City Covenant. The City covenants to take all actions necessary to allocate to the Agency, to the extent legally permissible, all Net Available Increment and Housing Increment, based on the Agency’s Statement of Indebtedness.
City Covenant. As a further consideration for this Franchise Agreement, the City covenants and agrees that it will not, during the term of this Franchise Agreement or any extension thereof, engage in the business of distributing or selling Natural Gas within the corporate limits of the City, as modified, during the term of this Franchise Agreement.
City Covenant. The Authority includes herein the City’s pledge and agreement with the Holders of the Outstanding Bonds and Notes that the City will not limit or alter the rights vested in the Authority by the Act to fulfill the terms of any agreements made with such Holders pursuant to the Act, or in any way impair the rights and remedies of such Holders or the security for such Bonds and Notes until such Bonds and Notes, together with the interest thereon and all costs and expenses in connection with any action or proceeding by or on behalf of such Holders, are fully paid and discharged. This City Covenant shall not be deemed to restrict any right the City may have to amend, modify or otherwise alter local laws imposing or relating to the Personal Income Taxes so long as, after giving effect to such amendment, modification or other alteration, the amount of Tax Revenues projected by the Mayor to be available to the Authority during each of its fiscal years following the effective date of such amendment, modification or other alteration shall be not less than 150% of maximum annual debt service on the Bonds.
City Covenant. During the Due Diligence Period, the City agrees that it will not lease the DOE Premises to any third party unless the Company notifies the Public Parties that it does not intend to lease such premises. If during the Due Diligence Period, the Company notifies the Public Parties that it intends to lease the DOE Premises (the “Lease Notice”), the City agrees that it will not lease the DOE Premises to any third party as long as the Company and the Public Parties are diligently seeking to obtain approvals for the Project.
City Covenant. That upon the compliance of DEVELOPER with the terms and conditions of this Agreement, CITY shall advise the Latah County Recorder that the requirements ofldaho Code Sections 50-1331 to 50-1333 have been met and security in the amount of Four Thousand One Hundred Forty Dollars ($4,140) has been deposited with CITY as required by Section 4. D. of this Agreement.
City Covenant. The rights and interests of the City under the City Covenant are not subordinated to the lien of the Bank Deed of Trust. The City Covenant shall survive foreclosure of the Bank Deed of Trust and shall be binding upon any person who shall acquire the Property by means of such foreclosure or deed in lieu thereof, or who shall succeed to an interest in the Property so acquired, in each case for so long as such person shall retain an interest in the Property.
