Common use of Development Deficit Guaranty Clause in Contracts

Development Deficit Guaranty. Xxxx hereby guarantees Xxxx shall advance to or for the account of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments"). Xxxx shall make Development Deficit Payments required of him by the earlier of (A) the date required to avoid a default under Company obligations, including without limitation the Construction Loan, and (B) the date required to keep all sources of funding for the Project "in balance" as adequate sources of funds to timely cause Final Completion of the Project and satisfaction of other obligations of the Company. In any event, all Development Deficits shall be paid by Xxxx in full prior to the Final Closing Date. All Development Deficit Payments made to the Company shall be non-reimbursable payments, and Xxxx shall not be entitled to any repayment from the Company (unless advances of the Construction Loan are later available to reimburse Xxxx for the same), and the Capital Account of Xxxx shall not be affected by any Deficit Payments made by Xxxx. Without limiting the generality of the foregoing, Xxxx shall not be entitled to reimburse himself for any Development Deficits.

Development Deficit Guaranty. Xxxx Feld hereby guarantees Xxxx Feld shall advance to or for the account of the xxx Company amounts equal to equxx xo all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments"). Xxxx Feld shall make Development Deficit Payments required of him by the earlier xxxlier of (A) the date required to avoid a default under Company obligations, including without limitation the Construction Loan, and (B) the date required to keep all sources of funding for the Project "in balance" as adequate sources of funds to timely cause Final Completion of the Project and satisfaction of other obligations of the Company. In any event, all Development Deficits shall be paid by Xxxx Feld in full prior to the Final Closing Date. All Development Deficit Defixxx Payments made to the Company shall be non-non- reimbursable payments, and Xxxx Feld shall not be entitled to any repayment from the Company (unless advances unlesx xxvances of the Construction Loan are later available to reimburse Xxxx Feld for the same), and the Capital Account of Xxxx Feld shall not be affected afxxxxed by any Deficit Payments made by XxxxFeld. Without Wxxxxut limiting the generality of the foregoing, Xxxx Feld shall not xxx be entitled to reimburse himself for any Development DeficitsXxxicits.

Development Deficit Guaranty. Xxxx Feld hereby guarantees Xxxx shall advance Feld shaxx xdvance to or for the account thx xxcount of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments"). Xxxx Feld shall make Development Deficit Defxxxx Payments required of him by the earlier of (A) the date required to avoid a default under Company obligations, including without limitation the Construction Loan, and (B) the date required to keep all sources of funding for the Project "in balance" as adequate sources of funds to timely cause Final Completion of the Project and satisfaction of other obligations of the Company. In any event, all Development Deficits shall be paid by Xxxx Feld in full prior to the Final Fixxx Closing Date. All Development Deficit Payments made to the Company shall be non-reimbursable payments, and Xxxx Feld shall not be entitled to any xxx repayment from the Company (unless advances of the Construction Loan are later available to reimburse Xxxx Feld for the same), and the Capital Caxxxxl Account of Xxxx Feld shall not be affected by any Deficit axx Xeficit Payments made by XxxxFeld. Without limiting the generality xxxxrality of the foregoing, Xxxx Feld shall not be entitled to reimburse rxxxxurse himself for any Development Deficits.

Development Deficit Guaranty. Xxxx hereby guarantees Xxxx shall advance to or for the account of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments"). Xxxx shall make Development Deficit Payments required of him by the earlier of (A) the date required to avoid a default under Company obligations, including without limitation the Construction Loan, and (B) the date required to keep all sources of funding for the Project "in balance" as adequate sources of funds to timely cause Final Completion of the Project and satisfaction of other obligations of the Company. In any event, all Development Deficits shall be paid by Xxxx in full prior to the Final Closing Date. All Development Deficit Payments made to the Company shall be non-non- reimbursable payments, and Xxxx shall not be entitled to any repayment from the Company (unless advances of the Construction Loan are later available to reimburse Xxxx for the same), and the Capital Account of Xxxx shall not be affected by any Deficit Payments made by Xxxx. Without limiting the generality of the foregoing, Xxxx shall not be entitled to reimburse himself for any Development Deficits.