how to use spfile with taxanomies

I am trying to add a file and column data to a list but get this error An exception of type 'Microsoft.SharePoint.SPException' occurred in Microsoft.SharePoint.dll but was not handled in user code

        using (SPWeb web = mysites.RootWeb)
                        {
                            mysites.OpenWeb();

                            SPList list = web.Lists["MyList"];
                            string file = fileName;

                            Stream fStream = File.OpenRead(file);
                            var byteArray = new byte[fStream.Length];
                            string filename = System.IO.Path.GetFileName(file);
                            if (list != null)
                            {
                                string fileUrl = list.RootFolder.Url + "/" + filename;
                                SPFile fileSp = list.RootFolder.Files.Add(fileUrl, byteArray, true);
                                SPListItem item = fileSp.Item;
                                item["Name"] = fileSp;

                                foreach (var pair in termsDic)
                                {
                                    var key = pair.Key;
                                    var value = pair.Value;

                                        TaxonomyField taxonomyField = web.Site.RootWeb.Fields["Type"] as TaxonomyField;
                                        TaxonomyFieldValue taxonomyFieldValue = new TaxonomyFieldValue(taxonomyField);
                                        taxonomyFieldValue.TermGuid = value;
                                        taxonomyFieldValue.Label = valKey;
                                        item["Type"] = taxonomyFieldValue;
                                    }



                                    }

                                }

                                item.Update();