Common use of Increment Guaranty Clause in Contracts

Increment Guaranty. The Developer herby guarantees that commencing in 2018, Tax Increments received during each calendar year will be at least equal to the debt service payable by the City during such calendar year on all amounts disbursed for or on behalf of the Project. In the event that there is an Annual Tax Increment Deficit in any given year, the City shall notify the Developer, in writing, that there is an Annual Tax Increment Deficit, and the amounts of the Annual Tax Increment Deficit (“Deficit Notice”). Within thirty (30) days after the Deficit Notice, Developer shall pay the City an amount equal to the Annual Tax Increment Deficit (a “Guaranty Payment”).

Increment Guaranty. The Developer herby hereby guarantees that commencing in 2018, Tax Increments received during each calendar year will be at least equal to the debt service payable by the City during such calendar year on all amounts disbursed for or on behalf of the Project. In the event that there is an Annual Tax Increment Deficit in any given year, the City shall notify the Developer, in writing, that there is an Annual Tax Increment Deficit, and the amounts of the Annual Tax Increment Deficit (“Deficit Notice”). Within thirty (30) days after the Deficit Notice, Developer shall pay the City an amount equal to the Annual Tax Increment Deficit (a “Guaranty Payment”)Deficit.