Common use of Annual PILOT Clause in Contracts

Annual PILOT. In lieu of the general ad valorem real property taxes and, if applicable, ad valorem personal property taxes (collectively, the "Ad Valorem Taxes") -- which shall be 100% abated by the issuance of the Bonds referenced herein for the Project for the taxable years 2022 through and including 2031 (excepting special assessments levied on account of special benefits and excepting all other amounts referenced in Section 7 below) -- Developer and/or Project Employer shall make the payments set forth in this Article 2. Such payments shall be paid by or through Developer by separate check to the Treasurer of Johnson County, Kansas, or other appropriate officer, an amount which is equal to seventy-five percent (75%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year for the Project if the Project were not exempt from ad valorem real estate taxation (the "Annual PILOT") as set forth in the Annual PILOT schedule attached hereto as Exhibit B (the “Annual PILOT Schedule”). Notwithstanding anything in this Agreement, the Lease, the Project Employer Office Lease(s), or anything else to the contrary, Developer and/or Project Employer shall be fully liable and responsible for payment of the Annual PILOT and any and all other amounts required to be paid under this Agreement, including any and all payments under Section 7 or Section 9 of this Agreement.