Tax Payment Guarantee Sample Clauses

Tax Payment Guarantee. Developer estimates that the Comfort Suites Property will have a total assessed value, for real property tax purposes, of not less than Five Million Two Hundred Fifty Thousand Dollars ($5,250,000) as of January 1, 2022 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter. . If, in any year (the "Valuation Year") beginning with January 1, 2022, and until the Tax Payment Guarantee Termination Date, the total assessed value of the Comfort Suites Property is less than the Minimum Estimated Assessment, the Developer shall pay to the Village, in addition to the real property taxes owed on the Comfort Suites Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Comfort Suites Property for the Valuation Year if the Comfort Suites Property had a total assessed value equal to the Minimum Estimated Assessment, and (2) the amount of real property taxes owed on the Comfort Suites Property for the Valuation Year based on the Comfort Suites Property’s actual assessed value (the “Tax Payment Guarantee”). For purposes of this Agreement, the “Tax Payment Guarantee Termination Date” is the date on which the Village has been fully reimbursed for the Incentive Grant and Post Development Grant through the sum of (i) the Village’s portion of real estate taxes paid by Developer on the portion of the assessed value of the Comfort Suites Property in excess of Comfort Suites Property Base Value, plus (ii) payments made under this Section. Any payments made to the Village under this section shall qualify as Excess Tax Increment for purposes of the Village satisfying its obligations under the Municipal Revenue Obligation until the Municipal Revenue Obligation has been paid in full or the TID Closure Date, whichever occurs first. Developer shall pay any amount due to the Village under this section in a single installment due on January 31 of the year in which real property taxes on the Comfort Suites Property are owed for the Valuation Year. Notwithstanding the foregoing, for each Valuation Year after the Tax Payment Guarantee Termination Date, the Tax Payment Guarantee shall no longer be applicable; but rather Developer shall be required only to make its annual real estate tax payments owed on the Comfort Suites Property as usual and customary.
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Tax Payment Guarantee. Developer estimates that the Property will have a total assessed value, for real property tax purposes, of not less than one million dollars ($1,000,000) as of January 1, 2025, and two million dollars ($2,000,000) as of January 1, 2026 and as of each January 1 thereafter (collectively the “Minimum Estimated Assessment”) until the Tax Payment Guarantee Termination Date. If, in any year (the "Valuation Year") beginning with January 1, 2025, and until the Tax Payment Guarantee Termination Date, the total assessed value of the Property is less than the Minimum Estimated Assessment, the Developer shall pay to the Village, in addition to the real property taxes owed on the Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Property for the Valuation Year if the Property had a total assessed value equal to the Minimum Estimated Assessment, and (2) the amount of real property taxes owed on the Property for the Valuation Year based on the Property’s actual assessed value (the “Tax Payment Guarantee”). For purposes of this Agreement, the “Tax Payment Guarantee Termination Date” Shall be January 1, 2029. Village shall submit to Developer an invoice reflecting any amounts due under this Section and Developer shall make the Tax Payment Guarantee payment within thirty (30) days thereafter.
Sample 1
Tax Payment Guarantee. Developer estimates that the JEK Property will have a total assessed value, for real property tax purposes, of not less than four million dollars ($4,000,000) as of January 1, 2023 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter until the Tax Payment Guarantee Termination Date. If, in any year (the "Valuation Year") beginning with January 1, 2023, and until the Tax Payment Guarantee Termination Date, the total assessed value of the JEK Property is less than the Minimum Estimated Assessment, the Developer shall pay to the Village, in addition to the real property taxes owed on the JEK Property, an amount equal to the difference between
Sample 1
Tax Payment Guarantee. Developer estimates that the Dolphin Swim Property will have a total assessed value, for real property tax purposes, of not less than One Million Five Hundred Thousand Dollars ($1,500,000) as of January 1, 2022 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter until the Tax Payment Guarantee Termination Date. If, in any year (the "Valuation Year") beginning with January 1, 2022, and until the Tax Payment Guarantee Termination Date, the total assessed value of the Dolphin Swim Property is less than the Minimum Estimated Assessment, the Developer shall pay to the Village, in addition to the real property taxes owed on the Dolphin Swim Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Dolphin Swim Property for the Valuation Year if the Dolphin Swim Property had a total assessed value equal to the Minimum Estimated Assessment, and (2) the amount of real property taxes owed on the Dolphin Swim Property for the Valuation Year based on the Dolphin Swim Property’s actual assessed value (the “Tax Payment Guarantee”).
Sample 1

Related to Tax Payment Guarantee

  • Payment Guarantee 20.1 On Contracts where one hundred (100%) percent performance bonds and payment bonds are executed, this Article 20 does not apply.

  • Money Back Guarantee If we provide a money back guarantee ("MBG") for your Service, it will begin on your Service Ready Date. During this MBG period you may cancel your Service and receive a full refund of all monthly, one-time and equipment charges paid to Verizon (provided you return all Equipment in good working condition). If you fail to return the Equipment, an unreturned Equipment fee will apply. ETFs will not apply to Service terminated within the MBG period. The MBG does not apply to customers who change between or renew bundle, monthly, term or other pricing plans. The MBG is limited to one per Subscriber per Service type per Service address.

  • Weekly Guarantee Apprentices must be employed a minimum of forty (40) hours per week.

  • Termination in relation to Guarantee The Authority may terminate this Framework Agreement by serving notice on the Supplier in writing with effect from the date specified in such notice if the Supplier is required to procure a Guarantee from a Guarantor pursuant to Clause 33 (Guarantee) where:

  • Continuing Guarantee This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.

  • Performance Guarantee 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire.

  • Condition Precedent: Requirement for Parent Company Guarantee It shall be a condition of this Framework Agreement that, if required by the Authority, the Contractor shall deliver a validly executed parent company guarantee in the form set out in Schedule 6 to this Framework Agreement. The rights and obligations of the Parties shall have no force or effect unless the parent company guarantee has been properly executed and delivered to the Authority. The parties acknowledge that if this condition has not been fulfilled any performance of this Framework Agreement by the Contractor shall be at the risk of the Contractor and the Authority shall not be liable for and the Contractor irrevocably waives any entitlement to payment of any fees, expenses or other payments in relation to such performance. Where the Contractor has failed to fulfil this condition within 14 days of the date of last subscription of the Framework Agreement the Authority shall have the right to terminate the Framework Agreement by notice in writing to the Contractor.

  • Parent Company Guarantee Upon execution of this CONTRACT, the CONTRACTOR shall deliver to the COMPANY a PARENT COMPANY GUARANTEE from the company named in Appendix 1 to Section I – Form of Agreement for proper performance of its obligations under this Contract. The CONTRACTOR shall maintain in force the PARENT COMPANY GUARANTEE for the duration of its liability under this CONTRACT.

  • The Guarantee Each Guarantor hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not merely as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrower, and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party or any Subsidiary under any Loan Document or any Secured Hedge Agreement or any Treasury Services Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the “Guaranteed Obligations”); provided, however, that Guaranteed Obligations shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

  • Guarantee The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by the Issuer), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer may have or assert. The Guarantor's obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders.

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