Agenda - 05-20-2008-4s - Laserfiche WebLink

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~a become due, all utility and other charges incurreel i:n the. operation, maintenance, use, occupancy and upkeep of the Premises. and all assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on the Premises; provided that with respect to special assessments or other governmental charges that may be lawfully paid in installments over a period of years, Tenant shall be obligated to pay only such installments as are required to be paid during 'tYie Term. At the commencement of this Lease the Premises will be owned by Landlord and will thereafter, on January 1, 1998, be exempt from ad valorem .property taxes as provided in Article V, Section 2{.3) of the North Carolina Constitution and North Carolina General. Statutes § Ifl5-278..1.. During the Term, Tenant agrees~ta make payments to Landlord and to any municipality in which the Premises is .located, in lieu of taxes, in amounts equivalent to the amount of property tax. that wov.7~d be lawfully assessed if the Premises-were. taxable by Landlord and any municipality in which tYie Premises is located. TYiis agreement to make payments in lieu of taxes in amounts equivalent to the amount of property tax that would a.therwise lie ]:awfully. .assessed is to eliminate the competitive advantage accruing to Tenant, a profit-making enterprise, from the use for profit of Landlord"s tax exempt property. Payments in lieu of: ad valorem taxes as provided herein shall be made to Landlord and to any municipality in which the Premises is located on or before December 31,:1998 and December 31 of each year thereafter during the Term. Tenant agrees that the valuation of the Premises shall be made by Landlord's Tax Assessor according to the Schedule of Values adopted by..Landlord fxom time to time and that the determination of the true value in money of the Premises. shall be made by Landlord's Tax Assessor.. Tenant rttay, at .its expense, in good faith, contest any such: taxes, assessments and other similar charges or the valuation on which the same are based, and, in the event of .any such contest, may pay the taxes., assessments or other charges .under protest during the period of such contest and any appeal therefrom. In the event it .is determined by Tenant and Landlord or by the tribunal which ordinarily has~jur:sdiction that such tribunal does not have jurisdiction or is otherwise riot ,permitted to act as a foruzii;n consequence of the fact that Tenant's liability for. the tax is contractual rather than imposed by law, then either party may submit a challenge to a tax, assessment or other similar charge or valuation to arbitration by an arbitration panel made up of MAI qualifedlcertfied appraisers. Landlord shall select .one appraiser; Tenant shall select one appraiser; the appraiser selected by Landlord and Tenant shall select. a third appraiser and the decision of -the arbitration panel shall. be binding on both parties. Ta the extent. that enforcement of the payment of any such taxes, assessments and other charges in the event of any contest are legally stayed during the period of. such contest, such taxes, assessments and other charges may