Common use of Obligation to Purchase the Project Clause in Contracts

Obligation to Purchase the Project. The Developer hereby agrees to purchase, and the City hereby agrees to sell, the Project upon the occurrence of (a) the expiration of the Lease Term following full payment of the Bonds or provision for payment thereof having been made in accordance with the provisions of the Indenture, and (b) the final payment due under the Development and Performance Agreement. The amount of the purchase price under this Section shall be the sum of the items set forth in Sections 11.1(a)-(e). The purchase price shall be paid by the Developer within 90 days of the expiration of the Lease Term.