Additional Requirements and Agreements Sample Clauses

Additional Requirements and Agreements. NLACRC reserves the right to require HDO to enter into further agreements with NLACRC to address the costs and procedures relating to HDO’s renovation of the Residence.

Additional Requirements and Agreements. 1. This Agreement does not provide any tax relief from personal property taxes with respect to the Property or the Development, nor does it provide any tax incentives relating to the Commercial Component. The Commercial Component shall be assessed and taxed based on the Town’s normal property tax procedures 2. This Agreement does not serve to waive the Developer’s obligations under any special assessment or betterment levied by the Town against the Property. 3. Any failure of the Developer to (i) construct, operate and maintain the Development as required herein or (ii) comply with the terms of this Agreement or the terms of the Affordable Housing Restriction, shall constitute a default under this Agreement. If any such default shall occur, the Town may, in addition to such other remedies it may have at law or in equity, terminate this Agreement and the tax incentive described above, commencing with the first day of the Town fiscal year immediately following the Town fiscal year in which default has occurred. Prior to any termination of this Agreement, the Town shall provide to the Developer written notice of the alleged default and an opportunity to cure the default within a period of ninety (90) days from the date of any such notice. The Town agrees to provide contemporaneous written notice of any such alleged default to any lender or investor entity providing financing for the Project, notice of which lenders and/or investors the Developer has provided to the Town in accordance with Section D.1, and such lenders and investors shall have the right to cure any Developer default during the ninety (90) day period described above. In the event of a termination of this Agreement pursuant to this Section C.3, the Developer shall pay the Town the full value of any and all tax incentives received under this Agreement to the date of such termination. 4. This Agreement shall automatically terminate on the Expiration Date. Notwithstanding the foregoing, if the Developer has not entered into the Ground Lease by December 31, 2018, then either party may terminate this Agreement upon notice to the other, unless prior to such notice the Developer enters into the Ground Lease. The Developer agrees to deliver to the Town a copy of the signed Ground Lease promptly upon execution.