Common use of Covenant to Make Payments Clause in Contracts

Covenant to Make Payments. The Entity agrees that the timely payment of the Land Taxes, the Administrative Fee, and the Annual Service Charge to the Borough, all as described herein, as well as continued compliance with the Applicable Laws, are material conditions of this Agreement. The failure to make any of the aforesaid payments in timely fashion shall constitute both a breach of this Agreement and a tax payment delinquency under Applicable Law.

Covenant to Make Payments. The Entity agrees that the timely payment of the Land TaxesTaxes (during any period in which Land Taxes are not exempt hereunder), the Administrative Fee, and Minimum Annual Service Charge and/or the Annual Service Charge to the Borough, all as described herein, as well as continued compliance with the Applicable Laws, are material conditions of this Financial Agreement. The failure to make any of the aforesaid payments in timely fashion shall constitute both a breach of this Financial Agreement and a tax payment delinquency under Applicable Law.

Covenant to Make Payments. The Entity agrees that the timely payment of the taxes on the existing improvements, Land Taxes, the Administrative Fee, and the Annual Service Charge to the BoroughCity, all as described herein, as well as continued compliance with the Applicable Laws, are material conditions of this Agreement. The failure to make any of the aforesaid payments in timely fashion shall constitute both a breach of the Redevelopment Agreement, a breach of this Agreement Agreement, and a tax payment delinquency under Applicable Law.