PILOT Agreement Sample Clauses

PILOT Agreement. The mortgaged property is subject to a prior lien for amounts required under a Payment In Lieu Of Taxes (PILOT) arrangement with the Development Authority of F▇▇▇▇▇ County, Georgia. The remaining PILOT obligations during the loan term range from $10,799,250 in 2013 through $12,770,113 in 2020, and the PILOT payments continue until February 1, 2031. The borrower affiliate that owns the adjacent retail site and/or its tenants are contractually obligated to reimburse the borrower for 22.86% of the PILOT obligation. For loan underwriting purposes, the related loan seller included as expenses the PILOT obligation (which pertains to improvements only) for both the mortgaged property and the adjacent retail site, together with the real estate taxes for the land value associated with the mortgaged property. To accommodate statutory requirements for the PILOT structure, the mortgage loan borrowers are comprised of a “fee” borrower and an affiliated “leasehold” borrower, and the lease payments made by the leasehold borrower to the fee borrower equal the required PILOT payments, and are paid by the fee borrower to US Bank Trust (the “PILOT Lender”), as trustee for the bondholders. The PILOT Lender has a statutory lien on the mortgaged property that is effectively equivalent in priority and character to a municipal tax lien. If the PILOT payments are not made, the City of E▇▇▇▇▇▇▇▇ has a special assessment lien against the mortgaged property in the same amount as PILOT payments that are due but not yet paid.

PILOT Agreement. Attached hereto and made a part hereof is Exhibit A, which contains an executed copy of the PILOT Agreement entered into by and among the Real Estate Owner, the Operating Company and the Agency. The amount of real property tax abatement benefit comprising the Financial Assistance shall be approximately $124,912, which such amount reflects the total estimated real property tax exemptions for the Project Facility (which constitute those taxes that would have been paid if the Project Facility were on the tax rolls and not subject to the PILOT Agreement) of approximately $815,518, less the total payments in lieu of taxes of $690,607 to be made by the Real Estate Owner to the Taxing Jurisdictions with respect to the Project Facility during the term of the PILOT Agreement. The amount of estimated real property tax exemptions is estimated based on an assumed assessed value of the Project Facility and assumed future tax rates of the Taxing Jurisdictions; therefore the real property tax abatement benefit is estimated because it is calculated using the estimated real property tax exemptions. The actual amount of real property tax abatement benefit is subject to change over the term of the PILOT Agreement depending on any changes to assessed value and/or tax rates of the Taxing Jurisdictions. The PILOT Agreement contained in Exhibit A attached hereto reflects an annual breakdown of the payments in lieu of taxes to be made to the Taxing Jurisdictions in each year during the term of the PILOT Agreement (“Total PILOT”), an estimate value of the real property tax exemptions (“Full Tax Payment without PILOT”), and an estimated value of the real property tax abatement benefits (“Net Exemptions”).

PILOT Agreement. The parties hereto understand and agree that Exhibit A to this Agreement contains a copy of the PILOT Agreement, to be entered into, or entered into, by and between the Company and/or ▇▇▇▇▇▇ Land Development LLC and the Agency.

PILOT Agreement. The parties hereto have executed or will execute the Company Lease Agreement, Sublease Agreement and PILOT Agreement. As provided in the PILOT Agreement, the Company agrees to make PILOT Payments (in addition to paying all special ad valorem levies, special assessments or special district taxes and service charges against real property in the jurisdiction where the Project Facility is located).

PILOT Agreement. City and Developer have entered into a PILOT Agreement, wherein the parties have agreed to a program for the payment in lieu of taxes (“PILOT”), wherein Developer or Vertical Developer as the case may be agrees to pay to City, in lieu of real estate taxes, the amounts and general terms of which are set forth in Exhibit E for each Fiscal Year (“PILOT Tax Year”) from the [Commencement Date/Commencement of Construction of all or any portion of Phase 1] through the fifth anniversary thereof. Thereafter, the PILOT will cease to apply.

PILOT Agreement. The PILOT Agreement contemplated to be executed by the Company with SCIDA in 2007 or 2008 shall include a schedule of total PILOT Payments to all taxing jurisdictions based on a formula no less than the following: • PILOT Year 1 - $500/MW • PILOT Year 2 - $1,300/MW • PILOT Year 3 - $2,000/MW • PILOT Year 4 -$4,000/MW • PILOT Year 5 - $5,300/MW • PILOT Year 6 and thereafter - $5,300/MW, escalated at 3% per annum, compounded, beginning in PILOT Year 6

PILOT Agreement. The Authority, at its option, may require the Developer and/or its Affiliates to record an agreement for payment in lieu of taxes on the title of all or any portion of the Property, as directed by the Authority, in form and substance reasonably satisfactory to the Authority and, if applicable, a bond underwriter or bond counsel. Such agreement will run with the land and be binding on successors and assigns until such time as may be prescribed in such instrument.

PILOT Agreement. Borrower shall (i) pay all sums required to be paid by Borrower under the PILOT Agreement, (ii) diligently perform and observe all of the material terms, covenants and conditions of Borrower under the PILOT Agreement, (iii) promptly deliver to Lender a copy of any written notice to Borrower of any default by Borrower under the PILOT Agreement, (iv) promptly deliver to Lender a copy of any written notice from Borrower to any other party under the PILOT Agreement of any default by such party under the PILOT Agreement and (v) not, without L▇▇▇▇▇’s prior written consent, modify, amend, terminate, cancel or replace the pilot Agreement to the extent the same would have a material adverse effect on Borrower or the Property.

PILOT Agreement. With respect to the PILOT Agreement, Borrower agrees as follows: (a) Behringer LLC shall perform all obligations of the "Entity" under the PILOT Agreement and under any statute, ordinance, rule or regulation relating to the PILOT Agreement, and shall not to cause or permit any breach by Behringer LLC thereof, and shall enforce the obligations of the Authority under the PILOT Agreement to the end that Behringer LLC may enjoy all the rights granted under the PILOT Agreement. If Behringer LLC shall default under the PILOT Agreement or if Lender shall receive notice of any default by Behringer LLC under the PILOT Agreement, Lender may, at its option but without any obligation to do so, take any action necessary or desirable to cure any such default, Lender being authorized to enter upon the Property for such purposes with or without notice and without becoming a mortgagee in possession. Borrower shall, within thirty (30) days of demand (or upon demand if an Event of Default has occurred), pay to Lender all costs of Lender incurred in curing any such default, together with interest on such costs from the date of expenditure until said sums have been paid, at the Default Rate.