BINDING NATURE OF OBLIGATIONS; SECURITY FOR PAYMENT Sample Clauses

BINDING NATURE OF OBLIGATIONS; SECURITY FOR PAYMENT. The obligation to perform and observe the agreements contained in this Agreement shall be binding and enforceable against each and every Owner by the County Fiscal Officer, to the extent applicable, and shall also, to the extent permitted by law, be enforceable by the County and by the Developer and any of its assigns as express third-party beneficiaries of this Agreement, but subject to the provisions of this Section 5 and of Sections 9 and 12 hereof. Anything herein to the contrary notwithstanding, upon the effective date of this Agreement, the Owner’s obligation hereunder to pay Service Payments and to perform and observe any other agreements on its part contained herein (including the provisions of Section 2 hereof), shall be absolute and unconditional and shall be covenants running with the land and shall be binding and enforceable by the County to the extent provided in this Agreement, against the Owner, as applicable, but only to the extent of any Owner’s obligations and only with respect to its or their interest in the TIF Parcel, or any part thereof. Each Owner’s obligation to pay Service Payments shall be evidenced by the recordation of this Agreement in the public records of the County of Summit, Ohio and secured by a lien on its interest in the TIF Parcel, as provided by law and described in Section 12. The obligations of the Owner will not be terminated for any cause including, without limiting the generality of the foregoing, but by way of example, delay in completion of or failure to complete the Public Infrastructure Improvements, the Improvement or any other improvements included in the Development or any other obligation of the County or the Developer; any acts or circumstances that may constitute failure of consideration, destruction of or damage to the Development; commercial frustration of purpose; any change in the constitution, tax or other laws or judicial decisions or administrative rulings of or administrative actions by or under authority of the United States of America or of the State or any political subdivision thereof. Except as may be expressly provided herein, nothing contained in this Agreement shall be construed to release any Owner from the performance of any of the agreements or obligations on its part contained in this Agreement.
Sample 1
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Related to BINDING NATURE OF OBLIGATIONS; SECURITY FOR PAYMENT

  • Nature of Obligation For all purposes, including but limited to Federal and State tax purposes, this Note shall be treated as a debt and not as an equity interest.

  • Nature of Obligations Nothing contained herein shall create or require the Bank to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Executive acquires a right to receive benefits from the Bank hereunder, such right shall be no greater than the right of any unsecured general creditor of the Bank.

  • Payment of Obligations Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be.

  • Scope of Obligations 3.11.1 Notwithstanding anything to the contrary contained herein, AT&T-21STATE’s obligations under this Agreement shall apply only to:

  • Binding Nature of Agreement This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

  • Modification and Severability The Contract may only be modified by written agreement between the Department and the Contractor. Should a court determine any provision of the Contract is invalid, the remaining provisions will not be affected, and the rights and obligations of the Parties will be construed and enforced as if the Contract did not contain the provision held invalid.

  • Performance of Obligations The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

  • Fulfilment of Obligations The Parties shall take any general or specific measures required to fulfil their obligations under this Agreement.

  • Fulfillment of Obligations Any obligation of any party to any other party under this Agreement, which obligation is performed, satisfied or fulfilled by an Affiliate of such party, shall be deemed to have been performed, satisfied or fulfilled by such party.

  • Termination of Obligations Termination of this Agreement pursuant to Section 10.1 hereof shall terminate all obligations of the parties hereunder, except for the obligations under Article IX, Article X, and Sections 11.4, 11.7, 11.14, 11.15 and 11.16 hereof; provided, however, that termination pursuant to paragraphs (b) or (c) of Section 10.1 shall not relieve the defaulting or breaching party or parties from any liability to the other parties hereto.

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