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(iv) a petition to the board of equalization of the City or the board of <br /> • equalization of the County to reduce the Market Value or assessed value of <br /> all or any portion of the Development Property; <br /> (v) a petition to the board of equalization of the State or the <br /> commissioner of revenue of the State to reduce the Market Value or assessed <br /> value of all or any portion of the Development Property; <br /> (vi) an action in a District Court of the State or the Tax Court of the <br /> State seeking a reduction in the Market Value or assessed value of the <br /> Development Property; <br /> (vii) an application to the commissioner of revenue of the State <br /> requesting an abatement or real property taxes; or, <br /> (viii) any other proceedings, whether administrative, legal, or <br /> equitable, with any administrative body with the City, the County, or the <br /> State or with any court of the State or the federal government. <br /> The Developer shall not, prior to the Maturity Date, apply for a deferral of property <br /> taxes on the Development Property. <br /> S ARTICLE VII. <br /> Mortgage Financing <br /> Section VII.1 Mortgage Financing. Before the Developer commences <br /> construction of the Minimum Improvements, the Developer shall submit to the <br /> Authority evidence of a commitment for financing sufficient for construction of the <br /> Minimum Improvements. If the Authority finds that the financing is sufficiently <br /> committed, adequate in an amount to provide for the construction of the Minimum <br /> Improvements, and subject only to such conditions as the Authority approves, then <br /> the Authority shall notify the Developer in writing of its approval. Such approval <br /> shall not be unreasonably withheld, and either approval or rejection shall be given <br /> within ten (10) days from the date when the Authority is provided the evidence of <br /> financing, or the financing shall be deemed approved. If the Authority rejects the <br /> evidence of financing as inadequate, it shall do so in writing specifying the basis for <br /> the rejection. In any event the Developer shall submit adequate evidence of <br /> financing within thirty (30) days after such rejection. <br /> Section VII.2 Limitation Upon Encumbrance of Property. Prior to the <br /> completion of the Minimum Improvements, as certified by the Authority, neither <br /> the Developer nor any successor in interest to the Development Property, or any <br /> part thereof, shall engage in any financing or any other transaction creating any <br /> 13 <br /> BeckP 548540.1 <br />