Developer Default under MBE Plan. (a) If as of the final completion date of any Phase of the Project the minimum CBB, CBSB, MBE and CMBE participation requirements expressly set forth in the MBE Plan for eligible construction costs of such Phase of the Project (asmay be modified as set forth therein) have not been achieved for such Phase, then, notwithstanding anything to the contrary set forth in the Escrow Agreement, following such failure Developer shall not be entitled to receive any disbursement of Refund amounts pertaining to such completed Phase pursuant to the Escrow Agreement until the subsequent date on which the MBE Compliance Condition (hereafter defined) is achieved. If, following any such failure, the Developer demonstrates to the reasonable satisfaction of the County’s MBE Compliance Manager in connection with the quarterly reporting submitted by the Developer that the MBE Compliance Condition has been satisfied as of the end of the applicable calendar quarter, Developer’s right to receive disbursements of Refund amounts pertaining to such completed Phase pursuant to the Escrow Agreement shall be reinstated for the remainder of the PILOT Term.
