Protection of Tax Exempt Status of the Project. In order to insure that the Project is not and will not become subject to ad valorem property taxes under the laws of the State or any political subdivision thereof, the County and the Company covenant that: (a) all rights and privileges granted to either party under this Fee Agreement or any other Documents shall be exercised so that if any conflict between this Section 6.1 and any other provision in any document shall arise, then in that case, this Section 6.1 shall control; (b) the County and the Company have not knowingly committed or permitted and will not knowingly commit or permit (as to any act over which either has control) any act which would cause the Project to be subject to ad valorem property taxes by the County or other political subdivision of the State in which any part of the Project is located; and (c) the Company will maintain the identity of the Project as a “project” in accordance with the Act.
Appears in 2 contracts
Sources: Fee in Lieu of Tax and Incentive Agreement, Fee in Lieu of Tax and Incentive Agreement
Protection of Tax Exempt Status of the Project. In order to insure that the Project is not and will not become subject to ad valorem property taxes under the laws of the State or any political subdivision thereof, the County and the Company Parties covenant that:
(a) all rights right and privileges granted to either party any Party under this Fee Agreement or any other Documents shall be exercised so that if any conflict between this Section 6.1 and any other provision in any other document shall arise, then in that case, this Section 6.1 shall control;; and
(b) the County and the Company Parties have not knowingly committed or permitted and will not knowingly commit or permit (as to any act over which either has they have control) any act which would cause the Project to be subject to ad valorem property taxes by the County or other political subdivision of the State in which any part of the Project is located; and
(c) the Company will maintain the identity of the Project as a “project” in accordance with the Act, subject to any mandatory or optional termination rights expressly set forth herein.
Appears in 2 contracts
Sources: Fee in Lieu of Tax and Special Source Credit Agreement, Fee in Lieu of Tax and Special Source Credit Agreement