Financial Assurances for Development Parcel 1 Sample Clauses

Financial Assurances for Development Parcel 1. Developer acknowledges the obligation in Section 2.2 of the DDA to execute, acknowledge and cause to be recorded the Deed of Trust applicable to Development Parcel 1 at the Closing of Development Parcel 1. Notwithstanding the terms of Section 2.2 of the DDA (as amended) to the contrary, at such time that construction is ready to commence for the Public Amenities for Development Parcel 1, Developer shall have the right to substitute and replace the Deed of Trust with a construction bond, escrowed funds, letter of credit or such other financial assurances as may be mutually agreed to by City and Developer (in each case, the “Development Parcel 1 Alternative Financial Assurances”). Promptly upon the posting of any such Development Parcel 1 Alternative Financial Assurances, City shall cause the Deed of Trust recorded against Development Parcel 1 to be fully released. Any such Development Parcel 1 Alternative Financial Assurances shall be in the amount of the credit provided to the Developer for the Public Amenities attributed to Development Parcel 1, and shall be released upon the satisfaction of either (i) the obligation to complete the Public Amenities for Development Parcel 1, or (ii) the repayment to the City of the amount of the credit for the Public Amenities attributed to Development Parcel 1.
Sample 1
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