Common use of Minimum Assessment Agreement Clause in Contracts

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. As further consideration for this Agreement, Xxxxxxxxx Developer, City, and the County Assessor shall execute, contemporaneous with the execution of this Agreement, execute 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 for the Minimum Improvements thereon, on the Development Property for calculation of real property taxes in the form attached as Exhibit G F (“Assessment Agreement” or “Minimum Assessment Agreement”). Specifically, Developer, the City, the County Assessor, the holder of any mortgage, mortgage and all prior lienholders shall agree to a minimum actual value of the Development Property, with for the Minimum Improvements thereon, to be constructed on the Development Property and the Development Property of not less than $750,000, before rollback, 5,000,000 upon completion of the Minimum Improvements, but no later than January 1, 20232021, 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”” (land and taxable improvement value). Nothing in the Assessment Agreement shall limit the discretion of the Assessor to assign an actual value to the Development Property 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 2031 (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) (20212019) 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 mortgagethe First Mortgage, each of which shall sign a consent to the Minimum Assessment Agreement.

Minimum Assessment Agreement. As further consideration for this Agreement, Xxxxxxxxx shall execute, contemporaneous with Upon the execution of this Agreement, an the Developer and the City shall execute a Minimum Assessment Agreement pursuant to the provisions of Iowa Code Section 403.6(19) of the Code specifying the Assessor’s 's Minimum Actual Value of the Development Property, with for the Minimum Improvements thereon, and the Development Property for calculation of real property taxes in the form attached as Exhibit G D (“"Assessment Agreement” " or “"Minimum Assessment Agreement”"). Specifically, Developer, the City, the County Assessor, the holder of any mortgage, and all prior lienholders Developer shall agree to a minimum actual value of the Development Property, with for the Minimum Improvements thereon, and the Development Property of not less than One Million Three Hundred Ninety-five Thousand Dollars ($750,000, before rollback, upon completion 1,395,000) (building and land value) as of the Minimum Improvements, but no later than January 1, 20232024 until December 31, until 2029 (the "Assessment Agreement Termination Date (as defined belowDate"). Such minimum actual value at the time applicable is herein referred to as the “"Assessor’s '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 property in excess of such Assessor’s 's Minimum Actual Value nor prohibit the Developer from seeking through the exercise of legal or administrative remedies a reduction in such actual value for property tax purposes; provided, however, that the Developer shall not seek a reduction of such actual value below the Assessor’s '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) of the Code 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 the holder of the First Mortgage and any such subsequent purchaser or encumbrancer, as well as all prior lienholders and the holder of first mortgage, each of which . Developer shall ensure that any existing lienholder shall sign a written consent to the Minimum Assessment AgreementAgreement in a form satisfactory to the City.

Minimum Assessment Agreement. As further consideration for this Agreement, Xxxxxxxxx Developer, City and the County Assessor shall execute, contemporaneous with the execution of this Agreement, execute an Assessment Agreement pursuant to the provisions of Iowa Code Section 403.6(19) specifying the Assessor’s 's Minimum Actual Value of the Development Property, with for the Minimum Improvements thereon, on the Development Property 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, mortgage and all prior lienholders shall agree to a minimum actual value of the Development Property, with for the Minimum Improvements thereon, to be constructed on the Development Property and the Development Property of not less than $750,000, before rollback, 3,000,000 upon completion of the Minimum Improvements, but no later than January 1, 2023, 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 's Minimum Actual Value”" (land and taxable improvement value). Nothing in the Assessment Agreement shall limit the discretion of the Assessor to assign an actual value to the Development Property property in excess of such Assessor’s '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 '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 31June 30, 2028 2029 (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) (20212015) 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 mortgagethe First Mortgage, each of which shall sign a consent to the Minimum Assessment Agreement. This Article shall survive the Closing.