Common use of Guaranty Obligations Clause in Contracts

Guaranty Obligations. If on or any time after the Guarantied Value Date, whether as a result of an Uncured Casualty Loss or otherwise, the Equalized Value of the Property is less than the Guarantied Value (each a “Shortfall Event”), then Developer shall owe the City an amount equal to the difference between (a) the Tax Increment the City otherwise would have received on the Property if the Property’s Equalized Value equaled the Guarantied Value, and (b) the Tax Increment received by the City in the year a Shortfall Event occurs (such difference between (a) and (b) being referred to herein as the “Tax Increment Shortfall”). If a Tax Increment Shortfall is owed to the City, then unless and until the Equalized Value of the Property increases to at least the Guarantied Value, for each January 1 following a Shortfall Event, that the Equalized Value of the Property is less than the Guarantied Value, Developer shall pay to the City an amount equal to the Tax Increment Shortfall for such calendar year. If and when the Equalized Value of the Property as of any January 1 is equal to or greater than the Guarantied Value: (i) the Default related to non-compliance with the Guarantied Value requirement shall be deemed cured, (ii) no further January 1 assessment valuations shall occur or be required, and (iii) no Tax Increment Shortfall payment obligation shall be incurred for such year or any year thereafter, unless a new Shortfall Event occurs. If a Tax Increment Shortfall continues through the closing of the District, no further Equalized Value assessment calculations shall occur and no further Tax Increment Shortfall payment obligations of Developer shall arise after the District is closed. Xxxxxxxxx agrees that it shall not, and hereby waives any right to, during the life of the District, challenge the assessed value of the Property.

Guaranty Obligations. If on or any time after the Guarantied Value Date, whether as a result of an Uncured Casualty Loss a Reconstruction Event or otherwise, the Equalized Value of the Property is less than the Guarantied Value (each a “Shortfall Event”), then Developer and Guarantor shall jointly and severally owe the City an amount equal to the difference between (a) the Tax Increment the City otherwise would have received on the Property if the Property’s Equalized Value equaled the Guarantied Value, and (b) the Tax Increment received by the City in the year a Shortfall Event occurs (such difference between (a) and (b) being referred to herein as the “Tax Increment Shortfall”). If a Tax Increment Shortfall is owed to the City, then unless and until the Equalized Value of the Property increases to at least the Guarantied Value, for each January 1 following a Shortfall Event, that the Equalized Value of the Property is less than the Guarantied Value, Developer and the Guarantor, shall pay to the City an amount equal to the Tax Increment Shortfall for such calendar year. If and when the Equalized Value of the Property as of any January 1 is equal to or greater than the Guarantied Value: (i) the Default related to non-non- compliance with the Guarantied Value requirement shall be deemed cured, (ii) no further January 1 assessment valuations shall occur or be required, and (iii) no Tax Increment Shortfall payment obligation shall be incurred for such year or any year thereafter, unless a new Shortfall Event occurs. If a Tax Increment Shortfall continues through the closing of the District, no further Equalized Value assessment calculations shall occur and no further Tax Increment Shortfall payment obligations of Developer or the Guarantor shall arise after the District is closed. Xxxxxxxxx Developer agrees that it shall not, and hereby waives any right to, during the life of the District, challenge the assessed value of the Property, if such assessed value is at or below the Guarantied Value.

Guaranty Obligations. If on or any time after the a Guarantied Value Date, whether as a result of an Uncured Casualty Loss or otherwise, the Equalized Value of the Property Apartment Parcel is less than the corresponding Guarantied Value (each a “Shortfall Event”), then Developer and the Guarantor shall jointly and severally owe the City an amount equal to the difference between (a) the Tax Increment Priority Project Costs (as defined below and including, without limitation, debt service payments owed by the City otherwise would have received on City) due and owing for the Property if the Property’s Equalized Value equaled the Guarantied Valueyear in which a Shortfall Event occurs, and (b) the Tax Increment received by the City in the year a Shortfall Event occurs (such difference between (a) and (b) being referred to herein as the “Tax Increment Shortfall”). If a Tax Increment Shortfall is owed to the City, then unless and until the Equalized Value of the Property increases to at least Apartment Parcel achieves the corresponding Guarantied Value for the Guarantied ValueValue Date, for each January 1 following a Shortfall Event, that the Equalized Value of the Property Apartment Parcel is less than the applicable Guarantied Value, Developer and the Guarantor, shall pay to the City an amount equal to the Tax Increment Shortfall for such calendar year. If and when the Equalized Value of the Property Apartment Parcel as of any January 1 is equal to or greater than the Guarantied Value: (i) the Default related to non-compliance with the applicable Guarantied Value requirement shall be deemed curedfor the corresponding Guarantied Value Date, (ii) no further January 1 assessment valuations shall occur or be required, required and (iii) no Tax Increment Shortfall payment obligation shall be incurred for such year or any year thereafter, thereafter unless a new Shortfall Event occurs. If a Tax Increment Shortfall continues through the closing of the DistrictIn addition, no further Equalized Value assessment calculations shall occur and no further Tax Increment Shortfall payment obligations of Developer or the Guarantor shall arise after the District is closed. Xxxxxxxxx agrees that it shall not, and hereby waives any right to, during the life of the District, challenge the assessed value of the PropertyApartment Parcel.

Guaranty Obligations. If on or any time after the Guarantied Value Date, whether as a result of an Uncured Casualty Loss a Reconstruction Event or otherwise, the Equalized Value of the Developer Property is less than the Guarantied Value (each a “Shortfall Event”), then Developer shall owe the City an amount equal to the difference between (a) the Tax Increment the City otherwise would have received on the Developer Property if the Developer Property’s Equalized Value equaled the Guarantied Value, and (b) the Tax Increment received by the City in the year a Shortfall Event occurs (such difference between (a) and (b) being referred to herein as the “Tax Increment Shortfall”). If a Tax Increment Shortfall is owed to the City, then unless and until the Equalized Value of the Developer Property increases to at least the Guarantied Value, for each January 1 following a Shortfall Event, that the Equalized Value of the Developer Property is less than the Guarantied Value, Developer shall pay to the City an amount equal to the Tax Increment Shortfall for such calendar year. If and when the Equalized Value of the Developer Property as of any January 1 is equal to or greater than the Guarantied Value: (i) the Default related to non-compliance with the Guarantied Value requirement shall be deemed cured, (ii) no further January 1 assessment valuations shall occur or be required, and (iii) no Tax Increment Shortfall payment obligation shall be incurred for such year or any year thereafter, unless a new Shortfall Event occurs. If a Tax Increment Shortfall continues through the closing of the District, no further Equalized Value assessment calculations shall occur and no further Tax Increment Shortfall payment obligations of Developer shall arise after the District is closed. Xxxxxxxxx agrees that it shall not, and hereby waives any right to, during the life of the District, challenge the assessed value of the Developer Property, if such assessed value is at or below the Guarantied Value.