Orange County NC Website
County and Tenant recognize that the annual payments required in this subsection each <br />span two tax years and will therefore require estimates based on estimated tax rates. <br />Upon receipt of actual tax rates, County will reconcile the amount paid by Tenant and <br />the actual amount due under this subsection and provide Tenant with a copy of this <br />reconciliation. Any difference between what has been paid and what is due shall be <br />paid on May 1 of each lease year by Tenant as additional rent or credited on May 1 by <br />County against rent. Tenant agrees that the valuation of the Premises shalt be made by <br />County's Tax Assessor according to the Schedule of Values adopted by County from <br />time to time and that the determination of the true value in money of the Premises shall <br />be made by the County's Tax Assessor. <br />Tenant may, at its expense, in good faith, contest any such taxes, assessments <br />and other similar charges or the valuation on which the same are based, and, in the <br />event of any such contest may pay the taxes, assessments or other charges under <br />protest during the period of such contest and any appeal therefrom. In the event it is <br />determined by Tenant and Landlord or by the tribunal which ordinarily has jurisdiction <br />that such tribunal does not have jurisdiction or is otherwise not permitted to act as a <br />forum in consequence of the fact that Tenant's liability for the tax is contractual rather <br />than imposed by law, then either party may submit a challenge to a tax, assessment or <br />other similar charge or valuation to arbitration by an arbitration panel made up of MAI <br />qualified/certified appraisers. County shall select one appraiser; Tenant shall select one <br />appraiser; the appraiser selected by County and Tenant shall select a third appraiser <br />and the decision of the arbitration panel shall be binding on both parties. To the extent <br />that enforcement of the payment of any such taxes, assessments and other charges in <br />the event of any contest are legally stayed during the period of such contest, such taxes, <br />assessments and other charges may remain unpaid during the period of such contest <br />and any appeal therefrom. <br />4. All other terms and con itions of Exhibit A shall remain the same. <br />This the __~ day of , 1999. <br />Tena Witness: <br />B : ~ Se l <br />Y ( a) <br />mes P. Lilley <br />Orange County <br />By ~ ~ . ,~~ <br />Alice M. Gordon, Chair <br />Board of County Commissioners <br />Attes <br />(Seal) <br />Beverly A. lythe, Clerk <br />Board of County Commissioner <br />