Common use of Service Payments Clause in Contracts

Service Payments. The Company, on behalf of itself and all future Owners of each Parcel, hereby agrees to make the Service Payments due during its period of ownership of each Parcel, all pursuant to and in accordance with the requirements of the TIF Statutes, the TIF Ordinances, and the provisions of Ohio law relating to real property tax collections and any subsequent amendments or supplements thereto. Service Payments will be made semiannually to the County Fiscal Officer (or to that officer’s designated agent for collection of the Service Payments) on or before the final dates for payment of real property taxes for the Parcels. Any late payments will bear penalties and interest at the then current rate established under Sections 323.121 and 5703.47 of the Ohio Revised Code or any successor provisions thereto, as the same may be amended from time to time. Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinances and, for each Parcel, will be in the same amount as the real property taxes that would have been charged and payable against any Improvements to that Parcel if it were not exempt from taxation pursuant to the TIF Exemptions, including any penalties and interest. The City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Urban Redevelopment Tax Increment Equivalent Fund established pursuant to Ordinance No. 5307 (the “41 TIF Fund”) will receive all Service Payments made with respect to the 41 Improvements to each Parcel of the 41 TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 41 TIF Fund payable to the Company hereunder. To the extent the Parcels are not subject to the 41 TIF Exemption, the City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Municipal Public Improvement Tax Increment Equivalent Fund established pursuant to Ordinance No. (the “40(B) TIF Fund”) will receive Service Payments, if any, made with respect to the 40(B) Improvements to each Parcel of the 40(B) TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 40(B) TIF Fund payable to the Company hereunder. The 40(B) TIF Fund and the 41 TIF Fund shall collectively be referred to herein as the “TIF Funds”. Notwithstanding any other provision of this Agreement or the TIF Ordinances, the 40(B) TIF Exemption and the obligation to make Service Payments on account of the 40(B) TIF Exemption shall be subordinate to the 41 TIF Exemption, and exemption applications shall be submitted for the 40(B) TIF Exemption for a Parcel only to the extent the 41 TIF Exemption is not available for a Parcel for 30 years. Collectively the TIF Exemptions and the obligation to make Service Payments shall be subordinate to any tax exemption applicable to the Improvements pursuant to Section 140.08 or Sections 5709.08, 5709.12 and 5709.121 or under Sections 3735.65 through 3735.70 or 5709.61 through 5709.69 of the Ohio Revised Code, which shall all, in each case, if any, take priority over the TIF Exemptions with respect to the same Parcel.

Service Payments. The Company, on behalf of itself and all future Owners of each Parcel, hereby xxxxxx agrees to make the Service Payments due during its period of ownership of each Parcel, all pursuant to and in accordance with the requirements of the TIF Statutes, the TIF OrdinancesOrdinance, and the provisions of Ohio law relating to real property tax collections and any subsequent amendments or supplements thereto. Service Payments will be made semiannually to the County Fiscal Officer (or to that officer’s designated agent for collection of the Service Payments) on or before the final dates for payment of real property taxes for the Parcels. Any late payments will bear penalties and interest at the then current rate established under Sections 323.121 and 5703.47 of the Ohio Revised Code or any successor provisions thereto, as the same may be amended from time to time. Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinances Ordinance and, for each Parcel, will be in the same amount as the real property taxes that would have been charged and payable against any Improvements to that Parcel if it were not exempt from taxation pursuant to the TIF ExemptionsExemption, including any penalties and interest. The City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Urban Redevelopment Tax Increment Equivalent Fund established pursuant to Ordinance No. 5307 (the “41 TIF Fund”) will receive all Service Payments made with respect to the 41 Improvements to each Parcel of the 41 TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 41 TIF Fund payable to the Company hereunder. To the extent the Parcels are not subject to the 41 TIF Exemption, the City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Municipal Public Improvement Tax Increment Equivalent Fund established pursuant to Ordinance No. (the “40(B) TIF Fund”) will receive Service Payments, if any, made with respect to the 40(B) Improvements to each Parcel of the 40(B) TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 40(B) TIF Fund payable to the Company hereunder. The 40(B) TIF Fund and the 41 TIF Fund shall collectively be referred to herein as the “TIF Funds”. Notwithstanding any other provision of this Agreement or the TIF OrdinancesOrdinance, the 40(B) TIF Exemption and the obligation to make Service Payments on account of the 40(B) TIF Exemption shall be subordinate to the 41 TIF Exemption, and exemption applications shall be submitted for the 40(B) TIF Exemption for a Parcel only to the extent the 41 TIF Exemption is not available for a Parcel for 30 years. Collectively the TIF Exemptions and the obligation to make Service Payments shall be subordinate to any tax exemption applicable to the Improvements pursuant to Section 140.08 or Sections 5709.08, 5709.12 and 5709.121 or under Sections 3735.65 through 3735.70 or 5709.61 through 5709.69 of the Ohio Revised Code, which shall all, in each case, if any, take priority over the TIF Exemptions Exemption with respect to the same Parcel.

Service Payments. The Company, on behalf of itself and all future Owners of each Parcel, Owner hereby agrees to make the Service Payments due during its period of ownership of each Parcel, all pursuant to and in accordance with the requirements of the TIF Statutes, the TIF OrdinancesOrdinance, and the provisions of Ohio law relating to real property tax collections collections, and any subsequent amendments or supplements thereto. Service Payments will be made semiannually to the County Fiscal Officer Treasurer (or to that officerthe County Treasurer’s designated agent for collection of the Service Payments) on or before the final dates for payment of real property taxes for the Parcels, until expiration of the TIF Exemption. Any late payments will bear penalties and interest at the then current rate established under Sections 323.121 and 5703.47 of the Ohio Revised Code or any successor provisions thereto, as the same may be amended from time to time. Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinances Ordinance and, for each Parcel, will be in the same amount as the real property taxes that would have been charged and payable against any Improvements the Improvement to that Parcel if it were not exempt from taxation pursuant to the TIF ExemptionsExemption, including any penalties and interest. The Owner will not, under any circumstances, be required (i) for any tax year to pay both real property taxes and Service Payments with respect to any portion of the Improvement to a Parcel, whether pursuant to Section 5709.42 of the Ohio Revised Code or this Agreement, and (ii) to make Service Payments as to any portion of an Improvement for any period the Improvement or any portion thereof is subject to a CRA Exemption. The City and Company the Owner agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Urban Redevelopment TPA Municipal Public Improvement Tax Increment Equivalent Fund established pursuant #1 referred to in Section 3 of the TIF Ordinance No. 5307 (the “41 TIF FundFunds”) will receive all Service Payments made with respect to the 41 Improvements Improvement to each Parcel of the 41 TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 41 TIF Fund payable to the Company hereunder. To the extent the Parcels are not subject to the 41 TIF Exemption, the City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Municipal Public Improvement Tax Increment Equivalent Fund established pursuant to Ordinance No. (the “40(B) TIF Fund”) will receive Service Payments, if any, made with respect to the 40(B) Improvements to each Parcel of the 40(B) TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 40(B) TIF Fund payable to the Company hereunder. The 40(B) TIF Fund and the 41 TIF Fund shall collectively be referred to herein as the “TIF Funds”City. Notwithstanding any other provision of this Agreement or the TIF OrdinancesOrdinance, the 40(B) TIF Exemption and the obligation to make Service Payments on account of the 40(B) TIF Exemption shall be subordinate to the 41 TIF Exemption, are subject and exemption applications shall be submitted for the 40(B) TIF Exemption for a Parcel only to the extent the 41 TIF Exemption is not available for a Parcel for 30 years. Collectively the TIF Exemptions and the obligation to make Service Payments shall be subordinate to any tax exemption applicable to the Improvements pursuant to Section 140.08 or Sections 5709.08, 5709.12 and 5709.121 or under Sections 3735.65 through 3735.70 or 5709.61 through 5709.69 of the Ohio Revised Code, which shall all, in each case, if any, take priority over the TIF Exemptions with respect to the same Parcel.

Service Payments. The Company, on behalf of itself and all future Owners of each Parcel, Developer hereby agrees to make the Service Payments due during attributable to its period of ownership of each Parcelthe TIF Site, all pursuant to and in accordance with the requirements of the TIF Statutes, the TIF Ordinances, and the provisions of Ohio law relating to real property tax collections Ordinance and any subsequent amendments or supplements thereto. Service Payments will be made semiannually to the Summit County Fiscal Officer (or to that officer’s the Summit County Fiscal Officer's designated agent for collection of the Service Payments) on or before the final dates for payment of real property taxes for the ParcelsTIF Site. Any late payments will bear penalties and interest at the then current rate established under Sections 323.121 and 5703.47 of the Ohio Revised Code or any successor provisions thereto, as the same may be amended from time to time. Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinances Ordinance and, for each Parcelthe TIF Site, will be in the same amount as the real property taxes that would have been charged and payable against (after credit for any Improvements other payments received by the City under Sections 319.302, 321.24, 323.152 and 323.156 of the Ohio Revised Code, or any successor provisions thereto, as the same may be amended from time to that Parcel time, with such payments referred to herein as the "Property Tax Rollback Payments") if it those taxes were not exempt from taxation pursuant to the TIF ExemptionsOrdinance, including any penalties and interest. The City and Company agree that the Xxxxxxx-Xxxxxxxx Account owner of the Brecksville TIF Site will not, under any circumstances, be required for any tax year to pay both real property taxes and Service Payments with respect to any portion of the assessed value of the TIF Site, whether pursuant to Section 5709.42 of the Ohio Revised Code or this Agreement. The City will deposit all Service Payments and Property Tax Rollback Payments it receives into the Crystal Clinic Urban Redevelopment Tax Increment Equivalent Fund established pursuant to by the TIF Ordinance No(the"TIF Fund"). 5307 (Monies on deposit in the “41 TIF Fund”) will receive all , after reduction for Compensation Payments, shall be disbursed with respect to each Exemption Year to reimburse the Developer or its designees for costs of the Developer Improvements in the manner and amounts described and permitted herein (each, a "Developer Payment"). With respect to each Exemption Year, the amounts of Service Payments made and Property Tax Rollback Payments actually received by the City from the Summit County Fiscal Officer with respect to the 41 Improvements to each Parcel TIF Site (which amounts will be net of collection and administrative fees retained by the 41 TIF Project Site that are payable to Summit County Fiscal Officer and/or the City andState of Ohio), if permitted by law, any investment earnings on deposited into the portion of the Service Payments in the 41 TIF Fund payable to the Company hereunder. To the extent the Parcels are not subject to the 41 TIF Exemption, the City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Municipal Public Improvement Tax Increment Equivalent Fund established pursuant to Ordinance No. (the “40(B) TIF Fund”) will receive Service , and reduced by any required Compensation Payments, if any, made with respect to the 40(B) Improvements to each Parcel of the 40(B) TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 40(B) TIF Fund payable to the Company hereunder. The 40(B) TIF Fund and the 41 TIF Fund shall collectively will be referred to herein as "Available Funds." The amounts available to reimburse the “TIF Developer pursuant to the preceding sentence shall be limited solely to the Available Funds”, as further described herein. Notwithstanding any other provision of 2 Nothing in this Agreement is intended to prevent the Developer, at its expense and in good faith, from applying for exemption of any non-exempt improvements, or contesting the amount or validity of any such taxes, assessments or other charges, including contesting the real estate valuation of the Developer Improvements; provided, the Developer shall not file a complaint to contest the real estate valuation of the Developer Improvements to a value below $56,000,000. As used in this Section 1,the following terms shall have the following meanings: "Exemption Year"means each tax year in which Improvements to the TIF Ordinances, Site is exempt from taxation pursuant to the 40(B) TIF Exemption and Ordinance (which will be 30 years unless sooner terminated as provided in the obligation to make TIF Ordinance). "Compensation Payments" means School District Portion of Service Payments on account and/or CVCC Portion of the 40(B) TIF Exemption shall be subordinate to the 41 TIF Exemption, and exemption applications shall be submitted for the 40(B) TIF Exemption for a Parcel only to the extent the 41 TIF Exemption is not available for a Parcel for 30 years. Collectively the TIF Exemptions and the obligation to make Service Payments shall be subordinate to any tax exemption applicable to as defined in the Improvements pursuant to Compensation Agreement. Section 140.08 or Sections 5709.08, 5709.12 and 5709.121 or under Sections 3735.65 through 3735.70 or 5709.61 through 5709.69 of the Ohio Revised Code, which shall all, in each case, if any, take priority over the TIF Exemptions with respect to the same Parcel.1.2

Service Payments. The Company, on behalf of itself and all future Owners of each Parcel, hereby agrees to make the Service Payments due during its period of ownership of each Parcel, all pursuant to and in accordance with the requirements of the TIF Statutes, the TIF OrdinancesOrdinance, and the provisions of Ohio law relating to real property tax collections and any subsequent amendments or supplements thereto. Service Payments will be made semiannually to the County Fiscal Officer (or to that officer’s designated agent for collection of the Service Payments) on or before the final dates for payment of real property taxes for the Parcels. Any late payments will bear penalties and interest at the then current rate established under Sections 323.121 and 5703.47 of the Ohio Revised Code or any successor provisions thereto, as the same may be amended from time to time. Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinances Ordinance and, for each Parcel, will be in the same amount as the real property taxes that would have been charged and payable against any Improvements to that Parcel if it were not exempt from taxation pursuant to the TIF ExemptionsExemption, including any penalties and interest. The City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Urban Redevelopment Tax Increment Equivalent Fund established pursuant to Ordinance No. 5307 (the “41 TIF Fund”) will receive all Service Payments made with respect to the 41 Improvements to each Parcel of the 41 TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 41 TIF Fund payable to the Company hereunder. To the extent the Parcels are not subject to the 41 TIF Exemption, the City and Company agree that the Xxxxxxx-Xxxxxxxx Account of the Brecksville Municipal Public Improvement Tax Increment Equivalent Fund established pursuant to Ordinance No. (the “40(B) TIF Fund”) will receive Service Payments, if any, made with respect to the 40(B) Improvements to each Parcel of the 40(B) TIF Project Site that are payable to the City and, if permitted by law, any investment earnings on the portion of the Service Payments in the 40(B) TIF Fund payable to the Company hereunder. The 40(B) TIF Fund and the 41 TIF Fund shall collectively be referred to herein as the “TIF Funds”. Notwithstanding any other provision of this Agreement or the TIF OrdinancesOrdinance, the 40(B) TIF Exemption and the obligation to make Service Payments on account of the 40(B) TIF Exemption shall be subordinate to the 41 TIF Exemption, and exemption applications shall be submitted for the 40(B) TIF Exemption for a Parcel only to the extent the 41 TIF Exemption is not available for a Parcel for 30 years. Collectively the TIF Exemptions and the obligation to make Service Payments shall be subordinate to any tax exemption applicable to the Improvements pursuant to Section 140.08 or Sections 5709.08, 5709.12 and 5709.121 or under Sections 3735.65 through 3735.70 or 5709.61 through 5709.69 of the Ohio Revised Code, which shall all, in each case, if any, take priority over the TIF Exemptions Exemption with respect to the same Parcel.