Prohibition Against Use as Non-Taxable or Centrally Assessed Property. During the term of this Agreement, the Developer or its successors, or assigns agree that the Development Property cannot be transferred or sold to a non-profit entity or used for a purpose that would exempt the Development Property or Minimum Improvements from property tax liability. Nor can the Development Property or Minimum Improvements be used as centrally assessed property (including but not limited to, Iowa Code § 428.24 to 428.29 (Public Utility Plants and Related Personal Property); Chapter 433 (Telegraph and Telephone Company Property); Chapter 434 (Railway Property); Chapter 437 (Electric Transmission Lines); Chapter 437A (Property Used in the Production, Generation, Transmission or Delivery of Electricity or Natural Gas); and Chapter 438 (Pipeline Property)).
Prohibition Against Use as Non-Taxable or Centrally Assessed Property. Until the Termination Date, Gatehouse, or its successors, or assigns agree that the Hotel Property cannot be transferred or sold to a non-profit entity or used for a purpose that would exempt the Hotel Property or Minimum Improvements from property tax liability. Nor can the Hotel Property or Minimum Improvements be used as centrally assessed property (including but not limited to, Iowa Code § 428.24 to 428.29 (Public Utility Plants and Related Personal Property); Chapter 433 (Telegraph and Telephone Company Property); Chapter 434 (Railway Property); Chapter 437 (Electric Transmission Lines); Chapter 437A (Property Used in the Production, Generation, Transmission or Delivery of Electricity or Natural Gas); and Chapter 438 (Pipeline Property)).
Prohibition Against Use as Non-Taxable or Centrally Assessed Property. Prior to the Termination Date, Developer or its permitted successors or assigns, agree that, except as set out in Section 3.1, the Indianola Industrial Park Property cannot be transferred or sold to a non-profit entity or used for a purpose that would exempt the Indianola Industrial Park Property from property tax liability. Nor can the Indianola Industrial Park Property or Indianola Industrial Park Project be used as centrally assessed property (including but not limited to, Iowa Code § 428.24 to 428.29 (Public Utility Plants and Related Personal Property); Chapter 433 (Telegraph and Telephone Company Property); Chapter 434 (Railway Property); Chapter 437 (Electric Transmission Lines); Chapter 437A (Property Used in the Production, Generation, Transmission or Delivery of Electricity or Natural Gas); and Chapter 438 (Pipeline Property)).
