Common use of Deferments Clause in Contracts

Deferments. A. The payment of the assessments imposed by the City shall be deferred from the date of imposition until: (i) the Property or a parcel which is part of the Property is subdivided pursuant to a plat; (ii) the Property is divided by metes and bounds descriptions; or (iii) the Property or a parcel which is part of the Property is improved with structures and/or landscape which changes its use from that which is in effect as of the execution of this Agreement. B. Notwithstanding the foregoing in Subsection A, if the Property is subdivided, and a portion of the Property will be placed in outlots or other parcels reserved for future development, the Owner may request and the City, in its sole discretion, may: (i) allocate the assessments imposed between the portion of the Property being platted into lots and the portion of the Property being reserved as outlots; and (ii) continue the deferment, but not to exceed the durational limits previously set forth in this Section 5 for the outlots. C. No portion of the imposed assessments will be allocated to, or deferred for, any outlots which are or will be used for parkland, trails, drainage, storm water ponding, utilities, storm water treatment, wetlands, or common areas.

Deferments. A. The payment of the assessments imposed by the City shall be deferred from the date of imposition until: (i) the Property or a parcel which is part of the Property is subdivided pursuant to a plat; (ii) the Property is divided by metes and bounds descriptions; or (iii) the Property or a parcel which is part of the Property is improved with structures and/or landscape which changes its use from that which is in effect as of the execution of this Agreement. B. Notwithstanding the foregoing in Subsection A, if the Property is subdivided, and a portion of the Property will be placed in outlots or other parcels reserved for future development, the Owner Owners may request and the City, in its sole discretion, may: (i) allocate the assessments imposed between the portion of the Property being platted into lots and the portion of the Property being reserved as outlots; and (ii) continue the deferment, but not to exceed the durational limits previously set forth in this Section 5 for the outlots. C. No portion of the imposed assessments will be allocated to, or deferred for, any outlots which are or will be used for parkland, trails, drainage, storm water ponding, utilities, storm water treatment, wetlands, or common areas.

Deferments. A. The payment of the assessments imposed by the City shall be deferred from the date of imposition untilthrough the subsequent five (5) years of taxes payable unless, prior to the expiration of the five (5) year period: (i) the Property or a parcel which is part of the Property is subdivided pursuant to a plat; (ii) the Property is divided by metes and bounds descriptions; or (iii) the Property or a parcel which is part of the Property is improved with structures and/or landscape which changes its use from that which is in effect as of the execution of this Agreement. B. Notwithstanding the foregoing in Subsection A, if the Property is subdivided, and a portion of the Property will be placed in outlots or other parcels reserved for future development, the Owner may request and the City, in its sole discretion, may: (i) allocate the assessments imposed between the portion of the Property being platted into lots and the portion of the Property being reserved as outlots; and (ii) continue the deferment, but not to exceed the durational limits previously set forth in this Section 5 for the outlots. C. No portion of the imposed assessments will be allocated to, or deferred for, any outlots which are or will be used for parkland, trails, drainage, storm water ponding, utilities, storm water treatment, wetlands, or common areas.

Deferments. A. The payment of the assessments imposed by the City shall be deferred from the date of imposition untilthrough the subsequent five (5) years of taxes payable unless, prior to the expiration of the five (5) year period: (i) the Property or a parcel which is part of the Property is subdivided pursuant to a plat; (ii) the Property is divided by metes and bounds descriptions; or (iii) the Property or a parcel which is part of the Property is improved with structures and/or landscape which changes its use from that which is in effect as of the execution of this Agreement. B. Notwithstanding the foregoing in Subsection A, if the Property is subdivided, and a portion of the Property will be placed in outlots or other parcels reserved for future development, the Owner Owners may request and the City, in its sole discretion, may: (i) allocate the assessments imposed between the portion of the Property being platted into lots and the portion of the Property being reserved as outlots; and (ii) continue the deferment, but not to exceed the durational limits previously set forth in this Section 5 for the outlots. C. No portion of the imposed assessments will be allocated to, or deferred for, any outlots which are or will be used for parkland, trails, drainage, storm water ponding, utilities, storm water treatment, wetlands, or common areas.