Doverplum Northbound from Koa Street to Country Club Road Sample Clauses

Doverplum Northbound from Koa Street to Country Club Road. The parties acknowledge that Doverplum Avenue, northbound from KOA Street to Country Club Road, is currently deficient and not eligible for impact fee funding. The Developer agrees to deposit the amount necessary to cure this deficiency ($1,908,950.00) in the same manner required for deposit of the “Security Amount” pursuant to Section 9 of the Property Acquisition Agreement between the parties dated December 15, 2006. Within six months of the opening of the Poinciana Parkway, monitoring of Doverplum northbound from Koa Street to Country Club Road shall be commenced by Developer. If such monitoring demonstrates that this segment remains deficient, the County shall use the funds deposited to cure the deficiency and if the deposit is insufficient for such purpose, the County shall notify Developer of the difference and Developer shall pay such amount to the County within 30 days of such notification. If such monitoring demonstrates that this segment is no longer operating at a deficiency, the deposit shall be returned to Developer within a reasonable time and “Concurrency Exemption Impact Fees” imposed by the County in the Osceola County portion of the Poinciana Development shall be increased to provide funding for any projected future deficiency.
Sample 1
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Doverplum Northbound from Koa Street to Country Club Road. The parties acknowledge that Doverplum Avenue, northbound from KOA Koa Street to Country Club Road, is currently deficient and not eligible for impact fee funding. The Developer agrees to deposit the amount necessary to cure this deficiency ($1,908,950.00) in the same manner required for deposit of the “Security Amount” pursuant to Section 9 of the Property Acquisition Agreement between the parties dated December 15, 2006. Within six months of the opening of the Poinciana Parkway, monitoring of Doverplum northbound from Koa Street to Country Club Road shall be commenced by Developer. If such monitoring demonstrates that this segment remains deficient, the County shall use the funds deposited to cure the deficiency and if the deposit is insufficient for such purpose, the County shall notify Developer of the difference and Developer shall pay such amount to the County within thirty (30) days of such notification. If such monitoring demonstrates that this segment is no longer operating at a deficiency, the deposit shall be returned to Developer within a reasonable time and “Concurrency Exemption Impact Fees” imposed by the County in the Osceola County portion of the Poinciana Development shall be increased to provide funding for any projected future deficiency. If the Developer fails to comply with its obligation to construct Poinciana Parkway, as set forth in Section 4.A. hereof, the funds deposited shall be retained by the County in lieu of the concurrency obligations of Developer, if any, that would have arisen prior to the date of such default but for this Agreement. Developer shall not be entitled to any reimbursement of such monies from any Poinciana Impact Fee District.
Sample 1

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