Minimum Assessment Agreement. As further consideration for this Agreement, Xxxxxxxxx shall execute, contemporaneous with the execution of this Agreement, an Assessment Agreement pursuant to the provisions of Iowa Code Section 403.6(19) specifying the Assessor’s Minimum Actual Value of the Development Property, with the Minimum Improvements thereon, for calculation of real property taxes in the form attached as Exhibit G (“Assessment Agreement” or “Minimum Assessment Agreement”). Specifically, Developer, the City, the County Assessor, the holder of any mortgage, and all prior lienholders shall agree to a minimum actual value of the Development Property, with the Minimum Improvements thereon, and the Development Property of not less than $750,000, before rollback, upon completion of the Minimum Improvements, but no later than January 1, 2023, until the Assessment Agreement Termination Date (as defined below). Such minimum actual value at the time applicable is herein referred to as the “Assessor’s Minimum Actual Value”. Nothing in the Assessment Agreement shall limit the discretion of the Assessor to assign an actual value to the Development Property in excess of such Assessor’s Minimum Actual Value nor prohibit Developer from seeking through the exercise of legal or administrative remedies a reduction in such actual value for property tax purposes; provided, however, that Developer shall not seek a reduction of such actual value below the Assessor’s Minimum Actual Value in any year so long as the Assessment Agreement shall remain in effect. The Assessment Agreement shall remain in effect until December 31, 2028 (the “Assessment Agreement Termination Date”). The Assessment Agreement shall be certified by the Assessor for the County as provided in Iowa Code Section 403.6(19) (2021) and shall be filed for record in the office of the County Recorder, and such filing shall constitute notice to any subsequent encumbrancer or purchaser of the Development Property or part thereof, whether voluntary or involuntary. Such Assessment Agreement shall be binding and enforceable in its entirety against any such subsequent purchaser or encumbrancer, as well as all prior lienholders and the holder of first mortgage, each of which shall sign a consent to the Minimum Assessment Agreement.
Minimum Assessment Agreement. The Minimum Improvements to be constructed upon the Property are anticipated to have an assessed value of $46,125,00049,125,000 by January 2, 2022.
Minimum Assessment Agreement. The Bank agrees to enter into an assessment agreement (the “Assessment Agreement”), pursuant to Section 403.6 of the Code of Iowa fixing the minimum assessed valuation of the Property, in contemplation of the value to be added by the proposed Project, at not less than Three Million Dollars ($3,000,000) (the “Minimum Assessed Valuation”) as of January 1, 2020 (the “First Valuation Date”). It is intended by the Bank that the Minimum Assessed Valuation shall be established on the Delaware County property tax rolls as of the First Valuation Date regardless of the then-current degree of completion or incompletion of the Project. The Assessment Agreement shall be in substantially the form attached hereto as Exhibit D and shall remain in effect throughout the Term, as hereinafter defined, of this Agreement.
Minimum Assessment Agreement. Assignee acknowledges that the Development Property is subject to and burdened by that certain Minimum Assessment Agreement dated December , 2019 and recorded in the Recording Office as Document No. (the “Minimum Assessment Agreement”). Assignee shall comply with the terms and conditions of the Minimum Assessment Agreement as they relate to the Development Property for so long as the Minimum Assessment Agreement remains in effect with respect to the Development Property. Throughout the term of the Minimum Assessment Agreement, Assignee shall take no action or permit any Assignee Parties or others under Assignee’s control to take any action to cause the Development Property or any portion thereof to be no longer generally subject to real property taxation. Before the termination of the Minimum Assessment Agreement, Assignee shall not:
Minimum Assessment Agreement. Workiva agrees that it shall execute a Minimum Assessment on the date of execution of this agreement in form and content to be mutually agreed, but substantially as set forth in Attachment B, which attachment is hereby made a part of this agreement by reference (the “Assessment Agreement”). The Assessment Agreement shall set forth the minimum value of the land and completed improvements on the land until the termination date specified therein. The agreement shall provide that the land and any improvements constructed by the Developer shall have an agreed taxable valuation of not less than $13,036,647 by January 1, 2015, subject to the terms and conditions therein.
Minimum Assessment Agreement. 8-1-2016
Minimum Assessment Agreement. Xxxxxxx acknowledges that the Development Property is subject to and burdened by that certain Minimum Assessment Agreement dated December , 2019 and recorded in the Recording Office as Document No. (the “Minimum Assessment Agreement”). Xxxxxxx shall comply with the terms and conditions of the Minimum Assessment Agreement as they relate to the Development Property for so long as the Minimum Assessment Agreement remains in effect with respect to the Development Property. Throughout the term of the Minimum Assessment Agreement, Xxxxxxx shall take no action or permit any Xxxxxxx Parties or others under Xxxxxxx’x control to take any action to cause the Development Property or any portion thereof to be no longer generally subject to real property taxation. Before the termination of the Minimum Assessment Agreement, Xxxxxxx shall not:
Minimum Assessment Agreement a. As further consideration for this Agreement, Gatehouse, City and the Assessor shall execute an Assessment Agreement pursuant to the provisions of Iowa Code Section 403.6(19) specifying the Assessor's Minimum Actual Value for the Minimum Improvements on the Hotel Property for calculation of real property taxes in the form attached as Exhibit F ("Assessment Agreement" or "Minimum Assessment Agreement"). Specifically, Gatehouse, City, Assessor, the holder of any mortgage and all prior lienholders shall agree to a Minimum Actual Value for the Minimum Improvements to be constructed on the Hotel Property of not less than $9,000,000 (building/improvement value) upon completion of the Minimum Improvements until the Assessment Agreement Termination Date (as defined below). Such minimum actual value at the time applicable is herein referred to as the "Assessor's Minimum Actual Value" (building/improvement value).
Minimum Assessment Agreement a. As further consideration for this Agreement, Developer, City and the City Assessor shall execute an Assessment Agreement pursuant to the provisions of Iowa Code Section 403.6(19) specifying the Assessor's Minimum Actual Value for the Minimum Improvements on the Development Property for calculation of real property taxes in the form attached as Exhibit F ("Assessment Agreement" or "Minimum Assessment Agreement"). Specifically, Developer, City, the City Assessor, the holder of any mortgage and all prior lienholders shall agree to a Minimum Actual Value for the Minimum Improvements to be constructed on the Development Property of not less than $100,000,000 upon completion of the Minimum Improvements until the Assessment Agreement Termination Date (as defined below). Such minimum actual value at the time applicable is herein referred to as the "Assessor's Minimum Actual Value" (taxable improvement value).
Minimum Assessment Agreement. The parties agree to enter into an Assessment Agreement in the form of that attached hereto as Exhibit F and to use their best efforts to cause the St. Louis County Assessor to execute the same. Promptly upon execution of the Assessment Agreement, Xxxxxxxxx agrees to record the Assessment Agreement in the office of the St. Louis County Recorder and/or Registrar of Title and to pay all costs associated therewith. Upon recordation, Developer shall promptly submit to DEDA an executed original of the Assessment Agreement showing the date and document numbers of record, or a certified copy of the filed original.
