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(xii) On September 1, 2037, $21,062 shall be due and payable by Owner.
<br /> (xiii) On September 1, 2038, $21,483 shall be due and payable by Owner.
<br /> (xiv) On September 1, 2039, $21,913 shall be due and payable by Owner.
<br /> (xv) On September 1, 2040, $22,351 shall be due and payable by Owner.
<br /> (xvi) On September 1, 2041, $22,798 shall be due and payable by Owner.
<br /> (xvii) On September 1, 2042, $23,254 shall be due and payable by Owner.
<br /> (xviii) On September 1, 2043, $23,719 shall be due and payable by Owner.
<br /> (xix) On September 1, 2044, $24,193 shall be due and payable by Owner.
<br /> (xx) On September 1, 2045, $24,677 shall be due and payable by Owner.
<br /> 9. Any Payment(s) In Lieu not paid when due shall accrue interest at the rate of ten
<br /> percent (10%)per annum.
<br /> 10. Owner may, at their sole discretion, and at any point during the Twenty Year
<br /> Period, pre-pay any remaining Payment(s) in Lieu, discounted at the compounded rate of ten
<br /> percent(10%)per annum. The number of remaining Payment(s)in Lieu shall equal the number of
<br /> remaining years in the Twenty Year Period for which no Payment(s) in Lieu have been paid,
<br /> regardless of whether the School subsequently vacates the property. By way of illustration only, if
<br /> the Payment Commencement Date is September 1, 2025 and Payment(s) in Lieu are timely paid
<br /> on September 1, 2025 and September 1, 2026, Owner may elect to pre-pay the remaining eighteen
<br /> (18) Payment(s) in Lieu at any point prior to September 1, 2027. To calculate the amount due
<br /> under this provision, owner and City shall first calculate the individual Payment(s) in Lieu for the
<br /> remainder of the Twenty Year Period, then discount those Payment(s) in Lieu individually at the
<br /> compounded rate of ten percent (10%) per annum, such that the next payment due would be
<br /> discounted by ten percent (10%), the subsequent payment due would be discounted at twenty-one
<br /> percent (21%), and so forth.
<br /> 11. The covenants contained in this Agreement shall remain in effect until twenty(20)
<br /> Payments in Lieu have been paid (including any lump-sum pre-payment under Paragraph 10,
<br /> above) or the School discontinues operations at the Property, whichever occurs first.
<br /> 12. Any successor of Owner to the Property shall be bound by the covenants set forth
<br /> in this Agreement, whether such successor's title was acquired by foreclosure, deed in lieu of
<br /> foreclosure, trustee's sale or otherwise.
<br /> 13. Failure by Owner or its successors or assigns to perform its or their obligations set
<br /> forth in this Agreement shall constitute a default under this Agreement and City may institute legal
<br /> AGREEMENT FOR PAYMENT IN-LIEU OF TAXES
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<br /> i y' ounce 12 - 9 2/3/2026
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