Common use of Option for New Agreement Clause in Contracts

Option for New Agreement. If this Agreement terminates for any reason other than pursuant to Section 4.1, then the Company shall, and the City shall use commercially reasonable efforts to, deliver notice of the termination to any Company Mortgagee about which the City has been notified. Upon request by any Company Mortgagee received by the City within ninety (90) days after the Company's Mortgagee's receipt of the notice of termination, the City will enter into a new development agreement (a "New Agreement") of the Entertainment Center with the Company's Mortgagee or its designee (including without limitation, a Company Mortgagee Designee, as hereinafter defined) on the same terms as this Agreement promptly after the Company's Mortgagee or its designee satisfies the conditions set forth in Section 5(e). If more than one (1) Company Mortgagee exercises the foregoing option for a new agreement, the City shall enter into a new agreement with the Company Mortgagee, or its designee, having the highest priority among those Company Mortgagees who exercised the option.

Option for New Agreement. If this Agreement terminates for any reason other than pursuant to Section 4.1automatic termination at the Drop Date, then the Company shall, and the City shall use commercially reasonable efforts to, deliver notice of the termination to any Company Mortgagee about which the City has been notified. Upon request by any Company Mortgagee received by the City within ninety (90) days after the Company's Mortgagee's receipt of the notice of termination, the City will enter into a new development TIF reimbursement agreement (a "New Agreement") of the Entertainment Center with the Company's Mortgagee or its designee (including without limitation, a Company Mortgagee Designee, as hereinafter defined) on the same terms as this Agreement promptly after the Company's Mortgagee or its designee satisfies the conditions set forth in Section 5(e). XVII.D. If more than one (1) Company Mortgagee exercises the foregoing option for a new agreement, the City shall enter into a new agreement with the Company Mortgagee, or its designee, having the highest priority among those Company Mortgagees who exercised the option.

Option for New Agreement. If this Agreement terminates for any reason other than pursuant to Section 4.1automatic termination at the Drop Date, then the Company shall, and the City shall use commercially reasonable efforts to, deliver notice of the termination to any Company Mortgagee about which the City has been notified. Upon request by any Company Mortgagee received by the City within ninety (90) days after the Company's Mortgagee's receipt of the notice of termination, the City will enter into a new economic development incentive agreement (a "New Agreement") of the Entertainment Center with the Company's Mortgagee or its designee (including without limitation, a Company Mortgagee Designee, as hereinafter defined) on the same terms as this Agreement promptly after the Company's Mortgagee or its designee satisfies the conditions set forth in Section 5(e7(f). If more than one (1) Company Mortgagee exercises the foregoing option for a new agreement, the City shall enter into a new agreement with the Company Mortgagee, or its designee, having the highest priority among those Company Mortgagees who exercised the option.