Common use of Guarantied Value Clause in Contracts

Guarantied Value. The parties anticipate that, upon completion, the currently contemplated land and improvements related to the Project will have an equalized value for purposes of real property assessment (“Equalized Value”) of not less than Five Million Eight Hundred Thousand Dollars ($5,800,000.00; the “Guarantied Value”) by December 31, 2026 (the “Guarantied Value Date”). As a condition to entering into this Agreement, the City requires that Developer guaranty a minimum Equalized Value for the land and improvements related to the Project. By executing this Agreement, Developer and ▇▇▇▇▇ ▇▇▇▇▇▇▇ (the “Guarantor”) each hereby jointly and severally guaranties that, on and after the Guarantied Value Date, the Equalized Value of the land and improvements on the Property shall at all times during the life of the District be at least the Guarantied Value. If the Equalized Value of the Property is less than the Guarantied Value any time on or after the Guarantied Value Date, the Developer shall be in Default under this Agreement.