Developer Obligations Agreement. Beginning upon Developer’s receipt of the first Loan Proceeds and continuing until the calendar year following the first January 1 after Substantial Completion, if the semi-annual taxes assessed and paid on the Tax Minimum Area are less than the amount needed to pay the semi-annual Initial Loan Payment, then Developer agrees to make or cause to be made payments to the RDC equal to the amount needed to satisfy the semi-annual Initial Loan Payment. Beginning in the calendar year following the first January 1 after Substantial Completion and continuing until the Loan is paid in full, Developer agrees to make or cause to be made payments of Real Estate Taxes on the Tax Minimum Area in the amounts not less than set forth on Exhibit F. Developer and City shall enter into the Developer Obligations Agreement which shall: (i) provide that so long as the amounts set forth on Exhibit F are greater than the amount of the Real Estate Taxes actually assessed and paid on the Tax Minimum Area for the same period, then, Developer shall pay, in addition to the payment of Real Estate Taxes, an amount equal to:
Appears in 5 contracts
Samples: Project Agreement, Project Agreement, Project Agreement
