished from time to time without other cost or charge for or with respect to such Project in accordance with Section 29 of the Illinois Housing Authorities Act. The Housing Authority (directly or through the Housing Authority Ownership Affiliate) and the Municipality agree that the PILOT with respect to the Project shall be enforceable against Developer 5% of Gross Rent and its successors that the PILOT payment shall be annually due in full on or before the date on which second installment property taxes would be due if the Project were subject to property taxes. (c) The PILOT shall be paid to the Rock Island County Treasurer and assigns in ownership of property be distributed by the Treasurer between and amongst the Taxing Bodies in the Redevelopment Project Areas. B. Failure proportion which the real property taxes which would have been paid to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the owner, assignee, and/or tenant of such property (but not the Developer in the event Developer is not the owner of such property) all of the provisions of Section 34 hereof, and shall entitle City, Taxing Bodies for such year if the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “Collection Authority”) to proceed against such property and/or the tenant or the owner thereof (but Project were not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sumsexempt from taxation; provided, however, that no payment for any year shall be made to any Taxing Body in excess of the amount of the real property taxes which would have been paid to such Taxing Body for such year if the Project were not exempt from taxation. The Municipality shall be copied on any returns or other documentation accompanying the annual PILOT payment remitted to the Rock Island County Treasurer. The Parties further agree to provide a copy of this Agreement to the Rock Island County Treasurer or any other County departments or officials as may be reasonably necessary or convenient to provide for the administration and distribution of the PILOT payment program provided for herein. (d) No payment for any year shall be made to the Municipality in excess of the amount of the real property taxes which would have been paid to the Municipality for such year if the Project were not exempt from taxation. (e) Upon failure of the Housing Authority or the Housing Authority Ownership Affiliate to make any property in PILOT, no lien against the Redevelopment Project Areas to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon the designation and approval assets of the Redevelopment Project OrdinanceHousing Authority or the Housing Authority Ownership Affiliate shall attach, City nor shall use all reasonable and diligent efforts to promptly notify any interest or penalties accrue or attach on account thereof. (f) Within thirty (30) days of receipt of the County Assessor, County CollectorProperty Tax Exemption, the City Treasurer and all other appropriate officials and persons and seek to assess Housing Authority shall forward a copy of the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything said Property Tax Exemption to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the same, andMunicipality.

Payments in Lieu of Taxes. A. Pursuant To the extent that the Property Tax Increment Revenues credited to the provisions Special Fund in any given year are less than the Minimum Property Tax Increment Amount for such year, as set forth in Exhibit E hereto, the Developer agrees that no later than of such year it shall make a Payment in Lieu of Taxes to the City in an amount equal to the difference between the amount of the Redevelopment Plan Property Tax Increment Revenues, on a parcel by parcel basis as set forth in Exhibit E, so credited to the Special Fund in such year and the Act, including, but not limited to, Section 99.845 thereof, when Minimum Property Tax Increment Financing Amount for such parcel for such year; provided however that no Payment in Lieu of Taxes shall be required to be made with respect to the Phase Two Parcel in the event that the Phase Two Parcel is established by Ordinance reconveyed to the City in accordance with Section 12.8 hereof Property Tax Increment Revenue exceeding the Minimum Property Tax Increment Amount for a Redevelopment Project Areaparcel may be used to offset any Property Tax Increment Revenue deficit on another parcel to the extent the owners of such parcels are controlled by, controlling, or under common control with each other. The Developer and any subsequent owner of any parcel comprising the real property located therein is subject Developer Parcel may assign it’s obligations to assessment for annual make Payments in Lieu of TaxesTaxes under this Section in connection with the conveyance of the parcel, and Developer and any subsequent owner of the conveyed parcel shall be released from its obligation to make Payments in Lieu of Taxes for the conveyed parcel upon the assignee assuming such obligation in writing in a commercially reasonable form acceptable to the City. The City covenants that it will apply any such Payment in Lieu of Taxes to the payment or reimbursement of Eligible Costs, including, without limitation, the payment of the debt service requirements on any outstanding DDA Bonds. The Developer, or any assignee permitted under this Section, shall continue to make any such required Payment in Lieu of Taxes to the extent that any DDA Bonds remain outstanding, or any bonds or other obligations issued to refund such DDA Bonds remain outstanding. The Developer’s and any permitted assignee’s obligation to make Payments in Lieu of Taxes shall be due November 30 terminate upon the payment or defeasance of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (all outstanding DDA Bonds and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the owner, assignee, and/or tenant of such property (but not the Developer in the event Developer is not the owner of such property) of the provisions of Section 34 hereof, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “Collection Authority”) to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums; provided, however, that the failure of any property in the Redevelopment Project Areas to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon the designation and approval of the Redevelopment Project Ordinance, City shall use all reasonable and diligent efforts to promptly notify the County Assessor, County Collector, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street bonds or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the same, andobligations issued to refinance or refund such DDA Bonds.

Payments in Lieu of Taxes. A. Pursuant to (A) It is recognized that, under the provisions of the Redevelopment Plan and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount Issuer is required to be paid and will be considered delinquent if not paid by December 31 of each such year pay no taxes or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration assessments upon any of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and property acquired by it or under its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the ownerjurisdiction, assignee, and/or tenant of such property (but not the Developer in the event Developer control or supervision or upon its activities. It is not the owner of such property) intention, however, of the provisions parties hereto that the Project Facility be treated as exempt from real property taxation. Accordingly, the parties acknowledge that a Payment In Lieu of Section 34 hereofTax Agreement (the "PILOT Agreement") has been executed with respect to the Project Facility. Until the expiration date of the PILOT Agreement, the Issuer and the Company hereby agree that the Company (or any subsequent user of the Project Facility under this Installment Sale Agreement) shall be required to make or cause to be made payments in lieu of real estate taxes in the amounts and in the manner set forth in the PILOT Agreement. (B) In the event that (1) the Project Facility would be subject to real property taxation if owned by the Company but shall be deemed exempt from real property taxation due to the involvement of the Issuer therewith, and (2) the PILOT Agreement shall entitle Citynot have been entered into by the Issuer and the Company, or, if entered into, the County Collector PILOT Agreement shall for any reason no longer be in effect, the Issuer and the Company hereby agree that the Company, or any subsequent user of the Project Facility under this Installment Sale Agreement, shall in such event be required to make or cause to be made payments in lieu of taxes to the school district or school districts, city, town, county, village and other government official or body charged with political units wherein the collection of any Project Facility is located having taxing powers (such sums (any one or more of such persons political units are hereinafter individually or collectively referred to as the “Collection Authority”"Taxing Entities") in such amounts as would result from taxes being levied on the Project Facility by the Taxing Entities if the Project Facility were privately owned by the Company and not deemed owned by or under the jurisdiction, control or supervision of the Issuer, but with appropriate reductions similar to proceed against such the real property and/or tax exemptions and credits, if any, which would be afforded to the tenant or the owner thereof (but not Developer in the event Developer is not Company if it were the owner of the Project Facility. It is agreed that the Company, in cooperation with the Issuer, (a) shall cause the Project Facility to be valued for purposes of determining the amounts due hereunder as if owned by the Company as aforesaid by the appropriate officer or officers of any of the Taxing Entities as may from time to time be charged with responsibility for making such propertyvaluations, (b) shall cause to be appropriately applied to the valuation or valuations so determined the respective tax rate or rates of the Taxing Entities that would be applicable to the Project Facility if so privately owned, (c) shall cause the appropriate officer or officers of the Taxing Entities charged with the duty of levying and collecting such taxes to submit to the Company, when the respective levies are made for purposes of such taxes upon Property privately owned as in other delinquent property aforesaid, statements specifying the amounts and due dates of such taxes which the Taxing Entities would receive if such Property were so privately owned by the Company and not deemed owned by or under the jurisdiction, control or supervision of the Issuer, and (d) shall file with the appropriate officer or officers any accounts or tax cases returns furnished to the Issuer by the Company for the purpose of such filing. (C) The Company shall pay or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle cause to be paid to the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of Taxing Entities when due all such sums; provided, however, that the failure of any property in the Redevelopment Project Areas to yield sufficient payments in lieu of taxes because with respect to the increase Project Facility required by Section 6.6(B) of this Installment Sale Agreement to be paid to the Taxing Entities, subject in each case to the current equalized assessed value of such property is or was not as great as expectedCompany's right to (a) obtain exemptions and credits, shall not by itself constitute if any, which would be afforded to a breach or default. Promptly upon the designation and approval private owner of the Redevelopment Project OrdinanceFacility, City including any available exemption under Section 485-b of the New York Real Property Tax Law with respect to the Project Facility, (b) contest valuations of the Project Facility made for the purpose of determining such payments therefrom (provided, however, no such contest shall use all reasonable entitle the Company to defer payments in lieu of taxes by reason of any such contest), and diligent efforts (c) seek to promptly notify obtain a refund of any such payments made. In the County Assessor, County Collectorevent the Company shall fail to make or cause to be made any such payments in lieu of taxes, the City Treasurer amount or amounts so in default shall continue as an obligation of the Company until fully paid, and all other appropriate officials and persons and seek the Company hereby agrees to assess the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything pay or cause to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving paid the same, andtogether with late charges and interest thereon as provided for in subsection (5) of Section 874 of the General Municipal Law of the State (or any successor provision).

Payments in Lieu of Taxes. A. Pursuant (a) Each year during the Term hereof, Lessee shall make Pilot payments for the Real Property, in amounts computed as indicated below, as Additional Rent in lieu of Memphis and Shelby County ad valorem taxes that otherwise would have been due and payable with regard to the Real Property, which consists of part of tax parcel number 74-101-28, were it owned by a tax-paying entity and subject to such ▇▇▇▇▇▇▇▇: Basis of Computation/ Proportion of Taxes Period Otherwise Due and Taxable ------ ------------------------- Until the seventh (7th) anniversary of the date Now current tax assessment of $_______ hereof (December 31, 2006) times the then current millage rate. From the seventh (7th) anniversary of the date The then current tax assessment determined hereof until the termination of this Lease and as though the Real Property were owned by a the reconveyance of the Real Property to taxpaying entity, times the then current Lessee pursuant to the provisions of this millage rate. Lease In no event shall such Pilot payments be less than the Redevelopment Plan amount of ad valorem taxes that were due and payable on the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land Real Property for the duration period immediately preceding calendar year 1999, which amounts of the Redevelopment Plan taxes totals $___________ (and any renewal periods thereofCity) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the owner, assignee, and/or tenant of such property $___________ (but not the Developer in the event Developer is not the owner of such property) of the provisions of Section 34 hereof, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “Collection Authority”) to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums; provided, however, that the failure of any property in the Redevelopment Project Areas to yield sufficient County). These payments in lieu of taxes because the increase shall be paid in the current equalized assessed value same manner and to the same tax collectors as ad valorem taxes are paid in the City of such property Memphis and Shelby County. Notwithstanding the foregoing or any other provisions of this Lease, however, it is the express intention of the parties hereto that, pursuant to the provisions of Tennessee Code Annotated Section 7-53-305, the Real Property and the leasehold interests therein of Lessee, or was not as great as expectedany sublessee, shall not be exempt from all taxation in the state of Tennessee, and that the Pilot payments as provided for in this Section 6.2 shall be made by itself constitute a breach and accepted from Lessee in lieu of all ad valorem taxes which are or defaultmay be assessed against the Real Property and the leasehold interests therein of Lessee or any sublessee for and during the term of this Lease. Promptly upon In the designation and approval event Lessee is required to pay any ad valorem taxes for that portion of calendar year 1999 which precedes the acquisition of the Redevelopment Project OrdinanceReal Property by Lessor, City Lessee shall use all reasonable and diligent efforts be entitled to promptly notify the County Assessora dollar-for-dollar credit for such amount against its first calendar year payment in lieu of taxes. If, County Collectorfollowing an Event of Default, the Real Property should legally be placed on the ad valorem tax rolls of either the City Treasurer of Memphis or Shelby County or both, the payment in lieu of taxes shall terminate and all other appropriate officials and persons and seek Lessee shall pay ad valorem taxes as required of a tax-paying entity. In the event Lessee's leasehold interest, but not Lessor's fee interest, shall become subject to assess ad valorem taxation, the property within payment in lieu of taxes called for hereunder shall continue, but shall be reduced on a cumulative basis by the Redevelopment Project Areas as described amount of ad valorem taxes paid by Lessee with regard to its leasehold estate in the Act and fully collect the Payments Real Property. All tax bills for payments in Lieu lieu of Taxes and implement reimbursement of Reimbursable Project Costs taxes as provided for in this Contract Section 6.2 shall be sent to: Lessee, c/o Clark & Clark, 5050 Poplar Avenue, Suite 2200, Memphis, Tennessee 38157, or ▇▇ ▇▇ch ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇te and in the Redevelopment Plan. C. Notwithstanding anything provide to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving the same, andtax collectors.

Payments in Lieu of Taxes. A. Pursuant To the extent that the Property Tax Increment Revenues attributed to the provisions Project in any given year through 2027 are less than the Minimum Property Tax Increment Amount for such year, the Developer agrees that no later than November 1 of such year it shall make a Payment in Lieu of Taxes to the City in an amount equal to the difference between the amount of the Redevelopment Plan Property Tax Increment Revenues attributed to the Project in such year, on a parcel by parcel basis as set forth in Exhibit E, and the Act, including, but not limited to, Section 99.845 thereof, when Minimum Property Tax Increment Financing is established by Ordinance Amount for such parcel for such year. Property Tax Increment Revenue exceeding the Minimum Property Tax Increment Amount for a Redevelopment Project Areaparcel may be used to offset any Property Tax Increment Revenue deficit on another parcel to the extent the owners of such parcels are controlled by, controlling, or under common control with each other. To the extent that the District Property Tax Revenues remitted to the City or its designee pursuant to the District Pledge Agreement in any given year beginning in 2028 is less than the Minimum District Property Tax Revenues, as set forth in Exhibit E hereto, the real property located therein is subject Developer agrees that no later than November 1 of such year it shall make a Payment in Lieu of Taxes to assessment the City in an amount equal to the difference between the District Property Tax Revenues remitted to the City or its designee, on a parcel by parcel basis as set forth in Exhibit E, and the Minimum District Property Tax Revenues for annual such parcel for such year. District Property Tax Revenue exceeding the Minimum District Property Tax Revenues for a parcel may be used to offset any District Property Tax Revenue deficit on another parcel to the extent the owners of such parcels are controlled by, controlling, or under common control with each other. The Developer and any subsequent owner of any parcel comprising the Developer Parcel may assign its obligations to make Payments in Lieu of TaxesTaxes under this Section in connection with the conveyance of the parcel, and Developer and any subsequent owner of the conveyed parcel shall be released from its obligation to make Payments in Lieu of Taxes for the conveyed parcel upon the assignee assuming such obligation in writing in a commercially reasonable form acceptable to the City. The Developer, or any assignee permitted under this Section, shall continue to make any such required Payment in Lieu of Taxes to the extent that any Bonds remain outstanding, or any bonds or other obligations issued to refund such Bonds remain outstanding. The Developer’s and any permitted assignee’s obligation to make Payments in Lieu of Taxes shall be due November 30 terminate upon the payment or defeasance of each year in which said amount is required all outstanding Bonds and any other bonds or other obligations issued to be paid and will be considered delinquent if not paid by December 31 of each refinance or refund such year Bonds. Notwithstanding the foregoing or as otherwise determined by applicable law. The obligation any provision to make said Payments the contrary contained herein, no Payment in Lieu of Taxes shall be required to be made with respect to the Phase Two Parcel in the event that the Phase Two Parcel is reconveyed to the City in accordance with Section 12.8 hereof. For purposes of this Section 18, the amount of Property Tax Increment Revenues attributed to the Project shall be calculated by the City and based on a covenant running with formula that is designed to calculate the land for Property Tax Increment Revenues that would have been received from the duration Project if the Project had been a new urban renewal area, consisting solely of property within the Project, and the property tax base was the assessed value of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure area last certified prior to pay Payments in Lieu the approval of Taxes as this Agreement. For purposes of this Agreement, Property Tax Increment Revenues shall be attributed to any the Project based on the property tax levy of those entities levying taxes against taxable property in the Redevelopment Project Areas shall constitute a default by against the owner, assignee, and/or tenant of such property (but not the Developer in the event Developer is not the owner of such property) assessed value of the provisions of Section 34 hereof, and shall entitle City, property within the County Collector or any other government official or body charged with Project that exceeds the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “Collection Authority”) to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums; provided, however, that the failure of any property in the Redevelopment Project Areas to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon last certified prior to the designation and approval of this Agreement. The parties acknowledge and agree that the Redevelopment amount of Property Tax Increment Revenues attributed to the Project Ordinance, City shall use all reasonable will not necessarily be the amount of Property Tax Increment Revenues actually received from the Project and diligent efforts to promptly notify the County Assessor, County Collector, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas as described deposited in the Act Special Fund of the Authority due to the fact that the Project is part of a larger Urban Renewal Area and fully collect the Payments in Lieu of Taxes Property Tax Base is calculated on the total Urban Renewal Area and implement reimbursement of Reimbursable not just the area comprising the Project. The City’s calculations regarding the Property Tax Increment Revenues attributed to the Project Costs as shall be provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything writing each year to the contrary, herein, the lien on property within a Redevelopment Project Area Developer and shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developerbinding on the parties, effective upon the passage of an Ordinance by City approving the same, andabsent manifest error.

Payments in Lieu of Taxes. A. a. Pursuant to the provisions of the Redevelopment Plan and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing tax increment financing is established by Ordinance for a Redevelopment Area - Project Area1, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable lawyear. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of the City on each such tax parcel as constituted from time to time and shall be enforceable against the Developer and its successors and assigns in ownership of property in the Redevelopment Project AreasArea. B. b. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Area - Project Areas 1 shall constitute a default by the owner, assignee, and/or tenant owner of such property (but not the Developer in the event Developer is not the owner of such property) of the provisions of Section 34 31 hereof, and shall entitle the City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “"Collection Authority”") to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) Redevelopment Area - Project 1 as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure insure the timely payment of all such sumssums or of the principal of and interest on any outstanding TIF Obligations secured by such payments; provided, however, that the failure of any property in the Redevelopment Area - Project Areas 1 to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon the designation and approval of Redevelopment Area - Project 1 by Ordinance of the Redevelopment Project OrdinanceCity, the City shall use all reasonable and diligent efforts to promptly notify the County AssessorCollector, County Collectorthe City Director of Finance, the City Treasurer and all other appropriate officials and persons and seek to assess fully implement the property within the payments in lieu of taxes and reimbursements of Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. c. Notwithstanding anything to the contrary, herein, the lien on property within a Redevelopment Area - Project Area 1 shall be deemed (1) released as to any public street or other public way included within any plat proposed by the Developer, effective upon the passage of an Ordinance by the City approving the same, andand (2) subordinated to the lot lines, utility easements and other similar matters established by any such plat (but not to any private access or parking rights granted or created by any such plat), effective upon the passage of Ordinance by the City as aforesaid, and to any easement or like interests granted to the City or any public utility for public facilities or utilities or connection(s) thereto.

Payments in Lieu of Taxes. A. (a) Pursuant to the provisions of the Redevelopment Plan and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing tax increment financing is established by Ordinance for a Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 30th of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 31st of each such year or as otherwise determined by applicable lawyear. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of the City on each such tax parcel as constituted from time to time and shall be enforceable against the Developer and its successors and assigns in ownership of property in the Redevelopment Project AreasArea. B. (b) Failure to pay Payments in Lieu of Taxes as to any property in the a Redevelopment Project Areas Area shall constitute a default by the owner, assignee, and/or tenant owner of such property (but not the Developer in the event Developer is not the owner of such property) of the provisions of Section 34 28 hereof, and shall entitle the City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “Collection Authority”) to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) Redevelopment Project Area as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure insure the timely payment of all such sumssums or of the principal of and interest on any outstanding TIF Obligations secured by such payments; provided, however, that the failure of any property in the a Redevelopment Project Areas Area to yield sufficient payments in lieu of taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not by itself constitute a breach or default. Promptly upon the designation and approval of the a Redevelopment Project OrdinanceArea by Ordinance of the City, the City shall use all reasonable and diligent efforts to promptly notify the County AssessorCollector, County Collectorthe City Director of Finance, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas as described in the Act and fully collect implement the Payments in Lieu of Taxes and implement reimbursement reimbursements of Reimbursable Project Costs and Surplus Distribution as provided in this Contract and in the Redevelopment Plan. C. (c) Notwithstanding anything to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1i) released as to any public street or other public way included within any plat proposed by the Developer, effective upon the passage of an Ordinance by the City approving the same, andand (ii) subordinated to the lot lines, utility easements and other similar matters established by any such plat (but not to any private access or parking rights granted or created by any such plat), effective upon the passage of Ordinance by the City as aforesaid, and to any easement or like interests granted to the City or any public utility for public facilities or utilities or connection thereto. (d) No more than fifty percent (50%) of the Payments Lieu of Taxes shall be used to pay Reimbursable Project Costs or to repay Obligations. In accordance with the Plan, the remaining fifty percent (50%) of the Payments in Lieu of Taxes collected shall be declared as a Surplus Distribution by the City, as approved in the Plan. The City shall pay such Surplus Distribution to the appropriate Taxing Districts that generated the Payments Lieu of Taxes proportional to the current collection of revenue which said Taxing District receives from real property in the Redevelopment Area. The City may enter into an agreement with the County Collector to carry out this Surplus Distribution.

Payments in Lieu of Taxes. A. Pursuant In addition to Basic Rent and Additional Rent hereunder, Lessee and Lessor agree that Lessee shall pay directly to the provisions of the Redevelopment Plan City and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a Redevelopment Project Area, County the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the owner, assignee, and/or tenant of such property (but not the Developer in the event Developer is not the owner of such property) of the provisions of Section 34 hereof, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the “Collection Authority”) to proceed against such property and/or the tenant or the owner thereof (but not Developer in the event Developer is not the owner of such property) as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums; provided, however, that the failure of any property in the Redevelopment Project Areas to yield sufficient following payments in lieu of taxes: (i) for each Tax Year during the period commencing on the date hereof through and including the end of the calendar year during which the Completion Date occurs, an annual payment in lieu of taxes because equal to $110,000 (which amount shall be divided $[ ] to the increase City and $[ ] to the County), and (ii) for each Tax Year thereafter, an annual payment in lieu of taxes equal to the current equalized assessed value amounts shown for each Tax Year on Exhibit C attached hereto (collectively, the "PILOT Payments"). Amounts payable with respect to any periods that are less than an entire Tax Year included within the Term will be prorated based upon the actual number of days included within such Tax Year. Any payment due with respect to a Tax Year that is not paid prior to the termination or expiration of this Lease shall not be extinguished as a result of such property is termination or was not as great as expected, expiration and shall not by itself constitute a breach survive such termination or defaultexpiration. Promptly upon the designation and approval of the Redevelopment Project Ordinance, City shall use all reasonable and diligent efforts to promptly notify the County Assessor, County Collector, the City Treasurer and all other appropriate officials and persons and seek to assess the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything to the contrarycontrary contained in this Section, hereinthis Lease shall not be extended except pursuant to an amendment in writing and executed by both the Lessor and ▇▇▇▇▇▇ (and consented to by the Investor Limited partner), which amendment may be granted or withheld or consented to by the lien on property within a Redevelopment Project Area parties in their sole and absolute discretion. Such reduction in taxes otherwise payable shall be deemed (1) released as not apply with regard to any public street other tax assessed against Lessee, its income, its other real property or its personalty. In the event Lessee assumes ownership of the Leased Property, Lessee shall begin paying all applicable ad valorem and other public way included within taxes directly to the City and the County, as assessed, but shall not make, from the date of such acquisition, any plat proposed in lieu payments with respect to such property other than those payments that were unpaid at the time of such acquisition. Notwithstanding anything to the contrary contained in this Section, in the event that Lessee fails to complete the renovation of the Buildings in accordance with Article XI hereof or the Leased Property becomes wholly ineligible for Tax Credits due to an uncured violation of the use restrictions (related to the Tax Credits) applicable to the Leased Property, then Lessee shall make a payment in lieu of taxes with respect to each Tax Year remaining in the Term on behalf of the Lessor to the City and the County in an amount equal to the ad valorem taxes that would otherwise be payable with respect to the Leased Property if such Leased Property were owned by Developer, effective upon the passage of an Ordinance by City approving the same, and▇▇▇▇▇▇.

Payments in Lieu of Taxes. A. Pursuant to (A) It is recognized that, under the provisions of the Redevelopment Plan and the Act, including, but not limited to, Section 99.845 thereof, when Tax Increment Financing is established by Ordinance for a Redevelopment Project Area, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount Lessor is required to be paid and will be considered delinquent if not paid by December 31 of each such year pay no taxes or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land for the duration assessments upon any of the Redevelopment Plan (and any renewal periods thereof) and shall create a lien in favor of City on each such tax parcel as constituted from time to time and shall be enforceable against Developer and property acquired by it or under its successors and assigns in ownership of property in the Redevelopment Project Areas. B. Failure to pay Payments in Lieu of Taxes as to any property in the Redevelopment Project Areas shall constitute a default by the ownerjurisdiction, assignee, and/or tenant of such property (but not the Developer in the event Developer control or supervision or upon its activities. It is not the owner of such property) intention, however, of the provisions parties hereto that the Project Facility be treated as exempt from real property taxation. Accordingly, the parties acknowledge that a Payment In Lieu of Section 34 hereofTax Agreement (the "PILOT Agreement") has been executed with respect to the Project Facility. Until the expiration date of the PILOT Agreement, the Lessor and the Lessee hereby agree that the Lessee (or any subsequent user of the Project Facility under this Lease Agreement) shall be required to make or cause to be made payments in lieu of real estate taxes in the amounts and in the manner set forth in the PILOT Agreement. (B) In the event that (1) the Project Facility would be subject to real property taxation if owned by the Lessee but shall be deemed exempt from real property taxation due to the involvement of the Lessor therewith, and (2) the PILOT Agreement shall entitle Citynot have been entered into by the Lessor and the Lessee, or, if entered into, the County Collector PILOT Agreement shall for any reason no longer be in effect, the Lessor and the Lessee hereby agree that the Lessee, or any subsequent user of the Project Facility under this Lease Agreement, shall in such event be required to make or cause to be made payments in lieu of taxes to the school district or school districts, city, town, county, village and other government official or body charged with political units wherein the collection of any Project Facility is located having taxing powers (such sums (any one or more of such persons political units are hereinafter individually or collectively referred to as the “Collection Authority”"Taxing Entities") in such amounts as would result from taxes being levied on the Project Facility by the Taxing Entities if the Project Facility were privately owned by the Lessee and not deemed owned by or under the jurisdiction, control or supervision of the Lessor, but with appropriate reductions similar to proceed against such the real property and/or tax exemptions and credits, if any, which would be afforded to the tenant or the owner thereof (but not Developer in the event Developer is not Lessee if it were the owner of the Project Facility. It is agreed that the Lessee, in cooperation with the Lessor, (a) shall cause the Project Facility to be valued for purposes of determining the amounts due hereunder as if owned by the Lessee as aforesaid by the appropriate officer or officers of any of the Taxing Entities as may from time to time be charged with responsibility for making such propertyvaluations, (b) shall cause to be appropriately applied to the valuation or valuations so determined the respective tax rate or rates of the Taxing Entities that would be applicable to the Project Facility if so privately owned, (c) shall cause the appropriate officer or officers of the Taxing Entities charged with the duty of levying and collecting such taxes to submit to the Lessee, when the respective levies are made for purposes of such taxes upon Property privately owned as in other delinquent property aforesaid, statements specifying the amounts and due dates of such taxes which the Taxing Entities would receive if such Property were so privately owned by the Lessee and not deemed owned by or under the jurisdiction, control or supervision of the Lessor, and (d) shall file with the appropriate officer or officers any accounts or tax cases returns furnished to the Lessor by the Lessee for the purpose of such filing. (C) The Lessee shall pay or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle cause to be paid to the Collection Authority to seek all other legal and equitable remedies it may have to ensure the timely payment of Taxing Entities when due all such sums; provided, however, that the failure of any property in the Redevelopment Project Areas to yield sufficient payments in lieu of taxes because with respect to the increase Project Facility required by Section 6.6(B) of this Lease Agreement to be paid to the Taxing Entities, subject in each case to the current equalized assessed value of such property is or was not as great as expectedLessee's right to (a) obtain exemptions and credits, shall not by itself constitute if any, which would be afforded to a breach or default. Promptly upon the designation and approval private owner of the Redevelopment Project OrdinanceFacility, City including any available exemption under Section 485-b of the New York Real Property Tax Law with respect to the Project Facility, (b) contest valuations of the Project Facility made for the purpose of determining such payments therefrom (provided, however, no such contest shall use all reasonable entitle the Lessee to defer payments in lieu of taxes by reason of any such contest), and diligent efforts (c) seek to promptly notify obtain a refund of any such payments made. In the County Assessor, County Collectorevent the Lessee shall fail to make or cause to be made any such payments in lieu of taxes, the City Treasurer amount or amounts so in default shall continue as an obligation of the Lessee until fully paid, and all other appropriate officials and persons and seek the Lessee hereby agrees to assess the property within the Redevelopment Project Areas as described in the Act and fully collect the Payments in Lieu of Taxes and implement reimbursement of Reimbursable Project Costs as provided in this Contract and in the Redevelopment Plan. C. Notwithstanding anything pay or cause to the contrary, herein, the lien on property within a Redevelopment Project Area shall be deemed (1) released as to any public street or other public way included within any plat proposed by Developer, effective upon the passage of an Ordinance by City approving paid the same, andtogether with late charges and interest thereon as provided for in subsection (5) of Section 874 of the General Municipal Law of the State (or any successor provision).