City Authorizes HomeFed to provide Financing Sample Clauses

City Authorizes HomeFed to provide Financing. If the City and HomeFed have agreed as part of the Final Project Phase Development Plan that HomeFed will provide financing for all or a part of the Qualified Land Development Costs for the Project Phase in accordance with Section 7 of the Term Sheet, then HomeFed will advance the funds required for payment of the invoices on the City’s behalf, then interest shall accrue on such advanced amounts and be subject to repayment on the agreed-upon financing terms. The parties acknowledge that the City is responsible for payment of costs of financing the Qualified Land Development Costs, whether through HomeFed-provided financing or third party financing obtained by the City.
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