Common use of Issuance of Permits Clause in Contracts

Issuance of Permits. The City shall not issue any permit for development of the Property or any portion of the Property, except permits for the completion of the Improvements, unless the City has on file acceptable assurances for the comple­tion of the Improvements or the City has given a Release of Assur­anc­es for the Property or that portion of the Property subject to the development permits. If this Agreement terminates, the performance bond is acquired by a bankruptcy trustee or for any reason is not available to assure the full completion of the Improvements, the City may cease issuing any further building permits on the Property.

Issuance of Permits. The City shall not issue any permit for development of the Property or any portion of the Property, except permits for the completion of the Improvements, unless the City has on file acceptable assurances for the comple­tion of the Improvements or the City has given a Release of Assur­anc­es for the Property or that portion of the Property subject to the development permits. If this Agreement terminates, the performance bond Account is acquired by a bankruptcy trustee or for any reason is not available to assure the full completion of the Improvements, the City may cease issuing any further building permits on the Property.