Guarantied Value. The parties anticipate that, upon completion, the currently contemplated land and improvements related to the Project will have an equalized value for purposes of real property assessment (“Equalized Value”) of not less than Five Million Dollars ($5,000,000.00; the “Guarantied Value”) by December 31, 2025. As a condition to entering into this Agreement, the City requires that Developer guaranty a minimum Equalized Value for the land and improvements related to the Project. By executing this Agreement, Developer hereby guaranties that, on and after December 31, 2025 (the “Guarantied Value Date”), the Equalized Value of the land and improvements on the Property shall at all times during the life of the District be at least the Guarantied Value. If the Equalized Value of the Property is less than the Guarantied Value any time on or after the Guarantied Value Date, the Developer shall be in Default under this Agreement.
Guarantied Value. The parties anticipate that, upon completion, the currently contemplated land and improvements related to the Project will have an equalized value for purposes of real property assessment (“Equalized Value”) of not less than Fifty-Four Million Dollars ($54,000,000.00; the “Guarantied Value”) on the third (3rd) anniversary of the date upon which the Developer receives certificates of occupancy for the Project (the “Guarantied Value Date”). As a condition to entering into this Agreement, the City requires that Developer guaranty a minimum Equalized Value for the land and improvements related to the Project. By executing this Agreement, Developer guaranties that, on and after the Guarantied Value Date, the Equalized Value of the land and improvements on the Developer Property shall at all times during the life of the District be at least the Guarantied Value. If the Equalized Value of the Developer Property is less than the Guarantied Value any time on or after the Guarantied Value Date, the Developer shall be in Default under this Agreement. Notwithstanding the foregoing, if the Equalized Value of the Developer Property is less than the Guarantied Value at any time on or after the Guarantied Value Date solely as a result of a Reconstruction Event, then the Developer shall not be in Default under this Agreement, provided the Developer complies with the terms of Section 3.9 above regarding such Reconstruction Event; and, furthermore, if the Equalized Value of the Developer Property is less than the Guarantied Value at any time on or after the Guarantied Value Date but the Project was timely completed by Developer and Developer is making all Tax Increment Shortfall payments required in Section 4.3 below, then the Developer shall not be in Default under this Agreement. For the avoidance of any doubt and notwithstanding any provision herein to the contrary, in the event that the Project is not fully-constructed or fully-reconstructed timely by Developer in accordance with the terms of this Agreement, Developer shall be in Default under this Agreement.
Guarantied Value. The parties anticipate that, upon completion, the currently contemplated land and improvements related to the Project will have an equalized value for purposes of real property assessment (“Equalized Value”) of not less than Five Million Eight Hundred Thousand Dollars ($5,800,000.00; the “Guarantied Value”) by December 31, 2026 (the “Guarantied Value Date”). As a condition to entering into this Agreement, the City requires that Developer guaranty a minimum Equalized Value for the land and improvements related to the Project. By executing this Agreement, Developer and Xxxxx Xxxxxxx (the “Guarantor”) each hereby jointly and severally guaranties that, on and after the Guarantied Value Date, the Equalized Value of the land and improvements on the Property shall at all times during the life of the District be at least the Guarantied Value. If the Equalized Value of the Property is less than the Guarantied Value any time on or after the Guarantied Value Date, the Developer shall be in Default under this Agreement.
Guarantied Value. The parties anticipate that, upon completion, the currently contemplated land and improvements related to the Project will have an equalized value for purposes of real property assessment (“Equalized Value”) of not less than: (a) Eight Million Dollars ($8,000,000) by December 31, 2024, (b) Twelve Million Five Hundred Thousand Dollars ($12,500,000) by December 31, 2026, and (c) Twenty Million Dollars ($20,000,000) by the later of: (i) December 31, 2027, and (ii) the immediately succeeding December 31 after the Completion Date. As a condition to entering into this Agreement, the City requires that Developer guaranty a minimum Equalized Value for the land and improvements related to the Project. By executing this Agreement, Developer and Xxxx Xxxxxxx (the “Guarantor”) each hereby jointly and severally guaranties that, on and after the dates set forth in the table below (each a “Guarantied Value Date”), the Equalized Value of the land and improvements on the Apartment Parcel shall at all times during the life of the District be at least the amounts set forth in the table below (each, the “Guarantied Value”). December 31, 2027 and through the life of the District $20,000,000 3.2 Failure to Construct. If Developer provides a Commencement Notice as required by Section 2.1 but does not timely complete construction of the Project, then Developer and Guarantor shall repay to the City all sums incurred by the City in reliance upon the Commencement Notice and not recoverable from Tax Increments from the District. All repayments shall be completed within thirty (30) days after Developer’s non-performance or Default under this Agreement.
