191-18 Exhibit.pdf

contained in the Application of which a form of this Agreement was included as a part thereof. LLC and the Project shall at all times prior to the expiration or other termination of this Agreement remain bound by all of the provisions of the Law. 2. Tax Abatement: From and after the date of issuance of the permanent certificate of occupancy by the Municipality building department or the Municipality construction code official, with respect to the Project (hereinafter the "Substantial Completion Date") and until the last day of the calendar year during which occurs the thirtieth anniversary of such date, the Project shall be exempt from taxation on all improvements constituting the Project in accordance with the Law, unless sooner terminated as provided in Paragraph 8. The Project shall make a payment in lieu of such taxes as is specified in Paragraph 3. This exemption shall not apply to any real estate taxes payable on the land on which the Project is located. Also, the real estate taxes paid on the land shall be credited against the service charge payable in accordance with Paragraph 3. LLC warrants and represents that it shall use, manage and operate the Project as represented in the Application or otherwise for residential housing for low income and market rate citizens throughout the term of this agreement. 3. Payments in Lieu of Taxes: In consideration of the aforesaid abatement of taxation on Project improvements during the term of exemption for the period commencing with the Substantial Completion Date and ending in the calendar year as set forth in Paragraph 2, LLC shall pay to the Municipality an annual service charge for municipal services (herein “Annual Service Charge”) supplied to the Project. The annual service charge shall be equal to ten (10%) percent of the Project Revenue; provided that the Annual Service Charge from years 1-15 shall not be less than the minimum specified in Paragraph 4 herein below and further provided that during years 16 through 21 the Annual Service Charge shall not be less than the amount specified in the N.J.S.A. 40A:20- 12 (b) (2) (b) sand during years 22 through 27 not less than amount specified in N.J.S.A.40A:20-12(b) (2) (c); and for years 28 and 29 not less than the amount specified in N.J.S.A. 40A:20- (12) (b) (2) (d); and for year 30 not less than the amount specified in N.J.S.A. 40A:20-12(b) (2) (e). LLC

2(b) (2) (c); and for years 28 and 29 not less than the amount specified in N.J.S.A. 40A:20- (12) (b) (2) (d); and for year 30 not less than the amount specified in N.J.S.A. 40A:20-12(b) (2) (e). LLC shall be entitled to an annual credit against the Annual Service Charge in the amount of any real estate taxes on land paid by it for the year. The Annual Service Charge, as adjusted, shall be payable by LLC to the Municipality in four (4) quarterly instaliments as are nearly equal as practicable on those dates when quarterly real estate tax payments are due the Municipality. ROS:$64 175.1 /6en056-240825 2