Common use of Financing Temporarily Excused Clause in Contracts

Financing Temporarily Excused. The Agency will not be obligated to issue any Public Financing (or provide Project Grant proceeds if clause (i), (ii), or (iii) applies), and neither the Agency nor the City will be obligated to issue any Alternative Financing, to finance Qualified Project Costs during the time in which: (i) Developer is in default in the payment of any ad valorem tax, Project Special Taxes, or Maintenance Special Taxes levied on any Taxable Parcel it then owns in the Project Site; (ii) Developer is in Material Breach with respect to the Major Phase or Sub-Phase for which Public Financing, Alternative Financing, or Project Grant proceeds are requested; (iii) Developer fails to cooperate reasonably with the Agency or the City as necessary to implement Public Financing consistent with this Financing Plan; (iv) in the judgment of the Agency or the City, as applicable, and based upon the Funding Goals and advice of Agency or City staff and consultants, market conditions or conditions affecting the property in the Project Site (such as tax delinquencies, assessment appeals, damage or destruction of improvements, or litigation) make it fiscally imprudent or infeasible to incur the requested indebtedness at the time; or (v) the First Tranche CFD Bond or Tax Allocation Debt underwriter for the applicable bond issue exercises any right to cancel its obligation to purchase the First Tranche CFD Bonds or Tax Allocation Debt during the occurrence and continuation of events specified in its bond purchase agreement with the Agency.

Financing Temporarily Excused. The Agency City and each IFD will be authorized to temporarily suspend the issuance of any Public Financing (and Authority will not be obligated to issue any Public Financing (or provide Project Grant proceeds if clause (i), (ii), or (iii) applies), and neither the Agency Authority nor the City will be obligated to issue any Alternative Financing, to finance Qualified Project Costs during the time in which: (i) Developer is in default in the payment of any ad valorem tax, tax or Project Special Taxes, or Maintenance Special Taxes levied on any Taxable Parcel it then owns in the Project Site; (ii) Developer is in Material Breach with respect to under the Major Phase or Sub-Phase for which Public Financing, Alternative Financing, or Project Grant proceeds are requestedDDA; (iii) Developer fails to cooperate reasonably with the Agency Authority or the City as necessary to implement Public Financing consistent with this Financing Plan; (iv) in the judgment of the Agency Authority, City, or the Cityan IFD, as applicable, after consultation with Developer, and based upon the Funding Goals and advice of Agency Authority or City staff and consultants, market conditions or conditions affecting the property in the Project Site (such as tax delinquencies, assessment appeals, damage or destruction of improvements, or litigation) make it fiscally imprudent or infeasible to incur the requested indebtedness at the time; or (v) the First Tranche CFD Bond or Tax Allocation IFD Debt underwriter (the “Underwriter”) for the applicable any bond issue exercises any right to cancel its obligation to purchase the First Tranche CFD Bonds or Tax Allocation IFD Debt during the occurrence and continuation of events specified in its bond purchase agreement with the Agency(“Underwriter Force Majeure”).