Guaranteed Minimum Payment; Payment in Lieu Sample Clauses

Guaranteed Minimum Payment; Payment in Lieu. Notwithstanding anything to the contrary herein, in the event that the TIF Incentive payable to Developer in any given tax year shall fall below $393,000.00 for the tax year 2024, and increasing at a rate of 2% each year thereafter (the “Guaranteed Minimum”) during the statutory life of the TID District (the "PILOT Term"), then the Developer or any successor owner of the Project shall make (or cause to be made) during the PILOT Term annual payments in lieu of taxes in an amount sufficient to meet the Guaranteed Minimum (as determined by the assessor) (the “Payment in Lieu”). The Guaranteed Minimum and/or Payment in Lieu shall be available to Developer for reimbursement of Developer’s Qualified Expenditures, provided Developer qualifies for the TIF Incentive and provides adequate proof to the City and RDA that Developer has incurred and paid for Qualified Expenditures. Such Payment in Lieu shall be due and payable at the same time and in the same manner as the ad valorem taxes are due and payable for such year. If the Developer or any successor owner fails to make the Payment in Lieu when due, the City may, in addition to all other remedies available to it, levy a special assessment against the Project in the amount of the difference between the actual TIF Incentive available for reimbursement to Developer and the Guaranteed Minimum. Any and all notice and hearing requirements which may be required under the law for such special assessment are hereby waived by Developer. Notwithstanding the levying of such special assessment, the payment obligation under this Section shall be the personal obligation of the person or entity that is the owner of the Project at the time that the TIF Incentive falls below the Guaranteed Minimum. The covenants contained in this Article shall be deemed to be covenants running with the land and shall be binding upon all owners of any portion of the Project for the duration of the PILOT Term. The City is hereby expressly declared to be a beneficiary of such covenants and is entitled to enforce the same against all successor owners of the Project.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Guaranteed Minimum Payment; Payment in Lieu

  • Minimum Payment Due Your Minimum Payment Due is listed on your Statement and equals the lesser of: • the amount of your New Balance, or • the greater of: • $30, or • 3% of the amount you owe, or • the sum of Finance Charges accrued since the last Billing Cycle (including Interest Charges and Transaction Fees), plus any Penalty Fees, Annual Fees (if applicable), and one-time fees that have been posted to your Account, plus 1% of the amount you owe. Making only the Minimum Payment Due will increase the amount of interest you pay and the time it takes to repay your balance.

  • Minimum Payment (a) Overtime worked on a Saturday or Sunday will be paid for at the rate of double Ordinary Rates. Employees required to work on a Saturday or Sunday will be afforded a minimum 4 hours work, or be paid as if for 4 hours at the aforementioned overtime rates.

  • Maximum Payment The maximum period or aggregate of periods of accident make-up pay to be made by an Employer will be a total of 39 weeks for any one injury.

  • Maximum Total Payment Including the reimbursable expenses shown above (if any), the maximum total payment under this Contract is $ ; this is a not-to-exceed amount, and the District will not pay more than this amount unless specifically agreed to in an amendment executed by the parties.

  • Settlement Payment If the resulting net amount is positive, it shall be payable by the Defaulting Party to the Non-Defaulting Party, and if it is negative, then the absolute value of such amount shall be payable by the Non-Defaulting Party to the Defaulting Party.

  • Installment Payments Notwithstanding Section 3.01, the Executive may elect by written notice to receive any payments due to him hereunder by way of periodic or installment payments.

  • Payment Terms – Payment in Arrears A. Invoices are to be submitted in arrears to the user agency/department to the ship- to address, unless otherwise directed in this CONTRACT. Payment will be net 30 days after receipt of an invoice in a format acceptable to the County of Orange and verified and approved by the agency/department and subject to routine processing requirements. The responsibility for providing an acceptable invoice rests with the CONTRACTOR.

  • Retirement Payment Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 16% of annual salary, or $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

  • Premium Payment The Bank shall pay any premiums due on the Policy.

  • Minimum Payments If the Executive’s Termination Date occurs during the Agreement Term for any reason, the Executive shall be entitled to the following payments, in addition to any payments or benefits to which the Executive may be entitled under the following provisions of this Section 5 (other than this paragraph 5(a)) or the express terms of any employee benefit plan or as required by law:

Time is Money Join Law Insider Premium to draft better contracts faster.