City Use of Capital Improvement Contribution Sample Clauses

City Use of Capital Improvement Contribution. (a) The City will use the Capital Improvement Contribution only for the Marina Streets Work (as defined below), and not for other municipal purposes. The City will diligently continue the Marina Streets Work consistent with this Agreement, and the (i) work scope, (ii) development budget, (iii) sources and uses schedule, (iv) and milestone dates, set forth on Exhibit 1 hereto. The City shall: (x) report to 200 Marina monthly on the project progress; (y) notify 200 Marina of any milestone delay of three months or longer and the plans to get back on schedule; and (z) use diligent efforts to identify and source additional financial resources to bridge budget cost overruns. 200 Marina acknowledges that both the specifics and timing of the Marina Streets Work are subject to budget approvals by the City’s City Council and changes to accommodate changed circumstances over time, and therefore the City cannot assure 200 Marina of either the specific components of the Marina Streets Work or the timing thereof.
Sample 1
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