PILOT Mortgage definition

PILOT Mortgage has the meaning set forth in the definition of the term “I▇▇ Transaction”.

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PILOT Mortgage means the mortgage dated as of February 1, 2023 from the Company to the Agency to secure the Company’s obligations under the Payment in Lieu of Tax Agreement, as such mortgage may be amended from time to time.

PILOT Mortgage means the Amended and Restated PILOT Mortgage dated as of March 1, 2022 from the Company to the Agency to secure the Company’s obligations under the Payment in Lieu of Tax Agreement, as such mortgage may be amended from time to time.

Examples of PILOT Mortgage in a sentence

Upon the issuance of the Bonds, the Project, will be exempt from real property ad valorem taxes pursuant to the provisions of Section 103.285 of the Kentucky Revised Statutes, but shall be subject to making the Pilot Payments as set forth in this Agreement and the Pilot Mortgage.
Mount Vernon - Best Buy (57554) The lien of th▇ ▇▇▇▇gage is subordinate to a Pilot Mortgage dated August 1, 2001 from G&S Mount Vernon, LLC ▇▇ The City of Mount Vernon Industrial Development Agency held by the fee owner of the Mortgaged Property.
Best Buy - Mount ▇▇▇▇▇▇ (57554) There is one prior lien, a Pilot Mortgage dated August 1, 2001 from G&S Mount ▇▇▇▇▇▇, LLC to The City of Mount ▇▇▇▇▇▇ Industrial Development Agency recorded March 18, 2002 and re-recorded March 19, 2002.
First Mortgage" means any Mortgage which constitutes a first mortgage lien on the Premises (but shall not include the Pilot Mortgage constituting part of the Project Documents), and "First Mortgagee" means each Mortgagee which is the beneficiary of a First Mortgage.
Mount ▇▇▇▇▇▇ - Best Buy (57554) The lien of the Mortgage is subordinate to a Pilot Mortgage dated August 1, 2001 from G&S Mount ▇▇▇▇▇▇, LLC to The City of Mount ▇▇▇▇▇▇ Industrial Development Agency held by the fee owner of the Mortgaged Property.
The Owners, in accordance with the Pilot Mortgage and this Agreement, shall make annual payments in lieu of taxes to the City in an amount equal to the amount they would have paid based on the fair cash value of their respective interest in the Property, as determined by the PVA, multiplied by the combined local and state ad valorem real estate tax rates for each particular tax year, but only to the extent of the amount the real estate taxes are abated or exempted (the “Pilot Payments”).
This program will be delivered in two phases: 1) Pilot Mortgage Assistance Program will act as a stop gap pilot to help Oregonians stay in their homes while U.S. Department of Treasury (“Treasury”) required planning and development occurs.
Upon the issuance of the Bonds, the Project and, as applicable, the Property and Project will be exempt from real property ad valorem taxes pursuant to the provisions of Section 103.285 of the Kentucky Revised Statutes, but shall be subject to the payment obligations as set forth in this Agreement and the Pilot Mortgage.
Upon the issuance of the Bonds, which are anticipated to be increased incrementally as and when needed for each phase of the Project (for both infrastructure and vertical building improvements), the Project and, as applicable, the Property and Project will be exempt from real property ad valorem taxes pursuant to the provisions of Section 103.285 of the Kentucky Revised Statutes, but shall be subject to the payment obligations as set forth in this Agreement and the Pilot Mortgage.
The Owners, in accordance with the Pilot Mortgage and this Agreement, shall make annual payments in lieu of taxes to the City based upon the periodic valuations of the Property, or the respective parcels within the Property, as determined by the PVA, multiplied by the combined local and state ad valorem real estate tax rates for each particular tax year, but only to the extent of the amount the real estate taxes are abated or exempted (the “Pilot Payments”).

More Definitions of PILOT Mortgage

PILOT Mortgage means the Liens on certain of the Company’s Real Property Leases and easements held by Rensselaer County Industrial Agency.

PILOT Mortgage shall have the meaning ascribed to such term in the Mortgage Loan Agreement.

PILOT Mortgage means, collectively, (a) that certain PILOT Leasehold Mortgage No. 1, dated as of the date hereof, made by Legacy Tenant and the I▇▇, as mortgagors, to the I▇▇, as mortgagee, to secure the principal amount of $25,000,000.00, and intended to be recorded in the Register’s Office, (b) that certain PILOT Leasehold Mortgage No. 2, dated as of the date hereof, made by Legacy Tenant and the I▇▇, as mortgagors, to the I▇▇, as mortgagee, to secure the principal amount of $225,000,000.00, and intended to be recorded in the Register’s Office, and (c) that certain PILOT Leasehold Mortgage No. 3, dated as of the date hereof, made by Legacy Tenant and the I▇▇, as mortgagors, to the I▇▇, as mortgagee, to secure the principal amount of $225,000,000.00, and intended to be recorded in the Register’s Office, as each such Leasehold Mortgage was assigned by the I▇▇ to HYIC pursuant an Assignment and Assumption Agreement, dated as of the date hereof by and among The City of New York, the I▇▇ and HYIC dated and intended to be recorded in the Register’s Office, each encumbering the Property and securing Legacy Tenant’s obligation to pay PILOT to the I▇▇ under the Agency Lease Agreement, as the same may be amended, restated or supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.