FTZ Site definition
Examples of FTZ Site in a sentence
This Agreement shall extend to and be binding upon and inure to the benefit of the parties hereto, and their respective legal representatives, and future occupants of the FTZ Site.
The Operator agrees to disburse such Payment(s) to Harris County in the form of a check payable to “Harris County,” in the amount equal to the ad valorem taxes that would have been due on all FTZ Inventory in the FTZ Site for the preceding tax year, and before the date such ad valorem taxes would have become delinquent under the Texas Property Tax Code had the Operator, or any other party owning FTZ Inventory in the FTZ Site, not received the FTZ Exemption under 19 U.S.C. §81o(e).
The Operator’s obligation for Payment(s) to the County shall extend to all inventory, whether owned by itself or owned by an affiliated or unaffiliated third-party storing inventory within the FTZ Site.
This Agreement shall terminate upon the determination by the County of any misrepresentation in the Affidavit and/or this Agreement which should constitute grounds for the immediate initiation of proceedings for Deactivation and/or Deauthorization of the subject FTZ Site, as applicable.
This Agreement shall terminate upon the revocation of FTZ Site status by the Board, but such termination shall not relieve the Operator from its obligation to pay damages as provided in this Agreement.
Both Parties agree and understand that the FTZ Inventory at the FTZ Site may or may not belong to SAE or its successors, but may belong to third parties who locate their facilities or personal property within the FTZ Site.
This Agreement shall remain in effect so long as the FTZ Site is designated and activated as a Foreign Trade Zone Site by the FTZ Board and Customs.
Should SAE choose to sub-lease space to others within the FTZ Site, then SAE shall require its sub-tenants to provide all information necessary for the FBCAD or its successor, to calculate the average appraised value of the sub-tenant business personal property, whether owned or leased by sub-tenant.
The first PILOT Payment, provided the FTZ Site is designated and activated by January 1, 2019, is due from SAE to District on before February 1, 2020.
As long as this Agreement is in effect, SAE shall not modify its FTZ Site boundaries as described in Exhibit A, or transfer ownership of the FTZ Site or its operations, unless District enters into a new or amended agreement allowing the boundary modification and/or with such party allowing such transfer of ownership.