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<br /> . <br /> Authority shall be free to use any additional Tax Increment for any purpose the Authority deems <br /> appropriate. <br /> Section 6,5. A~~es~ment A~eement (a) Prior to the commencement of the construction <br /> of any Phase, the Redeveloper and the Authority shall enter into an Assessment Agreement, <br /> substantially in the fonn of the Assessment Agreement contained in Schedule C of this <br /> Agreement. The Assessment Agreement shall establish a Minimum Market Value for the Phase <br /> and Parcel on which the Phase is to be constructed and shall continue in effect until the <br /> Termination Date. The Minimum Market Value for each Phase shall be based on the <br /> Construction Plans for $UCh Phase and shall be reviewed and approved by Ihe CountY Assessor <br /> of the County as reasonable. On or before October 14, 1997, the Redeveloper shall cause <br /> AmberJack to enter into an Assessment Agreement, in a fonn acceptable to the Authority, <br /> eslablishing a Minimum Market Value of $4,721,300,00 for the Prior Improvements until the <br /> Termination Date; provided that the execution of such an agreement shall be a condition to the <br /> issuance of the Bonds and commencement of the Public Improvements and not an Event of <br /> Default hereunder. <br /> (b) It is intended that the Assessment Agreement for each Parcel and for the <br /> AmberJack Property shall be binding on the Redeveloper, its lenders, transferees, their <br /> . successors and assigns, and the owners of any right, title or interest in such property until the <br /> Tennination Date. Therefore, with respect to any Parcel and the AmberJack Property, the <br /> Redeveloper shall cause to be executed and recorded against the subject property such <br /> agreements as the Authority may reasonably require from Redeveloper's lenders, transferees or <br /> third parties agreeing that their interests in the Redevelopment Property are subject to the tenns <br /> of the Assessment Agreement. The securing of such agreements relative 10 the Redevelopment <br /> Property shall be a condilion precedent to the reduction of the Assessments on such Parcel <br /> pursuant to Section 3.6. The securing of such agreements relative to the AmberJack Propeny <br /> shall be a condition precedent to the issuance of the Bonds and the letting of contracts for the <br /> Public Improvements. <br /> e <br /> 24 <br /> 6C:'d 6v0l. lZ6 c:'t9 'I;j'd '3>H30 '2 A3l(lI;j~ 'tc::s't 1.66l-6't-d3S <br />