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.
Sample 1See All (6)
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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

  • Agreement to Guarantee The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.

  • Subsidiary Guarantee For value received, each of the Subsidiary Guarantors named (or deemed herein to be named) below hereby jointly and severally fully and unconditionally guarantees to the Holder of the Security upon which this Subsidiary Guarantee is endorsed, and to the Trustee on behalf of such Holder, the due and punctual payment of the principal of (and premium, if any) and interest on such Security when and as the same shall become due and payable, whether at the Stated Maturity, by acceleration, call for redemption, offer to purchase or otherwise, according to the terms thereof and of the Indenture referred to therein and to cover all the rights of the Trustee under Section 607. In case of the failure of the Company punctually to make any such payment, each of the Subsidiary Guarantors hereby jointly and severally agrees to cause such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by acceleration, call for redemption, offer to purchase or otherwise, and as if such payment were made by the Company. Each of the Subsidiary Guarantors hereby jointly and severally agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of such Security or the Indenture, the absence of any action to enforce the same or any release, amendment, waiver or indulgence granted to the Company or any other guarantor, or any consent to departure from any requirement of any other guarantee of all or of any of the Securities of this series, or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such release, amendment, waiver or indulgence shall, without the consent of such Subsidiary Guarantor, increase the principal amount of such Security, or increase the interest rate thereon, or alter the Stated Maturity thereof. Each of the Subsidiary Guarantors hereby waives the benefits of diligence, presentment, demand of payment, any requirement that the Trustee or any of the Holders protect, secure, perfect or insure any security interest in or other lien on any property subject thereto or exhaust any right or take any action against the Company or any other Person or any collateral, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in such Security and in this Subsidiary Guarantee. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default with respect to Securities of this series, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Securities of this series, to collect interest on the Securities of this series, or to enforce or exercise any other right or remedy with respect to the Securities of this series, such Subsidiary Guarantor agrees to pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. No reference herein to the Indenture and no provision of this Subsidiary Guarantee or of the Indenture shall alter or impair the Subsidiary Guarantee of any Subsidiary Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal (and premium, if any) and interest on the Security upon which this Subsidiary Guarantee is endorsed. Each Subsidiary Guarantor shall be subrogated to all rights of the Holder of this Security against the Company in respect of any amounts paid by such Subsidiary Guarantor on account of this Security pursuant to the provisions of its Subsidiary Guarantee or the Indenture; provided, however, that such Subsidiary Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until the principal of (and premium, if any) and interest on this Security and all other Securities of this series issued under the Indenture shall have been paid in full. This Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Securities of this series is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any Holder of the Securities of this series, whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Securities of this series shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. The Subsidiary Guarantors or any particular Subsidiary Guarantor shall be released from this Subsidiary Guarantee upon the terms and subject to certain conditions provided in the Indenture. By delivery to the Trustee of a supplement to the Indenture referred to in the Security upon which this Subsidiary Guarantee is endorsed in accordance with the terms of the Indenture, each Person that becomes a Subsidiary Guarantor after the date of first issuance of the Securities of this series will be deemed to have executed and delivered this Subsidiary Guarantee for the benefit of the Holder of the Security upon which this Subsidiary Guarantee is endorsed with the same effect as if such Subsidiary Guarantor were named below and had executed and delivered this Subsidiary Guarantee. All terms used in this Subsidiary Guarantee which are defined in the Indenture shall have the meanings assigned to them in such Indenture. This Subsidiary Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Security upon which this Subsidiary Guarantee is endorsed shall have been executed by the Trustee under the Indenture by manual signature. Reference is made to the Indenture for further provisions with respect to this Subsidiary Guarantee. This Subsidiary Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

  • 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.

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