LIMITATION ON APPRAISED VALUE Clause Samples
The Limitation on Appraised Value clause sets a cap or condition based on the appraised value of a property in a transaction. Typically, it stipulates that the buyer is not obligated to proceed with the purchase if the property's appraised value falls below a specified amount, or it may allow for renegotiation of terms in such cases. This clause protects buyers from overpaying and ensures that financing or loan approvals are not jeopardized by a low appraisal, thereby managing financial risk for both parties.
LIMITATION ON APPRAISED VALUE. So long as the Applicant makes a Qualified Investment in the amount of Eighty Million Dollars ($80,000,000.00), or greater, during the Qualifying Time Period, and unless this Agreement has been terminated as provided herein before such Tax Year, for each of the eight (8) Tax Years 2016, 2017, 2018, 2019, 2020, 2021, 2022, and 2023, the Appraised Value of the Applicant’s Qualified Investment for the District’s maintenance and operations ad valorem tax purposes shall not exceed the lesser of:
(a) the Market Value of the Applicant’s Qualified Investment; or
(b) Eighty Million Dollars ($80,000,000.00). This Tax Limitation Amount is based on the limitation amount for the category that applies to the District on the effective date of this Agreement, as set out by Texas Tax Code § 313.023.
LIMITATION ON APPRAISED VALUE. So long as Applicant makes a Qualified Investment in the amount Thirty Million Dollars ($30,000,000.00), or greater, during the Qualifying Time Period; and unless this Agreement has been terminated as provided herein before such Tax Year, for each of the eight (8) Tax Years 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023, the Appraised Value of the Applicant’s Qualified Investment for the District’s maintenance and operations ad valorem tax purposes shall not exceed the lesser of:
(a) the Market Value of the Applicant’s Qualified Investment; or
(b) Thirty Million Dollars ($30,000,000.00). This Tax Limitation Amount is based on the limitation amount for the category that applies to the District on the effective date of this Agreement, as set out by Tex. Tax Code § 313.023.