Common use of Issuance of MRO and Payment Limitation Clause in Contracts

Issuance of MRO and Payment Limitation. Provided that Developer is not in Default under this Agreement beyond the applicable cure period (if any), the City will deliver the MRO to Developer within ninety (90) calendar days after the City’s receipt of the Commencement Notice. Notwithstanding the previous sentence, in the event that Developer is in Default prior to the City’s issuance of the MRO, the City shall not be required to deliver the MRO to Developer until a reasonable time after, but in no event less than thirty (30) calendar days after, all such Defaults are cured, provided each Default is cured within the applicable cure period for such Default. If the City does not timely provide the MRO to Developer, the Developer shall make a written request to the City to deliver the executed MRO within thirty (30) calendar days after the date of such written request by the Developer. The total amount of principal to be paid under the MRO shall in no event exceed the lesser of: (a) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date, and (b) One Million Dollars ($1,000,000.00). The City’s obligation to make payments on the MRO is conditioned on the requirement that Developer is not in Default under this Agreement. For the avoidance of any doubt, upon the occurrence of a Default, the City may suspend all payments until the Default is cured and, upon the expiration of all applicable cure periods for such Default, the City may exercise any and all available remedies.

Issuance of MRO and Payment Limitation. Provided that Developer is not in Default under this Agreement beyond the applicable cure period (if any), the City will deliver the MRO to Developer within ninety (90) calendar days after the City’s receipt of the Commencement Notice. Notwithstanding the previous sentence, in the event that Developer is in Default prior to the City’s issuance of the MRO, the City shall not be required to deliver the MRO to Developer until a reasonable time after, but in no event less than thirty (30) calendar days after, all such Defaults are cured, provided each Default is cured within the applicable cure period for such Default. If the City does not timely provide the MRO to Developer, the Developer shall make a written request to the City to deliver the executed MRO within thirty (30) calendar days after the date of such written request by the Developer. The total amount of principal to be paid under the MRO shall in no event exceed the lesser of: (a) Three Hundred Fifty Thousand Dollars ($350,000.00), and (b) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date, and (b) One Million Dollars ($1,000,000.00). The City’s obligation to make payments on the MRO is conditioned on the requirement that Developer is not in Default under this Agreement. For the avoidance of any doubt, upon the occurrence of a Default, the City may suspend all payments until the Default is cured and, upon the expiration of all applicable cure periods for such Default, the City may exercise any and all available remedies.

Issuance of MRO and Payment Limitation. Provided that neither Developer nor Seller is not in Default under this Agreement beyond the applicable cure period (if any), the City will deliver the MRO to Developer within ninety sixty (9060) calendar days after the City’s receipt of the Commencement Notice. Notwithstanding the previous sentence, in the event that either Developer or Seller is in Default prior to the City’s issuance of the MRO, the City shall not be required to deliver the MRO to Developer until a reasonable time after, but in no event less than thirty (30) calendar days after, all such Defaults are cured, provided each Default is cured within the applicable cure period for such Default. If the City does not timely provide the MRO to Developer, the Developer shall make a written request to the City to deliver the executed MRO within thirty (30) calendar days after the date of such written request by the Developer. The total amount of principal to be paid under the MRO shall in no event exceed the lesser of: (a) twenty percent (20%) of the sum of all payments made by the City Available Tax Increment generated on the MRO Apartment Parcel and all other Spirit Lake Development Parcels during the life of the District but in no event after the Final Payment DateDistrict, and (b) One Four Million Nine Hundred Fifty Thousand Dollars ($4,950,000.00) with up to Four Million Dollars ($1,000,000.00)4,000,000.00) payable to Developer and up to Nine Hundred Fifty Thousand Dollars ($950,000.00) payable to Seller. The City’s obligation to make payments on the MRO is conditioned on the requirement that neither Developer nor Seller is not in Default under this AgreementAgreement beyond any applicable cure period. For the avoidance of any doubt, upon the occurrence of a Default, the City may suspend all payments until the Default is cured, provided that if the Default is not cured and, upon within the expiration of all applicable cure periods for period (if any), the City shall have no further obligation to make such Default, payment and the City may exercise any and all available remedies.