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(ii) willful refusal to reconstruct damaged or destroyed property. The Developer also agrees that <br />it will not, prior to the Termination Date, apply for an exemption from or a deferral of property tax <br />on the Development Property pursuant to any law, or transfer or permit transfer of the <br />Development Property to any entity whose ownership or operation of the property would result in <br />the Development Property being exempt from real property taxes under State law. <br />(b) The Developer shall notify the City within 10 days of filing any petition to seek <br />reduction in market value or property taxes on any portion of the Development Property under any <br />State law (referred to as a "Tax Appeal"). If as of any Payment Date, any Tax Appeal is then <br />pending, the City will continue to make payments on the TIF Note but only to the extent that the <br />Available Tax Increment relates to property taxes paid with respect to the market value of the <br />Development Property not being challenged as part of the Tax Appeal as determined by the City <br />in its sole discretion and the City will withhold the Available Tax Increment related to property <br />taxes paid with respect to the market value of the Development Property being challenged as part <br />of the Tax Appeal as determined by the City in its sole discretion. The City will apply any withheld <br />amount to the extent not reduced as a result of the Tax Appeal promptly after the Tax Appeal is <br />fully resolved and the amount of Available Tax Increment, as applicable, attributable to the <br />disputed tax payments is finalized. <br />(c) From January 2, 2025 to the Termination Date, the Developer agrees it will not seek <br />reduction in the assessed market value of the Development Property for property tax purposes <br />below $6,363,000. <br />Section 3.14. Rental License. The Developer shall obtain a rental license from the City <br />for the Project prior to occupancy. The Developer shall renew and maintain its rental license for <br />the Project with the City each year in accordance with the City Code and City ordinances, and City <br />requirements and procedures. <br />14 <br />EL185-70-769416.d7 <br />