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CCP 08-18-1997
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CCP 08-18-1997
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<br /> . <br /> ARTICLE VI <br /> Payment of Assessments: Tax Increment <br /> Section 6.1. Tax Illersmellt GUArantee. It is tlle ill:lefltiafl sf the /\."':R8",t)' and !he <br /> ReElB'lelal'ler that the aests ef tHe l'ha5e I PWlliG Hnl'lEe':emellts aaEl the P-litlSe 111 Ptl'eJie <br /> :!mflrevemellts \\illse pa'" usi..!: tRe Tax lRcFemellt '.\'hies ';:iH Be gelleratea frem tHe eampletea <br /> Hininmm IlBJlrlwemeata (sali from the Uede':e1lll'er Property?). In araar t8 efieetaate this <br /> 1:l.flB.et'5taniling 1.hl:i Pl..sae. elapar agrees te gaa:ra.atee that rniRiIRHIH levels sf Titil In.6r~~ 4.v111 <br /> Be l'IlliEl te the f.ut-llerit)" after tae Elate hereef. Ther-efer9, if ia eeJ.eaalll' year 199 ana. <br /> - eeRtiRtHRg ..mil iRe Tarmffiatiell Data, iRa TalE lHeremell:l gSRBI'i>lea by the Redevelepmeat <br /> Prapei1J' (aad the Reae'l'elOfler Proflerty?) is less than ~ in any year at if iR <br /> calendar year 199_ and eell:lffiuiftg tlHtil the TO_IDaliell De'_e, \he Tax mer_ant geaeralee <br /> ay the R<l6e'\'eIeflmeat PrellBliy (aRa the ReaenIopeF Property?) is le55 tha.H. $ <br /> ffi any year, the .'\utk9ffiy shall preville Batke la the ReGe' 'eleller ef SIleR fast lIBel lke 1\IB6lJII:l af <br /> the eefi6ieacy ill Tie! lB6H'll1e..t Thirty (30) d31'5 after reeeitJt ef SlieR Ratiae tae ReElB'lelal'l'" <br /> shall Be liable far aile sRiHl jlll'j ta the f.utherity tlle ama>rnt af Slleh deJieieney. The A\ltfteFit:\' <br /> may make GemaJIa far Slim, par,neR! Q!; efHa)'15 and Oetgeor IS af eaeh yoar "itll tlIe <br /> Pavment of Assessmcnts. (a) The Bonds will be si7ed and issued based on the assumption that <br /> . the Redevelnper will construcl the Minimum Tmmovements and the Prior Redeveloper <br /> Tmprovem<<ots and that such improvements will have Market Values equal to or 1feater than the <br /> Market Values set forth in Section 36(e) of this Agreement The Redeveloper agrees that. <br /> subject to the limitations contained in this suhsection (11) below. it will pav when due and n,;or to <br /> the imposition of penallY the princjnal amonnt of and interest on the oulstanding amount of the <br /> Assessments Such obli~ation shall be a personal obJil!:ation of the Rcdevcloner and shall he in <br /> ~ addition to any other remedy available to tne Cit.y under State law relative to the enforcement of <br /> - the lien of the Assessments 31!:ainst tne Redevelovment Prooertv and Redevelooer Prooertv. In <br /> tne event tnat the Redeveloper fails to Pi\Y wnen dne any installment of the Assessmenls the <br /> - Authority Or the City may take any legal action deemed annronriate to collect the unoaid <br /> - installment and shall be entitled to recover all of its costs of collection including reasonable <br /> attomcv~) fees Tn addition if the Redevelopcr fails to nay an installment of the A~$essments <br /> I with rewect to any Parcel or the Redeveloper Propertv witnin ( ) days after'written <br /> demand bv tne Authority the Authority or City may declare the entire nulstanding Assessment~ <br /> on such Parcel or on the Redeveloper Propeltv immediately due and payable upon which the <br /> I Redeveloper shall be liable for the entire principal amount of the outstanding Assessment~ <br /> together with aHl81111t l'Iayallle as af SileR Sales being e~ual t9 tlIs ameunt Elf lke Tax ln€remsat <br /> Ele.liei6Hsy attFilmtable te the tax paj""....t alie as shush aale. TRe abligatia.. afthe Reaevelaper <br /> I ta !RalEe the llayccrued intcrest until the same is paid in full. The obli I!ation of the Redeveloper <br /> to pav the Assessments as provided in this Section 6.1 of this Agreement shall be absolute and <br /> unconditional irrespective of any defense or any rights of setoff, recoupment or counterclaim it <br /> I might otherwise have against the Authority or any other government body or other person. The <br /> Redeveloper shall not fail to make any required payments for any cause or circumstances <br /> .. wflatsaever ilisluQilIg tIle failure er refllsa\ af a 6""k ta llonor a aemal-1Ei \!REier a l$er sf ereclit, <br /> ~ dHmge in law whatsoever. including any chan~e in bw TlnavoidabIe Delavs, Or any other <br /> event eyen ifbeyond the control of the Redeveloper, subieet to subsection (b) of this Section 6.1, <br /> I 21 <br /> ,V0't'd 6t'0.'. .'.G6 (';,9 '~'d '3A13a ~ ^3lG~~a ~~:9, 1.66,-n-m~ <br /> ------------- --- ----------- <br />
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