Common use of Funding Amount Clause in Contracts

Funding Amount. A. Subject to the requirements of this agreement the City will fund to the Subrecipient for the full performance of this agreement and the actual conduct of the Project(s) specified herein a total sub-grant amount of Two Hundred Seventy Nine Thousand Five Hundred and Fifty Four dollars for all Projects undertaken by the Subrecipient. The above stated fixed ceiling amount may be considered as a “not-to-exceed” amount but shall not be considered as an “estimate-of-cost”, “percentage-of-cost” or any kind of “cost- plus” sum, price or amount. Also, as used in this agreement, unless the context indicates otherwise, the words “expend”, “expended” and “expenditure” shall include all amounts obligated or committed by the Subrecipient by written agreement (including unilateral purchase orders) for expenditure on the Project(s). B. The Subrecipient must make a concerted, good-faith effort to expend the total funding amount specified above within the Period of Performance stated in Paragraph 6. The Subrecipient’s costs and expenditures, however, shall not exceed the total funding amount. The City shall not be liable for or reimburse the Subrecipient for any extra costs or overruns on the Project(s), or any additional funding in excess of the total amount stated above, without a prior written amendment of this agreement in accordance with Paragraph 10 below. C. In the event the full funding amount to be paid or reimbursed hereunder by the City is not expended by the Subrecipient for project costs as specified in Attachment II by the end of the Period of Performance hereof, as that period may have been extended or otherwise changed, the Subrecipient shall refund, release or transfer any unexpended amount back to the City within 30 days after the end of the Period of Performance. Any project funds held by the City at the end of the Period of Performance or refunded, D. In the event congressional action, HUD rules and regulations, or other lawful directive involves modifying or reducing the funds and/or services obligated under this agreement, the Subrecipient shall, upon notice from the City, immediately modify, reduce the scope of, or cease expenditures as directed. E. The Subrecipient further agrees to utilize funds available under this agreement to supplement rather than supplant funds otherwise available.

Funding Amount. A. Subject Funding Amount" shall mean the proceeds of the EDC Bonds in the approximate amount of Eighteen Million Five Hundred Thousand Dollars and 00/100 ($18,500,000.00) from the proceeds of the EDC Bonds which the City, the Commission and/or the EDC shall cause to be deposited into one or more accounts, after paying costs of issuance and funding the reserve account for the EDC Bonds, to be used for paying the costs (including both soft and hard costs to be incurred and/or expended) to undertake the Public Improvements. The Funding Amount shall be distributed as follows so long as the Developer is in substantial compliance with the terms of this Agreement: (a) twenty-five percent (25%) of the Funding Amount shall be disbursed to Developer (or its assignee or designee) within ten (10) days after the Bond Closing Date (as defined in Section 4.2 hereof) (the "Initial Advance Date"), and (b) thereafter, disbursements shall be made to Developer (or its assignee or designee), following submission of a requisition by the Developer to the requirements City and the Trustee for the distribution of this agreement a portion of the Funding Amount (or the remaining amount thereof) to pay (or reimburse) for costs for development and construction of the Public Improvements (hereinafter, each a "Request for Advance"). Each Request for Advance shall include: (i) the requested amount to be disbursed (the "Disbursement Amount") and (ii) documentation evidencing the costs and expenses paid in connection with the completion of the Project in an amount equivalent to the Funding Amount previously drawn. Upon receipt of such documentation, the City shall approve the disbursement request within ten (10) business days, and following the City's approval, the Trustee shall disburse the requested funds. The Funding Amount shall be exclusive of all costs and expenses incurred by or for the benefit of the City, the Commission and/or the EDC in connection with obtaining any financing that will fund yield the Funding Amount. The Funding Amount may be increased or reduced by an amount equal to the Subrecipient for difference (if any) between the full performance of this agreement projected EDC Bond proceeds, as mutually determined by the City and Developer prior to the Bond Closing Date, and the actual conduct proceeds, to the extent that the difference is the result of (i) an inability to obtain a surety policy for the EDC Bonds in lieu of a cash reserve requirement and (ii) any difference in the actual interest rate of the Project(s) specified herein a total sub-grant amount of Two Hundred Seventy Nine Thousand Five Hundred and Fifty Four dollars for all Projects undertaken EDC Bonds from the interest rate assumption, as mutually determined by the SubrecipientCity and Developer prior to the Bond Closing Date (provided, that any reduction in the Funding Amount attributable to item (i) shall be offset by any increase in the EDC Bond proceeds resulting from a decrease in the actual interest rate on the EDC Bonds from the assumed interest rate; and the Funding Amount shall be increased if, prior to the Bond Closing Date, the City and Developer mutually determine, that based on the projected TIP Revenue and the actual interest rate of the EDC Bonds, after such increase, a projected debt service coverage for the EDC Bonds of 1.40 or greater will still be achieved. The above stated fixed ceiling amount Notwithstanding anything contained herein to the contrary, prior to the disbursement of the Funding Amount, if Developer deems it necessary, the Parties hereby agree to enter into an amendment to this Agreement providing that disbursements of the Funding Amount will be made to such legal entity controlled by Developer as Developer may be considered as a “not-to-exceed” amount but determine is appropriate for taxation purposes. Said amendment shall not be considered as an “estimate-of-cost”, “percentage-of-cost” or any kind of “cost- plus” sum, price or amount. Also, as used in this agreement, unless change the context indicates otherwise, the words “expend”, “expended” and “expenditure” shall include all amounts obligated or committed by the Subrecipient by written agreement (including unilateral purchase orders) for expenditure on the Project(s). B. The Subrecipient must make a concerted, good-faith effort to expend the total funding amount specified above within the Period of Performance stated in Paragraph 6. The Subrecipient’s costs and expenditures, however, shall not exceed the total funding amount. The City shall not be liable for or reimburse the Subrecipient for any extra costs or overruns on the Project(s), or any additional funding in excess of the total amount stated above, without a prior written amendment material terms of this agreement in accordance with Paragraph 10 below. C. In Agreement, including the event the full funding amount to be paid or reimbursed hereunder by City, the City is not expended by the Subrecipient for project costs as specified in Attachment II by the end structure of the Period funding or the obligation of Performance hereof, as that period may have been extended or otherwise changed, the Subrecipient shall refund, release or transfer any unexpended amount back Developer with respect to the City within 30 days after Completion Guarantee (as hereinafter defined), and such agreement shall otherwise be in a form reasonably acceptable to the end of the Period of Performance. Any project funds held by the City at the end of the Period of Performance or refunded, D. In the event congressional action, HUD rules and regulations, or other lawful directive involves modifying or reducing the funds and/or services obligated under this agreement, the Subrecipient shall, upon notice from the City, immediately modify, reduce the scope of, or cease expenditures as directedParties. E. The Subrecipient further agrees to utilize funds available under this agreement to supplement rather than supplant funds otherwise available.

Funding Amount. A. Subject to the requirements of this agreement the City will fund to the Subrecipient for the full performance of this agreement and the actual conduct of the Project(s) specified herein a total sub-grant amount of Two Hundred Seventy Fifteen Thousand and Twenty Nine Thousand Five Hundred and Fifty Four dollars Dollars for all Projects undertaken by the Subrecipient. The above stated fixed ceiling amount may be considered as a “not-to-exceed” amount but shall not be considered as an “estimate-estimate- of-cost”, “percentage-of-cost” or any kind of “cost- cost-plus” sum, price or amount. Also, as used in this agreement, unless the context indicates otherwise, the words “expend”, “expended” and “expenditure” shall include all amounts obligated or committed by the Subrecipient by written agreement (including unilateral purchase orders) for expenditure on the Project(s). B. The Subrecipient must make a concerted, good-faith effort to expend the total funding amount specified above within the Period of Performance stated in Paragraph 6. The Subrecipient’s costs and expenditures, however, shall not exceed the total funding amount. The City shall not be liable for or reimburse the Subrecipient for any extra costs or overruns on the Project(s), or any additional funding in excess of the total amount stated above, without a prior written amendment of this agreement in accordance with Paragraph 10 below. C. In the event the full funding amount to be paid or reimbursed hereunder by the City is not expended by the Subrecipient for project costs as specified in Attachment II by the end of the Period of Performance hereof, as that period may have been extended or otherwise changed, the Subrecipient shall refund, release or transfer any unexpended amount back to the City within 30 days after the end of the Period of Performance. Any project funds held by the City at the end of the Period of Performance or refunded, D. In the event congressional action, HUD rules and regulations, or other lawful directive involves modifying or reducing the funds and/or services obligated under this agreement, the Subrecipient shall, upon notice from the City, immediately modify, reduce the scope of, or cease expenditures as directed. E. The Subrecipient further agrees to utilize funds available under this agreement to supplement rather than supplant funds otherwise available.

Funding Amount. A. Subject to the requirements of this agreement the City will fund to the Subrecipient for the full performance of this agreement and the actual conduct of the Project(s) specified herein a total sub-grant amount of Two Three Hundred Seventy and Nine Thousand Five Hundred and Fifty Four dollars for all Projects undertaken by the Subrecipient. The above stated fixed ceiling amount may be considered as a “not-to-exceed” amount but shall not be considered as an “estimate-of-cost”, “percentage-of-cost” or any kind of “cost- plus” sum, price or amount. Also, as used in this agreement, unless the context indicates otherwise, the words “expend”, “expended” and “expenditure” shall include all amounts obligated or committed by the Subrecipient by written agreement (including unilateral purchase orders) for expenditure on the Project(s). B. The Subrecipient must make a concerted, good-faith effort to expend the total funding amount specified above within the Period of Performance stated in Paragraph 6. The Subrecipient’s costs and expenditures, however, shall not exceed the total funding amount. The City shall not be liable for or reimburse the Subrecipient for any extra costs or overruns on the Project(s), or any additional funding in excess of the total amount stated above, without a prior written amendment of this agreement in accordance with Paragraph 10 below. C. In the event the full funding amount to be paid or reimbursed hereunder by the City is not expended by the Subrecipient for project costs as specified in Attachment II by the end of the Period of Performance hereof, as that period may have been extended or otherwise changed, the Subrecipient shall refund, release or transfer any unexpended amount back to the City within 30 days after the end of the Period of Performance. Any project funds held by the City at the end of the Period of Performance or refunded, D. In the event congressional action, HUD rules and regulations, or other lawful directive involves modifying or reducing the funds and/or services obligated under this agreement, the Subrecipient shall, upon notice from the City, immediately modify, reduce the scope of, or cease expenditures as directed. E. The Subrecipient further agrees to utilize funds available under this agreement to supplement rather than supplant funds otherwise available.