Common use of Bond Proceeds Clause in Contracts

Bond Proceeds. As of the Closing, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds and pledge the TIF Revenue to the repayment of the Bonds; and (ii) demonstrated that such Bonds shall be issued within thirty (30) days after Closing and the Bond Proceeds shall be made available to the Multi- Family Developer and Course Owner within seven (7) days of the Bonds being issued in accordance with the terms of the Funding Agreement(s); and, as of the Closing, Multi-Family Developer and Course Owner, at their commercially reasonable discretion, shall have determined that the proceeds of the Bonds shall be available to the Multi-Family Developer and Course Owner for the purposes set forth in this Agreement. If one or more of the conditions set forth in this Section is not, or cannot be, timely and completely satisfied, as determined by either Multi-Family Developer and Course Owner, in their commercially reasonable discretion, then, as their sole and exclusive remedy, each of Multi-Family Developer and Course Owner may elect to: (i) waive in writing satisfaction of the conditions and proceed to the Closing; or (ii) terminate this Agreement and the Ancillary Agreements by a written notice to City provided that, with respect to breaches of this Agreement by City, each of the Multi- Family Developer and Course Owner shall have all of the rights and remedies set forth in this Agreement. Notwithstanding anything to the contrary set forth herein, (1) each of the Multi- Family Developer and Course Owner shall work diligently and in good faith to satisfy the conditions set forth in this Section; and (2) if either the Multi-Family Developer and Course Owner fails to terminate this Agreement for any unsatisfied condition on or before the earlier of (i) the Closing; or (ii) two (2) business days after the applicable deadline set forth in each of the foregoing subsections (a) or (b) the Multi-Family Developer or Course Owner Developer shall be deemed to have waived such condition.

Bond Proceeds. As of the Closing, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds and pledge the TIF Revenue to the repayment of the Bonds; and (ii) demonstrated that such Bonds shall be issued within thirty (30) days after Closing and the Bond Proceeds shall be made available to the Multi- Multi-Family Developer and Course Owner within seven (7) days of the Bonds being issued in accordance with the terms of the Funding Agreement(s)issued; and, as of the Closing, the Multi-Family Developer and Course Owner, at their exercising commercially reasonable discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceeds and available to the Multi-Family Developer and Course Owner for the purposes set forth in this Agreement. If one or more of the conditions set forth in this Section is not, or cannot be, timely and completely satisfied, as determined by either Multi-Family Developer and Course Owner, in their commercially reasonable discretion, then, as their sole and exclusive remedy, each of Multi-Family Developer and Course Owner City Bodies either may elect to: (i) waive in writing satisfaction of the conditions and proceed to the Closing; or (ii) terminate this Agreement and the Ancillary Agreements prior to Closing by a written notice to City Multi-Family Developer and Course Owner; provided that, with respect to breaches any unsatisfied conditions resulting from a breach of this Agreement by City, each of the Multi- Multi-Family Developer and and/or Course Owner Owner, the City Bodies shall have all of the rights and remedies set forth in this Agreement. Notwithstanding anything to the contrary set forth herein, (1) each of the Multi- Family Developer and Course Owner City Bodies shall work diligently and in good faith to satisfy the conditions set forth in this Section; and (2) if either the Multi-Family Developer and Course Owner fails City Bodies fail to terminate this Agreement for any unsatisfied condition condition; on or before the earlier of (i) the Closing; or (ii) two (2) business days after the applicable deadline set forth in each of the foregoing subsections (a) or (b) subsections; the Multi-Family Developer or Course Owner Developer City Bodies shall be deemed to have waived such condition.