Minimum Annual Service Charge. By agreement of the parties and in satisfaction of the Law, the Minimum Annual Service Charge shall be the total taxes levied against the Property in the last full tax year in which the Property was subject to taxation. The Minimum Annual Service Charge shall not be reduced through any tax appeal during the period this Agreement is in force and effect.
Minimum Annual Service Charge. The amount of the total taxes levied against the Land and existing improvements in the last full tax year in which the Land and existing improvements were subject to taxation.
Minimum Annual Service Charge. Notwithstanding anything to the contrary in this Financial Agreement, including, without limitation, Section 4.2 hereof, the Annual Service Charge for the Project shall not be less than the Minimum Annual Service Charge.
Minimum Annual Service Charge. For the period commencing with the acquisition of the Project, or Phase of the Project, by the Entity and ending with Substantial Completion for each Phase, pursuant to N.J.S.A. 40A:20-12, the Parties agree that the Minimum Annual Service Charge shall be equal to the amount of total taxes levied against all real property within the respective Phase of the Project in the last full tax year immediately prior to the date of this Agreement. And thereafter, the Minimum Annual Service Charge shall be paid each year after Substantial Completion of the applicable Phase of the Project in which the Annual Service Charge, calculated pursuant to this Agreement and N.J.S.A. 40A:20-12, would be less than the Minimum Annual Service Charge. The Minimum Annual Service Charge shall be prorated in the year in which the Annual Service Charge begins and the year in which the Annual Service Charge terminates.
Minimum Annual Service Charge. During the period after commencement of construction and prior to the issuance of a Certificate of Completion of the Inclusionary Project and/or Unit(s), Walnut URE shall pay a Minimum Annual Service Charge, pursuant to N.J.S.A. 40A:20-12. The Minimum Annual Service Charge shall be the amount of the total taxes including Land Taxes levied against all real property in the area covered by the Residential Property in the last full tax year in which the area was subject to taxation.
Minimum Annual Service Charge. The greater of: (i) the amount of the total taxes levied against all real property in the area covered by the Project in the last full tax year in which the area was subject to taxation pursuant
Minimum Annual Service Charge. The amount of the total taxes levied against the Land in the last full tax year in which the Land was subject to taxation, or Five Hundred Thousand Dollars ($500,000.00), whichever is greater. The Minimum Annual Service Charge shall be prorated in the year in which the ASC Commencement Date occurs and the year in which the Termination Date occurs.
Minimum Annual Service Charge. The minimum annual service charge shall be the amount of the total taxes levied against the Property in the last full tax year in which the Property was subject to taxation. Minimum Municipal Share - An amount calculated pursuant to Exhibit C. Net Profit – Annual Gross Revenue less all operating and non-operating expenses and costs of the Entity, all determined in accordance with generally accepted accounting principles and the provisions of the Exemption Law. Party or Parties – Shall have the meaning specified in the recitals. Payment Default - Nonpayment of any monetary amounts due hereunder, including all or a portion of the applicable taxes on the existing improvements, Land Taxes, Administrative Fee, or Annual Service Charge, as the case may be, or nonpayment of any payments under the Special Assessment Agreement or other agreement which provides that a nonpayment thereunder shall be a Payment Default under this Agreement. Person – Shall mean any individual, sole proprietorship, corporation, partnership, joint venture, limited liability company or corporation, trust, unincorporated association, institution, public or governmental body, or any other entity.
Minimum Annual Service Charge. (a) The Minimum Annual Service Charge shall be paid in each year in which the Annual Service Charge, as calculated herein, would be less than the Minimum Annual Service Charge.
Minimum Annual Service Charge. The minimum total of service charges, as specified in Clause H.7 of this Agreement, payable in any period of twelve months from the first day of the month following the commencement date.
