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. The Payment in Lieu of Tax Agreement (“PILOT Agreement”) authorized in the Resolution shall require the Company to make payments in lieu of real estate taxes in accordance with the schedule and formula more particularly set forth on Schedule A.
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 Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception of Fxxxxx 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 Exxxxxxxx has a special assessment lien against the mortgaged property in the same amount as PILOT Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception 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 Holding Company, the Operating Company and the Agency. The amount of real property tax abatement benefit comprising the Financial Assistance shall be approximately $161,989, 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 $378,947, less the total payments in lieu of taxes of $216,959 to be made by the Real Estate Holding Company and the Operating Company 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 by and between the Company and the Agency.
PILOT Agreement. Volunteer participants in The Eastern Transportation Coalition MBUF Pilot will evaluate the feasibility of MBUF as a potential replacement of the fuel tax. All MBUF payments and fuel tax credits will be simulated and no actual monies will be paid to a participant - or received from a participant as part of the MBUF Pilot.
PILOT Agreement. Mortgagor and its respective successors and assigns shall make all PILOT Payments, and as to the Home Owners (hereinafter defined), their respective share of the PILOT Payments, when due and in accordance with the PILOT Agreement and shall perform and comply with all covenants, agreements, conditions, provisions, stipulations and obligations set forth therein on its part to be performed, at the times and in the manner required thereby.
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 1036349124 • 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 PILOT Agreement is in full force and effect and there is no default thereunder by Bxxxxxxx, and, to Bxxxxxxx’s knowledge, any other party thereto, and, to Bxxxxxxx’s knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. Neither the execution and delivery of the Loan Documents nor Bxxxxxxx’s performance thereunder will materially and adversely affect Borrower’s rights under the PILOT Agreement. The Loan, and the encumbrance of the Property as security for the Loan, will not cause Borrower to violate any covenants contained in the PILOT Agreement.
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 Lxxxxx’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.
