Common use of Agreed Upon Minimum Clause in Contracts

Agreed Upon Minimum. The Owner agrees that the minimum market value of the Land and the Project for ad valorem tax purposes, for the assessment made as of January 2, 2020, shall be not less than $ and shall not be reduced by any action taken by the Owner (other than a deed in lieu of, or under threat of, condemnation by the City of Delano, Xxxxxx County, or other condemning authority), to less than the said amount, and that during the term of this Assessment Agreement no reduction of the market value therefor below said minimum market value shall be sought by the Owner or granted by any public official or court except in accordance with Minnesota Statutes, Section 469.177, subdivision 8. This minimum market value shall apply only to the Land, the Project and any other facilities situated on the Land. In the event of involuntary conversion of the Land and the Project for any reason (other than condemnation by a public entity), the minimum market value shall not be reduced to an amount less than said minimum market value The Owner acknowledges and agrees that the Land and the Project are subject to ad valorem property taxation and that such property taxes constitute taxes on “real property” (as provided in Section 469.174, subdivisions 4 and 7(d) of the TIF Act) and, to the extent reflecting net tax capacity rates of taxing jurisdictions levied against the captured net tax capacity of the District, tax increment.

Agreed Upon Minimum. The Owner agrees that the minimum market value of the Land and the Project for ad valorem tax purposes, for the assessment made as of January 2, 20202023, shall be not less than $ $9,362,500 and shall not be reduced by any action taken by the Owner (other than a deed in lieu of, or under threat of, condemnation by the City of Delano, Xxxxxx County, or other condemning authority), to less than the said amount, and that during the term of this Assessment Agreement no reduction of the market value therefor below said minimum market value shall be sought by the Owner or granted by any public official or court except in accordance with Minnesota Statutes, Section 469.177, subdivision 8. This minimum market value shall apply only to the Land, the Project and any other facilities situated on the Land. In the event of involuntary conversion of the Land and the Project for any reason (other than condemnation by a public entity), the minimum market value shall not be reduced to an amount less than said minimum market value The Owner acknowledges and agrees that the Land and the Project are subject to ad valorem property taxation and that such property taxes constitute taxes on “real property” (as provided in Section 469.174, subdivisions 4 and 7(d) of the TIF Act) and, to the extent reflecting net tax capacity rates of taxing jurisdictions levied against the captured net tax capacity of the District, tax increment.

Agreed Upon Minimum. The Owner agrees that the minimum market value of the Land and the Project for ad valorem tax purposes, for the assessment made as of January 2, 20202021, shall be not less than $ and shall not be reduced by any action taken by the Owner (other than a deed in lieu of, or under threat of, condemnation by the City of Delano, Xxxxxx County, or other condemning authority), to less than the said amount, and that during the term of this Assessment Agreement no reduction of the market value therefor below said minimum market value shall be sought by the Owner or granted by any public official or court except in accordance with Minnesota Statutes, Section 469.177, subdivision 8. This minimum market value shall apply only to the Land, the Project and any other facilities situated on the Land. In the event of involuntary conversion of the Land and the Project for any reason (other than condemnation by a public entity), the minimum market value shall not be reduced to an amount less than said minimum market value The Owner acknowledges and agrees that the Land and the Project are subject to ad valorem property taxation and that such property taxes constitute taxes on “real property” (as provided in Section 469.174, subdivisions 4 and 7(d) of the TIF Act) and, to the extent reflecting net tax capacity rates of taxing jurisdictions levied against the captured net tax capacity of the District, tax increment.