Additional PILOT Sample Clauses
The "Additional PILOT" clause establishes the terms under which extra payments in lieu of taxes (PILOT) may be required beyond the standard obligations. This clause typically applies when a property or project benefits from a PILOT agreement but circumstances arise that necessitate further payments, such as changes in property use, expansions, or modifications to the original agreement. Its core function is to ensure that the taxing authority or municipality can secure additional revenue if the project's scope or benefits change, thereby maintaining fairness and fiscal balance.
Additional PILOT. If any portion of the Facility Realty is used for Non-Qualified Use by the Lessee or any Tenant (whether pursuant to a Tenant Lease, occupancy or use), with respect to the period of such use, the Lessee shall pay additional PILOT in accordance with Section 5.1(g) in advance of each semi-annual period during which such Non-Qualified Use shall occur (in addition to amounts payable pursuant to Section 5.1(c), (d), (e) and (f) hereof) as follows:
(1) With respect to the Improvements, if any portion of the Improvements is used for Non-Qualified Use, an amount, equal to the product of
Additional PILOT. If any portion of the Facility Realty is used for Non- Qualified Use by the Lessee or any Tenant (whether pursuant to a Tenant Lease, occupancy or use), with respect to the period of such use, the Lessee shall pay additional PILOT in accordance with Section 5.1(g) in advance of each semi-annual period during which such Non-Qualified Use shall occur (in addition to amounts payable pursuant to Section 5.1(c), (d), (e) and (f) hereof) as follows:
(1) With respect to the Improvements, if any portion of the Improvements is used for Non-Qualified Use, an amount, equal to the product of (y) the positive difference, if any, between (A) the Adjusted PILOT Amount with respect to the Improvements and (B) the PILOT amounts applicable to the Improvements calculated pursuant to Section 5.1 (d), (e) and (f) hereof, in each case, determined on a per diem basis for the period of such Non-Qualified Use, and (z) a fraction, expressed as percentage (the “Improvements Percentage”), the numerator of which is (A) the total Non-Qualified USF and the denominator of which is (B) the Total Improvements USF; or
(2) With respect to the Land:
(A) if any portion of the Improvements is used for such Non- Qualified Use, the Lessee shall pay additional PILOT in an amount equal to the greater of:
(i) the product of (y) the difference between (A) the Adjusted PILOT Amount with respect to the Land and (B) the PILOT amounts with respect to the Land calculated pursuant to Section 5.1(c) hereof, in each case, determined on a per diem basis for the period of such Non-Qualified Use, and (z) a fraction, expressed as a percentage (the “Land Percentage”) the numerator of which is (A) the total gross square footage the Land used for such Non-Qualified Use and the denominator of which is (B) the total gross square footage of the Land; and
(ii) the product of (y) the difference between (A) the Adjusted PILOT Amount with respect to the Land and (B) the PILOT amounts with respect to the Land calculated pursuant to Section 5.1(c) hereof, in each case, determined on a per diem basis for the period of such Non-Qualified Use, and (z) the Improvements Percentage; or
(B) If no portion of the Improvements is subleased, occupied or used for such Non-Qualified Use, the Lessee shall pay additional PILOT in an amount equal to the product of (y) the difference between (A) the Adjusted PILOT Amount with respect to the Land in the absence of the Agency’s exemption and (B) the PILOT amounts with respect to the Land calc...
Additional PILOT. If any portion of the Cables Property is used for Non-Qualified Use by the Lessee or any Tenant (whether pursuant to a Tenant Lease, occupancy or use), with respect to the period of such use, the Lessee shall pay additional PILOT in accordance with Section 5.1(e) in advance of each semi-annual period during which such Non-Qualified Use shall occur (in addition to amounts payable pursuant to Section 5.1(d) hereof) as follows: if any portion of the Cables Property is used for Non- Qualified Use, an amount, equal to the product of (y) the positive difference, if any, between (A) the PILOT Amount with respect to the Cables Property and (B) the PILOT amounts applicable to the Cables Property calculated pursuant to Section 5.1(d) hereof, in each case, determined on a per diem basis for the period of such Non-Qualified Use, and