3.0.-5.0. EDSR 04-26-1993 - Laserfiche WebLink

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Mortgage documents as approved under Article VII of this • Agreement, provided any Net Proceeds of insurance are used to III the extent available to the repair and/or replacement of the Minimum Improvements. 5.2) Condemnation. In the event that title to and possession of the Minimum Improvements or any material part thereof shall be taken in condemnation or by the exercise of the power of eminent domain by any governmental body or other person (except the City or EDA) prior to the Termination Date, the Developer shall, with reasonable promptness after such taking, notify the EDA as to the nature and extent of such taking. Upon receipt of any Condemnation Award the Developer shall elect to either: (a) use the entire Condemnation Award to reconstruct the Minimum Improvements (or, in the event only a part of the Minimum Improvements have been taken, then to reconstruct such part) within the Project Area; or (b) pay to the EDA out of the Condemnation Award the amount necessary to reimburse the Authority for the unreimbursed cost of its undertakings pursuant to Article III of this Agreement. ARTICLE VI Tax Increment 6 . 1) Real Property Taxes: Assessments. (01) The Authority shall pay all special assessments levied or pending and all real property taxes payable with respect to the Property as of the date of its conveyance of the Property to Developer. Developer shall pay all real property taxes payable with respect to the Property subsequent to the year of its acquisition from Authority. (02) The Developer agrees that prior to the Termination Date (1) it will not seek administrative review or judicial review of the applicability of any tax statute determined by any Tax official to be applicable to the Project or the Developer or raise the applicability of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; (2) it will not seek administrative review or judicial review of the constitutionality of any tax statute determined by any Tax official to be applicable to the Project or the Developer or raise the unconstitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; (3) it will not cause a reduction in the real property taxes paid in respect of the Property below the amount agreed to in the Assessment Agreement attached as Schedule B to this Agreement through: (A) willful destruction of the Property or any part thereof; (B) willful refusal to reconstruct damaged or destroyed property pursuant to Section 5 . 1 of this Agreement; (C) a request to the city • assessor of the City or the county assessor of the County to reduce the Assessed Market Value or tax capacity of all or 11.