Common use of Annual Payments Clause in Contracts

Annual Payments. As set forth in the AHIF Note, the Borrower shall repay the outstanding principal amount of the AHIF Loan of Eight Hundred Twelve Thousand and 00/100 Dollars ($812,000.00), plus accrued interest, in annual payments (“Annual Payments”) beginning June 1st of the year following payments in an amount equal to the WHDC Deferred Developer Fee by, or on behalf of, the Borrower, but in no event beginning later than June 1, 2031, from the disbursement of Residual Receipts pursuant to Section 2.05(b) below. Annual Payments from the disbursement of Residual Receipts shall be due and payable to the County Board in arrears no later than June 1st of each year with respect to the Residual Receipts from the previous calendar year. Notwithstanding anything in this Agreement to the contrary, the County Manager shall apply Annual Payments made by the Borrower in connection with the AHIF Loan first to accrued but unpaid interest and then to principal. Any such Annual Payments shall have no effect upon the Borrower’s obligations and covenants under Article IV of this Agreement which shall survive for the full term of the AHIF Affordability Compliance Period. If there are no Residual Receipts available for disbursement pursuant to Section 2.05(b) below, the Borrower shall provide the County Manager or her designee with a certificate which certifies that there are no Residual Receipts available for disbursement (“Residual Receipts Certificate”).

Annual Payments. As set forth in the AHIF Note, the Borrower shall repay the outstanding principal amount of the AHIF Loan of Eight Million Five Hundred Twelve Thousand and 00/100 Dollars ($812,000.008,500,000.00), plus accrued interest, in annual payments (“Annual Payments”) beginning June 1st of the year following payments in an amount equal to the WHDC Deferred Developer Fee by, or on behalf of, the Borrower, but in no event beginning later than June 1, 20312016, from the disbursement of Residual Receipts pursuant to Section 2.05(b) below. Annual Payments from the disbursement of Residual Receipts shall be due and payable to the County Board in arrears no later than June 1st of each year with respect to the Residual Receipts from the previous calendar year. Notwithstanding anything in this Agreement to the contrary, the County Manager shall apply Annual Payments made by the Borrower in connection with the AHIF Loan first to accrued but unpaid interest and then to principal. Any such Annual Payments shall have no effect upon the Borrower’s obligations and covenants under Article IV of this Agreement which shall survive for the full term of the AHIF Affordability Compliance Period. If there are no Residual Receipts available for disbursement pursuant to Section 2.05(b) below, the Borrower shall provide the County Manager or her designee with a certificate which certifies that there are no Residual Receipts available for disbursement (“Residual Receipts Certificate”).

Annual Payments. As set forth in the AHIF Note, the Borrower shall repay the outstanding principal amount of the AHIF Loan of Eight Ten Million Seven Hundred Twelve Eighty Six Thousand Six Hundred Sixty Five and 00/100 Dollars ($812,000.0010,786,665.00), plus accrued interest, in annual payments (“Annual Payments”) beginning June 1st of the year following payments in an amount equal to the WHDC Deferred Developer Fee by, or on behalf of, the Borrower, but in no event beginning later than June 1, 20312019, from the disbursement of Residual Receipts pursuant to Section 2.05(b) below. Annual Payments from the disbursement of Residual Receipts shall be due and payable to the County Board in arrears no later than June 1st of each year with respect to the Residual Receipts from the previous calendar year. Notwithstanding anything in this Agreement to the contrary, the County Manager shall apply Annual Payments made by the Borrower in connection with the AHIF Loan first to accrued but unpaid interest and then to principal. Any such Annual Payments shall have no effect upon the Borrower’s obligations and covenants under Article IV of this Agreement which shall survive for the full term of the AHIF Affordability Compliance Period. If there are no Residual Receipts available for disbursement pursuant to Section 2.05(b) below, the Borrower shall provide the County Manager or her his designee with a certificate which certifies that there are no Residual Receipts available for disbursement (“Residual Receipts Certificate”).

Annual Payments. As set forth in the AHIF Note, the Borrower shall repay the outstanding principal amount of the AHIF Loan of Eight Two Million Seven Hundred Twelve Sixty-Seven Thousand Nine Hundred Fifty-Three and 00/100 Dollars ($812,000.002,767,953.00), plus accrued interest, in annual payments (“Annual Payments”) beginning June 1st of the year following payments in an amount equal to the WHDC Deferred Developer Fee by, or on behalf of, the Borrower, but in no event beginning later than June 1, 20312020, from the disbursement of Residual Receipts pursuant to Section 2.05(b) below. Annual Payments from the disbursement of Residual Receipts shall be due and payable to the County Board in arrears no later than June 1st of each year with respect to the Residual Receipts from the previous calendar year. Notwithstanding anything in this Agreement to the contrary, the County Manager shall apply Annual Payments made by the Borrower in connection with the AHIF Loan first to accrued but unpaid interest and then to principal. Any such Annual Payments shall have no effect upon the Borrower’s obligations and covenants under Article IV of this Agreement which shall survive for the full term of the AHIF Affordability Compliance Period. If there are no Residual Receipts available for disbursement pursuant to Section 2.05(b) below, the Borrower shall provide the County Manager or her his designee with a certificate which certifies that there are no Residual Receipts available for disbursement (“Residual Receipts Certificate”).

Annual Payments. As set forth in the AHIF Note, the Borrower shall repay the outstanding principal amount of the AHIF Loan of Eight Six Million Seven Hundred Twelve Ninety-Nine Thousand Seven Hundred Ninety-Five and 00/100 Dollars ($812,000.006,799,795.00), plus accrued interest, in annual payments (“Annual Payments”) beginning June 1st of the year following payments in an amount equal to the WHDC Deferred Developer Fee by, or on behalf of, the Borrower, but in no event beginning later than June 1, 20312020, from the disbursement of Residual Receipts pursuant to Section 2.05(b) below. Annual Payments from the disbursement of Residual Receipts shall be due and payable to the County Board in arrears no later than June 1st of each year with respect to the Residual Receipts from the previous calendar year. Notwithstanding anything in this Agreement to the contrary, the County Manager shall apply Annual Payments made by the Borrower in connection with the AHIF Loan first to accrued but unpaid interest and then to principal. Any such Annual Payments shall have no effect upon the Borrower’s obligations and covenants under Article IV of this Agreement which shall survive for the full term of the AHIF Affordability Compliance Period. If there are no Residual Receipts available for disbursement pursuant to Section 2.05(b) below, the Borrower shall provide the County Manager or her his designee with a certificate which certifies that there are no Residual Receipts available for disbursement (“Residual Receipts Certificate”).