Location of Water Lines Sample Clauses

Location of Water Lines. The Parties acknowledge that there are two options for water service to the Project: location of lines along Spring Street (the “Option A”) or location of lines along Main Street (the “Option B”). The Borough has determined to undertake to construct Option B. In the event that the Borough’s does not meet any of the Infrastructure Milestones, the Redeveloper may provide written notice to the Borough of such failure, and the Borough shall have the right to cure as set forth in Section 7.2. In the event that the Borough fails to cure in conformance with the provisions of Section 7.2, the Redeveloper may notify the Borough that it has determined to undertake Option A. In such event the Infrastructure Contribution shall be used by the Redeveloper to undertake Option A and the Redeveloper shall be entitled to reimbursement by the Borough for all amounts expended on Option B. In the event that the Redeveloper chooses to undertake Option A, then then provision 4.4(iv) shall be inoperative, and Redeveloper shall instead receive a credit (the “Option B Credit” against all connection fees for the amount expended by Redeveloper on Option A, and shall further be obligated to pay up to $2,000,000 of the cost to increase the amount of available water by the amount required for the Project and to maintain the reserves as required under Applicable Law, which currently requires a water capacity reserve of three times the actual usage required after Completion of the Project. The Redeveloper may elect, at its option, to take such Option B Credit against the purchase price of property being acquired from the Borough pursuant to the purchase contracts described in Section 5.1 or against amounts owed by Redeveloper pursuant to the Financial Agreement.
Sample 1
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Location of Water Lines. The Parties acknowledge that there are two options for water service to the Project: location of lines along Spring Street (the “Option A”) or location of lines along Main Street (the “Option B”). The Borough wishes to implement Option B, but acknowledges that this poses additional costs to Redeveloper than Option A. The Parties agree to discuss and explore in good-faith cost saving options, reimbursement mechanisms or other concepts to facilitate Option B. In the event that the Parties cannot reach a mutual agreement to provide for Option B, after engaging in such good-faith negotiations, Option A may be implemented.
Sample 1

Related to Location of Water Lines

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