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R11 BOOK . , 43. PARE 402 Cooperation Agreement Page 2 in payment for the Public services and facilities furnished from time to time without other cost or charge for or with respect to such Project. (b) Each such annual Payment in Lieu of Taxes shall be made at the time when real property taxes on such Project would be paid if it were subject to taxation, and shall be in an amount equal to either (i) ten percent (10%) of the Shelter Rent actually collected but in no event to exceed ten percent (10%) of the Shelter Rent charged by the Local Authority in respect to such Project during the 12 months' period ending September 30 before such payment is made or (ii) the amount permitted to be paid by applicable State law in effect on the date such payment is made, whichever amount is the lower. fc) The County shall distribute the Payments in Lieu of Taxes among the Taxing Bodies in the proportion which the real property taxes which would have been paid to each Taxing Body for such year if the Project were not exempt from taxation bears to the total real property taxes which would have been paid to all of the Taxing Bodies for such year if the Project were not exempt from taxation; Provided, however, That no payment for any year shall be made to any Tax nBody in excess of the amount of the real property taxes which would have been paid to such Taxing Body for such year if the Project were not exempt from taxation. (d) Upon failure of the Local Authority to make any Payment in Lieu of Taxes, no lien against any Project or assets of the Local Authority shall attach, nor shall any interest or penalties accrue or attach on account thereof. 4. The County agrees that, subsequent to the date of initiation (as defined in the United States Housing Act of 1937) of each Project and within five years after the completion thereof, or such further period as may be approved by the Government there has been or will be elimination, as certified by the County, by demolition, condemnation, effective closing, or compulsory repair or improvement, of unsafe or insantiary dwelling units situated in the locality or metropolitan area in which such Project is located, substantially equal in number to the number of -newly constructed dwelling units provided by such Project; Provided, That, where more than one family is living in an unsafe or insantiary dwelling unit, the elimination of such unit shall count as the elimination of units equal to the number of families accommodated therein; and Provided, further, That this paragraph 4 shall not apply in the case of (i) any Project developed on the site of a Slum cleared subsequent to July 15, 1949, and that the dwelling units eliminated by the clearance of the site of such Project shall not be counted as elimination for any other Project or any other low -rent housing project, or (ii) any Project located in a rural nonfarm or Indian area. 5. During the period commencing with the date of the acquisition of any part of the site or sites of any Project and continuing so long as either (i) such Project is owned by a public body or governmental agency and is used for low -rent housing purposes, or (ii) any contract between the Local Authority and the Government for loans or annual contributions, or both, in connection with such Project remains in force and effect, or (iii) any bonds issued in connection with such Project or any monies due to the Government in connection with such Project remain unpaid, whichever period is the longest, the County without cost or charge to the Local Authority or.the tenants of such Project (other than the Payments in Lieu of Taxes) shall: (a) Furnish or cause to be furnished to the Local Authority and the tenants of such Project public services and facilities of the same character and to the same extent as are furnished from time to time without cost or charge to other dwellings and inhabitants in the County; _ M M