Common use of Tax Payment Guarantee Clause in Contracts

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.

Tax Payment Guarantee. Developer estimates that the Comfort Suites Xxxxxx Property will have a total assessed value, for real property tax purposes, of not less than Five Million Two Hundred Fifty Thousand Dollars one million seven hundred fifty thousand dollars ($5,250,0001,750,000) as of January 1, 2022 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter. 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 Comfort Suites Xxxxxx 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 Xxxxxx Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Comfort Suites Xxxxxx Property for the Valuation Year if the Comfort Suites Xxxxxx 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 Xxxxxx Property for the Valuation Year based on the Comfort Suites Xxxxxx 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 received payments from Developer in an amount equal to the Incentive Grant and Post Development Grant the Municipal Revenue Obligation through the sum of all of the following, paid to the Village beginning the year after the Village makes its final payment to Developer under the Municipal Revenue Obligation: (i) the Village’s portion of the real estate taxes paid by Developer on the portion of the assessed value of the Comfort Suites Xxxxxx Property in excess of Comfort Suites Xxxxxx Property Base Value, plus (ii) payments made under this Section. Any Tax Payment Guarantee payments made by the Developer to the Village under this section Section shall qualify as Excess Xxxxxx Property 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. Village shall submit to Developer an invoice reflecting any amounts due under this Section and 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 make 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 customarypayment within thirty (30) days thereafter.

Tax Payment Guarantee. Developer estimates that the Comfort Suites Avid Real Estate Property will have a total assessed value, for real property tax purposes, of not less than Five Million Two Hundred Fifty Thousand Dollars three million dollars ($5,250,0003,000,000) as of January 1, 2022 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter. 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 Comfort Suites Avid Real Estate 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 Avid Real Estate Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Comfort Suites Avid Real Estate Property for the Valuation Year if the Comfort Suites Avid Real Estate 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 Avid Real Estate Property for the Valuation Year based on the Comfort Suites Avid Real Estate 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 received payments from Developer in an amount equal to the Incentive Grant and Post Development Grant the Municipal Revenue Obligation through the sum of all of the following, paid to the Village beginning the year after the Village makes its final payment to Developer under the Municipal Revenue Obligation: (i) the Village’s portion of the real estate taxes paid by Developer on the portion of the assessed value of the Comfort Suites Avid Real Estate Property in excess of Comfort Suites Avid Real Estate Property Base Value, plus (ii) payments made under this Section. Any If Developer makes Tax Payment Guarantee payments made to the Village under this section Section, the Minimum Estimated Assessment shall qualify as Excess be used in the calculation of the Avid Real Estate Property 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. Village shall submit to Developer an invoice reflecting any amounts due under this Section and 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 make 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 customarypayment within thirty (30) days thereafter.

Tax Payment Guarantee. Developer estimates that the Comfort Suites Jump Around Property will have a total assessed value, for real property tax purposes, of not less than Five Million Two Hundred Fifty Thousand Dollars one million dollars ($5,250,0001,000,000) as of January 1, 2022 2023 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter. thereafter until the Tax Payment Guarantee Termination Date. If, in any year (the "Valuation Year") beginning with January 1, 20222023, and until the Tax Payment Guarantee Termination Date, the total assessed value of the Comfort Suites Jump Around 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 Jump Around Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Comfort Suites Jump Around Property for the Valuation Year if the Comfort Suites Jump Around 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 Jump Around Property for the Valuation Year based on the Comfort Suites Jump Around Property’s actual assessed value (the “Tax Payment Guarantee”). For purposes of this Agreement, the “Tax Payment Guarantee Termination Date” is five years after the date on which the Village has been fully reimbursed for received payments from Developer in an amount equal to the Incentive Grant and Post Development Grant Closing Credit through the sum of all of the following: (i) the Village’s portion of the 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 ValueJump Around Property, plus (ii) payments made under this Section. Any payments made Village shall submit to the Village Developer an invoice reflecting any amounts due 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. Section and 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 make 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 customarypayment within thirty (30) days thereafter.

Tax Payment Guarantee. Developer estimates that the Comfort Suites Grand Appliance Property will have a total assessed value, for real property tax purposes, of not less than Five Million Two Hundred Fifty Thousand Dollars one million dollars ($5,250,0001,000,000) as of January 1, 2022 2022, and not less than two million eight- hundred thousand dollars ($2,800,000) as of January 1, 2023 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter. 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 Comfort Suites Grand Appliance 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 Grand Appliance Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Comfort Suites Grand Appliance Property for the Valuation Year if the Comfort Suites Grand Appliance 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 Grand Appliance Property for the Valuation Year based on the Comfort Suites Grand Appliance Property’s actual assessed value (the “Tax Payment Guarantee”). For purposes of this Agreement, the “Tax Payment Guarantee Termination Date” is the later of five years after the TID Closure Date or five years after the date on which the Village has been fully reimbursed for received payments from Developer in an amount equal to the Incentive Grant and Post Development Grant Municipal Revenue Obligation through the sum of all of the following, paid to the Village beginning the year after the Village makes its final payment to Developer under the Municipal Revenue Obligation: (i) the Village’s portion of the real estate taxes paid by Developer on the portion of the assessed value of the Comfort Suites Grand Appliance Property in excess of Comfort Suites Grand Appliance Property Base Value, plus (ii) payments made under this Section. Any Tax Payment Guarantee payments made by the Developer to the Village under this section Section shall qualify as Excess Grand Appliance Property 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. Village shall submit to Developer an invoice reflecting any amounts due under this Section and 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 make 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.payment within thirty

Tax Payment Guarantee. Developer estimates that the Comfort Suites Xxxx Xxxxx Apartments Property will have a total assessed value, for real property tax purposes, of not less than Five Million Two Hundred Fifty Thousand Dollars six million five hundred thousand dollars ($5,250,0006,500,000) as of January 1, 2022 2023 (the “Minimum Estimated Assessment”), and as of each January 1 thereafter. thereafter until the Tax Payment Guarantee Termination Date. If, in any year (the "Valuation Year") beginning with January 1, 20222023, and until the Tax Payment Guarantee Termination Date, the total assessed value of the Comfort Suites Xxxx Xxxxx Apartments 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 Xxxx Xxxxx Apartments Property, an amount equal to the difference between (1) the amount of real property taxes that would have been payable for the Comfort Suites Xxxx Xxxxx Apartments Property for the Valuation Year if the Comfort Suites Xxxx Xxxxx Apartments 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 Xxxx Xxxxx Apartments Property for the Valuation Year based on the Comfort Suites Xxxx Xxxxx Apartments Property’s actual assessed value (the “Tax Payment Guarantee”). For purposes of this Agreement, the “Tax Payment Guarantee Termination Date” is the later of the TID Closure Date or the date on which the Village has been fully reimbursed for received payments from Developer in an amount equal to the Incentive Grant and Post Development Grant the Municipal Revenue Obligation through the sum of all of the following, paid to the Village beginning the year after the Village makes its final payment to Developer under the Municipal Revenue Obligation: (i) the Village’s portion of the real estate taxes paid by Developer on the portion of the assessed value of the Comfort Suites Xxxx Xxxxx Apartments Property in excess of Comfort Suites Xxxx Xxxxx Apartments Property Base Value, plus (ii) payments made under this Section. Any payments made to the Village under this section Section shall qualify as Excess Xxxx Xxxxx Apartments Property 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. Village shall submit to Developer shall pay an invoice reflecting any amount amounts due to the Village under this section in a single installment due on Section by January 31 of the year in which real property taxes on the Comfort Suites Xxxx Xxxxx Apartments Property are owed for the Valuation Year, and Developer shall make the Tax Payment Guarantee payment within thirty (30) days thereafter. 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 Xxxx Xxxxx Apartments Property as usual and customary.