Common use of Developer Obligations Agreement Clause in Contracts

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: (A) the amounts set forth on Exhibit F; minus (B) the amount of the Real Estate Taxes actually assessed and paid on the Tax Minimum Area, as the case may be, for such same period; (ii) provide that the payments due by Developer thereunder are secured by a lien against the Tax Minimum Area that is similar in type to a lien for real estate taxes (including that such lien shall have the same priority as a lien for real estate taxes); (iii) be for a term equal in length to the Loan; and (iv) be recorded and run with the Tax Minimum Area. Nothing in this Agreement or the Developer Obligations Agreement shall be deemed to release Developer from any obligation to pay Real Estate Taxes or Assessments on the Tax Minimum Area regardless of when payable or assessed. Notwithstanding Section 19, if Developer conveys all or a portion of the Tax Minimum Area to a third-party purchaser, then Developer may, as part of that conveyance, assign all or a pro-rata portion of the Developer Obligations Agreement to the purchaser. In such event, Developer shall be released from the Developer Obligations Agreement upon providing City a fully executed assignment and assumption agreement in a form reasonably acceptable to City whereby Developer assigns all or a portion of the Developer Obligations Agreement to a third-party purchaser who expressly assumes all or a portion of the Developer Obligations Agreement. Developer shall continue to be liable until such assignment and assumption agreement is received by City.

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 of the Project and continuing until through each calendar year of the Loan is paid in fullLease Term (prorated for the last calendar year of the Lease Term), Developer agrees to make or cause to be made payments of Real Estate Taxes on the Tax Minimum Area Mixed-Use Condominium Units in the amounts not less than those set forth on Exhibit F. O hereto. 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 O are greater than the amount of the Real Estate Taxes actually assessed and paid on the Tax Minimum Area Mixed-Use Condominium Units for the same period, then, Developer shall paypay to the RDC, in addition to the its payment of Real Estate Taxes, an amount equal to: (A) the amounts set forth on Exhibit FO; minus (B) the amount of the Real Estate Taxes actually assessed and paid on the Tax Minimum AreaMixed-Use Condominium Units, as the case may be, for such same period; (ii) be for a term equal in length to the Garage Lease Term; (iii) provide that the payments due by Developer thereunder are secured by a lien against the Tax Minimum Area Mixed-Use Condominium Units that is similar in type to a lien for real estate taxes (including that such lien shall have the same priority as a lien for real estate taxes); (iii) be for a term equal in length to the Loan; and (iv) be recorded and run with the Tax Minimum AreaMixed-Use Condominium Units. City and Developer shall: (i) agree on the form and substance of the Developer Obligations Agreement on or before the Closing; and (ii) execute and record the Developer Obligations Agreement (or a memorandum thereof) at the Closing. Nothing in this Agreement or the Developer Obligations Agreement shall be deemed to release Developer from any obligation to pay Real Estate Taxes or Assessments on the Tax Minimum Area Mixed-Use Condominium Units regardless of when payable or assessed. Notwithstanding Section 19, if Developer conveys all or a portion of the Tax Minimum Area to a third-party purchaser, then Developer may, as part of that conveyance, assign all or a pro-rata portion of the Developer Obligations Agreement to the purchaser. In such event, Developer shall be released from the Developer Obligations Agreement upon providing City a fully executed assignment and assumption agreement in a form reasonably acceptable to City whereby Developer assigns all or a portion of the Developer Obligations Agreement to a third-party purchaser who expressly assumes all or a portion of the Developer Obligations Agreement. Developer shall continue to be liable until such assignment and assumption agreement is received by City.

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 March 1 after Substantial Completion of the Project and continuing until through each calendar year of the Loan is paid in fullLease Term (prorated for the last calendar year of the Lease Term), Developer agrees to make or cause to be made payments of Real Estate Taxes on the Tax Minimum Area the Mixed-Use Parcel in the amounts not less than those set forth on Exhibit F. O hereto. 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 O are greater than the amount of the Real Estate Taxes actually assessed and paid on the Tax Minimum Area Mixed-Use Parcel for the same period, then, Developer shall pay, in addition to the its payment of Real Estate Taxes, an amount equal to: (A) the amounts set forth on Exhibit FO; minus (B) the amount of the Real Estate Taxes actually assessed and paid on the Tax Minimum AreaMixed-Use Parcel, as the case may be, for such same period; (ii) be for a term equal in length to the Garage Lease Term; (iii) provide that the payments due by Developer thereunder are secured by a lien against the Tax Minimum Area Mixed-Use Parcel that is similar in type to a lien for real estate taxes (including that such lien shall have the same priority as a lien for real estate taxes); (iii) be for a term equal in length to the Loan; and (iv) be recorded and run with the Tax Minimum AreaMixed-Use Parcel. City and Developer shall: (i) agree on the form and substance of the Developer Obligations Agreement on or before the Closing; and (ii) execute and record the Developer Obligations Agreement (or a memorandum thereof) at the Closing. Nothing in this Agreement or the Developer Obligations Agreement shall be deemed to release Developer from any obligation to pay Real Estate Taxes or Assessments on the Tax Minimum Area Mixed- Use Parcel regardless of when payable or assessed. Notwithstanding Section 19, if Developer conveys all or a portion of the Tax Minimum Area to a third-party purchaser, then Developer may, as part of that conveyance, assign all or a pro-rata portion of the Developer Obligations Agreement to the purchaser. In such event, Developer shall be released from the Developer Obligations Agreement upon providing City a fully executed assignment and assumption agreement in a form reasonably acceptable to City whereby Developer assigns all or a portion of the Developer Obligations Agreement to a third-party purchaser who expressly assumes all or a portion of the Developer Obligations Agreement. Developer shall continue to be liable until such assignment and assumption agreement is received by City.